关键词: 众筹, 资金时间价值, 农产品供应链, 主从博弈

Abstract: Agricultural crowdfunding is a new business model introduced from the United States, and its development history in China is short. Crowdfunding funds can generate capital premium over time in production and operation activities, forming the time value of funds. Based on the difficult and expensive financing of agriculture in China, small and medium-sized production enterprises (farmers) are facing a big problem of capital turnover. Crowdfunding agriculture has developed rapidly in recent years because it can lock in demand in advance and ease the financial pressure of producers. However, a kind of organic green agricultural project has a long cycle and high risks. When the return on investment cannot meet expectations, the crowdfunding platform is prone to moral hazard. For example, using the remaining money detained before product delivery for secondary investment appreciation not only occupies the margin paid by the producer for free, but also encroaches on the time value of the funds that should belong to the producer. Farmers' investment awareness is weak, and the time value of funds is easily overlooked, but the crowdfunding platform can form an order of magnitude fund pool. In the existing research, the time value of crowdfunding advance payment is rarely considered in the existingresearch.
Facing the new profit point, whether the manufacturer and the crowdfunding platform consider the time value of funds, the time value of funds is introduced into the decision-making model, and then decision models of agri-food supply chain are established under three conditions: The manufacturer unilaterally considers the time value of funds, the crowdfunding platform unilaterally considers the time value of funds, and the manufacturer and the crowdfunding platform both consider the time value of funds. Using the master-slave game model method, the optimal crowdfunding price, service commission and marketing effort level under the three situations are solved, and the profit comparison is made, focusing on the analysis of the production cycle on the manufacturer and the optimal choice of crowdfunding platform. Referring to the Ankang Hanshui project of organic agricultural product crowdfunding, Matlab14 is used to calculate the key factors and carry out sensitivity analysis. The sensitivity analysis of key parameters such as margin payment ratio, production period and return on investment is further discussed.
The results show that the crowdfunding service commission is the highest when both parties consider the time value of funds, and the lowest otherwise. The level of crowdfunding marketing efforts is the highest when the crowdfunding platform unilaterally considers the time value of funds, and the lowest when the manufacturer unilaterally considers it. The price of crowdfunding depends on the production period and return on investment. In three cases, with the extension of production period, the marketing effort level of crowdfunding platform is increasing when considering the time value of funds unilaterally, which can improve the profits of both parties at the same time. However, regardless of the high or low return on investment, the crowdfunding platform pays the highest level of marketing efforts when considering the time value of funds unilaterally. When the return on investment is low, both parties consider that the time value of funds is actually more beneficial to producers, but the profit of crowdfunding platform will increase rapidly with the increase of return on investment. Therefore, if the crowdfunding platform does not consider the time value of funds, producers should not consider it either; If the manufacturer considers the time value of money, the crowdfunding platform should also consider it.
Considering the time value of funds in the process of crowdfunding in the supply chain of agricultural products will make the capital of enterprises appreciate, but the corresponding financial risks also arise. Therefore, it is the future development direction to construct the correlation function between investment risk coefficient and time value of funds and then study the optimization decision of agricultural product crowdfunding supply chain. Secondly, in the example analysis, the margin payment ratio has different degrees of influence on producers and crowdfunding platforms, so a reasonable payment ratio is expected to improve the Pareto of the supply chain.

Key words: crowdfunding, time value of capital, agri-food supply chain, stackelberg game