【摘要】：生豬產(chǎn)業(yè)作為城鄉(xiāng)居民消費基礎(chǔ)產(chǎn)業(yè),在我國農(nóng)業(yè)現(xiàn)代化建設(shè)中占據(jù)重要地位。隨著農(nóng)業(yè)產(chǎn)業(yè)化快速發(fā)展的步伐,生豬產(chǎn)業(yè)突破傳統(tǒng)農(nóng)業(yè)的散養(yǎng)范疇,初步形成以養(yǎng)殖環(huán)節(jié)為核心,向產(chǎn)前延伸到上游飼料供應(yīng)商、仔豬供應(yīng)商,向產(chǎn)后延伸到下游屠宰加工商、銷售商的完整生豬供應(yīng)鏈體系。而以擴大生豬養(yǎng)殖規(guī)模、優(yōu)化養(yǎng)殖結(jié)構(gòu),走向養(yǎng)殖集約化與組織化為生豬產(chǎn)業(yè)發(fā)展目標(biāo),所面臨的主要問題就是流動性約束。生豬產(chǎn)業(yè)易遭受疫病、高溫、自然災(zāi)害、價格異常波動等外部沖擊,同時,以生豬為主要流動資產(chǎn)致使生豬養(yǎng)殖主體缺乏有效抵押擔(dān)保物,由外部沖擊所引發(fā)的高風(fēng)險性與信息不對稱性使其面臨嚴(yán)重的商業(yè)銀行信貸配給,難以通過傳統(tǒng)融資渠道進(jìn)行充分的外部融資,形成不可避免的流動性約束,制約生豬產(chǎn)業(yè)的生產(chǎn)運作水平與投融資戰(zhàn)略決策。生豬供應(yīng)鏈內(nèi)部融資逐漸形成,具體表現(xiàn)為以商業(yè)信用為基礎(chǔ)的上下游間的賒銷、預(yù)付與資金借貸行為。供應(yīng)鏈內(nèi)部融資的出現(xiàn)在一定程度上彌補了正規(guī)農(nóng)村金融支持體系對生豬產(chǎn)業(yè)的信貸缺口,優(yōu)化生豬供應(yīng)鏈上下游的資金流動,解決生豬產(chǎn)業(yè)的資金短缺問題,提高生豬供應(yīng)鏈整體績效。然而在實際發(fā)展中,流動性約束會給生豬產(chǎn)業(yè)帶來怎樣的影響?生豬供應(yīng)鏈內(nèi)部融資是否可以成為緩解流動性約束的有效途徑?因此,本研究主要目標(biāo)為:結(jié)合我國的生豬產(chǎn)業(yè)融資現(xiàn)狀,研究流動性約束對生豬產(chǎn)業(yè)的影響,分析生豬供應(yīng)鏈內(nèi)部融資機制,探索流動性約束與生豬供應(yīng)鏈內(nèi)部融資的內(nèi)在聯(lián)系。本研究首先通過對生豬供應(yīng)鏈外部融資環(huán)境現(xiàn)狀與生豬供應(yīng)鏈主體融資需求現(xiàn)狀進(jìn)行描述性分析,發(fā)現(xiàn)其存在的流動性約束問題;其次,對生豬供應(yīng)鏈內(nèi)部融資的機制、動機與優(yōu)勢進(jìn)行剖析,證明其可以成為緩解流動性約束的新途徑;最后,通過構(gòu)建數(shù)理模型的一般形式,分析流動性約束下生豬供應(yīng)鏈主體企業(yè)的投入與產(chǎn)出調(diào)整情況,根據(jù)外部沖擊的三種閾值范圍討論不同情境下流動性約束的動態(tài)差異與企業(yè)的生產(chǎn)決策變化,利用生豬產(chǎn)業(yè)統(tǒng)計數(shù)據(jù)對生豬供應(yīng)鏈內(nèi)部融資風(fēng)險進(jìn)行測算。本研究得出結(jié)論為:生豬供應(yīng)鏈內(nèi)部融資在一定程度上緩解了流動性約束難題;在一定閾值范圍內(nèi),流動性約束對生豬企業(yè)的生產(chǎn)決策影響可控,當(dāng)突破某一閾值時,流動性約束會依托生豬供應(yīng)鏈內(nèi)部融資關(guān)系進(jìn)行流動性風(fēng)險傳遞。本研究提出以個體信用、組織信用與平臺信用為三大維度的“信用演化體系”的對策建議,具體為:提升個體信用穩(wěn)定生豬供應(yīng)鏈內(nèi)部融資模式,增強組織信用有效緩解流動性約束,構(gòu)建平臺信用促進(jìn)生豬供應(yīng)鏈健康有序發(fā)展。為緩釋生豬產(chǎn)業(yè)流動性約束,優(yōu)化生豬供應(yīng)鏈內(nèi)部融資結(jié)構(gòu),實現(xiàn)生豬供應(yīng)鏈的風(fēng)險分散與資金配置最優(yōu)化,提出理論性依據(jù)與可實施方案。
[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.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F326.3;F302.6

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