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Finanzielle Flexibilität In Landwirtschaftlichen Investitionsentscheidungen: Ein Discrete Choice Experiment

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  • Anastassiadis, Friederike
  • Liebe, Ulf
  • Musshoff, Oliver

Abstract

Der Agrarstrukturwandel ist mit Anpassungsprozessen verbunden, die oftmals mit größten-teils fremdfinanzierten Investitionen einhergehen. Eine Folge davon sind sinkende Eigenkapi-talquoten in landwirtschaftlichen Betrieben. Somit ist zu erwarten, dass die Bedeutung der finanziellen Flexibilität - verstanden als finanzieller Spielraum eines Betriebs - in der Land-wirtschaft in Zukunft zunehmen wird. Es stellt sich die Frage, inwieweit Entscheider schon jetzt die finanzielle Flexibilität bei Investitionsentscheidungen berücksichtigen. Der vorlie-gende Beitrag untersucht experimentell die Rolle der finanziellen Flexibilität bei Investitions-entscheidungen. Dazu werden Studierenden der Agrarwissenschaften in einem Discrete Choi-ce Experiment hypothetische Investitionsalternativen zur Entscheidung vorgelegt. Die Investi-tionsalternativen unterscheiden sich dabei in ihrer Rentabilität, dem Risiko und ihrer Auswir-kung auf die finanzielle Flexibilität des Betriebs. Es zeigt sich, dass die Teilnehmer die finan-zielle Flexibilität bei ihren Investitionsentscheidungen berücksichtigen. Jeder dritte Teilneh-mer gibt an, dass die finanzielle Flexibilität gegenüber den Kriterien Rentabilität und Risiko sogar entscheidungsbestimmend ist. Auch kann für die finanzielle Flexibilität ein ökonomi-scher Wert, der signifikant von Null verschieden ist, quantifiziert werden. Bislang scheint der finanziellen Flexibilität also in der Investitionstheorie zu wenig Aufmerksamkeit zuteil ge-worden zu sein.

Suggested Citation

  • Anastassiadis, Friederike & Liebe, Ulf & Musshoff, Oliver, 2012. "Finanzielle Flexibilität In Landwirtschaftlichen Investitionsentscheidungen: Ein Discrete Choice Experiment," 52nd Annual Conference, Stuttgart, Germany, September 26-28, 2012 137142, German Association of Agricultural Economists (GEWISOLA).
    • Handle: RePEc:ags:gewi12:137142
    DOI: 10.22004/ag.econ.137142
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