How limiting is finance for Dutch dairy farms? A dynamic profit analysis

IF 3.4 2区 经济学 Q1 AGRICULTURAL ECONOMICS & POLICY
Melina Lamkowsky, Miranda P. M. Meuwissen, Harold A. B. van der Meulen, Frederic Ang
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Abstract

Accessibility to financial resources is considered a prevalent problem in the agricultural sector. We develop an approach to quantify the long-term opportunity costs of financial constraints in relation to peers who do not face any financial constraints. Using data on past financial performance, we assess creditworthiness and the size of an additional accessible bank loan to farmers. Combining this with data on reported expenditure, we determine the accessible finance. We quantify the opportunity cost as the forgone dynamic profit (intertemporal profit in current-value terms) from financial constraints. Using data envelopment analysis, we apply our approach to 264 specialised Dutch dairy farms for the years 2006–2017 and explore the potential impact of changes in finance provision for several scenarios. Our results show an increasing gap between frontrunners and other farmers, as the latter generate progressively less dynamic profit in comparison to their best peers. The gap between the dynamic profit of the average farm and that of its best peers from their production and investment decisions made over the span of 1 year grew from €40,040 in 2009 to €114,548 in 2017. However, the growth is not driven by insufficient access to finance. Financial constraints can only explain 6% of the forgone dynamic profit in 2009 and as little as 1% for 2017. The number of farms classified as financially constrained in comparison to their peers decreases in our sample from 44% in 2009 to 8% in 2017. This suggests that non-financial factors are driving the growing gap.

Abstract Image

荷兰奶牛场的资金限制有多大?动态利润分析
获得财政资源被认为是农业部门的一个普遍问题。我们开发了一种方法来量化与不面临任何财务约束的同行相比,财务约束的长期机会成本。利用过去财务表现的数据,我们评估了农民的信用度和额外可获得的银行贷款的规模。将此与报告支出的数据相结合,我们确定了可获得的资金。我们将机会成本量化为因财务约束而放弃的动态利润(按现值计算的跨期利润)。使用数据包络分析,我们将我们的方法应用于2006年至2017年的264个荷兰专业奶牛场,并探讨了几种情况下融资条款变化的潜在影响。我们的研究结果显示,领先者和其他农民之间的差距越来越大,因为与最好的同行相比,后者产生的动态利润越来越少。平均农场的动态利润与其最佳同行在1年内做出的生产和投资决策之间的差距 从2009年的40040欧元增长到2017年的114548欧元。然而,增长并不是由于获得资金的机会不足。财务限制只能解释2009年放弃的动态利润的6%,2017年只有1%。在我们的样本中,与同行相比,被归类为财务受限的农场数量从2009年的44%下降到2017年的8%。这表明,非金融因素正在推动差距的扩大。
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来源期刊
Journal of Agricultural Economics
Journal of Agricultural Economics 管理科学-农业经济与政策
CiteScore
7.90
自引率
2.90%
发文量
48
审稿时长
>24 weeks
期刊介绍: Published on behalf of the Agricultural Economics Society, the Journal of Agricultural Economics is a leading international professional journal, providing a forum for research into agricultural economics and related disciplines such as statistics, marketing, business management, politics, history and sociology, and their application to issues in the agricultural, food, and related industries; rural communities, and the environment. Each issue of the JAE contains articles, notes and book reviews as well as information relating to the Agricultural Economics Society. Published 3 times a year, it is received by members and institutional subscribers in 69 countries. With contributions from leading international scholars, the JAE is a leading citation for agricultural economics and policy. Published articles either deal with new developments in research and methods of analysis, or apply existing methods and techniques to new problems and situations which are of general interest to the Journal’s international readership.
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