【作者】 陈军；

【导师】 顾露露；

【作者基本信息】 中南财经政法大学 ， 国民经济学， 2021， 博士

【副题名】基于农业担保、保险的视角

【摘要】 当前,随着乡村振兴战略的实施,加快培育新型农业经营主体已成为推动农村经济高质量发展的客观要求。考虑到农业生产经营长周期、高投入以及高风险的特征,在生产经营过程中,尽管新型农业经营主体对资金融通存在客观的需求,但正规渠道的信贷申请往往受到银行等金融机构的约束限制,融资需求满足程度较低。当新型农业经营主体面对生产经营中的自然灾害和市场经营双重风险时,其所受到的融资约束会进一步加剧。纾解新型农业经营主体的融资困境,已然成为当前亟待研究和解决的问题。对此,笔者认为有必要进一步了解现阶段新型农业经营主体的融资需求及特征;从信贷风险的视角,探究新型农业经营主体受到供给型融资约束的主要成因;考察农业担保和农业保险对纾解新型农业经营主体融资约束的影响;在完善风险分担、补偿机制的同时,探讨发挥政府引导功能,融合政府、银行、担保、保险、主体等多方资源,构建纾解新型农业经营主体供给型融资约束的可行路径。基于上述考虑,本文以新型农业经营主体供给型融资约束为研究对象,从信贷风险管理的角度,沿着“现状描述—理论分析—实证研究—应用建议”的脉络展开。具体内容如下:首先,通过对国内外研究文献的梳理,从新型农业经营主体融资约束问题的重要、融资需求的特征、融资约束的成困、解决路径及农业担保和保险在纾解融资约束中的作用等方面,归纳总结了已有研究的代表性观点,针对现有研究存在的不足,提出了本文研究的目标、思路和方法。其次,在界定新型农业经营主体、供给型融资约束等核心概念的基础上,将融资约束理论、信贷配给理论、农村金融理论作为本文研究的主要基础理论,运用上述理论所蕴含的经典模型,如信贷配给理论模型,刻画了新型农业经营主体受到融资约束的原因和本质,推导出纾解新型农业经营主体融资约束的理论框架和农业担保、农业保险两个工具选择,作为本研究的方法论和分析基础。第三,基于家庭农场、农民合作社、农业产业化企业三类新型农业经营主体以及相关银行涉农信贷从业人员的问卷调查结果,从风险认知角度,对新型农业经营主体面临的风险环境及对融资约束的影响,进行了描述和分析。首先,面向全省88个农业县市的新型农业经营主体开展融资约束问题的问卷调查,将回收的1150份有效问卷作为样本数据来源,对样本新型农业经营主体的基本特征、融资需求、信贷可得、融资担保及购买农业保险等方面进行了描述性分析。再者,从信贷供给方的角度,面向省内主要从事涉农信贷业务的银行从业人员,就银行机构对于新型农业经营主体融资约束问题的想法和认识情况也进行了问卷调查,共回收有效问卷610份,对银行看待新型农业经营主体信贷风险的态度,农业担保及农业保险影响信贷决策的判断,财政贴息、政策性农业担保及政策性农业保险等不同政府介入方式的认可程度等主观认知信息进行了相应的统计分析。最后,从信贷风险管理的角度,就新型农业经营主体受到供给型融资约束的原因进行了探讨,并结合前述理论分析及融资供需双方的调查分析,提出了本文的研究假设。第四,基于采集的样本新型农业经营主体问卷数据展开多维度的实证研究。首先,通过构建有序probit模型来衡量新型经营主体所面临的供给型融资约束程度。根据已有的理论基础和文献研究,将土地规模、资产规模、负责人受教育程度等作为控制变量纳入模型之中,响应已有研究对影响新型农业经营主体供给型融资约束因素的分析观点,进而分别检验农业担保、农业保险对新型农业经营主体的影响。具体研究设计是将农业担保、农业保险分别作为主要解释变量引入设定的模型,考察这两个主要解释变量是否有助于降低新型农业经营主体的融资约束。考虑到遗漏变量问题,最后将农业保险和农业担保同时代入模型,考察他们是否有助于降低新型农业经营主体的融资约束。实证研究的主要结论如下:(1)农业担保对融资约束的纾解作用明显,但是对不同主体,农业担保发挥的作用有差异。结论暗示着,在农业领域融资担保能够发挥风险分担和信息传递功能,为新型农业经营主体提供信用增级,改善借贷双方信息不对称的状况,为新型农业经营主体获得银行等金融机构的信贷支持提供便利。但是在异质性检验中,发现农业担保对家庭农场、农民合作社以及农业产业化企业的纾解作用不同。其中对家庭农场的融资约束纾解作用最为明显,其次为农民合作社,对农业产业化企业的融资约束纾解效果最弱。(2)只考虑保险的作用时,农业保险对新型农业经营主体的融资约束纾解作用并不明显。可能的原因是,目前的农业保险为农业经营主体提供的风险保障水平偏低,无法覆盖其正常的收益水平,且农险产品的金融功能不足,与农业信贷之间的关联性偏弱。但是在将农业担保和农业保险同时纳入模型进行回归时,发现担保的融资约束杼解作用依然显著,同时,农业保险能够增强这种纾解作用,表明农业保险能够在新型农业经营主体拥有担保的基础之上发挥自身的风险分担与融资增信作用。第五,在以上理论和实证研究的基础上,对应现行试点的“政府+银行”、“政府+担保+银行”、“政府+保险+银行”三种纾解新型农业经营主体供给型融资约束的典型模式,选取了分别代表家庭农场、农民合作社、农业产业化企业的三个纾解案例进行了剖析。对政策性资源介入前后,上述三个经营主体具体的融资约束表现进行了比较分析,对案例所反映的纾解作用机制进行了相应的考察,从实践的视角进一步表明,在政府的引导下,农业担保、农业保险能够不同程度地发挥纾解新型农业经营主体供给型融资约束的作用,同时,案例中相关经营主体融资约束纾解不充分的现实也暗示,现有的政银合作纾解机制还存在需要改进和完善的地方。最后,综合理论分析、实证结果与案例分析情况,提出了纾解新型农业经营主体供给型融资约束的对策建议。一是从政银合作框架外的市场制度改进,提出通过进一步完善政策性农业担保机构的治理体系,包括出台《农业信贷担保条例》、下沉农业担保服务网络、建立农业担保征信机制、优化农业担保内部治理等,来健全新型农业经营主体融资代偿的风险分担机制。通过进一步拓展农业保险的融资功能,创新融资类农险产品,增强农业保险与融资约束纾解的关联度。二是从政银合作框架内机制的改进与完善,提出政府、银行、担保、保险、主体等多方资源融合作用的纾解方案。包括基于信息不对称问题的解决,建立信息融合机制;基于主体抗风险能力问题的解决,建立主体融合机制;基于信贷违约问题的解决,建立惩戒融合机制;基于相关市场工具的完善,建立资源融合机制;基于金融理念的发展,建立创新融合机制。本文的贡献在于,进一步丰富了现有农村金融问题的研究内容,对三种不同类型的新型农业经营主体融资约束及其纾解机制开展了深入探讨,对深化新型农业经营主体融资约束问题研究是一个有益的补充。再者,本文运用调查问卷收集的第一手数据信息,具体分析了新型农业经营主体的融资约束表现以及农业担保和农业保险的纾解作用,对新型农业经营主体融资约束问题的纾解具有一定的现实指导意义。最后,本文结合理论研究、实证研究和案例研究,从政府与市场两个维度分析,提出在改进和完善农业担保和农业保险自身功能的同时,通过将政策性的支农资源嵌入到农业担保和保险等市场工具之中,实现政策性资源与市场资源的互联互通,进而促进政府、银行、担保、保险、主体间在融资活动中的深度融合,包括信用信息、产业主体、失信惩戒、财政投入、产品创新等多方融合机制的建立,为纾解新型农业经营主体供给型融资约束提供一个既符合市场规律且操作性较强的解决方案。更多还原

【Abstract】 It has currently become an objective requirement that the cultivation of new agricultural business entities shall be accelerated to promote high quality development of rural economy with the implementation of strategy for rural revitalization.Considering that agricultural production and management is characterized by long period,high input and high risk,although new agricultural business entities have objective demands for financing during the production and management process,financing through proper channels is often subject to various restrictions imposed by such financial institutions as banks.Therefore,the financing demands are met at a low rate.Faced with dual risks in natural disasters and marketing during production management process,new agricultural business entities may be subject to further intensified financing constraints.As a consequence,it has become an urgent problem to be studied and solved that