张乐飞：乡村振兴成立农业产业基金的战略价值与实施路径

Core Viewpoint - The deepening implementation of the rural revitalization strategy requires breaking through traditional funding allocation models, with agricultural industry funds serving as an innovative tool to connect financial capital with rural entities, addressing the financing difficulties of the "three rural issues" and reconstructing the flow mechanism of urban and rural factors [1] Group 1: Strategic Value Reconstruction of Agricultural Industry Funds - Agricultural industry funds effectively resolve the contradiction of traditional financial systems, which often view agricultural projects as "investment forbidden zones" due to their long cycles, high risks, and low returns, through a dual mechanism of "government guidance + market operation" [2] - The Guizhou Agricultural Rural Fund leveraged a financing model of "fund + bank + guarantee" to attract 317 million yuan in social capital to support Guiwang Biological Company, resulting in a fivefold increase in annual output value in the edible fungus industry [2] - The fund's capital reconstruction not only fills the "market failure" gap in agricultural investment but also allows farmers to gain multiple benefits such as land transfer, employment, and equity dividends through a profit-sharing mechanism [2] Group 2: Catalytic Engine for Reshaping Agricultural Industry Ecology - Agricultural industry funds focus on building an industrial ecosystem rather than limiting investments to single projects, as seen in the Zhejiang Rural Revitalization Investment Fund, which has established a multi-layered structure covering 12 sub-sectors including biological breeding and digital agriculture [3] - Investments in companies like Longping Biology and Dabeinong have led to breakthroughs in gene editing breeding, increasing corn yields by 15% and enhancing pest resistance by 30% [3] - This ecological layout not only enhances the added value of the industrial chain but also drives surrounding small farmers to upgrade their production methods through technology spillover effects [3] Group 3: Building Bridges for Urban-Rural Factor Flow - Agricultural industry funds innovate benefit connection models such as "land management rights equity" and "farmer technology equity," facilitating two-way flow of urban and rural factors [4] - The Central Enterprise Rural Industry Investment Fund, managed by Guotou Chuangyi, implemented a model of "leading enterprises + cooperatives + farmers" in the Gan Nan revolutionary old area, attracting 2.3 billion yuan from central enterprises to develop特色产业, increasing local farmers' per capita income from 12,000 yuan in 2018 to 28,000 yuan by 2024 [4] - This institutional innovation safeguards farmers' property rights while providing stable investment channels for urban capital [4] Group 4: Innovative Implementation Pathways for Agricultural Industry Funds - A three-level fund system is proposed, consisting of "national guiding funds + provincial regional funds + county project funds," with national funds focusing on strategic areas like seed industry revitalization [5] - Provincial funds emphasize regional characteristic industry development, while county funds concentrate on specific project implementation, creating a collaborative effect of "top-level design - mid-level coordination - grassroots execution" [5] Group 5: Risk Control Innovation under ESG Framework - The introduction of an ESG (Environmental, Social, Governance) evaluation system establishes a full lifecycle management mechanism for projects [6] - Guotou Chuangyi sets six major stages and 133 ESG indicators for investment projects, requiring a social benefit score of over 60 for investment eligibility [6] - The establishment of an "annual assessment + full-cycle assessment" error tolerance mechanism encourages innovation within the management team [6] Group 6: Multi-Channel Capital Circulation Exit Mechanism - A composite exit path is designed, including "equity transfer + corporate listing + repurchase agreements + asset securitization" [7] - The Zhejiang Provincial Industry Fund supports companies like Huazhong Holdings through a "loan + investment" model, helping three invested companies successfully go public, achieving a 23% return on investment [7] - For long-cycle projects, a "staged exit" strategy is employed, ensuring healthy capital circulation [7] Group 7: Institutional Guarantees and Policy Coordination - The establishment of a legal framework for the management of rural revitalization investment funds is accelerated, clarifying the entire process of fund establishment, operation, and supervision [8] - Policies to increase the proportion of land transfer income used for agricultural rural projects are implemented, with tax reductions and risk compensation incentives for social capital investing in agricultural industry funds [9] - A talent system is cultivated, combining "fund managers + agricultural experts + rural operation officers," enhancing the scientific selection of projects [10]