Research On Financing Strategy Of Agricultural Supply Chain Under Capital Service Model

The rural financial market is not perfect,and the difficulty and expensive financing of farmers bank have become the important factor affecting the stability and safety of agricultural supply chain,and the farmers’ sales channel is not free,which further aggravates the financing risk.In this context,the supply chain financing model is constantly innovative.In addition to the general accounts receivable financing,order financing,some logistics enterprises or financial enterprises actively develop cushion capital services.For example,in view of the rising prices of fertilizers,seeds and other agricultural materials and the high decentralized purchasing cost of farmers,China Post advances funds for farmers to purchase agricultural materials and then distributes them for free.After the products are grown,they are purchased in a unified manner,realizing the effective integration of capital flow and business flow in the agricultural supply chain.Therefore,it is of great practical significance to study the financing strategies of farmers and core enterprises according to the capital service mode of the core enterprises in the agricultural supply chain.Taking the capital cushion service as the research entry point,the financing models of agricultural supply chain facing the non-government discount interest and the government discount interest under the capital cushion service mode are constructed respectively,and the financing strategies of agricultural supply chain are studied by using game theory,comparative analysis and other methods.First of all,in view of the situation of non-government discount interest under the capital service mode,a financing decision model with investment output and purchase price as decision variables is constructed,and the optimal decision-making strategy of farmers and companies is solved by backward derivation method.By combining theoretical analysis and numerical experiment,the profit and optimal solution of farmers and companies under different financing modes are compared and analyzed.The influence of interest rate of agricultural capital and loan rate of production capital on decision-making of farmers and companies;Then,the government discount rate was introduced to deal with the problem of interest loss of both farmers and companies,a new financing model of agricultural supply chain was constructed,and the influence of discount rate on financing strategy of agricultural supply chain was further discussed.The main conclusions are as follows: 1)Under the capital loan service mode of anarchic discount,when the interest rate of production capital loan is greater than a certain threshold range,farmers’ profits are the highest when the company only provides the service of agricultural capital loan,and the company’s profits are not affected by the interest rate of production capital loan.Farmers only need agricultural capital,and the company profit is the largest under the interest-free advance payment mode.The increase of the interest rate of agricultural capital and the interest rate of production capital loan will lead to the decrease of farmers’ and companies’ profits.Therefore,when farmers conduct financing,the loan interest rate has an important impact on their decisions.The profit of the supply chain system is maximized when the company provides advance payment of agricultural supplies to farmers.2)Under the government discount capital service model,with the increase of the government discount rate,farmers’ and companies’ profits will increase.When the interest rate of the general corporate loan is greater than a certain threshold value,the profit of farmers and companies under the model of interestfree capital + general corporate agricultural loan is the highest.When the government gives farmers general agricultural loan interest discount,the company will reduce the purchase price and continue to decrease with the increase of the interest rate,but the output of farmers will increase.