Research On Agricultural Machinery Purchase Behavior And Choice Preference Of Finance Lease For Farmers Based On Finance Constraint

In the process of agricultural modernization,agricultural mechanization is not only an important material basis for the development of modern agriculture,but also an important technical support for agricultural modernization.Agricultural mechanization is very important to improve the productivity of agriculture and animal husbandry.The continuous improvement of agricultural mechanization level is the inevitable trend of the development process of agricultural modernization and an important symbol of agricultural modernization.However,in recent years,many factors have caused the development bottleneck of agricultural mechanization in China.The structural adjustment of supply-side reform in agricultural machinery industry is one aspect,and the insufficient effective demand for agricultural machinery purchase is also an important factor.Agricultural machinery purchase investment is relatively the largest productive investment of farmers.The endogenous financing accumulated by farmers themselves is often difficult to meet the demand of machine purchase,while credit rationing is common in immature rural financial markets.Credit demand of machine purchase is often difficult to meet.Whether farmers agricultural machinery acquisition is facing financing constraints or not? Will different types of financing constraints affect farmers' agricultural machinery acquisition? In recent years,the government regards the newly developed financial leasing business as an important financial innovation service to meet the diversified needs of rural financial market Agricultural machinery financial leasing as a financial innovation services that effectively ease the financing constraints of agricultural machinery purchase have been strongly advocated by all aspects.But the innovation of a financial service product should be designed from the perspective of demanders in addition to supply-side considerations.Whether tenant farmers are willing be a participants or not and what kind of financial lease contract they prefer is worth discussing.This paper selects the agricultural and pastoral areas of some cities in Inner Mongolia to obtain first-hand field research data,based on the perspective of financing constraints to study farmers' agricultural machinery purchase behavior and agricultural machinery financing lease preference.The main contents and conclusions of this paper are as follows:(1)Although the development of agricultural mechanization has entered a period of structural adjustment,the demand for agricultural machinery acquisition is still strong,and farmers' own financial resources can not meet the financial needs for the purchase of large agricultural machinery and tools.Rural areas generally exist "small agricultural machinery without financing,large agricultural machinery nowhere to finance" phenomenon.The existing financing channels of financial institutions are mainly rural credit cooperatives.The difficulty of agricultural machinery financing lies in the small loan amount,high interest rate,long arrival time and inflexible cycle.There is a structural credit constraint problem when farmers buy agricultural machinery(2)Based on the survey data of farmers' agricultural machinery purchase financing demand,we apply the direct identification to identify the financing constraints faced by farmers.Further empirical test shows that financing constraint is an important factor affecting farmers' willingness and scale of agricultural machinery purchase.The demand financing constraint will not affect the farmers' purchase intention and purchase scale,but the supply financing constraint will have a significant impact on the farmers' purchase intention and purchase scale.In addition to the financing constraints discussed in this paper,the individual characteristics of farmers,family management characteristics and other factors are basically consistent with the previous research literature.(3)To explore farmers' cognition and willingness to participate in agricultural machinery financial leasing from the perspective of lessee,and to analyze the main factors affecting farmers' participation in agricultural machinery financial leasing.In the process of agricultural machinery purchase,credit constraint is the premise of choosing to participate in agricultural machinery financing lease.In addition to their own conditions,farmers pay more attention to the agricultural machinery financial leasing business rate level,financing period,mortgage guarantee,value-added services and other attributes.Among them mortgage guarantee has the greatest impact,followed by financing cycle,and value-added services.The attributes preference of farmers with different characteristics also exit heterogeneity,and farmers' willingness to pay for different attributes is also different.Therefore,in order to promote agricultural machinery financing leasing business,we must design contracts and innovate models from the needs of farmers.(4)Based on the above conclusions,the paper advice to strengthen the government policy of supporting agriculture,to solve the financing constraints of farmers' agricultural machinery purchase demand,to strengthen the propaganda of new financial model and to improve farmers' cognition of agricultural machinery financing lease,to accelerate the innovation of mode and service and to strengthen the market competitiveness of agricultural machinery financing lease,to establish a perfect risk prevention and control system to safeguard the interests of all participants in agricultural machinery financing lease,to create a good rural financial ecological environment and to guide the healthy development of agricultural machinery financing lease industry.The innovation of this paper is mainly reflected in the following three aspects :(1)From the perspective of credit constraints to study farmers' agricultural machinery purchase behavior.From the characteristics of supply and demand in rural financial market,this paper provides a new explanation for the insufficient investment in farmers individual agricultural machinery,in order to provide theoretical reference for the next step of the government policy to promote the development of agricultural mechanization.(2)To study the willingness of farmers to participate in agricultural machinery financing lease from the micro perspective of the lessee,and to make an empirical analysis based on the purpose of alleviating the credit constraints of farmers' agricultural machinery purchase,in order to make a useful supplement to the literature in this respect.(3)Application of selection experiment method to analyze the preference of farmers' agricultural machinery finance lease attributes.The selection experiment method is used to explore farmers' preference for agricultural machinery financing lease attributes and pay willingness.In order to provide a practical reference for the lessee to design the agricultural machinery financing lease contract or for the government to encourage the agricultural machinery financing lease development policy recommendations.