流动性约束下生猪供应链内部融资研究

发布时间：2018-11-16 18:48

【摘要】：生猪产业作为城乡居民消费基础产业,在我国农业现代化建设中占据重要地位。随着农业产业化快速发展的步伐,生猪产业突破传统农业的散养范畴,初步形成以养殖环节为核心,向产前延伸到上游饲料供应商、仔猪供应商,向产后延伸到下游屠宰加工商、销售商的完整生猪供应链体系。而以扩大生猪养殖规模、优化养殖结构,走向养殖集约化与组织化为生猪产业发展目标,所面临的主要问题就是流动性约束。生猪产业易遭受疫病、高温、自然灾害、价格异常波动等外部冲击,同时,以生猪为主要流动资产致使生猪养殖主体缺乏有效抵押担保物,由外部冲击所引发的高风险性与信息不对称性使其面临严重的商业银行信贷配给,难以通过传统融资渠道进行充分的外部融资,形成不可避免的流动性约束,制约生猪产业的生产运作水平与投融资战略决策。生猪供应链内部融资逐渐形成,具体表现为以商业信用为基础的上下游间的赊销、预付与资金借贷行为。供应链内部融资的出现在一定程度上弥补了正规农村金融支持体系对生猪产业的信贷缺口,优化生猪供应链上下游的资金流动,解决生猪产业的资金短缺问题,提高生猪供应链整体绩效。然而在实际发展中,流动性约束会给生猪产业带来怎样的影响?生猪供应链内部融资是否可以成为缓解流动性约束的有效途径?因此,本研究主要目标为:结合我国的生猪产业融资现状,研究流动性约束对生猪产业的影响,分析生猪供应链内部融资机制,探索流动性约束与生猪供应链内部融资的内在联系。本研究首先通过对生猪供应链外部融资环境现状与生猪供应链主体融资需求现状进行描述性分析,发现其存在的流动性约束问题;其次,对生猪供应链内部融资的机制、动机与优势进行剖析,证明其可以成为缓解流动性约束的新途径;最后,通过构建数理模型的一般形式,分析流动性约束下生猪供应链主体企业的投入与产出调整情况,根据外部冲击的三种阈值范围讨论不同情境下流动性约束的动态差异与企业的生产决策变化,利用生猪产业统计数据对生猪供应链内部融资风险进行测算。本研究得出结论为:生猪供应链内部融资在一定程度上缓解了流动性约束难题;在一定阈值范围内,流动性约束对生猪企业的生产决策影响可控,当突破某一阈值时,流动性约束会依托生猪供应链内部融资关系进行流动性风险传递。本研究提出以个体信用、组织信用与平台信用为三大维度的“信用演化体系”的对策建议,具体为:提升个体信用稳定生猪供应链内部融资模式,增强组织信用有效缓解流动性约束,构建平台信用促进生猪供应链健康有序发展。为缓释生猪产业流动性约束,优化生猪供应链内部融资结构,实现生猪供应链的风险分散与资金配置最优化,提出理论性依据与可实施方案。
[Abstract]:As the basic consumption industry of urban and rural residents, pig industry plays an important role in the modernization of agriculture in China. With the rapid development of agricultural industrialization, the pig industry broke through the scope of traditional agriculture, initially formed a breeding link as the core, extending to the upstream feed suppliers, piglets suppliers. Extends postpartum to downstream slaughterhouse processors, sellers of complete pig supply chain system. In order to expand the scale of pig breeding, optimize the breeding structure, and turn the intensive and organizational breeding into the development goal of pig industry, the main problem is the liquidity constraint. The pig industry is vulnerable to external shocks such as epidemic disease, high temperature, natural disasters, abnormal price fluctuations, and so on. At the same time, taking live pigs as the main liquid assets causes the main body of pig breeding to lack effective collateral. The high risk and information asymmetry caused by the external shock make it face the serious credit rationing of commercial banks, and it is difficult to make full external financing through the traditional financing channel, forming the inevitable liquidity constraint. Restrict the production and operation level of pig industry and the strategic decision of investment and financing. The internal financing of pig supply chain is gradually formed, which is manifested in the credit sale between upstream and downstream based on commercial credit, the behavior of prepayment and capital borrowing. To a certain extent, the emergence of internal financing in the supply chain makes up the credit gap between the formal rural financial support system and the pig industry, optimizes the flow of funds upstream and downstream of the pig supply chain, and solves the problem of the shortage of funds in the pig industry. Improve the overall performance of pig supply chain. However, in the actual development, how will liquidity constraints affect the pig industry? Can the internal financing of pig supply chain become an effective way to ease liquidity constraints? Therefore, the main purpose of this study is to study the influence of liquidity constraints on pig industry and analyze the internal financing mechanism of pig supply chain, according to the current situation of pig industry financing in China. To explore the relationship between liquidity constraints and internal financing of pig supply chain. Firstly, through the descriptive analysis of the external financing environment of the pig supply chain and the financing demand of the main body of the pig supply chain, the liquidity constraints are found. Secondly, the mechanism, motivation and advantages of the internal financing of the pig supply chain are analyzed to prove that it can become a new way to ease the liquidity constraints; Finally, by constructing the general form of mathematical model, the paper analyzes the input and output adjustment of pig supply chain enterprises under liquidity constraints. According to the three threshold ranges of external shocks, the paper discusses the dynamic differences of liquidity constraints in different situations and the changes of enterprises' production decisions, and calculates the financing risk in pig supply chain by using the statistical data of pig industry. The conclusions of this study are as follows: the internal financing of pig supply chain alleviates the liquidity constraint problem to a certain extent; In a certain threshold range, liquidity constraints have a controllable impact on the production decisions of pig enterprises. When a certain threshold is breached, liquidity constraints will rely on the financing relationship within the pig supply chain to transfer liquidity risk. This study puts forward three dimensions of "credit evolution system" with individual credit, organizational credit and platform credit as the three dimensions, specifically: enhancing the internal financing mode of individual credit stable pig supply chain. Enhancing organizational credit effectively alleviates liquidity constraints and builds platform credit to promote healthy and orderly development of pig supply chain. In order to release the liquidity constraints of the pig industry, optimize the financing structure of the pig supply chain, realize the risk dispersion and the optimization of the allocation of funds in the pig supply chain, the theoretical basis and feasible scheme are put forward.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F326.3;F302.6

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