Research On Operation Efficiency Of Policy-based Agricultural Financing Guarantee Companies

Policy-based agricultural financing guarantee companies have an important role in alleviating the financing difficulties and expensive problems faced by agricultural rural development.By 2022,China’s agricultural credit guarantee system had established 33provincial-level policy-based agricultural financing guarantee companies,with 1,677 selfowned branches and 3,792 full-time employees.They had guaranteed 2.17 million projects and 689.2 billion yuan in total,covering 2,682 county-level administrative regions.On the whole,the development of agricultural credit guarantee system is remarkable,but the establishment time of agricultural credit guarantee system is relatively short.The development of various policy agricultural financing guarantee companies may be different due to their different environments.Moreover,the registered capital of policy-based agricultural financing guarantee companies mainly comes from financial funds,and the effects of governmentinvested funds in different guarantee companies and the problems still exist.It is urgent to analyze their operation efficiency from the input-output perspective,so as to promote the optimization of resource allocation and improvement of management level of policy-based agricultural financing guarantee companies.This paper uses the three-stage DEA and Malmquist index model to measure the operation efficiency of 33 provincial policy-based agricultural financing guarantee companies from 2018 to 2021.Firstly,appropriate input,output and environmental indicators are selected based on existing research.Secondly,the static operation efficiency of 33 provincial policybased agricultural financing guarantee companies from 2018 to 2021 was measured and analyzed by using the three-stage DEA model to eliminate the influence of external factors such as environment on operation efficiency.Finally,Malmquist index model was used to measure and analyze the dynamic operation efficiency of 33 provincial policy-based agricultural financing guarantee companies from 2018 to 2021.The main conclusions of this paper are as follows:(1)Along with the gradual improvement of the policy-based agricultural guarantee system,the scale of the policy-based agricultural financing guarantee companies has been gradually expanded,and the business growth is mainly based on the policy-based projects.(2)Without considering the influence of environment and other random factors,the operation efficiency of Chinese policy-based agricultural financing guarantee companies is relatively low,and the operation efficiency of most guarantee companies has further improvement space;(3)Environmental factors such as per capita GDP,growth rate of gross output value of agriculture,forestry,animal husbandry and fishery,consumer price index,marketization index,and age of establishment of the company have a great impact on the operation efficiency of the guarantee company.After the removal of the influence of environment and other random factors,the operation efficiency of the guarantee company changes significantly,indicating that it is necessary to remove the influence of environment and other random factors when measuring the operation efficiency.From the perspective of different regions,the resource allocation level and technical level of guarantee companies in the eastern and western regions are relatively at an optimal level,while the guarantee companies in the central region need to improve their technical level to improve the use efficiency of input resources.(4)The operation efficiency of policy-based agricultural financing guarantee companies showed an overall increasing trend from 2018 to 2021,mainly because the continuous progress of technology promoted the rational use of resources.By region,the operating efficiency of guarantee companies in eastern,central and western regions showed an upward trend,but the operating efficiency of guarantee companies in eastern region was relatively small,especially the technical efficiency,pure technical efficiency and scale efficiency did not improve significantly.In order to promote policy-based agricultural financing guarantee companies to optimize resource allocation and improve management level,it is proposed that policy-based agricultural financing guarantee companies should reasonably optimize resource allocation structure,make full use of big data tools,and reduce business development and main financing costs according to the existing resource situation,take full account of regional economic level,agricultural development and other external factors.Active communication between companies,learn from each other and other suggestions.