乡村振兴战略视阈下新型农业经营主体金融扶持研究
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摘要
破解传统农村金融扶持困局、培育新型农业经营主体是完善新型农业经营体系的微观基础,实现乡村振兴战略的重要保障。按照乡村振兴战略实施中贯彻改革、激活要素、激活主体、激活市场的要求,依据融资偏好理论,推导剖析了新型农业经营主体(家庭农场、专业合作社、农业专业大户、农业现代化企业)对于财政补贴资金(类股权融资)的过度偏好。分析指出破解财政补贴资金(类股权融资)挤出金融扶持资金(类债权融资)问题的关键因素并建模实证。实证结果表明:融资成本、自由现金流及新型农业经营主体具有的收入满足认知均显著影响其债务融资决策。因此,在乡村振兴战略金融扶持政策制定的具体内容中,不仅需要考虑进一步降低融资成本,还应考虑还本付息过程中现金流的机制设计以及农业经营主体破产规则的完善,从而加速家庭农场、专业合作社及农业专业大户向现代农业企业转变。与此同时,还应升级农村产业供应链、完善农村财务信息体系建设、建立符合乡村振兴战略要求的会计制度,充分发挥金融扶持政策在乡村振兴战略实施中激活要素、激活市场的重要作用。
It is a micro foundation for completing the perfecting the new agricultural business system and an essential and fundamental issue for realizing the rural revitalization strategy to solve the difficulties in traditional rural financial supporting and cultivate new agricultural business entities. In accordance with the requirements of implementing the reform,activating the elements,activating the main body and activating the market in the implementation of the rural revitalization strategy,this paper,based on the theory of financing preference,deduces and analyzes the new agricultural operators'( family farms,professional cooperatives,major agricultural professionals,modern agricultural enterprises) excessive preference for fiscal subsidy funds( type of equity financing),which indicates the external policy factor that suppresses the effectiveness of financial support fund( debt financing). This paper points out the key factors to solve the problem of financial subsidy funds( equity financing) squeezing out financial support funds( debt financing) and builds an empirical model. Empirical results show that increasing financial support for new agricultural operators still needs to further effectively reduce their financing costs. In the formulation of financial support policy in the strategy of rural revitalization,we should consider the design of cash return mechanism in the process of repayment of principal and interest; reduce the social attributes in financing decision-making of new agricultural operators( conservative financial behavior caused by the recognition of income satisfaction);establish bankruptcy rules of agricultural operators to accelerate the transformation of family farms,professional cooperatives and agricultural major households to modern enterprises. Change. At the same time,we should upgrade the supply chain of rural industry,improve the construction of rural financial information system,and establish an accounting system that meets the requirements of Rural Revitalization strategy,so as to give full play to the important role of financial support policy in activating elements and activating the market in the implementation of Rural Revitalization strategy.
It is a micro foundation for completing the perfecting the new agricultural business system and an essential and fundamental issue for realizing the rural revitalization strategy to solve the difficulties in traditional rural financial supporting and cultivate new agricultural business entities. In accordance with the requirements of implementing the reform,activating the elements,activating the main body and activating the market in the implementation of the rural revitalization strategy,this paper,based on the theory of financing preference,deduces and analyzes the new agricultural operators'( family farms,professional cooperatives,major agricultural professionals,modern agricultural enterprises) excessive preference for fiscal subsidy funds( type of equity financing),which indicates the external policy factor that suppresses the effectiveness of financial support fund( debt financing). This paper points out the key factors to solve the problem of financial subsidy funds( equity financing) squeezing out financial support funds( debt financing) and builds an empirical model. Empirical results show that increasing financial support for new agricultural operators still needs to further effectively reduce their financing costs. In the formulation of financial support policy in the strategy of rural revitalization,we should consider the design of cash return mechanism in the process of repayment of principal and interest; reduce the social attributes in financing decision-making of new agricultural operators( conservative financial behavior caused by the recognition of income satisfaction);establish bankruptcy rules of agricultural operators to accelerate the transformation of family farms,professional cooperatives and agricultural major households to modern enterprises. Change. At the same time,we should upgrade the supply chain of rural industry,improve the construction of rural financial information system,and establish an accounting system that meets the requirements of Rural Revitalization strategy,so as to give full play to the important role of financial support policy in activating elements and activating the market in the implementation of Rural Revitalization strategy.
引文
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[3]叶兴庆.新时代中国乡村振兴战略论纲[J].改革,2018(1):65-73.
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[13]叶康涛,陆正飞.中国上市公司股权融资成本影响因素分析[J].管理世界,2004(5):127-131.
[14]HARRIS M,RAVIV A.The theory of capital structure[J].Journal of Finance,1991,46(1):297-355.
[15]刘星,彭程.负债融资与企业投资决策:破产风险视角的互动关系研究[J].管理工程学报,2009,23(1):104-111.
[16]白志远,乐美媛.我国财政支农支出对农民收入的影响---基于1999-2013年省级面板数据的实证研究[J].财政监督,2018(9):86-93.
[17]谢平,徐忠.公共财政、金融支农与农村金融改革---基于贵州省及其样本县的调查分析[J].经济研究,2006(4):106-114.
[18]胡中应.社会资本视角下的乡村振兴战略研究[J].经济问题,2018(5):53-58.
[19]江维国,李立清.互联网金融下我国新型农业经营主体的融资模式创新[J].财经科学,2015(8):1-12.
[20]姜子叶.我国农村抵押品融资创新研究---基于江苏1800家县域金融机构和涉农经营主体的调查[J].农村金融研究,2015(3):69-73.
