Research On Credit Financing Availability And Influencing Factors Of Farmers’ Specialized Cooperatives From The Perspective Of Social Capital

As the main body of new agricultural management,farmers’ professional cooperatives play an important role in leading the reform of agricultural production and management,promoting the development of agricultural industrialization and building a modern agricultural management system.However,the lack of credit funds restricts the high-quality development of farmers’ professional cooperatives,and the development of cooperatives is the key to promote the implementation of rural revitalization strategy.The main factors causing the shortage of credit funds are: First,there is information asymmetry between cooperatives and financial institutions;Second,the cooperative mortgage collateral difficult to meet the requirements.Social capital has the functions of "collateral," "signal transmission" and "supervision and guidance," which can effectively alleviate the credit constraints of farmers’ professional cooperatives.Therefore,from the perspective of social capital to improve the availability of credit financing farmers cooperatives to promote the development of agricultural economy is of practical significance,contribute to the realization of rural revitalization strategy.Based on the theory of asymmetric information,credit rationing,social capital and pecking order financing,this paper adopts the method of theoretical analysis and empirical research.Taking the farmers’ professional cooperatives in Hunan Province as the research object,through theoretical analysis,questionnaire survey and quantitative analysis,this paper studies the impact of social capital on the credit availability of farmers’ special cooperatives.The results show that:(1)The optimal loan size of cooperatives under social capital mortgage is much higher than that under entity mortgage;(2)Through the analysis of the capital demand and satisfaction degree of farmers’ specialized cooperatives in Hunan Province,we find that 93.0% of cooperatives have a large capital gap,and the existing credit scale is difficult to meet the long-term stable development of cooperatives;(3)This paper uses binary Logistic regression analysis,the regression results show that social capital has an impact on the availability of credit financing of farmers’ professional cooperatives,among which model level,sales channels,financial information disclosure times and member coverage have significant impact.Therefore,to pay attention to the formation and accumulation of social capital,to improve the availability of credit financing for farmers’ cooperatives need to do the following three aspects:(1)At the government level: establish a credit evaluation mechanism to realize the cooperation between government and society;(2)Financial institutions:to build a social capital mortgage guarantee model,broaden the supply channels of credit funds;(3)The level of cooperatives: regulate the development of cooperatives,stabilize sales channels,disclose financial information,drive and consolidate local members.