| The shortage of funds is a major obstacle restricting the development of the issues concerning agriculture, farmers and rural areas in China. How to crack the problem of agricultural investment and financing has become the focus of the research of economists and financial experts. Nowadays, the social capital is very abundant and not short of money, but the key issue is that capital is to maximize profit, if the lack of agricultural industries to bring social capital appreciation investment objective and investment and financing mechanism, social capital will flow to the other can make a profit of industries. At present, China’s agricultural development financing difficulties mainly can be attributed to two aspects:one is a weak agricultural base, the lack of capital accumulation; the other is the traditional means of financing agricultural development can not meet the demand for funds. The defects of current rural financial system has restricted the further development of China’s agricultural industrialization of the major bottlenecks in advancing the process of agricultural industrialization, we must deepen the reform of the rural financial system, speed up financial innovation, increase financial development of agricultural industrialization support efforts. The agriculture industry investment funds are innovative financial institutional arrangements for the agricultural sector. It will bring together social idle funds to invest in agriculture, promote agricultural industrialization, large-scale development in the promotion of agriculture-related enterprises bigger and stronger, and will play a role of promoting agricultural development of more attention.On the basis of existing research results, economic theory, using theoretical research, empirical analysis, case studies, and other research methods, and starting from the connotation of the agricultural industry investment funds, this dissertation gives an in-depth study of the theoretical and practical issues of agricultural industry investment funds setup mode, investment model, and risk prevention and evasion channels in order to improve the operating efficiency of our agricultural industry investment funds. Finally, put forward the development of China’s agricultural support policies and investment funds safeguard mechanism. The main contents and conclusions are as follows:Firstly, the paper defines the characteristics of agricultural investment funds connotation, and systematically expounds the theory of the industrialization of agriculture, finance function theory, financial deepening theory, property rights theory and transaction costs theory. In the analysis of the industrialization of agriculture and rural financial status, based on the establishment of agro-industrial investment funds that help foster agricultural industry clusters, boosting agricultural leading enterprise restructuring, and constantly improve the degree of organization of agriculture, accelerate agricultural capital accumulation. This is an effective system that cracks agricultural investment and financing difficulties of financial innovation.Second, this paper develops a kind of modes, which is that in China, agricultural investment should combine the production process with the finance, and such is a new view in this paper. This mode required the main person who creates the agricultural industry groups as fund should have the leading function in the operation of funds, which guides the financial capital in society through the subjective requirements of agricultural capital, and so can the combination of production and finance of aspects in develop mode, investment management, which accelerates the industrialization of agriculture. Taking the iinstitutional economics theory as a basis, through comparison in limited cooperation, company and trust, we hold that organization type of company has advantage as proper size, stability, and relatively complete and strict managements, which protects the rights of the fund investors. When there is no difference of tax, company is fit to the development of industrialized and organized agriculture in some extent.Third, agricultural industry investment funds is a special invest area, and which decides the more complicated consideration of factors, which not only regards on the financial indicators, but also thinking about the China’s special circumstances, and so we should research agricultural industry investment funds comprehensively from the dimensions of industry and policy, invest project and responsibility of society. Valuation of invest project is an important part of agricultural industry investment funds, and so here we learned the traditional valuation method and options valuation system, hence we constructed a theoretical mode of agricultural industry investment funds evaluation.Forth, on the basis of existing research results, in this paper we used analytic hierarchy process (AHP), and constructed a project risk evaluation system of the agricultural industry investment funds. This evaluation system includes4basic indexes as market risk, technology risk, financial risk and management risk, and other16periphery index. By constructing judgmental matrix, we can determine the weight of each index, test the judgment matrix’s consistency, and analyze the judgment and investment project’s risk points.Fifth, agricultural industry investment funds have double agency relationship, so because of the information asymmetry between the two sides as well as inconsistencies in the target, there is possibilities of moral hazard and adverse selection. To scientifically design the governance and incentive mechanism of agricultural industry investment funds is an important aspect, so it is one of the main contents in this research. Through analysis in three theoretical enterprise incentive models, we deem that to take return share system will play a better incentive effect. This paper is based on the theory of manager share participation incentive method, and holds that fund managers share design and arrangement is the most important way to reduce or resolve the agency problem. For agricultural industry investment funds, industry investment funds Management Company should be one of the important investors, and the most effective manage and incentive arrangement to the funds managers is from the property system, which is to make them pay the currents as shares, such will realize incentive optimization.Sixth, the agricultural industry investment fund is through professional management skills to arrange contract and special, the value of social capital and agricultural industry together, become a part of the agricultural development of the capital, to promote the development of agricultural modernization. Agricultural industry investment fund is the operation of the market, but the policy support of the government still plays a very important role. On the one hand is the government to increase the agricultural infrastructure, agricultural science and technology and education of farmers and other aspects of investment, improve the government investment structure, innovation of financial support policy, to promote agricultural endogenous capital accumulation, make agricultural basic attract social capital, on the other hand, the government should design and policy through the top system, farmers rights value resources exploration of the channel, through the regional economic planning policy, fiscal policy, tax support policy, financial support policy and the fund legislation, perfecting the agricultural industry investment fund policy support system.
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