the challenge confronting new agricultural business entities during financing should be tackled.So,the author believes that,at the present stage,it is of great necessity to further study the financing demand and characteristics of new agricultural business entities,to explore the main causes of supplyoriented financing constraints on new agricultural business entities from the perspective of credit risk,to investigate the effects of agricultural guarantee and agricultural insurance on relieving the financing constraints on new agricultural business entities,to improve risk sharing and risk compensation system,and meanwhile to explore a feasible method to relieve the supply-oriented financing constraints on new agricultural business entities by giving a full play to the guiding role of the government and integrating all resources from governments,banks,guarantors,insurers,entities,etc.In order to study and also solve the above issues,the research has been carried out on supply-oriented financing constraints of new agricultural business entities from the perspective of credit risk management in this paper.The research consists of four steps i.e.status description-theory analysis-empirical study-application suggestions.The specific contents are as follows:First,research literature both at home and abroad has been reviewed,representative viewpoints of the existing research have been summarized from the perspectives of the importance of financing constraints on new agricultural business entities,the characteristics of financing demand,causes of and solutions to financing constraints,the role of agricultural guarantee and insurance in relieving financing constraints,etc.,and the objectives,ideas and methods of this research are presented against the shortcomings in the existing research.Second,on the basis of defining core concepts such as ―new agricultural business entities‖ and ―supply-oriented financing constraints‖,taking financing constraint theory,credit rationing theory and rural finance theory as main basic theories,this research uses classical models of the above theories,such as the credit rationing theory model,to illustrate the causes and essences of financing constraints on new agricultural business entities,and deduces a theoretical frame to relieve financing constraints on new agricultural business entities with two tool selections – agricultural guarantee and agricultural insurance,which is taken as the research methodology and analysis basis.Third,in-depth description and analysis have been carried out for the risk environment and financing constraints facing new agricultural business entities from the perspective of risk perception,according to the results of three groups of questionnaires from three types of new agricultural business entities including family farms,farmers’ cooperatives and agricultural industrialization enterprises as well as banks’ employees involved in rural credit business.A questionnaire survey on financing constraints was conducted among 88 new agricultural business entities in the province,and then descriptive analysis was made for basic characteristics,financing need,credit availability,financing guarantee and purchase of agricultural insurance of new agricultural demonstration business entities based on 1150 valid questionnaires collected as the source of sample data.Then a questionnaire survey was also carried out among bank employees mainly engaged in agriculture related credit business in the province from the perspective of credit provider in order to know the thoughts and understanding of banking institutions of financing constraints on new agricultural business entities.A total of 610 valid questionnaires were collected,and statistical analysis was carried out to understand such subjective information as banks’ attitudes towards credit risk of new agricultural business entities,judgment on the influence of agricultural guarantee and agricultural insurance on credit decision-making,and the degree of recognition of government intervention in