Abstract:

Although the agricultural supply chain plays a certain role in improving the availability of financing for agricultural operators, the bidirectional dilemma between the core subject and small- and medium-sized agricultural operators is prominent, which is specifically reflected in: the requirement of high trust degree among supply chain players and the dilemma of uneven development of third-party guarantors, the low cost and high conversion requirements of collateral and the inconsistent evaluation of agricultural industry assets, the demand for industrial development and the instability of self-compensation closed-loop. Based on the theory of new institutional economics, it is found that compared with the traditional supply chain financing model of “company+cooperative+farmer”, the supply chain financing model of Farmers Cooperatives Union has obvious advantages in terms of contract structure, transaction cost and self-compensation level. The citrus supply chain in Kecheng District, Quzhou City, Zhejiang Province, China is selected as an example, and the cracking mechanism of bidirectional dilemma is analyzed and verified. It is found that the new agricultural socialized service organizations represented by Farmers Cooperatives Union can integrate formal institutional constraints and informal social constraints, and have strong advantages in information, transaction costs and self-compensation, which can effectively improve the cooperation effect, synergistic effect and division of labor effect of supply chain, and alleviate financing difficulties. Therefore, the breakthrough to alleviating the bidirectional dilemma of agricultural supply chain financing mode lies in the construction of new agricultural socialized service organization, which should be co-built and shared by operating entities based on specialized service, strengthening market-oriented operation and promoting large-scale development.

Key words: new institutional economics, agricultural supply chain, financing mode, bidirectional dilemma, cracking mechanism, Farmers Cooperatives Union