Экономика » Экономика отраслевых рынков » Аграрная экономика » Финансы сельскохозяйственных предприятий
Всего публикаций в данном разделе: 14
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Опубликовано на портале: 28-11-2003
Ирина Безлепкина
2002
This study analyses the causal factors of fall in Russian farm output focusing on
financial
determinants. Translog production function is estimated on panel of 17653 large-scale
farms for
1996-1998 period using fixed-effects and accounting for inter-regional climate differences.
Output
elasticities are analysed for sub-samples of crop and animal producing farms. The
reserarch findings
show that budget transfers to the farms are inefficient and result in taxation of
farms. Farms are
operating under the soft budget constraints that have to be removed to improve farm
production
performance.


Опубликовано на портале: 29-11-2003
Ирина Безлепкина, Alfons Oude Lansink
2003
The Russian agricultural sector has experienced many problems since the beginning
of the 1990s that
resulted in a fall in farm output. Employing a production function approach and,
unlike other studies, farmlevel
data on more than 20,000 Russian large-scale farms for the period 1995-2000, this
study analyzes the
impact of both production (land, labour, capital, materials) and financial (debts
and budget transfers)
determinants on the productivity. Inter-regional differences such as weather conditions
and farm-specific
features such as geographical location, management and soil quality are taken into
account employing the
fixed-effect estimation. The findings show that Russian farms operate under liquidity
constraints that lower
their productivity.


Опубликовано на портале: 30-11-2003
Ольга Валерьевна Шик
2002
The conventional PSE’s methodology doesn’t provide adequate estimation
of
agricultural support for the economy in transition. In this paper we attempt to adjust
PSE’s methodology for Russian economy, and also coefficients’ analysis
and
interpretations are adapted for transitional conditions. Investigation showed that
the
level of agricultural support in Russia is much lower than conventional methodology
estimates.


Опубликовано на портале: 30-11-2003
Manuel Arriaza, Jose A. Gomez-Limon
2002
This study compares the predictive performance of several mathematical programming
models. Using the cropping patterns, yields and crop gross margins of eighteen farms
over a
period of five years we compare the models’ optimum solutions with observed
crop
distributions after the Reform of the EU Common Agricultural Policy of 1992. The
results
show that the best prediction corresponds to a model that includes expected profit
and a
qualitative measure of crop riskiness. The results suggest that, in order to obtain
reliable
predictions, the modelling of farmers’ responses to policy changes must consider
the risk
associated with any given cropping pattern. Finally, we test the ability of the proposed
model
to reproduce the farmers’ observed behaviour with equally good performance
under
conditions of limited data availability.


Опубликовано на портале: 30-12-2003
Marijke D'Haese, Wim Verbeke, Guido Van Huylenbroeck, Johann Kirsten, Luc D'Haese
Durban, 2003
Commercial producers, brokers, exporters and spinners dominate the wool
supply chain in South Africa.
Until recently smallholder farmers in the Transkei region had limited access to a
profitable market outlet for
their wool. In response, the South African wool industry has taken the
initiative to help local farmers by
building shearing sheds, under which the local association can bulk the
wool and trade directly with the
brokers. More direct access to the wool brokers is a prerequisite for the farmer
to develop a viable business.
This article investigates on the effect of membership in the local shearing shed association on the farmers. revenue. A two-step regression model of the gross margin is used to analyse whether farmers selling through the local association have better financial records as compared to those who sell their wool to local traders. This article exemplifies how institutional innovation through local marketing associations can contribute to economic development in poor rural areas.
This article investigates on the effect of membership in the local shearing shed association on the farmers. revenue. A two-step regression model of the gross margin is used to analyse whether farmers selling through the local association have better financial records as compared to those who sell their wool to local traders. This article exemplifies how institutional innovation through local marketing associations can contribute to economic development in poor rural areas.


