An Empirical Study On Rural Financial Development And Financing Constraints Of Agricultural Listed Enterprises

"Agriculture,rural areas and farmers" is the general name of agriculture,rural areas and farmers."Agriculture,countryside and farmers" is the overall situation of the whole national economy and the basis for achieving high-quality development of the national economy and society.China is a big agricultural country.Agriculture has always played an important role in the national economy.In 2017,China's rural population was 57.66 million,accounting for 41.48% of the total population.In China,where the rural population accounts for more than 40% of the population,the economic development of agriculture,rural areas and farmers has always been a major livelihood issue related to the lifeline of national economic and social development.In 2003,the issue of "agriculture,countryside and farmers" was first included in the government work report.From 2004 to 2018,the theme of the "No.1 Central Document" issued annually by the state is "agriculture,countryside and farmers".This shows that it has been a long-term and arduous strategic task for China to pay attention to the issue of "agriculture,countryside and farmers".The report of the Nineteenth National Congress of the Communist Party of China put forward the "strategy of rural revitalization" and pointed out that "the problem of agricultural and rural peasants is a fundamental issue related to the national economy and people's livelihood,and we must always take solving the problem of agriculture,countryside and farmers as the top priority of the Party's work." Indeed,if China wants to be strong,its agriculture must be strong;if China wants to be beautiful,its countryside must be beautiful;if China wants to be rich,its farmers must be rich.Rural finance is the core of modern rural economy.It plays an important basic role in the development of modern rural economy.Agricultural enterprises are the lifeblood of modern rural economy and an important engine to solve the problems of agriculture,countryside and farmers.In recent years,rural financial development has achieved remarkable results,which is closely related to the high-quality development of agricultural enterprises.From the macro level,on the one hand,the rapid development of rural finance can rationally allocate resources,thus changing the embarrassing situation of unreasonable allocation of resources and promoting the high-quality development of rural economy;on the other hand,the rapid development of financial intermediaries with strong comprehensive strength can reduce the cost of collecting and processing information,make the evaluation of investment projects more comprehensive and accurate,and reduce the probability of information asymmetry problems.Less.In short,rural finance plays a supporting role in optimizing resource allocation and promoting rural economic growth.From the micro level,agricultural enterprises are one of the core parts of the modern rural economy,which undertakes the main task of promoting rural economic development.Through the analysis of agricultural enterprises,this paper explores the relationship between rural financial development and modern rural economic growth.In view of this,this article from macro to micro,through the perspective of agricultural enterprises,to explore the role of rural financial development on modern rural economic growth mechanism,the purpose is to analyze the contribution and role of rural financial development on debt financing relief of agricultural enterprises.In the selection of indicators,literature review,comparative analysis,comprehensive consideration,the final selection of investment sensitivity to cash flow as a measure of the degree of mitigation of financing constraints.Firstly,this paper analyses the relevant theories of rural financial development and debt financing of agricultural enterprises.Secondly,the mechanism between rural financial development and financing constraints of agricultural enterprises is discussed.Through econometric analysis,we think that agricultural enterprises are facing serious financing constraints,because there is "information asymmetry" in incomplete competitive market,which affects the financing decision of agricultural enterprises,and may bring "adverse selection" and "moral hazard".Therefore,we propose to accelerate the development of rural finance and ease the debt financing constraints of agricultural enterprises from the source.On the basis of literature review and theoretical analysis,this paper puts forward three hypotheses.In the empirical analysis part,this paper uses the listed agricultural enterprises in Cathay Tai'an database(CSMAR)as the sample,and retains the sample with negative operating cash flow.Firstly,it verifies the existence of financing constraints of agricultural enterprises;secondly,it verifies that there is a U-shaped relationship between investment and cash flow of agricultural enterprises;finally,it verifies that rural financial development is beneficial to agriculture through the regression coefficient of investment to cash flow.The mitigation of financing constraints of industrial enterprises.Therefore,this paper concludes that rural financial development can ease the debt financing constraints of agricultural enterprises from the micro-enterprise level,promote the healthy,sustained and high-quality development of agricultural enterprises,stabilize the basic set of "agriculture,countryside and farmers",and then promote rural economic growth,so that hundreds of millions of farmers have more real sense of access,happiness,security,and compose a new movement of Rural Revitalization in the new era.