农业信贷担保机构介入产业链外部融资的路径探索  

Path exploration of the agricultural credit guarantee institutions involve in the external financing of industrial chain

作　　者：许黎莉[1,2] 般丽丽 陈东平[2] XU Li-li;BAN Li-li;CHEN Dong-ping(School of Economics and Management, Inner Mongolia Agricultural University, Hohhot 010010, China;Institute of Finance, Nanjing Agricultural University, Nanjing 210095, China)

机构地区：[1]内蒙古农业大学经济管理学院,内蒙古呼和浩特010010 [2]南京农业大学金融学院,江苏南京210095

出　　处：《江苏农业学报》2019年第4期973-979,共7页Jiangsu Journal of Agricultural Sciences

基　　金：国家自然科学基金项目(71673138、71963026);内蒙古自治区高等学校科学研究项目(NJZC17077);内蒙古农业大学人文社科研究重点课题(2018ZD5)

摘　　要：本研究基于“第三方”抵押品替代机制的理论框架,分析了农业信贷担保机构介入产业链外部融资的作用机理与缔约条件。研究发现,(1)产业链特有的资金闭环、信贷担保契约镶嵌于生产契约的互联机制设计,使得农业信贷担保机构可以通过市场化方式化解信贷风险,介入产业链外部融资是其发展的必然趋势。(2)农业信贷担保机构在产业链外部融资中发挥了“第三方”抵押品替代的作用,通过系统外增信,缓解了农业经营主体的信贷配给。(3)核心企业的最终禀赋、信息与监督优势、风险承担能力以及对农业经营主体的违约惩罚,是农业信贷担保机构介入产业链外部融资的基本缔约条件。本研究结果为农业信贷担保机构的可持续健康发展提供了新的思路和理论依据。Based on the theoretical framework of the “third party” collateral substitution mechanism, this study analyzed the mechanism and contracting conditions of agricultural credit guarantee institutions involving in external financing of the industrial chain. The research found that:(1) involving in the external financing of industrial chain was an inevitable trend for agricultural credit guarantee institutions, because the design of money closed-loop and interconnection mechanism of credit guarantee contract mosaicking production contract could help agricultural credit guarantee institutions mitigate financial risks with marketable approach.(2) Agricultural credit guarantee institutions played the role of “third party” collateral substitution in the external financing of the industrial chain, and the credit rationing of agricultural operation subjects was alleviated by increasing credit outside the system.(3) The basic contracting conditions for the agricultural credit guarantee institutions involving in the external financing of the industrial chain included the final endowment of core enterprises, information and supervision advantages, risk bearing capacity and the penalty for the agricultural operation subjects in default. These results provide new ideas and theoretical evidence for the sustainable and healthy development of agricultural credit guarantee institutions.

关 键 词：产业链外部融资 农业信贷担保机构 抵押品替代机制 可置信承诺 

分 类 号：F832.4[经济管理—金融学]