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Imperfection du marché du capital et investissement des exploitations agricoles

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)

Abstract

Le but de cet article est de rechercher les déterminants des décisions d'investissement des exploitants agricoles français en présence d'imperfections du marché du capital. Les contraintes d'accès au marché du crédit qui semblent jouer un rôle croissant en France sont prises en compte en intégrant des coûts de transaction associés aux emprunts et en définissant un plafond d'endettement. L'introduction de ces imperfections conduit à la simultanéité entre les décisions financières et les décisions d'investissement de l'exploitation. Un des résultats du modèle est de montrer que, pour comprendre les variations du taux d'investissement, il est nécessaire de différencier les exploitations ayant contracté des emprunts sur deux années successives. Le modèle est estimé sur données de panel en utilisant la méthode des moments généralisés. Le modèle n'est pas rejeté par les données pour le sous-échantillon des exploitations où le chef d'exploitation a une formation générale, le sous-échantillon des grandes exploitations.

Suggested Citation

  • Catherine Benjamin & Euan Phimister, 2001. "Imperfection du marché du capital et investissement des exploitations agricoles," Post-Print hal-01931683, HAL.
    • Handle: RePEc:hal:journl:hal-01931683
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    References listed on IDEAS

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