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| Financial Support for Agricultural Industrialization Agricultural industrialization is the only way to transform traditional agriculture, to realize the marketization, scale and intensive management of agriculture, to make the countryside prosperous, and to make farmers prosperous. It is of great strategic significance to enhance the international competitiveness of China's agricultural products. To do a good job of financial support and support agricultural industrialization is an effective impetus in the process of agricultural industrialization in China.
The Necessity of Financial Support for Agricultural Industrialization (1) The Particularity of Financing for the Main Body of Agricultural Industrialization In China's agricultural industrialization, the leading enterprises play an important role. Most of these enterprises are weak in capital operation and financing, which are mainly manifested in two aspects: internal weakness and the disadvantage of external financing environment. The inherent weakness of the financing of leading agricultural enterprises is mainly manifested in the fact that the internal credit of some leading enterprises can not meet the requirements of bank loans, the inherent shortage of self-owned liquidity, the irregular internal governance structure, unclear property rights and low credit rating of enterprises, so that there is no long-term credit basis, unstable credit status and acquisition burden. The ability to insure loans is poor.
Secondly, in China's current capital market, agricultural leading enterprises are facing some difficulties, whether through direct listing of quotas, indirect listing through equity transfer, or issuing corporate bonds. (2) Necessity of institutional arrangements Many developing countries once neglected the development of agriculture in the process of economic development. As a result, the stagnation of agriculture led to slow or stagnant economic growth. Therefore, it is necessary to take certain measures to promote agricultural development. Agricultural industrialization financing is essentially a rational allocation of resources. In view of the important role of agricultural industrialization and the financing situation of leading agricultural enterprises, it is necessary to rearrange its financing system. At present, most governments use industrial financial policies to intervene in economic development in varying degrees on the basis of market allocation of resources. There are two biases in the way of solving the "financial" industrial development funds and in the way of putting the hope on the completely marketized and commercialized operation mechanism. According to the theory of institutional economics, there are two main models of institutional change: induced institutional change and strong institutional change. Induced institutional change is caused by the spontaneous behavior of a group of people, and mandatory institutional change is realized by the government in the form of laws and regulations. In the current situation of chaotic financial order, irregular behavior and weak foundation of leading agricultural enterprises, relying entirely on induced institutional changes will inevitably hinder and delay the process of agricultural industrialization, which is not conducive to the development of agriculture in China. Based on this, the government should give financial support to agricultural industrialization in various forms, and take policy financing and business. The road of combining industry financing. 2. Establishing a sound financial support system for leading enterprises The financial support system of leading enterprises consists of three subsystems: direct financing system, indirect financing system and credit guarantee system. Among them, the direct financing system includes mergers and acquisitions, public listing (motherboard, second board), bonds, industrial investment funds and other four levels; indirect financing includes commercial banks, policy banks, rural cooperative financial organizations and other financial institutions; credit guarantee system consists of policy-oriented SMEs credit guarantee institutions, non-profit. There are three levels of organizational structure: inter-firm mutual guarantee institution and profit-making private commercial guarantee institution. In order to make the leading agricultural enterprises financing smoothly, the three subsystems and their internal levels should be integrated, supported, risk-sharing and benefit-sharing. These three subsystems can be integrated in various ways, such as indirect financing to support enterprise mergers and acquisitions, credit guarantee system to support the issuance of stocks and bonds, financial institutions as the initiator, public offerings to the community or private offerings to specific targets to establish industrial investment funds, investment funds through mergers and acquisitions or The withdrawal of public listing, the combination of credit guarantee system and bank credit, etc. More importantly, it is necessary to establish new and effective financing methods through financial innovation to find a way to truly solve the financing difficulties of leading agricultural enterprises, so as to promote the development of agricultural industrialization. 