various forms such as financial discount,policy oriented agricultural guarantee and policyoriented agricultural insurance.Finally,discussion is made on the causes of supplyoriented financing constraints on new agricultural business entities from the perspective of credit risk management;then,research hypothesis is proposed based upon the above theoretical analysis and the investigation into financing supply and demand.Fourth,a multi-dimensional empirical study has been implemented based on the collected questionnaire data of new agricultural demonstration business entities.The effect of supply-oriented financing constraints on new business entities were measured after building an oprobit model.Based upon the existing theories and literatures,land scale,asset size,and schooling of the principals are absorbed into the model as the control variables;some analysis results on the contributing factors that influence the supplyoriented financing constraints for new agricultural business entities are taken into consideration;and then the impacts of agricultural guarantee and agricultural insurance on new agricultural business entities are respectively tested.The specific research was designed to introduce agricultural guarantee and agricultural insurance as main explanatory variables into the preset model,in order to check whether these two main explanatory variables can significantly reduce the financing constraints of new agricultural business entities.In view of omitted variables,both agricultural guarantee and agricultural insurance were finally included into the model to check whether they can significantly relieve the financing constraints on new agricultural business entities.The main conclusions of empirical study are as follows:(1)Agricultural guarantee may significantly relieve financing constraints.But the effects of agricultural guarantee on different subjects may differ.The conclusions indicate that financing guarantee plays a significant role in risk sharing and information dissemination in the field of agriculture,provides credit enhancement for new agricultural business entities,improve the situation of information asymmetry between borrowers and lenders,and makes it more convenient for new agricultural business entities to obtain credit from such financial institutions as banks.However,it has been found during heterogeneity test that agricultural guarantee may play a different role in relieving financing constraints on family farms,farmers’ cooperatives and agricultural industrialization organizations.In particular,agricultural guarantee can significantly relieve the financing constraints on family farms,followed by farmers’ cooperatives.However,its effect of relieving financial constraints on agricultural industrialization organizations is not obvious.(2)In the case of insurance only,the relieving effect of agricultural insurance on financing constraints of new agricultural business entities is not obvious.The possible reason is that current agricultural insurance provides agricultural business entities with a relatively low-level risk guarantee,unable to reach their normal income level,and that agricultural insurance products lack of financial function,resulting in weak correlation to agricultural credit.But when both agricultural guarantee and agricultural insurance are incorporated in the model for regression,the role of guarantee in relieving the financing constraints keeps its significance,and agricultural insurance can heighten this relieving effect.which indicates that insurance can play its risk sharing and financing credit enhancement on the basis of new agricultural business entities have obtained their guarantee.Fifth,on the basis of the above theoretical and empirical study,targeted analysis is made for three typical models of relieving supply-oriented financing constraints on new agricultural business entities,including ―government + bank‖,―government + guarantee +bank‖ and ―government + insurance + bank‖ in current pilot projects.Three relief examples respectively