Опубликовано на портале: 29-11-2003
Valentina Hartarska
2002
This paper shows that imperfections in the credit market and insecurity of property
rights affect nonuniformly
the investment of younger and established microenterprises in Russia. The empirical
analysis of
investment is based on the liquidity constraint model but also accounts for the added
challenged that the weak
institutional structure and the small size of the enterprises pose. Investment in
younger firms is most constrained by
the availability of funds, while investment in more established microenterprises
is affected by the ability of the
entrepreneurs to “secure” their property rights by paying bribes. Financial
institutions are unable to distinguish good
from bad borrowers but lend to firms that have transparent transactions.


Опубликовано на портале: 29-11-2003
Constantine Iliopoulos
2002
During recent years, dramatic changes in the world food system have led to unprecedented
competition between agribusiness firms. To compete in this environment, agricultural
cooperatives
should invest substantially in long-term activities such as R&D and advertisement.
Co-operatives have a difficult problem in acquiring equity capital because the residual
claimant
(benefactor) is the patron of the firm, not the investor. This organizational design
poses to cooperatives
three investment constraints:
a) the free rider problem,
b) the horizon problem, and
c) the portfolio problem.
Empirical analysis utilizing a latent variable structural equation model and a large dual response survey suggests that in the U.S. member-patrons are more likely to invest in co-operatives which adopt well defined property rights policies and structures than traditional co-operatives characterized by vaguely-defined property right structures. Agribusiness co-operatives in the European Union are gradually adopting long-term financing methods that possess one or more of the characteristics found in successful U.S. ‘New Generation Cooperatives.’ However, it seems that they have paid less attention in designing their organizational structures (e.g., membership policies). This may inhibit their efforts to gain a competitive advantage over investor-owned firms.
a) the free rider problem,
b) the horizon problem, and
c) the portfolio problem.
Empirical analysis utilizing a latent variable structural equation model and a large dual response survey suggests that in the U.S. member-patrons are more likely to invest in co-operatives which adopt well defined property rights policies and structures than traditional co-operatives characterized by vaguely-defined property right structures. Agribusiness co-operatives in the European Union are gradually adopting long-term financing methods that possess one or more of the characteristics found in successful U.S. ‘New Generation Cooperatives.’ However, it seems that they have paid less attention in designing their organizational structures (e.g., membership policies). This may inhibit their efforts to gain a competitive advantage over investor-owned firms.


Опубликовано на портале: 30-11-2003
T. S. Jayne, Takashi Yamano, James Nyoro
2003
This paper addresses the potential for interlinked credit/input/output marketing
arrangements for particular
cash crops to promote food crop intensification. Using panel survey data
from Kenya, we estimate a
household fixed-effects model of fertilizer use per hectare of food crops,
using an instrumental variables
approach for addressing the endogeneity of participation in interlinked credit arrangements.
Results indicate
that households engaging in interlinked marketing programs for selected
cash crops applied considerably
greater fertilizer on other crops (primarily cereals) not directly purchased
by the cash crop trading firm.
These findings suggest that, in addition to the direct stimulus that interlinked
cash crop marketing
arrangements can have on small farmer incomes, these institutional arrangements
may provide spillover
benefits for the productivity of the farmers. other activities such as food cropping.


Опубликовано на портале: 30-12-2003
Jens-Peter Loy, Robert D. Weaver
Durban, 2003
Retail pricing strategies incorporate promotions, sales, and rigidities. A number
of models have been
proposed in particular to explain the occurrence of sales. Focussing on the market
for fresh foods the model
by Varian and the loss leader argument seem to be intuitively best fitting to the
conditions in the fresh food
market.
From these models we derive several hypotheses that are tested for a unique data set of the German fresh food retail market. The data set consists of weekly prices for ten food items in 131 grocery shops over the period from 1995 to 2000. Following Varian sales should lead to reduced expenditures, while the loss leader argument assumes that consumers are lured into the shop by promotional sales which are covered by higher prices for other products. The results indicate that expenditures decrease with the number of sales in the short run but this effect is outweighed by a dynamic price adjustment thereafter.
From these models we derive several hypotheses that are tested for a unique data set of the German fresh food retail market. The data set consists of weekly prices for ten food items in 131 grocery shops over the period from 1995 to 2000. Following Varian sales should lead to reduced expenditures, while the loss leader argument assumes that consumers are lured into the shop by promotional sales which are covered by higher prices for other products. The results indicate that expenditures decrease with the number of sales in the short run but this effect is outweighed by a dynamic price adjustment thereafter.