3. The Focus of Building Financial Support System for Agricultural Industrialization (1) Supporting capital expansion through mergers and acquisitions of services Mergers and acquisitions are not only an effective way for enterprises to realize capital expansion, but also an effective way for enterprises to finance. They can make breakthroughs in asset scale, new product development, market share and many other aspects. Through the merger and acquisition of the enterprise, it has the control over the assets and labor force of the enterprise, and through this control, the resources of the enterprise will be merged and acquired to form a complementary and synergistic effect with the resources of its own enterprise, resulting in the effect of 1+1>2, thus bringing about a sharp increase in the overall value of the enterprise. In the process of development, it is an ideal choice for agricultural enterprises to expand their capital through mergers and acquisitions of other enterprises, so as to rapidly expand their scale and enhance their competitiveness. The merger and acquisition market in the period of economic transition in China is very imperfect. It is necessary for the government to introduce a series of policies and regulations to cultivate and improve the merger and acquisition market in China. In addition to implementing the necessary merger and acquisition policies for some listed companies in China's stock market, we should also attach importance to the merger and acquisition of a large number of leading agricultural enterprises, give a more relaxed market environment, carry out reasonable structural adjustment and asset restructuring. When agricultural enterprises expand their capital by means of asset restructuring, banks and other intermediaries can also provide financial or information services. Financial support can take many forms, such as rent-back lease, mortgage guarantee loan, etc. Information services include target company evaluation, taxation, law and other services. (2) Establishment of special industrial investment funds Industrial investment fund is based on capital market and guided by industrial development policy. Through financing and capital operation of the stock market in industries urgently needed to be developed, such as agriculture, energy, transportation, etc., it can solve the difficulties of capital demand for key industrial projects that the state can not meet because of limited financial resources and promote basic industries. High-tech industries and other emerging industries intensive growth of an effective financial instrument. Agricultural investment funds, such as the agricultural high-tech industry investment funds and Zibo township enterprises investment funds, are mainly aimed at the micro-main body in the industrialization chain which is in urgent need of financing. Establishing investment funds for agricultural industrialization can effectively organize and guide private investment, pool dispersed funds from urban and rural areas into agricultural industrialization, raise funds through public or private offerings, set up investment funds for agricultural industrialization, and guide the whole society to run large-scale agriculture. Agricultural industrialization chain is a value-added chain. We should strive to make use of its advantages of high input-output profit margin and strong capital traction, seize the opportunity, intensify capital operation of agricultural industrialization, attract large enterprises, private funds and hot money from securities markets to invest in agriculture reasonably, and set up investment funds for agricultural industrialization. Through the effective flow of funds, leading enterprises will be helpful to scale up and upgrade, and promote their transformation to a modern enterprise system; investment funds will flow to such projects as high-quality seedling breeding base projects, various high-quality aquaculture projects, regional agricultural by-product trading market, processing and freshness preservation and transportation industries, and agricultural market credit. In terms of information construction, these projects will promote the development of agriculture in a broader and deeper field. The establishment of investment funds in agricultural industrialization will help reduce government investment in agriculture, conform to the national industrial policy, and solve some of the shortcomings of national investment. At the same time, investment funds in agriculture need certain government support, such as preferential tax policies and low-interest government loans. At the same time, the investment direction of the fund should be restrained reasonably. (3) Establishing a credit guarantee system including leading agricultural enterprises Credit guarantee for small and medium-sized enterprises (SMEs) is provided by SMEs'credit guarantee institutions and creditors in the way of guarantee. When the guarantor fails to perform the debt as stipulated in the contract, the guarantor will compensate the debtor and assume the debtor's responsibility or perform the debt. It is a combination of credit certificate and asset liability. A financial intermediary action can remove the obstacle of insufficient collateral when SMEs finance financial institutions, make up for the credit deficiency of SMEs, change the profit flow and residual control structure of both sides of capital supply and demand, diversify the risk of financing for SMEs by financial institutions, and promote the occurrence of financing transactions. Optimize the financial structure. In the process of agricultural industrialization, leading enterprises should be incorporated into the credit guarantee system of small and medium-sized enterprises, and the financial service system serving leading enterprises should be improved. To solve the problems of difficult loans, guarantees and mortgages for leading agricultural enterprises, reduce some bank risks and improve the enthusiasm of banks in financing leading enterprises, the key is to establish a credit guarantee system for small and medium-sized enterprises within leading enterprises. The credit guarantee system of small and medium-sized enterprises should be based on the mutual guarantee institutions among small and medium-sized enterprises and private commercial guarantee institutions, and establish provincial re-guarantee institutions to serve the credit guarantee institutions of small and medium-sized enterprises within their jurisdiction, including leading agricultural enterprises, to carry out general re-guarantee and compulsory re-guarantee businesses, and to cooperate with the People's Bank of China. Departments such as banks