农业产业投资基金的合约研究

发布时间：2018-06-10 14:38

本文选题：农业产业投资基金 + 金融合约　；参考：《长沙理工大学》2015年硕士论文

【摘要】：巩固农业基础、实现农业现代化,一直是中国现代化建设的重要目标和重点任务。党的十六大以来,中央不断完善强农惠农富农政策,大幅增加农业投入,深化农村改革,有力推动了传统农业向现代农业转变。但是现有的以债券合约为基础的农村金融体系难以促进农业现代化转变。为进一步提高农村金融服务水平,夯实农业农村发展基础,2010年中央一号文件明确提出建立农业产业发展基金。本文以农业产业投资基金为研究对象,提出了一个基于投资者、基金管理人与农业企业家的农业产业投融资合约分析框架。通过拓展Tirole基本模型,重点突出基金管理人在吸引投资以及甄别项目过程中所发挥的核心作用,并通过构建学习曲线模型,论证了基金管理人企业家能力的内生性,以此将企业家行为纳入金融合约的分析,表明企业家行为能改善信息不对称,最终降低交易成本,提高经济效率。在农业产业投资基金的运营过程中,存在着双重的逆向选择和道德风险,分别存在于募资阶段和投资阶段。本文以金融合约理论为基础,通过博弈论与信息经济学论证了农业产业投资基金的合约结构。在募资阶段,基金管理人企业家能力是规避逆向选择的重要信号,且可以通过薪酬契约指标对其进行观测；而该阶段的道德风险可以通过设计以基金管理人过往业绩和市场声誉为指标的激励机制来加以防范。在投资阶段,本文认为可转换债券和有限合伙制分别是农业产业投资基金规避逆向选择和防范道德风险的制度安排。综合而言,农业产业投资基金是为农业现代化过程中成长性企业提供股权融资的一种新的金融合约安排,它既是资金盈余单位的代理人,又是资金赤字单位的委托人,在农业企业家的企业家行为选择上面发挥着至关重要的资金融通作用。农业产业投资基金不但能够降低农业企业家的融资成本,提高农户企业家行为选择的概率,而且能够为农户的创业及其企业管理提供稀缺的人力资本,从而降低了农业企业市场化的成本,促进农业现代化发展。
[Abstract]:Consolidating the agricultural foundation and realizing agricultural modernization has always been an important goal and key task of China's modernization drive. Since the 16th National Congress of the Communist Party of China, the central government has continuously improved the policy of strengthening agriculture and benefiting farmers and rich peasants, increased agricultural input substantially, deepened rural reform, and has promoted the transformation from traditional agriculture to modern agriculture. But the existing bond-based rural financial system is struggling to modernize agriculture. In order to further improve the level of rural financial services and consolidate the foundation of agricultural rural development, the first document of the Central Committee in 2010 clearly proposed the establishment of the Agricultural Industry Development Fund. In this paper, an analysis framework of investment and financing contracts for agricultural industry based on investors, fund managers and agricultural entrepreneurs is proposed. By extending the Tirole basic model, emphasizing the key role of fund manager in attracting investment and discriminating projects, and constructing the learning curve model, the paper demonstrates the endogenous nature of fund manager's entrepreneurial ability. The analysis of entrepreneur's behavior into financial contract shows that entrepreneur's behavior can improve information asymmetry, reduce transaction cost and improve economic efficiency. In the course of the operation of agricultural industry investment fund, there are double adverse selection and moral hazard, which exist in the stage of raising funds and the stage of investment respectively. Based on the theory of financial contract, this paper demonstrates the contract structure of agricultural industry investment fund through game theory and information economics. In the stage of raising funds, the entrepreneur ability of fund manager is an important signal to avoid adverse selection, and it can be observed by salary contract index. The moral hazard in this stage can be prevented by designing incentive mechanism based on fund manager's past performance and market reputation. In the stage of investment, this paper holds that convertible bonds and limited partnerships are the institutional arrangements for agricultural industry investment funds to avoid adverse selection and guard against moral hazard. To sum up, the agricultural industry investment fund is a new financial contract arrangement that provides equity financing for the growth enterprises in the course of agricultural modernization. It is not only the agent of the fund surplus unit, but also the principal of the fund deficit unit. In the agricultural entrepreneur's entrepreneurial behavior choice plays a vital role in financing. Agricultural industry investment fund can not only reduce the financing cost of agricultural entrepreneurs and increase the probability of farmers' behavior choice, but also provide scarce human capital for farmers' entrepreneurship and business management. Thus reducing the cost of marketization of agricultural enterprises and promoting the development of agricultural modernization.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F323.9

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