日本と中国の農家投資と資金調達

Abstract

A portion of Japanese farming firms has well developed by farmer's investment. The success of investment is decided by financing ability of farmers. Firstly Japanese actual situation of financing in farmer's investment is to be clarified, This Japanese experience of development will be applied to rural development of China normatively. Before adaption of Japanese experiences, to China, characteristics of farmer's investment and financing in China should be found. So secondly, Chinese actual characteristics of financing is also to be clarified. The new facts finding in Japanese financing are as follows. (1) Japanese farmers use loans as financing in investment. In other words, their investment is supported by debt rather than equity. (2) Loans come from institutional finance in Japan. These institutions require farmers to improve the efficiency of business, that is, increase the profit/total assets ratio. The increase of profit/total assets ratio, is not caused by increase of fixed assets input but induced by expansion of leverage (debt/equity) ratio, because of this requirements. The facts in Chinese financing are found as follows. (3) Chinese farming is controlled under double management system, that is, combination of individual management (family farms) and collective management (village company). It is found by analyzing production functions that both individual assets and collective assets are simultaneously used in Chinese agricultural production. (4) Collective assets are financed by payments to collective government. But it can not be concluded that individual assets are financed by individual funds or loans directly. In near future the role of individual investment will be raised. In that case, farmers will use loans for their investment. This is guessed by Japanese experiences. It should be remembered that these loan using investment is needed to be accompanied with financial management.