Опубликовано на портале: 30-11-2003
Olivier Mahul
2002
The demand for hedging against price uncertainty in the presence of crop yield and
revenue
insurance contracts is examined for two French wheat farms. The rationale for the
use of options
in addition to futures is first highlighted through the characterization of the first-best
hedging
strategy in the expected utility framework. It is then illustrated using numerical
simulations. The
presence of options is shown to allow the insured producer to adopt a more speculative
position
on the futures market. Futures are shown to be performing, in terms of willingness
to receive.
Options are weakly performing when futures markets are unbiased, while they are more
performing when futures markets are biased.


Опубликовано на портале: 29-11-2003
Klaus Mittenzwei
2002
This paper is concerned with the timing of an agricultural policy reform under uncertainty.
The focus is
on the opportunity cost of giving up the option to wait when implementing a policy
reform. Including the
option value in applied policy analysis can help explain why conventional analyses
may find observed
policies to be Pareto-inferior. Furthermore, it explains why otherwise profitable
policy reforms may be
delayed. The theoretical model is applied to Norwegian agricultural policy anticipating
a prospective
WTO agreement. It is argued that the option value should be incorporated into applied
policy analysis
when high uncertainty prevails.


Опубликовано на портале: 29-11-2003
Martin Petrick
2002
The objective of this paper is to empirically detect credit rationing of Polish farms.
Based on cross-sectional
survey data and motivated by a microeconomic farm household model, this effort is
pursued by a methodology
consisting of three interrelated steps. These steps include the analysis of qualitative
survey data regarding farmers’
experience with bank credit, based on this an econometric estimation of internal
shadow prices of credit for
the credit constrained sub-sample of respondents, and finally an investigation of
interdependencies between
determinants of consumption and production that should be influenced by the presence
of a binding credit constraint.
The results of the empirical analysis consistently suggest that among the observed
randomly selected Polish
farms more than 40 percent of borrowers experience pronounced credit rationing by
rural banks. These farms
display internal shadow prices of the credit constraint of on average 190 percent
net of principal. Shadow prices
are significantly different from individual effective interest rates for credit that
account for loan specific transaction
costs. In the group of credit constrained farms, household characteristics could
be proven to have a significant
effect on output supply. This is evidence for a violation of separability between
production and consumption
decisions and thus lends empirical support to the existence of a binding credit constraint.
Overall, credit
constrained farm households own less and rent more land than the average, operate
with a high capital intensity
with regard to land, tend to have a poor credit history, and engage intensively in
intra-village conversation. Generous
government support via interest rate subsidisation apparently contributed little
to alleviate credit rationing
of farms in Poland.


Опубликовано на портале: 29-11-2003
Carlo Russo, Massimo Sabbatini
2002
In this paper, equity management practices of Italian agricultural cooperatives are
described and discussed. Financial statements of 1.483 cooperatives are analyzed
in
order to provide empirical support to the study. Data confirm cooperative
undercapitalization and disclose the existence of diversity in equity management
practices even within the same business sector. Thus, in order to highlight the relations
between cooperative market strategies and equity management practices a cluster
analysis is proposed. Seven main strategic approaches for Italian cooperatives are
identified and the emerging equity management practices are discussed. The empirical
analysis supports the conclusion that a large number of Italian are implementing
“perverse” approaches, such as dependence from public funding and minimization
of
equity and investments. Considering increasing competition, without an innovative
equity management approach, the majority of the analyzed cooperative is expected
to
suffer of relevant competitive disadvantage.


Опубликовано на портале: 04-01-2004
Renata Yanbykh
Boston: Kluwer Academic Publishers, 2000, 409-427 с.
This paper discusses the policies of agricultural finance and credit which have been
implemented during the period of economic reform in Russia. An examination of various
government measures reveals the pitfalls and shortcomings in their implementation.
The main problem, however, lies in the fact that the government is attempting to
remedy the consequences, rather than tackling the causes. The delay in introducing
new methods of regulating agricultural finance and credit is aggravating the problem
even more.

