Study On The Formal Credit Constraint And Alleviating Path Of New Agricultural Operating Subjects In Xinjiang

China attaches great importance to the cultivation and development of new agricultural operating entities.Important documents for rural work at the beginning of the year has proposed to support and cultivate and develop new agricultural business entities.Both the 18 th and 19 th National Congresses of the CPC proposed the development of large-scale operations in various forms,the acceleration of the formation of a new agricultural operation system that is organized,socialized,specialized and intensive,and the organic linkage between smallholder production and the development of modern agriculture.The main problem facing or money problems,most of the agricultural management main body in the process of development face serious funding gap,the gap of the cover and face more severe credit constraints,the constraints,both self inhibition and exclusive demand credit constraints,More market and financial institutions access credit constraints,both credit constraints are also affected by external credit environment policy,there are operators,financial,this guarantee ability,their problems,such as the credit situation There are also financial institutions credit products pricing,term,policy and other issues.Research the strength of credit constraint,credit gap,formation mechanism,mitigation mechanism,credit model and other issues of large-scale agricultural commercial banks,the credit gap,forming mechanism,based on a new type of agricultural management main body credit constraints micro survey data,This paper studies the lending situation,constraint degree and formation mechanism of new agricultural operating entities in Xinjiang,and the results show that:(1)Through the investigation of Xinjiang lack of access to credit for new-scale agriculture,it is revealed that the development of new-type agricultural business entities has capital needs but faces a large credit gap or cannot obtain credit support.it is revealed that the development of new agricultural operating entities is facing a relatively serious funding gap,which is faced with both demand and supply constraints when seeking formal credit support from commercial banks.The average financing demand of the sample new agricultural operation subjects accounted for 83.26%,the average funding gap of family farm,farmer specialized cooperative and agricultural enterprise was 801,100 yuan,1,215,300 yuan and 4,812,200 yuan respectively,and the average demand for credit was 2,275,600 yuan.In terms of credit supply,new agricultural operating entities in Xinjiang obtained financing through formal credit channels accounting for 77.07%,which is the main channel of financing.The average single loan issued by formal credit financial institutions was401,900 yuan,with an average term of 1.17 years and an average interest rate of 6.64%,and the credit loan accounted for only 11.35%.Further analysis of the satisfaction of large-scale agricultural operation entities with commercial bank credit is of great significance to the study of credit constraints and the improvement of commercial banks financial service levels.The satisfaction is analyzed from six dimensions of financing limit,interest rate,term,guarantee method,service and government or fiscal policy support.The research indicators were measured by Richter 5-point scale,and the average satisfaction was 29.33%,including 23.30% for family farms,26.69% for farmers’ professional cooperatives and 37.99% for agricultural enterprises.In the satisfaction category,financing service has the highest satisfaction average,and financing line has the lowest satisfaction average.(2)Credit constraints shown characteristics and types of credit constraints of recognition is to accurately assess credit constraint intensity,the basis and premise of credit gap,general direct induction of investigating ways to identify Xinjiang new type agricultural management main body facing credit constraints,found that average demand credit constraints accounted for 14.92%,Supply credit constraints accounted for 45.63%,and business entities without credit constraints accounted for 39.45%.It shows that the main reason of credit constraint comes from the supplier.Among different types of business entities,agricultural leading enterprises are the least constrained,family farms are the most constrained by credit,and farmers’ professional cooperatives are the next.On the whole,demand-type credit constraint and supply-type credit constraint are only different from each other from different research perspectives.Taking transaction cost constraint in demand-type credit constraint as an example,this loan with capital gap but abandoned due to transaction cost is also reflected in demand-type credit constraint.(3)According to the new type of agricultural management main body credit constraints and credit supply and demand for credit is directly related influencing factors,from the credit supply,the demand of credit and credit behavior involved in analyzing the third party,the intensity of credit constraints and the credit gap,in the status quo of credit and credit constraint recognition on the basis of further quantitative credit constraints,it is found that when agricultural operating subjects have loan demand,the probability of commercial banks willing to provide loans is 68.94%,indicating that under the consideration of the balanced interaction between loan demand and loan supply,The formal credit constraint of new agricultural operating subjects was 31.06%.According to the Heckman three-stage generalized regression model,the average credit demand of new agricultural business entities is 1,835,300 yuan,the average actual loan is 1,355,800 yuan,and the average actual credit gap is 479,600 yuan.From the perspective of capital gap,the overall credit constraint reaches 26.13%,which is slightly lower than the number of credit constraint and the comprehensive ratio of capital.Among them,the credit gap of family farm is 159,900 yuan,the credit gap of farmer specialized cooperatives is 220,000 yuan,and the credit channel of agricultural enterprises is 1.05900 yuan.The credit constraint degree(proportion)from family agricultural products to farmer specialized cooperatives and then to agricultural enterprises gradually decreases,but the amount of credit capital gap is increasing step by step.