representing family farms,farmers’ cooperatives and agricultural industrialization enterprises are selected for this analysis.Comparative analysis is made on the financing constraints performance on the above three business entities;corresponding investigation is carried out into the alleviation effects on those cases.It is further proved,from the empirical perspective,that agricultural guarantee and agricultural insurance can,to varying degrees under the guidance of government,play a part in relieving supplyoriented financing constraints on new agricultural business entities.Meanwhile,the inadequate relief of financing constraints on some business entities in those cases indicates that the existing government-bank cooperation relief system still needs improvement and perfection.Finally,this paper proposes countermeasures and suggestions on how to relieve supply-oriented financing constraints on new agricultural business entities in combination with theoretical analysis,empirical findings and case study.First,improve the market system outside the government-bank cooperation frame.It is mainly suggested that the governance system of agricultural guarantee institutions should be improved by issuing Regulations on Agricultural Credit Guarantee,sinking the agricultural guarantee service network,establishing a credit investigation mechanism for agricultural guarantee and also optimizing the internal governance of agricultural guarantee to improve the risk sharing mechanism of financing compensation for new agricultural business entities.The correlation between agriculture insurance and settlement of financing constraints shall be enhanced by further expanding the financing function of agricultural insurance and innovating in agricultural insurance products of financing.Second,improve and perfect the system inside the government-bank cooperation system frame.It is suggested that resources from governments,banks,guarantors,insurers and entities should be integrated to carry out relief countermeasures,including establishing information fusion system to solve the problem of information asymmetry,establishing integrated entity system to solve the problem of low anti-risk capabilities among entities;establishing integrated punishment system to solve the problem of credit default;establishing integrated innovation system to promote the development of financial ideas.This paper has contributed more content to the research on existing rural financial problems,raised expert questions about financing constraints on three different types of new agricultural business entities and the relief mechanism,and made beneficial complement to deepen the research on financing constraints facing new agricultural business entities.Besides,in this paper,in-depth analysis of the financing constraints on new agricultural business entities and the alleviation effect of agricultural guarantee and agricultural insurance has been carried out by using first-hand data information collected through questionnaires,having directive significance in relieving financing constraints on new agricultural business entities.Last but not the least,based upon the theoretical research,empirical study and case study,analysis is made from two perspectives:government and market.It is suggested that the function of agricultural guarantee and agricultural insurance should be improved and perfected;meanwhile,policy resources and market resources should be interconnected by incorporating policy resources for supporting agriculture into such marketization tools as agricultural guarantee and insurance,to promote the in-depth integration among governments,banks,guarantors,insurers and entities during the financial activities,including establishing an integrated system covering credit information,business entities,punishment records,financial investment,product innovation,etc.,to provide a solution with strong operability to relieving supply-oriented financing constraints on new agricultural business entities in line with market rules.更多还原