and Finance shall supervise the credit guarantee institutions of small and medium-sized enterprises within their jurisdiction. The guarantor and the re-guarantor should agree on the proportion of risk-taking, and compulsory re-guaranty should be applied to projects with high risk. Credit guarantee institutions of small and medium-sized enterprises and cooperative banks should establish good cooperative relations and jointly supervise the use of capital after loans by leading enterprises. Small and medium-sized enterprises credit guarantee institutions may choose cooperative banks for credit management. After defining the form of guarantee liability, the magnification of guarantee funds, the scope of guarantee and the proportion of responsibility sharing with cooperative banks, the guarantee institutions shall deposit the guarantee funds into the cooperative banks. When enterprises apply for liquidity loans from banks, the guarantee institutions shall deposit the guarantee funds into the cooperative banks. It is up to the bank to decide whether to grant guaranteed loans or not, and the loan losses shall be shared in proportion to the share of liabilities. (4) Establishment of securitized financing methods supported by assets or orders At present, China's banking industry is generally facing the problem of excessive credit risk. Therefore, while studying the financing support of agricultural industrialization, we need to develop a new financing mode that takes both into account. In my opinion, we can draw lessons from the new international financing method-ABS (Asset Backed Securitization), which is a securitized financing method supported by project-owned assets. It is one of the ways to raise funds by issuing bonds in the capital market, based on the assets owned by the project and guaranteeing that the project can bring expected returns. Project financing methods. The unique feature of this financing method is that through credit enhancement, institutions without credit rating or lower credit rating can still enter the bond market and raise funds through asset securitization. This financing method is suitable for large-scale and long-term project construction. It transfers the relatively stable project income right to SPC (Special Purpose Corporation), which separates project risk from the original beneficiary's own risk. This institution should be able to obtain a higher credit level. It can be a trust investment company, a credit guarantee institution and so on. According to our national conditions, it should also include commercial banks and policy banks, and give them a more relaxed environment to carry out this business, which is also conducive to reducing the risk of commercial banks. SPC upgrades credit through specialized credit guarantee, issuing bonds directly in the capital market to raise funds, or organizing bond issuance with other institutions, and using the raised funds for project construction. If the credit grade of SPC guarantees is not ideal, it can be re-guaranteed. Generally, in order to ensure that asset-backed bonds have sufficient ability to repay capital on time and improve repayment ability, a specific ABS bond can be supported by a combination of different asset income forms. For enterprises with small fixed assets but good benefits, they can issue short-term bonds to finance by strengthening the credit of SPC (which can be assumed by policy banks) on the basis of orders with reliable income. Relatively speaking, order-based bonds are more risky and can be re-guaranteed by government discount support or policy guarantees when necessary. Agricultural industrialization is another large-scale reform in China after the rural household contract responsibility system and the great development of township enterprises. It is an inevitable choice to promote the transition from traditional agriculture to modern agriculture. It is also the only way to take a new road of industrialization and realize a well-off society in an all-round way. Finance is the lifeblood of economy and the indispensable strong backing for the development of agricultural industrialization. The construction of external environment, the purchase of raw materials for leading enterprises and the temporary production capital demand of farmers are all inseparable from financial support. Therefore, how the financial sector to play a better role in promoting the process of agricultural industrialization is a matter worth pondering. Summary of Agricultural Industrialization Agricultural industrialization is market-oriented, economic efficiency-oriented, leading industries and products-oriented, optimizes the combination of various factors of production, implements regional layout, specialized production, large-scale construction, socialized services and enterprise management, and forms an integrated management system of planting, raising, production, supply and marketing, agriculture, industry and commerce. Make agriculture go on the benign development track of self-development, self-accumulation, self-restraint and self-regulation. It is an effective way to speed up the modernization of agriculture by promoting the transformation of traditional agriculture to modern agriculture as a whole. The basic characteristics are facing the large domestic and foreign markets, basing on the local advantages, relying on scientific and technological progress, forming a large-scale operation, specializing in division of labor, giving full play to the role of "leading" enterprises in opening up markets, guiding production and deepening processing, giving full play to the close coordination of production, supply and marketing and supporting service functions, and adopting the management mode of modern enterprises. 。 