(4)The formation mechanism of the credit constraints of the new agricultural business entities is the focus of this article.The mechanism is the result of the interaction of various influencing factors.This article studies the influencing factors of credit constraints and conducts in-depth analysis from the supply and demand parties and the parties involved in the credit.Use the Interpretive Structure Model(ISM)to empirically analyze the interrelationships and hierarchical structure of various influencing factors,found that five level factors caused the credit constraints,the influence factors of the first level for direct indicators of credit approval model,including risk control indicators and cost control indicators,This is the basic principle of commercial banks’ credit business,in which risk control indicators include repayment ability(the first source of repayment,generally expressed by the profitability of agricultural operators),guarantee level(the second source of repayment,which is also loan risk protection),and credit level(general commercial banks credit rating borrowers).The second level of reasons include loan pricing,liquidity and control management costs.The third level factor is the direct cause of the first level risk control index and the second level cost control index.Including agricultural management main body of the asset scale,investment payback period and cost income ratio,the fourth level factors include a fixed number of year agricultural management main body,head of age,and education level indicators,the indicators of third level factors play a role,the longer the body set up fixed number of year,generally run more stable,the stronger ability to resist risks,management more mature,the lower the operating costs relatively;The age,educational background and other characteristics of the agricultural business entity indirectly reflect the entity’s business decision-making ability,management ability,policy understanding ability,cognitive ability,financial literacy and social relations,which can effectively reduce information asymmetry and achieve balanced decision-making between credit demand and supply.Fifth level factor is the fiscal policy,credit policy,such as macro environment,contains the agricultural insurance policy,the macro environment of credit supply and demand for credit is deep,the influence of generality and universality,the fiscal policy including agricultural insurance policy can effectively reduce the cost of financing and the borrower credit risk in commercial bank,the impact on the credit demand and supply of credit good guidance and stimulation.Credit policy directly affects the credit approval model and business assessment requirements of commercial banks,plays a role of the baton of credit business,is an important reason affecting the credit supply,but also has an impact on the credit demand behavior of agricultural operating subjects.(5)Based on research on the influencing factors and formation mechanism of credit constraints,obtaining credit funds requires targeted and effective measures from credit-related participants.From the perspective of the factors concerned by the demand side,the main reason for demand-type credit constraint is that borrowers fully consider the transaction cost and transaction risk of applying for formal credit from commercial banks.To alleviate the demand-type credit constraint mechanism,it is necessary to break the constraint of transaction cost and transaction risk,especially the credit limit,credit term,credit interest rate and other factors.From the perspective of the factors concerned by the credit supplier,the formation of supply credit constraint is mainly that the credit policy or credit access model of commercial banks requires the borrower to meet the relevant credit access conditions,including the basic status of the borrower,financial indicators,credit status,guarantee level,etc.From the perspective of the third party participating in credit,fiscal policy,credit policy,To crack the credit constraint,a long-term mechanism should be established from the aspects of government increasing credit,standardizing the subject and improving credit consciousness.(6)New agricultural management main body credit constraints is essentially the credit supply and demand imbalance,the cause of the formation was mainly the result of risk control and cost control,play to ease credit constraints mechanism,build effective credit cycle mode,establish risk compensation,multi-form and multi-level guarantee system,to enhance mutual borrowing main body,effectively reduce the commercial bank credit risk,Strengthening financial discount,giving play to the role of platform and fund,effectively improving financing efficiency,reducing information asymmetry and borrowing costs,are the basic principles of credit model construction and the key to promote the sustainable release of formal credit.