Evolution of the U.S, catfish industry, forged by dynamic market forces, has resulted in the development of an array of farming practices. This comparative economic study was developed with data from 325 ponds on 38 commercial catfish farms (Alabama, Arkansas, and Mississippi) and provides concurrent estimates of the cost of production, profitability, and indicators of farm liquidity for the most common catfish growout strategies. Detailed enterprise budgets were developed for nine different catfish production strategies and analyzed on three different farm scales (32, 124, and 592 ha). Profitability differed across catfish farming practices. The split‐pond system using hybrid catfish was the least‐cost production strategy ($1.97/kg), followed by the multiple‐batch system employing channel catfish with increased aeration rates and intensively aerated ponds using hybrid catfish. Long‐term profitability of catfish farming practices increased with increases in farm size. Although seven of the nine production strategies discussed here were profitable in the long‐run on medium (124‐ha) and large (592‐ha) catfish farms, only split and intensively aerated ponds (hybrid catfish and multiple‐batch production with channel catfish with increased aeration rates) were profitable in the long‐run on small farms (32‐ha). Low‐intensity strategies involving channel catfish in single‐ or multiple‐batch systems were not profitable on any scale. High‐yielding strategies resulted in an increased cash flow coverage ratio and decreased debt‐servicing ratios, indicating lower liquidity risk. Economies of scale were evident throughout the analysis but stemmed from two different effects: (a) intensification of production in individual ponds; and (b) larger farm size. Changes in cost structures and economic conditions have changed the degree of profitability of farming practices. A number of previously profitable practices are no longer profitable. Newer, split pond, and intensively aerated farming practices were profitable but require greater attention to cost efficiencies.

中文翻译：

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美国cat鱼养殖方式的经济学：获利能力，规模经济和流动性

美国，鱼产业的发展，是由活跃的市场力量所锻造的，它导致了一系列养殖方式的发展。这项比较经济研究是根据38个商业cat鱼养殖场（阿拉巴马州，阿肯色州和密西西比州）的325个池塘的数据开发的，并提供了最常见cat鱼养殖策略的生产成本，获利能力和农场流动性指标的并发估计。为九种不同的cat鱼生产策略制定了详细的企业预算，并在三种不同的养殖规模（32、124和592公顷）上进行了分析。cat鱼养殖方式的获利能力不同。采用杂交cat鱼的分塘养殖系统是成本最低的生产策略（1.97美元/千克），其次是采用分叉system鱼的多批次系统，增加通气率，并使用混合increased鱼对池塘进行加气。farm鱼养殖方式的长期获利能力随着养殖场规模的增加而增加。尽管此处讨论的9种生产策略中有7种在中型（124公顷）和大型（592公顷）fish鱼养殖场长期都有利可图，但只有分体和密集曝气池（杂交cat鱼和多通道channel鱼生产）从长远来看，在小型农场（32公顷）中，通气率提高）是有利可图的。在单批次或多批次系统中涉及cat鱼的低强度策略在任何规模上均无利可图。高收益策略导致现金流覆盖率增加和债务偿还率降低，表明流动性风险降低。在整个分析过程中，规模经济是显而易见的，但有两个不同的影响：（a）单个池塘生产的集约化；（b）更大的农场规模。成本结构和经济条件的变化改变了耕作方式的获利程度。许多以前有利可图的做法不再有利可图。较新的，分开的池塘和加气的耕作方式是有利可图的，但需要更多地关注成本效益。