Research On The Impact Of Risk On The Income Distribution Of Agricultural Value Chain Financing

The new rural financial service system is the foundation and prerequisite for the smooth implementation of the Rural Revitalization Strategy.At present,China is in the key period from traditional agriculture to modern agriculture.The mechanization,intensification and scale of agricultural production are becoming more and more obvious.The demand of farmers is increasing year by year.Credit constraints such as "loan difficulty" and "financing difficulty" have become the key to restrict the development of rural economy in China.As an important part of the rural financial service system,the agricultural value chain financing has obvious advantages in alleviating the shortage of effective mortgages and reducing the credit risk of the financial institutions.In 2017,the central "No.1 document" made clear that we should expand the agricultural value chain and accelerate the innovation of the rural financial service system on the premise of improving the risk blocking mechanism.In the traditional rural microfinance,farmers generally need to provide real estate mortgage to financial institutions,or guarantee them by professional guarantee agencies.For the agricultural value chain financing mode,leading enterprises played a part of guarantee role,and farmers instead of real estate guarantee with movable property guarantee.At the same time,the trading space of the agricultural value chain is relatively closed.In this relatively closed trading space,the flow of funds,information flow and logistics can be clear.Although the agricultural value chain financing mode has obvious advantages in alleviating the credit constraints of farmers,it also exposed some problems in the pilot process.In the current agricultural value chain financing model,the relationship between the participants is loose,the degree of risk and the ability to undertake the risk are different.It is difficult to achieve "share of income and risk sharing" in the real sense.As an important part of the financing mode of the agricultural value chain,the income distribution process is very vulnerable to the risk.The study of the impact of risk on the income distribution of agricultural value chain financing is of great theoretical and practical significance for improving the distribution process of agricultural value chain financing income distribution and promoting the deep development of agricultural value chain financing model.In this study,the research ideas and research methods of value chain,agricultural value chain financing and income distribution are arranged at home and abroad.The connotation,characteristics and basic principles of the income distribution of agricultural value chain are summarized and summed up,and the theoretical foundation is laid for the full text.Secondly,the current situation of agricultural value chain financing in China is from the business developmentand policy support.The two aspects are clarified,and on this basis,a comprehensive analysis is made of the income link and the potential risk of the participants in the agricultural value chain financing.The main risks in the process of the income distribution of the agricultural value chain are clarified.Then,the impact of the risk on the income distribution process of the agricultural value chain is systematically analyzed,whether it is caused by information asymmetry.The internal risks such as moral hazard,adverse selection behavior,or external risks such as agricultural natural disaster risk and market price risk of agricultural products will directly or indirectly affect the income of various participants in the agricultural value chain financing,and then affect the income distribution process of the whole agricultural value chain financing,and these four kinds of risks are not mutually independent,and often interact together;finally,they will occur together.Considering the possible risk situation in the process of agricultural value chain financing income distribution,in the traditional Shapley Value cooperative game model,the risk correction factor is introduced to compare the changes of the income distribution in the agricultural value chain before and after the introduction of the risk factor,and the theoretical model is used to verify the distribution of the risk to the agricultural value chain.It highlights the importance of the impact of risk on the process of income distribution in agricultural value chain,and provides a more true and reliable theoretical basis for improving the process of agricultural value chain financing income distribution.