Its main purpose is to make farmers truly profitable, so that farmers can not only get the benefits of production links, but also share the profits of processing and circulation links, so as to maximize the land output rate and the conversion rate of agricultural products into commodities, and build a number of leading products, "leading enterprises", service organizations and commodity bases. Main Problems in the Development of Agricultural Industrialization The reform of rural financial system lags behind. Firstly, the strategic shift of state-owned commercial banks and the absence of financial system construction. In recent years, state-owned commercial banks have adjusted their development strategy and promoted intensive operation. Credit funds have mainly been invested in large and medium-sized cities. A large number of grass-roots business outlets in underdeveloped areas have been withdrawn and the rural areas have experienced a difficult situation of "one agriculture, three agriculture". Taking the financial statistics of Zhongxian County in March 2008 as an example, there are 165 business outlets in the county, and the total amount of loans put in is 2183.67 million yuan. Among them, there are 71 business outlets in rural credit cooperatives, with a loan balance of 1196.14 million yuan, accounting for 43% and 55% respectively. The proportion is more than 90%. Secondly, the market positioning and self-strength of rural credit cooperatives are weak, and the support of agricultural industrialization is not satisfactory. From the point of view of current operation and management, the market orientation of rural credit cooperatives is mainly based on small-scale farmer loans, rural individual industrial and commercial household loans and farmers'joint insurance loans. It is difficult to meet the needs of the development of agricultural industrialization in terms of duration, quota and mode. In addition, rural credit cooperatives still exist in terms of loan delivery, business development and fund organization. Restrictions on some policies make credit cooperatives unable to support agriculture, especially the development of leading enterprises. Thirdly, the policy-oriented financial institutions such as the Agricultural Development Bank, whose business is single and capital is mostly closed, can not play a role in enhancing the vitality of agricultural development. The newly established postal savings bank and village bank have just started their business development. The regulations and personnel of all aspects need to be further improved. The implementation of measures to support agriculture will go through a long transitional period. The inherent weakness of agricultural industry. Agricultural production has a long cycle and is greatly affected by natural conditions, which makes agricultural output uncertain. The small elasticity of supply and demand of agricultural products makes agriculture face considerable market risks and increases the instability of investment in agricultural returns. The weakness of agricultural industrialization is also manifested by the inherent factors such as weak core competitiveness, low level of science and technology, non-standard financial management, small scale of operation and weak anti-risk ability of some leading agricultural enterprises, and agricultural industrialization projects generally have the characteristics of high investment, high risk and low benefit in the initial construction. When the pickle processing plant of Yehe Town, Zhongxian County was established in 2007, more than 100,000 yuan was invested in the construction of factories and pickle ponds, but the liquidity value of these fixtures is very poor, and they can not be used as collateral for loans to financial institutions at all. Under the principle of full consideration of security, liquidity and efficiency, the financial sector is bound to be cautious about the leading enterprises in the initial stage of the industry, which to a large extent limits the credit investment in the development of agricultural industrialization. The external financing environment needs to be improved. First, a large amount of capital outflow from formal financial institutions has formed a "pumping effect" on the source of funds for the development of agricultural industrialization. According to the financial statistics at the end of March 2008 in Zhongxian County, the deposit-loan ratio is only 23%, the difference between deposit and loan funds is 71.75.98 million yuan. More than 70% of the funds flow to big cities and other areas through various channels. If we exclude the investment in non-agricultural projects, the actual investment in the development of agricultural industrialization is less than 5%. Second, the congenital shortage of non-governmental finance makes it difficult to effectively supplement the capital gap of the main body of industrialized operation. According to the statistics of relevant departments, there are 800 billion to 14 trillion yuan of "usury" in rural areas in China, 50% to 65% of farmers have obtained informal loans, and the proportion of private loans in rural loans exceeds 70%. However, informal financial organizations have not been incorporated into the regular management system of financial management institutions such as the People's Bank of China. In general, its fatal weakness and defect is that it is easy to violate financial regulations or high interest rates and disrupt the national financial order. Therefore, it has not been in a legal position and can not achieve normative development. Third, direct financing is relatively difficult. Our capital market, whether in the stock or bond markets, is mainly oriented to state-owned enterprises, and most rural areas in China do not have securities trading outlets. It is very difficult for agriculture to use the capital market to implement securities financing. Fourthly, there are fewer kinds of intermediary business. Most financial institutions can only provide routine services such as opening accounts, clearing accounts and loans. However, credit assessment, financial consultation, acceptance of bills of exchange, discount and other types of agency services are relatively low, which makes it difficult to meet the financing