【摘要】 农民专业合作社是为了解决农户小生产和大市场间的矛盾，从而减少农民参与市场竞争风险与不确定性以提高交易效率而出现的组织。我国农民专业合作社在快速发展的过程中，普遍面临资金短缺和融资难问题，严重影响并制约了农民专业合作社经济效用的发挥。针对该问题，国内多注重在宏观层面探讨，且相关案例分析深度不够。基于此，本文根据资产负债表对合作社融资来源的划分，即从权益融资和负债融资的角度展开对我国农民专业合作社融资问题的研究，这在一定程度上为有关我国合作社融资方面理论提供有益补充。同时，为农民专业合作社解决融资难以及政府部门制定相关解决合作社融资难题等政策提供参考依据。

　　该文根据现代西方企业融资理论、农民合作产权理论、新古典经济学合作社相关理论，按照提出问题-分析问题-解决问题的思路，综述了国内外融资理论及研究动态，在充分界定农民专业合作社融资概念内涵和外延，统计分析了合作社融资现状，从中得出资金短缺是融资突出困难；进而研究了融资困境成因；为了解决这一难题，本文借鉴了国外成功的融资经验并且深入分析我国合作社的融资结构特征及问题，从而得到了解决问题的重要线索。据此，进而围绕权益融资和负债融资展开提出解决融资问题的方案，最后为促使融资活动的顺利开展，需要政府直接和间接的融资支持。为了增加研究结论的说服力，该文采用定性与定量分析相结合、规范分析与实证分析相结合以及比较分析的方法。其中，使用规范分析方法进行文献综述和理论基础解析，使用问卷调查法收集研究数据并定量分析了农民专业合作社融资的现状和成因，使用比较分析法分析美日成功的融资经验，使用资产负债表分析我国农民专业合作社融资结构，使用规范分析与实证分析相结合方法分析了权益融资与产权安排的关系，使用典型案例分析通过产权变革提高权益融资能力，使用二元logistic回归模型分析获得正规金融支持的影响因素，使用三秀山合作社的典型案例分析非正规金融的运用，使用规范分析与实证分析相结合分析了政府在融资中的作用。

　　该文通过研究认为：(1)资金需求得不到有效满足是现阶段我国农民合作社融资的突出问题；(2)传统农业合作社产权特征所引起的成员投资动力不足加上我国农民专业合作社成员投资能力不足造成的权益融资难题、金融支持不足引起负债融资难题以及缺乏完备的制度保障这三个方面造成了合作社融资困境。302家福建省农民专业合作社的实证证明了融资困境的成因；(3)美国日本合作社融资的成功经验表明融资问题的解决特别负债融资得益于发挥了各自金融优势，因此，我国应根据自身特点实现扬长避短以探索融资之路；(4)不同于美日更依赖负债融资的融资结构，我国农民专业合作社总体上(从总数量上、单个合作社、产业分布角度考察)表现出当前更加依赖权益融资特别是股金的融资结构特征；(5)产权理论和Constantine Iliopoulos模型说明了产权安排通过成员政策安排影响成员投资动力进而影响权益融资，通过盈余分配机制影响权益融资构成中的盈余公积部分，福建省合作社的情况证明了此影响传导机制，因此一定的产权变革可提高权益融资能力，通过典型案例说明类似“新一代合作社”清晰产权的实践、合作社内部成立资金互助部以及大户产权融资都是产权变革解决权益融资的成功探索；(6)重视负债融资的作用，正规金融与非正规金融负债融资两个重要途径。通过建立logistic模型分析影响农民专业合作社获得正规金融资金支持的重要因素，得出当前合作社获得正规金融主要受到合作社的资产规模、信用情况、银社关系以及理事长情况等因素影响。并通过厦门三秀山蔬菜专业合作社成功的负债融资经验说明：非正规金融有效科学运用是解决融资问题的重要方法，而成员内部利差竞借方式是值得借鉴的一个途径；(7)为了使合作社融资活动更加顺利开展，不仅需要政府给予合作社扶持资金实现直接融资支持，还需要其通过创造一个良好的融资环境实现间接融资支持。

