Research On The Distribution Of Farmers’ Interest In Futures Market By Indirect Mode

Agriculture,as the foundation of the national economy,is related to the vital interests of the people,the stability of society and the steady development of the whole national economy.China is a large agricultural country,the price stability of agricultural products and the improvement of farmers’ income are urgent problems to be solved at this stage in our country.The futures market is an important part of market economy,is the inevitable outcome of the development of market economy,in the development of the national economy plays an important role in the improvement of China’s market economy system of commercial credit mechanism plays a special role in promoting commodity circulation.The futures market has two most important economic functions: the avoidance of spot operation risk and the discovery of reasonable price.At the same time,the futures market also plays an important role in improving the credit level of farmers,helping to adjust the planting structure,improving the level of industrial standardization and improving the degree of organization of farmers.Therefore,the effective use of farmers on the futures market the risk aversion tool can play a great role in stabilizing the farmer income and guaranteeing the healthy and coordinated development of agriculture,the degree of participation of farmers on the futures market play an important role in the function of the futures market.In our country,it is difficult for farmers to participate in futures market directly,and farmers can participate in futures market indirectly through intermediary organizations.Through cooperation with intermediary organizations,farmers,on the one hand,have been supported by the production technology of intermediary organizations,which can effectively avoid the natural risks of production.On the other hand,farmers can avoid the market risk caused by the market price fluctuation through the price discovery and hedging function of futures market.The rationality of the distribution of interest between farmers and intermediary organizations will directly affect the enthusiasm of farmers to participate in the futures market.The purpose of this paper is to find a reasonable interest distribution mechanism through the establishment of the model for the benefit distribution of farmers and intermediary organizations in cooperative organizations,and put forward the corresponding policy recommendations to improve the distribution mechanism of interests.This paper draws on the relevant literature at home and abroad,which uses the relevant interest distribution theory,benefit allocation mechanism,cooperative game theory and incentive theory.Then,starting with the interest relationship between farmers and intermediary organizations,this paper expounds the characteristics of the two parties’ interests,the causes of cooperative cooperation,the objectivity of conflicts of interest and the necessity of balancing interests.The article sets up the model separately under the twomechanisms of stock right system and contract system.By analyzing and calculating the income of farmers and intermediary organizations,the author explores the way to distribute the rational benefits.This paper constructs the production function and cost function of farmers and intermediary organizations in the model,and takes the point of maximizing the income of farmers and intermediary organizations as the final equilibrium point.In the analysis of the distribution of interests under the contract system,the Shapley value method is applied to analyze how the margin amount should be set up and the government’s support,and the influence of the farmer’s policy on the distribution of interest.In the analysis of influence factors of farmers and the intermediary organization of distribution of interests including internal and external factors,internal factors mainly include the investment and risk of farmers and intermediary organizations bear the external factors mainly include natural factors,market factors and policy factors.Finally,we can get some policy suggestions to perfect the benefit distribution mechanism.It includes the composition and structure of the perfect cooperation organization,the leading role and function of the intermediary organizations,and the connection of various interests.