needs of leading agricultural enterprises. The construction of credit environment system is absent. First, there is a lack of effective credit evaluation system and guarantee system. Most of the leading enterprises in agricultural industrialization have been developed from small workshops. Their internal governance structure is not standardized, their personnel's comprehensive quality is not high, and most of them belong to family-owned enterprises. They only want to be satisfied with the present situation. Some enterprises have never even had credit relations with banks, and have not formed a long-term credit foundation with banks. Their credit status is unstable. The poor ability to obtain guaranteed loans and the increasing demands of banks on the security, liquidity and efficiency of credit funds make it difficult for leading agricultural industrialization enterprises facing both natural and market risks to meet the loan conditions set by financial institutions. Second, the absence of agricultural insurance system. Agricultural insurance is a powerful means to stabilize agricultural production and protect the interests of operators. It is conducive to improving the economic status of agriculture and operators, facilitating their access to loans and guiding the inflow of agricultural financial capital. However, due to the low return rate of agricultural insurance and the lack of necessary policy support and legal and regulatory basis, the insurance companies that implement commercial operation are reluctant to start agricultural insurance, and the existing agricultural insurance business is shrinking day by day, which to a certain extent improves the financial institutions'assessment of the risk level of agricultural and rural enterprises.“ The important factor of "reluctance to lend" has aggravated the tension of rural financial supply. Recommendations We will improve the formal rural financial supply system. Strengthen the monitoring of the flow of funds to county financial institutions, limit the proportion of funds deposited in state-owned commercial banks and rural credit cooperative systems. Through the use of the balance reserve system, financial institutions with excessive proportion of funds deposited can increase the proportion of excess reserves and reduce the ratio of excess reserves. For financial institutions that rarely or even do not grant agricultural loans, the grass-roots outlets are withdrawn from the rural market in a planned and step-by-step manner, and the spared outlet facilities and market share are transferred to other financial institutions. Strengthen the supervision and inspection of the use of funds of the Agricultural Development Bank to ensure that its funds are really used for specified purposes and stabilize grain production. At the same time, encourage it to properly expand the scope of policy-oriented business, support rural infrastructure and water conservancy construction, and create good external conditions for agricultural industrialization and rural economic development. We should adjust the interest rate policy of postal savings institutions as soon as possible, reduce the interest rate level of postal savings funds deposited in the central bank, establish a mechanism for rural capital return, minimize rural capital outflow and stabilize rural financial order. In the form of interest compensation and risk compensation, part of the financial support funds for agriculture will be used to subsidize the loss of rural financial institutions in the operation of agricultural credit, in order to support rural financial organizations to expand the scale of agricultural support funds, and play the multiplier effect of the use of financial support funds for agriculture. Expanding diversified investment and financing channels. One is to regulate the financing behavior of informal financial institutions. Financial management authorities can formulate a set of effective rules and regulations to reduce risks while maintaining their original vitality and achieve partial or complete formalization. For example, private lending whose interest rate is four times higher than the current benchmark lending rate of the Central Bank should become the "usury loan" to be cracked down on. Private lending whose interest rate is lower than this provision can be protected in principle by civil law, especially in the case of loan default disputes, and then guide and develop private finance to become formal. Important supplements outside finance. Second, we should broaden the channels of private financing, change the single indirect financing into direct financing, guide industrial and commercial capital, private capital and foreign capital to enter the main agricultural production areas, and establish a farmer's personal investment as the main body, state financial investment as the guide, credit funds as the support, foreign capital and securities market as supplements. Agricultural investment and financing system activates the money that farmers sleep in financial institutions. Third, we should accelerate the cultivation of agricultural capital market and make full use of capital market to deepen the industrialization of agriculture. Advantaged enterprises are encouraged to increase the efficiency of resource allocation, revitalize stock capital, expand the operation scale of leading enterprises and realize the scale expansion of enterprises through mergers and acquisitions of small enterprises and vulnerable enterprises, asset reorganization and property rights trading among enterprises. At the same time, we should deepen the reform of property right system of leading enterprises, establish modern enterprise system, clarify property right relationship, set up standardized limited companies, and implement joint-stock operation, so as to lay a good foundation for listing. Fourthly, we should accelerate the cultivation and development of professional intermediaries for leading enterprises to enter the capital market so as to provide