■Zou Xinyue
The high-quality development of agricultural enterprises breeds high-growth financial needs and high-level financial services. It will also become a new growth point for my country to build a new development pattern and a new focus for insisting that finance serve the real economy. In accordance with the spirit of the 2023 Central Financial Work Conference and the Central Economic Work Conference, focusing on the overall requirements of rural revitalization and adapting to the characteristics of agricultural enterprises, financial support for the high-quality development path of agricultural enterprises needs to be established first before breaking, keep integrity and innovate, and gradually promote agricultural-related financial reforms; gradually Form a new investment and financing channel for agricultural enterprises based on financial capital and social capital, guided by finance, and coordinated by all parties to provide support for promoting the high-quality development of agricultural enterprises and improving comprehensive agricultural production capabilities.
Improve systems and mechanisms and innovate top-level design in the agricultural-related financial field
Improve management systems and mechanisms. Strengthen the national "one game of chess" thinking and promote communication and collaboration between regions and relevant government departments. Vigorously promote the provincial-level cross-department coordinated agriculture-related financial joint meeting system, formulate a unified rule system and goal system, and pre-empt and integrate the implementation of different goals and requirements that different departments are concerned about. It is recommended that agricultural and rural departments focus on communication and coordination with national financial institutions to strive for strong support for agricultural-related financial innovation and strengthen financial assistance to farmers. Under the guidance of government joint agencies, the role of relevant professional social organizations such as financial support alliances at the provincial and municipal levels should be given full play to form a good situation in which social forces actively participate in expanding investment and financing of agricultural enterprises.
Pilot reform of the assessment system. Innovate and implement the requirements of the "Opinions on Expanding Effective Investment in Agriculture and Rural Areas to Accelerate the Filling of Outstanding Shortcomings in the "Three Rural Areas"" issued by seven ministries and commissions including the Central Agricultural Affairs Office to establish and improve the assessment and evaluation system for financial institutions serving rural revitalization, and improve the "Three Rural Areas" areas. Credit risk tolerance. On the premise that the overall risk is controllable, some qualified financial institutions are allowed to expand the scope of credit loans for agricultural enterprises and improve the convenience of obtaining credit support. In view of the characteristics of agricultural production, we will improve the agricultural-related financial risk control system by revising the collateral rules, and do everything possible to increase the credit lines of agricultural enterprises. Comprehensively promote legal and compliant mortgage financing of greenhouses, breeding pens, large agricultural machinery, and land management rights, and actively identify fishery equipment, live assets, etc. as collateral. Customize credit rules for small and micro agricultural enterprises, gradually establish a provincial-level all-round platform for the financing needs of small and micro agricultural enterprises, vigorously develop credit loans and first loans for new agricultural enterprises, and enhance the confidence of agricultural enterprises in their continued operations.
Promote classified and differentiated supervision. Taking into account the differences in economic size, agricultural conditions, financial development, etc. between the eastern, central and western parts of my country, it is recommended to adopt different methods and detailed rules. For the eastern region, which has a relatively sound financial mechanism but a low proportion of agriculture, it is recommended that within the scope of controllable risks, various tools such as differentiated deposit reserves, re-loans and re-discounts should be fully used to expand credit to new agricultural business entities. For the central and western regions where agriculture accounts for a high proportion but the number of financial institutions is limited, it is recommended to focus on improving the tolerance of non-performing loans and loan-to-deposit ratios within financial institutions. In the event of natural disasters or other force majeure resulting in the inability to repay loans on schedule, we should Establish new service mechanisms and proactively extend the period to help agricultural enterprises tide over difficulties. The pilot supports the high-quality development of agricultural enterprises in the central and western regions by forming a new model of cross-regional pairing of financial institutions.
Improve fiscal efficiency and promote more accurate and sustainable funds to support agriculture
Give full play to the leverage effect of fiscal funds. It is recommended that on the basis of ensuring the intensity of fiscal agriculture-related expenditures, the current model of fiscal credit insurance funds as the main focus should be gradually promoted to a parallel transformation of credit insurance and investment, and projects and fixed quotas should be viewed according to the logic of investment. For new agricultural enterprises with good growth potential and large market space, the financial investment platform will make angel investment and equity investment as investors to grow together with the enterprises. For large and medium-sized agricultural enterprises, the financial investment platform provides them with long-term development funds in the form of clear debt and real shares. When conditions are mature, it can obtain higher returns through debt-for-equity swaps and promote enterprises to connect with the capital market. For small and micro agricultural enterprises, the financial investment platform uses investment income to provide low-interest or interest-free credit loans, using the method of "investing in more enterprises and less" to not only save funds and avoid risks, but also continue to support the survival and development of small and micro agricultural enterprises. . Pilot new tax and fee reduction policies for agricultural enterprises, implement precise policies based on agricultural characteristics and different development stages, and give full play to the "wind vane" and leverage effects of finance and taxation.