[21]惠献波.农村金融法制化:法国、日本经验与启示[J].湖北经济学院学报,2017,15(1):61-65.
[22]张宁,张兵.非正规高息借款:是被动接受还是主动选择?---基于江苏1202户农村家庭的调查[J].经济科学,2014,36(5):35-46.
[23]王性玉,胡亚敏,王开阳.自我信贷配给家庭非正规借贷的增收效应---基于河南农户的分位数回归分析[J].经济管理,2016(4):130-137.
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[25]SHLEIFER A,VISHNY R W.Privatization in the United States[J].Rand Journal of Economics,1997,28(3):447-471.
[26]JAFFEE D M,RUSSELL T.Imperfect information,uncertainty,and credit rationing[J].Quarterly Journal of Economics,1976,90(4):651-666.
[27]STIGLITZ J E,WEISS A.Credit rationing in markets with imperfect information[J].American Economic Review,1981,71(3):393-410.
[28]孙兴峰.中国农业银行农行资产处置工作中面临的问题分析及处置方法探索[J].新商务周刊,2017(10).
[29]JENSEN M C,MECKLING W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[30]夏新平,邹振松,余明桂.控制权、破产风险与我国民营公司负债行为[J].管理学报,2006,3(6):683.
[31]白云霞,林秉旋,王亚平,等.所有权、负债与大股东利益侵占---来自中国控制权转移公司的证据[J].会计研究,2013(4):66-72.
[2]廖彩荣,陈美球.乡村振兴战略的理论逻辑、科学内涵与实现路径[J].农林经济管理学报,2017,16(6):795-802.
[3]叶兴庆.新时代中国乡村振兴战略论纲[J].改革,2018(1):65-73.
[4]唐朱昌,吕彬彬.财政支农政策与农民收入增长:总量与结构分析[J].江淮论坛,2007,222(2):32-35.
[5]黄祖辉,俞宁.新型农业经营主体:现状、约束与发展思路---以浙江省为例的分析[J].中国农村经济,2010(10):16-26.
[6]张照新,赵海.新型农业经营主体的困境摆脱及其体制机制创新[J].改革,2013(2):78-87.
[7]姜长云,席凯悦.关于引导农村土地流转发展农业规模经营的思考[J].江淮论坛,2014(4):62-66.
[8]林乐芬,法宁.新型农业经营主体融资难的深层原因及化解路径[J].南京社会科学,2015(7):150-156.
[9]赵洪丹,朱显平.农村金融、财政支农与农村经济发展[J].当代经济科学,2015,37(5):96-108.
[10]任劼,孔荣,CALUM T.农户信贷风险配给识别及其影响因素---来自陕西730户农户调查数据分析[J].中国农村经济,2015(3):56-67.
[11]姜长云.现代企业资本结构理论的发展,启示与局限性[J].江淮论坛,2000(1):50-55.
[12]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001(11):12-20+27.
[13]叶康涛,陆正飞.中国上市公司股权融资成本影响因素分析[J].管理世界,2004(5):127-131.
[14]HARRIS M,RAVIV A.The theory of capital structure[J].Journal of Finance,1991,46(1):297-355.
[15]刘星,彭程.负债融资与企业投资决策:破产风险视角的互动关系研究[J].管理工程学报,2009,23(1):104-111.
[16]白志远,乐美媛.我国财政支农支出对农民收入的影响---基于1999-2013年省级面板数据的实证研究[J].财政监督,2018(9):86-93.
[17]谢平,徐忠.公共财政、金融支农与农村金融改革---基于贵州省及其样本县的调查分析[J].经济研究,2006(4):106-114.
[18]胡中应.社会资本视角下的乡村振兴战略研究[J].经济问题,2018(5):53-58.
[19]江维国,李立清.互联网金融下我国新型农业经营主体的融资模式创新[J].财经科学,2015(8):1-12.
[20]姜子叶.我国农村抵押品融资创新研究---基于江苏1800家县域金融机构和涉农经营主体的调查[J].农村金融研究,2015(3):69-73.
[21]惠献波.农村金融法制化:法国、日本经验与启示[J].湖北经济学院学报,2017,15(1):61-65.
[22]张宁,张兵.非正规高息借款:是被动接受还是主动选择?---基于江苏1202户农村家庭的调查[J].经济科学,2014,36(5):35-46.
[23]王性玉,胡亚敏,王开阳.自我信贷配给家庭非正规借贷的增收效应---基于河南农户的分位数回归分析[J].经济管理,2016(4):130-137.
[24]ZINGALES G.Concise encyclopedia of measurement and instrumentation[J].Measurement,1994,13(4):333-334.
[25]SHLEIFER A,VISHNY R W.Privatization in the United States[J].Rand Journal of Economics,1997,28(3):447-471.
[26]JAFFEE D M,RUSSELL T.Imperfect information,uncertainty,and credit rationing[J].Quarterly Journal of Economics,1976,90(4):651-666.
[27]STIGLITZ J E,WEISS A.Credit rationing in markets with imperfect information[J].American Economic Review,1981,71(3):393-410.
[28]孙兴峰.中国农业银行农行资产处置工作中面临的问题分析及处置方法探索[J].新商务周刊,2017(10).
[29]JENSEN M C,MECKLING W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[30]夏新平,邹振松,余明桂.控制权、破产风险与我国民营公司负债行为[J].管理学报,2006,3(6):683.
[31]白云霞,林秉旋,王亚平,等.所有权、负债与大股东利益侵占---来自中国控制权转移公司的证据[J].会计研究,2013(4):66-72.
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