conditions for leading enterprises to operate and revitalize agricultural operational assets through capital markets such as mergers, acquisitions and restructuring. Fifthly, we should establish a professional investment fund for agricultural industrialization with large leading enterprises and non-financial institutions as the main body, and invest in leading enterprises and industrialization projects with market potential in the form of equity, so as to solve the difficulties of the government's fund demand for key industrial projects which can not be met because of limited financial resources and promote basic industries. Intensive growth of emerging industries such as high-tech industries. Sixthly, we should formulate some preferential policies to encourage enterprises to enter the securities market, create a good environment for the issuance of corporate bonds and stocks and the operation of funds, give full play to the role of financial instruments such as stocks and bonds in financing agricultural companies directly in the securities market, and provide lasting development for the development of agricultural industrialization. Power. Establish a risk prevention and protection system. One is to establish a credit guarantee system for small and medium-sized enterprises, including leading agricultural enterprises. Creditors are guaranteed by the credit guarantee institutions of small and medium-sized enterprises and creditors. When the guarantor fails to perform the debt as stipulated in the contract, the guarantor compensates the debtor and assumes the liability of the debtor or performs the debt. It is a financial intermediary behavior that combines the credit certificate with the asset liability. It can eliminate the obstacles of insufficient collateral when SMEs finance to financial institutions, make up for the credit deficiency of SMEs, change the profit flow and residual control structure of both supply and demand sides of capital, disperse the financing risks of financial institutions to SMEs, and promote the occurrence of financing transactions. The second is to increase government subsidies to promote the development of agricultural insurance. The central and local finance may, according to the agricultural risk situation and the level of agricultural economic development in different regions, allocate a certain proportion of the financial funds to subsidize premiums for insurance agriculture, and increase the efforts to reduce and exempt taxes and fees related to agriculture and support agriculture, so as to support China's reinsurance companies to assume the functions of national agricultural reinsurance and engage in agriculture for all families. Institutions of industrial insurance disperse risks and set up a central agricultural catastrophe risk fund to provide some compensation for agricultural insurance companies suffering catastrophe losses. Support the social service support system. First, actively support the wholesale market of agricultural products and the construction of urban-rural integration. The establishment and improvement of rural market system and the improvement of market service function are important links to accelerate the process of agricultural industrialization, as well as essential contents for rural finance to support the development of agricultural industrialization. Rural financial departments should actively participate in planning and conscientiously choose an open, unified and competitive wholesale market for agricultural products. To improve the rural market system and function, we should focus on various and multi-level markets, such as seedling professional market and science and technology service market. At the same time, as an important carrier of agricultural products processing industry and market, rural financial institutions should actively participate in infrastructure construction projects such as water supply, power supply, gas, telecommunications, cable television, environmental protection and urban land development in rural small towns, so as to promote urban-rural integration and rural infrastructure construction. 。 Secondly, we should break the boundaries of industry, industry and ownership, always take supporting "leading" enterprises as the key points to support the industrialized operation of agriculture, and select the backbone enterprises with broad radiation, strong financial strength, excellent economic benefits, strong risk resistance and stable economic relations with agricultural products, bases and related enterprises. For the key target of credit support, we should expand the intensive processing of agricultural and sideline products in the region, and give full play to their role in absorbing farmers'employment and activating the rural economy. In particular, we should pay attention to supporting the relevant enterprises and organizations that provide pre-production, mid-production and post-production services for agricultural industrialization, establish a relatively perfect market-oriented service system and guarantee mechanism, and promote the rapid development of agricultural industrialization. Thirdly, starting from the county, rural and village conditions, we should support the development of agriculture with regional characteristics, highlight the characteristics of industrialized management of local agriculture, form a large-scale and serialized production base of agricultural products, and promote the development of local agriculture towards production specialization, intensification, scale and service socialization. Fourthly, we should actively support the development of science and technology agriculture, select professional households and technology demonstration households with high scientific and technological content, good quality and good benefits to actively support them, improve the level of agricultural technology extension services, and enhance the stamina of agricultural industrialization. |
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