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Does capital market structure affect farm investment ? A comparison using French and British farm level panel data
[Impact des modalités de financement des décisions d'investissement : comparaison entre deux panels d'exploitations britanniques et françaises]

Author

Listed:
  • Catherine Benjamin

    (ESR - Unité de recherche d'Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique)

  • Euan Phimister

    (University of Aberdeen)

  • . Esr. Département d'Economie Et Sociologie Ruralesdijon

    (INRA - Institut National de la Recherche Agronomique)

Abstract

Dans les pays de l'Union européenne, les modalités de financement des décisions d'investissement des exploitations diffèrent. En France, les financements bancaires à l'agriculture sont essentiellement constitués de prêts à moyen et à long termes. Par contre, au Royaume-Uni les agriculteurs utilisent pour financer leurs investissements leurs autorisations de découverts c'est-à-dire des prêts à court terme. L'objet de cette recherche est de savoir si ces différences observées dans la structure de financement influencent les taux d'investissement. Un modèle d'investissement pour l'entreprise agricole intégrant les coûts d'ajustement et les coûts de transaction associés à de nouveaux emprunts est construit. L'analyse du modèle fournit une alternative testable au modèle d'investissement écrit sous l'hypothèse de perfection du marché du capital (sans coûts de transaction). L'application économétrique est réalisée à partir de données de panel issues du Réseau d'information comptable agricole sur la période 1989-92 pour le Royaume-Uni et sur la période 1987-1992 pour la France. Les résultats indiquent que le modèle basé sur l'hypothèse du capital parfait est rejeté par les données pour les deux pays. Par contre, les modèles basés sur une différenciation du comportement en matière d'emprunts de long terme ne sont pas rejetés. De plus, les résultats suggèrent que les financements bancaires basés sur des prêts à court terme (comme au Royaume-Uni) créent des coûts de transaction plus faibles que ceux supportés par les exploitations françaises.

Suggested Citation

  • Catherine Benjamin & Euan Phimister & . Esr. Département d'Economie Et Sociologie Ruralesdijon, 1997. "Does capital market structure affect farm investment ? A comparison using French and British farm level panel data [Impact des modalités de financement des décisions d'investissement : comparaison ," Post-Print hal-02841675, HAL.
  • Handle: RePEc:hal:journl:hal-02841675
    Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-02841675
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    References listed on IDEAS

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    1. Benjamin, Catherine & Phimister, Euan, 1997. "Transaction Costs, Farm Finance and Investment," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 24(3-4), pages 453-466.
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