The Research on Financial Intermediation Support in the Rural Industrial Structure Adjustment of Our Country
|School||Zhejiang University of Finance|
|Keywords||Financial intermediation Industrial structure adjustment Agricultural industrialization Financial support|
Since the 1990s, the so-called‘Three Agriculture Problems’issue has become increasingly important, which behaves as the core of agricultural industrialization’s lagging behind, slow economic development of rural areas and difficulties in famers’income growth. How to build a well-off society in an all-round way has also drawn great public attention. A large number of economic development facts show that industrial structure adjustment is an effective tool to promote economic development, while the speed and efficiency of adjustment will directly affect the pace of economic growth. The optimization of industrial structure really gets great meaning during the process of economic structure optimization and economy’s stable and coordinated development.During the process of industrial structure adjustment, except for the development of advantageous industry, cultivation of characteristic in industry, and expanding of the leading enterprises, the financial intermediation as the core and blood supply system of modern economy also plays a very important role, such as the systematic support of financial intermediation is the great impetus and guarantee for the rural industrial structure adjustment and rural economy’s development. Therefore, in future process of rural industrial structure adjustment, the rural financial system reform is urged to be further deepened, and the financial intermediation is also claimed to expand support for rural industrial structure adjustment.Based on the theories of financial development, agricultural economics, industry economics and new institutional economics, this paper firstly makes sure about the financial hunger problem caused by the defect of financial intermediation’s function through the way of defining the characteristics of various rural financial intermediations’function. Secondly, analyze the actual condition of financial supply and demand appearing in the adjusting process of rural industry structure, and reveal the rural financial intermediation’s mechanisms like capital forming, capital directing, credit catalyzing and industry integrating, which will influence industry’s adjustment. Thirdly, taking the typical areas of Zhejiang as cut-in point, the paper comparatively analyzes and empirically studies rural financial intermediation’s key factors that affect the industrial structure’s adjustment at different level, and as well as the interaction between the variables, so that the function mechanisms how financial intermediation support the rural industrial structure’s adjustment are further explored. Finally, in the light of the strategic target system of rural industrial structure’s adjustment and the future direction, the paper puts forward some strategic proposals to strengthen financial intermediations’support in the adjusting process of rural industrial structure, such as improve the rural commercial finance intermediation, strengthen rural strategic finance intermediation and foster rural cooperative finance intermediation.The paper makes a clear definition about the denotation and connotation meaning of rural finance intermediation’s three-element-structure system. Make scale, efficiency and structure as three dimensions to measure the development of rural finance intermediation, respectively consider the rate of plantation’s grain crop and economic crop, the rate of farming, forestry, animal husbandry and fishery inside the broad agriculture, and ultimately apply cointegration test and Granger causality test to comparatively verify the differences and similarities of different level of effects which the rural financial intermediations’development has on the adjustment of industrial structure. Accordingly, firstly by revealing the crucial factors of financial intermediation which affect the adjustment of industrial structure, we can understand deeply the support and direction of rural financial intermediation. Secondly, by putting forward certain strategic proposals about improving financing system of the adjustment of rural industrial structure, we hope to provide directing practice for governments at different levels and financial regulation departments to make relevant industry development strategies and as well as improve the financial intermediation’s system. Ultimately, choose Zhejiang as typical area for analysis mainly for reasons that Zhejiang has a high economic development level and a fast process of rural industrialization. At the same time Zhejiang is in the most forward position of rural industrial structure’s adjustment and financial system reform in the whole country, such leading roles in these aspects Zhejiang plays cannot be ignored and thus Zhejiang is supposed to effectively play a good demonstration and modeling role in the adjusting process of industrial structure for rural throughout of the country.