The viability and profitability of a farm business can be influenced by how it chooses to fund its operations and capital investments either using debt or internal funds. This study examines the determinants and speed of adjustment of the capital structure of broadacre farm businesses in Western Australia’s Wheatbelt. Results show that prior period cash flow and equity, farm size and farm location are significant determinants of observed capital structures. Farm businesses are found to quickly adjust their capital structure to desired target levels, suggesting that adjustment costs are not high. The findings support the view that there is a pecking order in the choice of how farm businesses fund working capital and capital investments.

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农业企业资本结构及其调整速度的驱动力：西澳大利亚州小麦带的证据

农场企业的生存能力和获利能力可能受其选择使用债务或内部资金为其运营和资本投资提供资金的方式的影响。这项研究研究了西澳大利亚州小麦带广泛耕作农场企业资本结构的决定因素和调整速度。结果表明，前期现金流量和权益，农场规模和农场位置是观察到的资本结构的重要决定因素。人们发现，农场企业可以迅速将其资本结构调整到理想的目标水平，这表明调整成本并不高。这些发现支持了这样一种观点，即在选择农场企业如何为营运资金和资本投资筹集资金时，先后次序不一。