Innovate the operation model of risk compensation and agriculture-related guarantees. It is recommended to focus on "accelerating the expenditure progress" and work closely with the insurance industry to gradually reform the operating model of the government risk compensation fund. For staple food agricultural enterprises, a higher standard risk compensation mechanism should be developed. Insurance will provide the bottom line for the enterprise and the finance will provide the bottom line. Especially when major natural disasters or epidemics occur, the pilot program will fully subsidize the premium income from the finance. For enterprises that produce specialty agricultural products and are closely related to farmers' income increase, they will work with insurance companies to design risk compensation rules that meet the needs of specialty agricultural products, and insurance and financial funds will jointly handle claims and compensation. Accelerate the reform of existing agricultural-related guarantee enterprises, simplify procedures and increase quotas. Pilot state-owned guarantee enterprises and social capital will jointly establish a new agriculture-related guarantee platform to improve the level of market-oriented operations and guide social capital to continue to assist agricultural enterprises in investment and financing.
Properly advance infrastructure construction to improve the level of agricultural digitalization. It is recommended that fiscal funds should be focused on the digital transformation of agricultural enterprises, and special subsidies for the digital transformation of agricultural enterprises should be established to reduce the burden of digital transformation on enterprises. Establish a unified digital platform for agriculture at the provincial level to integrate various data related to agricultural enterprises, unify standards, and centralize the database to ensure that data can be interoperable and shared. Establish a digital platform for fiscal support for agriculture, establish rapid approval and disbursement channels through digitalization, grant appropriate independent approval rights to sub-funds, reform review and assessment methods, etc., and track, trace and adjust fund operations in a timely manner. Innovate the agricultural and rural infrastructure model, explore and develop space-based Internet, use low-orbit, low-cost satellites to expand the coverage and communication traffic of the Internet in complex terrains such as mountains and forests; explore the formation of a government-led, social capital actively participate in the digital infrastructure of agricultural enterprises New model, adhere to limited savings, improve the marketization level of infrastructure; explore state-owned enterprises and rating agencies, financial institutions, big data cloud computing companies, etc. to jointly establish digital rating companies, conduct centralized digital due diligence, promote enterprise and industry data sharing, and provide Agricultural enterprise investment and financing provide digital support.
Develop distinctive finance and give full play to the role of multi-level capital markets
Organize and guide agricultural enterprises to connect with the capital market. To implement the State Council's "Guiding Opinions on Promoting the Revitalization of Rural Industries" on the deployment requirements for supporting the listing and financing of eligible agricultural enterprises, it is recommended that for key agricultural leading enterprises at or above the provincial level, the local financial department provides priority support to help actively connect and communicate with securities transactions Place. Actively build equity investment funds with fiscal funds as seed funds, state-owned enterprise investment platforms and social capital, strengthen investment in new agricultural start-ups, and encourage entrepreneurship and innovation in the agricultural field. Promote the establishment and improvement of a valuation system with characteristics of agricultural enterprises, and determine the valuation cycle according to the production cycle of agricultural products. Encourage universities, securities firms, investment banks, etc. to strengthen forward-looking research on the important role and future trends of agricultural enterprises in improving comprehensive agricultural production capabilities, promoting agricultural supply-side structural reform, and helping secure China's rice bowl, and on issues related to the national economy and people's livelihood. Agricultural enterprises, refer to the valuation system of independent and controllable enterprises to build new standards.
Innovate various financial instruments to facilitate direct financing. Explore the establishment of new land transfer market models such as "Land Bank" to guide farmers to voluntarily deposit their land contract management rights and collect "interest"; the "Land Bank" will standardize the land and lend it to skilled and capable farmers. Enterprises; enterprises that obtain land will operate according to unified planning and standards, and promote the scale, collectivization, and intensification of land. Explore agricultural enterprises’ packaging of land management rights and other real estate, and implement asset securitization through models such as the issuance of REITs (real estate trust funds) by public funds to obtain long-term stable financial support. Explore the new model of "insurance + futures (options)", and use futures trading to protect the cost, price, and profit of agricultural products through market transactions, hedging and other behaviors, and resolve the risks of insurance companies; increase the number of "insurance + futures (options)" agricultural product orders Cash value, design order credit loans and other new financing models. Simplify and promote mature practices such as the "Agricultural High-tech Board" of the Guangdong Equity Exchange Center, explore the creation of an agricultural enterprise bond standardization and trading platform, and integrate the projects or needs of multiple enterprises to issue standard bond packages, which will not only help small, medium and micro agricultural enterprises to issue bonds and finance, but also smooth Investor Risks.
Give play to the fundamental role of the market in talent allocation. Closely integrate market mechanisms with government guidance, vigorously improve the talent flow mechanism for rural areas, compile a catalog of urgently needed talents for national and provincial agricultural enterprises, and formulate relevant allowances and subsidies including substantial reductions and exemptions for personal income taxes, financial arrangements, and increments based on service years. Policies to support the flow of talents to agriculture and rural areas should be actively explored to remove barriers such as urban and rural household registration and land purchase, so as to attract real talents to take root in the countryside. Vigorously develop the multi-level rural human resources market, and incubate and cultivate a group of human resources service enterprises that are oriented to agricultural enterprises, familiar with agriculture and rural areas, and focus on serving rural revitalization through policy support, financial subsidies, etc., and use new methods such as headhunting recruitment, flexible employment, and follow-up training. Methods to establish and improve rural talent supply chain. For the financial talents urgently needed by agricultural enterprises, it is recommended to increase the enthusiasm and initiative of financial talents to take root in rural areas and help agricultural enterprises broaden investment and financing channels through more flexible mechanisms such as guiding participation in financial fund operations and organizing outbound talents to return to their hometowns.
The author is Vice President of Guangdong University of Finance and Economics
Source: Nanfang Daily