　　【Abstract】The farmer specialized cooperative is an organization which is to solve the conflict between household small productions with the ever-changing large markets to decrease the risk and improve a bargain efficiency. During the rapid development, farmer specialized cooperatives have faced the serious fund shortage and financing problems commonly, which have strong negative influence on their economic effect. As to these problems, the domestic scholars paid more attention to the macroscopic analysis, and the relevant case study lacks depth. Based on the past research, this dissertation studies the financing problem from the perspective of equity financing and debt financing.These two financing methods are divided according to the balance sheet.The study not only provides the useful complement to the cooperatives’ financing theory to a certain extent, but also provide reference for government department who want to formulate policies about solving financing problem.

　　The thesis takes modern western corporate financing theory, farmer cooperative property theory and neoclassical economics theorem as main guidance. According to the thought of raising, analyzing and solving problems, this paper summarizes fiancing theory and the research dynamic of domestic and overseas, bases on fully defining the relevant concepts, statistically analyzes status quo of cooperatives’ financing, concludes the financing difficulty and further analyzes the reasons of difficulty. To solve this problem, this paper draws on the successful financing of foreign experience and deeply analyzes financing structural characteristics of cooperatives in order to get some important clues. Accordingly, and then it proposes solutions to equity financing and debt financing, and finally it is essential to get direct and indirect financial support from the government to promote financing activities successfully. In order to increase the persuasiveness of the research, the paper uses the methods of normative analysis, empirical analysis, qualitative analysis, quantitative analysis ,comparative analysis and case study etc, and analyzes the literature review with the method of normative analysis , collects the basic data with the method of questionnaire investigation, analyzes the status and reasons of financing difficulty, analyzes the successful financing experience of U.S. and Japanese with comparative analysis method, analyzes the financing structure of farmer cooperatives with balance sheet, analyzes the relationship between equity financing and the property arrangement with the method of combination of normative analysis and empirical analysis, analyzes the factors which influence support from formal finance with dualistic Logistic regression model, analyzes informal finance with the use of typical case studies of Xiamen Sanxiushan cooperatives and analyzes the role of government in financing with the combination of normative analysis and empirical analysis.

　　The main conclusions of paper can be summarized as follows：(1) The fund shortage is the main financing problem at present；(2)It can explain the financial difficulties from three aspects--the equity financing caused by the limited investment ability and lack of members investment motivation because of traditional property arrangement, debt financing difficulty due to financial support and insufficient government system support.(3)The successful experience of United States and Japan shows that the key of solution of the financing difficulty especially debt financing is that they play their financial advantage seperately, therefore, China should explore the way of financing according to their characteristics and avoiding its weaknesses .(4) Unlike the U.S. and Japan that more rely on debt financing, the financing structure of our farmer cooperatives in general (from the total number, individual cooperatives and industry perspectives) showed more dependent on equity financing.(5) According to the property arrangement thermo and the result from Constantine Iliopoulos model, it concludes that property arrangement affects equity financing through member investment motivation and profit allocation institution, and the practice in Fujian province has proved that situation,therefore property change will improve equity financing. Basing on the close relationship, it is necessary to explore arrangement on property rights for our farmer cooperatives to raise equity financing capabilities, such active practices as the share system of “new generation cooperative”,big farmers’ property financing, and cooperative mutual funds.(6)Emphasis on the role of debt financing, the formal finance and non-formal finance are two important ways of debt financing.Basing on the establishment of logistic model,the paper analyzes the main factors which impact on the access to formal financial capital.The model result tells that those factors that are asset size,credit conditions,chairman situations and relationship between cooperative and financial institutions relate getting fund from formal institution. The case study of Sanxiushan cooperative have proved that scientific utilization of informal financial (“lichajingjie”happened in internal members )is an important way of solving financing problem. (7)To promote more success of financing activity, government should not only give it some direct finance support but also indirect support by effective laws or policies.

　　【关键词】 农业专业合作社； 融资困境； 融资结构； 权益融资； 负债融资；

　　【KEYWORDS】farmer specialized cooperatives， financial difficulties， financing structure，equity financing， debt financing