Study On Operation Efficiency Of Policy-Based Agricultural Credit Guarantee Institutions

With the development of agriculture,agricultural production methods are gradually changing to the direction of mechanization,scale and wisdom,and the demand of various new agricultural business entities for production funds is increasing day by day.However,the imbalance between supply and demand of rural finance and the lack of motivation of traditional financial institutions to support agriculture have always been important problems that hinder the development of agriculture.For this reason,the Central Committee of the Communist Party of China and the State Council decided to change and innovate the mode of financial support to agriculture,and set up 33 provincial policy agricultural credit guarantee institutions with direct financial contributions to provide agricultural credit guarantee support to new agricultural business entities.It is also an important tool for leveraging the flow of financial resources to agriculture and rural areas,thus compensating for the shortage of rural financial services caused by market-oriented defects.The healthy operation of policy-based agricultural guarantee institutions is a prerequisite for them to give full play to their financing leverage.At a time when the national agricultural financing guarantee system has been gradually improved,it is necessary to examine and evaluate the operational efficiency and policy implementation effects of policy-based agricultural credit guarantee institutions.In this paper,based on the review of relevant literature,based on the theory of information asymmetry and the "Hessani transformation" game analysis method,the construction of a tripartite game analysis logic framework of new agricultural operators,bank financial institutions and agricultural financing guarantee institutions.At the same time,the guarantee compensation mechanism and efficiency theory are used to lay a theoretical basis for measuring the operational efficiency of policy-based agricultural financing institutions.By investigating and sorting out the operation data of agricultural guarantee institutions in each province,this paper reveals the current construction and business development of policy-based agricultural guarantee system.Based on the business data of 33 provincial agricultural guarantee institutions in 2021,an index system is constructed to measure the operation efficiency of agricultural guarantee institutions.A three-stage DEA model considering the impact of environmental factors and random noise is adopted.The practical effect of policy-based agricultural credit guarantee was revealed through empirical measurement,and cluster analysis and other methods were used to carry out specific analysis from the whole,regional and provincial.In addition,the Tobit model is constructed to analyze and discuss the mechanism of different influencing factors on the operation efficiency of the rural transport mechanism.The results of the study show that:(1)Under the overall perspective,the average operating efficiency of national policy-based agricultural financing institutions is low,with the mean value of comprehensive technical efficiency at 0.704,pure technical efficiency at0.748,and scale efficiency at 0.945,and external environmental factors have different degrees of effects on the operating efficiency of agricultural financing institutions,especially pure technical efficiency,which has the greatest variation.(2)Geographical differences are relatively wide,with the average value of comprehensive technical efficiency in East China,South China and Northwest China being higher than the national average before and after the adjustment,and from an inter-provincial perspective,only nine regions,such as Henan and Shandong,are located at the frontier of technical efficiency,while other regions still have more room for improvement.(3)Under the breakdown,it is found that,in addition to the influence of external environmental factors,the guarantee business coverage rate,average project size,government-guarantee cooperation,guarantee fee rate,and recovery rate all have significant influence on the operational efficiency of agricultural guarantee institutions.The results of the analysis on the development status of policy agricultural credit guarantee institutions,their operational efficiency and their influencing factors provide policy-level guidelines for improving the operational efficiency of agricultural guarantee institutions:(1)Continue to improve the layout of agricultural guarantee business to achieve balanced development;(2)Adhere to the policy orientation and improve the scientific risk prevention mechanism;(3)Deepen the bank-guarantee cooperation mechanism and strengthen the construction of recovery capacity.