Both the escape from the predicament of traditional financial support in rural areas and the cultivation of new types of agricultural management entities underlie,at a micro level,the improvement of a new-type of agri...Both the escape from the predicament of traditional financial support in rural areas and the cultivation of new types of agricultural management entities underlie,at a micro level,the improvement of a new-type of agricultural management system,and offer an important guarantee for the implementation of a rural revitalization strategy.In reference to the demands of carrying out reform,activating factors,invigorating entities and stimulating markets during the implementation of this rural revitalization strategy,we are applying a financing preference theory that infers and analyzes the excessive preference for new-type agricultural management entities(family farms,specialized farmer cooperatives,specialized large family farms,and modern agricultural enterprises)regarding government subsidies(quasi-equity financing).Our analysis has identified crucial factors in the issue and predicts that government subsidies(quasi-equity financing)will crowd out financial support funding(quasi-debt financing),and we offer empirical proof obtained through statistical modeling.As our results indicate,financing costs,free cash flows,and the perceived income adequacy(PIA)of new-type agricultural management entities all have significant influence upon decision-making for debt financing by such entities.Therefore,with the concrete contents of the formulation of policies concerning the financial support for rural agricultural strategy,one not only needs to consider the further decrease of financing costs,but also should take into account both the designing of cash flow mechanism in the process of paying both principal and interest,and the improvement of bankruptcy rules for agricultural management entities to accelerate the transformation of family farms,specialized farmer cooperatives,and specialized large family farms,towards modern agricultural enterprises.Meanwhile,upgrades to the supply chains of the agriculture industry,improvements to the construction of the rural financial information system,building an accounting system that meets the requirements of the rural revitalization strategy,and giving full play to the policies for financial support,which assume an important role in activating factors and markets during the implementation of the rural revitalization strategy,are also anticipated.展开更多
The incompatibility of China's economy and finance has to some extent inhibited the development of rural economy. Taking Hubei Province for example,we measure the allocation efficiency of rural financial resources...The incompatibility of China's economy and finance has to some extent inhibited the development of rural economy. Taking Hubei Province for example,we measure the allocation efficiency of rural financial resources from the perspective of agricultural input and output,and use the modern rural financial development theory to set forth some policy recommendations on how to build a new rural financial resource allocation system. Studies have shown that the allocation efficiency of rural financial resources is low in China,and improving the allocation efficiency of rural financial resources is the key to perfecting rural financial environment while increasing financial support for agriculture.展开更多
Rural finance is the weakest link in China's financial system. There are still many problems in the traditional rural finance, such as poor business conditions, imperfectly competitive financial markets, and credi...Rural finance is the weakest link in China's financial system. There are still many problems in the traditional rural finance, such as poor business conditions, imperfectly competitive financial markets, and credit information asymmetry; the phenomenon of farmers' loans difficulty has not been fundamentally changed. In order to improve the current situation of rural finance, the state proposes to develop new rural finance and innovate upon rural financial system. The new rural finance has many good development advantages, such as adequate information, flexible operation, and good potential quality of the assets. It is necessary to innovate upon financial products and services, establish the purpose of serving agriculture, countryside and farmers, strengthen the supervision of credit, and improve the financial infrastructure construction, so as to achieve sustainable developments.展开更多
基金This research is supported by Youth Project of Jiangsu Social Science Fund“Research on the System of Financial Support for the New Types of Agricultural Management Entities in Jiangsu”(16EYC007)Jiangsu province Independent Innovation Project“Comprehensive Solution for Cultivated Land Conservation and Quality Improvements in Major Grain Producing Areas”(CX[17]1001).
文摘Both the escape from the predicament of traditional financial support in rural areas and the cultivation of new types of agricultural management entities underlie,at a micro level,the improvement of a new-type of agricultural management system,and offer an important guarantee for the implementation of a rural revitalization strategy.In reference to the demands of carrying out reform,activating factors,invigorating entities and stimulating markets during the implementation of this rural revitalization strategy,we are applying a financing preference theory that infers and analyzes the excessive preference for new-type agricultural management entities(family farms,specialized farmer cooperatives,specialized large family farms,and modern agricultural enterprises)regarding government subsidies(quasi-equity financing).Our analysis has identified crucial factors in the issue and predicts that government subsidies(quasi-equity financing)will crowd out financial support funding(quasi-debt financing),and we offer empirical proof obtained through statistical modeling.As our results indicate,financing costs,free cash flows,and the perceived income adequacy(PIA)of new-type agricultural management entities all have significant influence upon decision-making for debt financing by such entities.Therefore,with the concrete contents of the formulation of policies concerning the financial support for rural agricultural strategy,one not only needs to consider the further decrease of financing costs,but also should take into account both the designing of cash flow mechanism in the process of paying both principal and interest,and the improvement of bankruptcy rules for agricultural management entities to accelerate the transformation of family farms,specialized farmer cooperatives,and specialized large family farms,towards modern agricultural enterprises.Meanwhile,upgrades to the supply chains of the agriculture industry,improvements to the construction of the rural financial information system,building an accounting system that meets the requirements of the rural revitalization strategy,and giving full play to the policies for financial support,which assume an important role in activating factors and markets during the implementation of the rural revitalization strategy,are also anticipated.
基金Supported by Humanities and Social Sciences Project of the Ministry of Education(10YJC790111)
文摘The incompatibility of China's economy and finance has to some extent inhibited the development of rural economy. Taking Hubei Province for example,we measure the allocation efficiency of rural financial resources from the perspective of agricultural input and output,and use the modern rural financial development theory to set forth some policy recommendations on how to build a new rural financial resource allocation system. Studies have shown that the allocation efficiency of rural financial resources is low in China,and improving the allocation efficiency of rural financial resources is the key to perfecting rural financial environment while increasing financial support for agriculture.
基金Supported by National Social Science Foundation (10XJY023)Program for Excellent Talents in Guangxi Higher Education Institutions in 2011
文摘Rural finance is the weakest link in China's financial system. There are still many problems in the traditional rural finance, such as poor business conditions, imperfectly competitive financial markets, and credit information asymmetry; the phenomenon of farmers' loans difficulty has not been fundamentally changed. In order to improve the current situation of rural finance, the state proposes to develop new rural finance and innovate upon rural financial system. The new rural finance has many good development advantages, such as adequate information, flexible operation, and good potential quality of the assets. It is necessary to innovate upon financial products and services, establish the purpose of serving agriculture, countryside and farmers, strengthen the supervision of credit, and improve the financial infrastructure construction, so as to achieve sustainable developments.
