In the Brazilian agricultural space, numerous cases of large farmers have declared themselves in severe financial distress and filed for Judicial Financial Recovery (JFR) in the past few years. Our statistical analysis, although preliminary and based on limited available data, indicates that these operations have shown financial indices at levels that, in general, did not significantly differ from a sample of other larger farmers’. Only ‘liquidity’ presented a more persistent relationship with the cases of Judicial Recovery. Therefore, it seems that farmers may be resorting to the JFR route prematurely. Within a limited subsample of cases of farmers who filed for JFR, data also shows a pattern with indications that farmers may tend to time their filing to coincide with having their main crops ready for commercialization immediately preceding or after harvesting. This suggests that these farmers might be seeking to free their most recent crop from previous financial and commercial commitments by pursuing a favorable court decision to their JFR. Some factors may be driving this behavior: (1) most farmers in Brazil do not produce a complete set of financial statements on accrual bases, which may lead to errors and incomplete information; (2) not all farmers’ debt is registered at the Central Bank, making debt consolidation a challenging discovery process to lenders, who may overleverage clients; (3) farm revenues are concentrated in only a few weeks of the year, allowing farmers that file for Judicial Recovery to carry on with their business, if the courts halt service of previous debt; (4) courts have also allowed these farmers to release assets from collateralized loans. In sum, there may be inaccurate interpretation of the farmers’ financial condition due to incomplete information, and a component of moral hazard motivating large farmers filing prematurely for JFR in Brazil. The number and magnitude of these cases may generate negative consequences to agricultural credit costs and availability in the future.

中文翻译：

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巴西大规模农业中提早申请司法财务追偿的倾向

在巴西的农业领域，在过去几年中，无数大农户宣布自己身陷严重的财务困境，并申请司法金融追回（JFR）。我们的统计分析尽管是初步的，并基于有限的可用数据，但表明这些操作所显示的财务指标总体上与其他较大农户的样本没有显着差异。只有“流动性”与司法恢复案件呈现出更持久的关系。因此，似乎农民可能过早地采取了JFR路线。在申请JFR的农民案例的有限子样本中，数据还显示出一种模式，表明农民可能倾向于在收获前或收获后及时将其备案时间与主要农作物准备商业化的时间相吻合。这表明，这些农民可能会寻求法院对其JFR有利的判决，以寻求从最近的财政和商业承诺中解放其最新作物。某些因素可能导致这种行为：（1）巴西的大多数农民没有以应计制为基础提供完整的财务报表，这可能导致错误和信息不完整；（2）并非所有农民的债务都在中央银行登记，这使得债务合并对于可​​能过度利用客户的贷方来说是一个挑战性的发现过程；（3）农场收入仅集中在一年的几周内，如果法院停止偿还以前的债务，则允许提交司法恢复申请的农民继续其业务；（4）法院还允许这些农民从抵押贷款中释放资产。总之，由于信息不完整，对农民财务状况的解释可能不正确，并且是道德风险的一个诱因，促使大批农民过早地向巴西申请JFR。这些案例的数量和规模可能对未来的农业信贷成本和可利用性产生负面影响。以及道德风险的一个成分，促使大农场主在巴西过早申请JFR。这些案例的数量和规模可能对未来的农业信贷成本和可利用性产生负面影响。以及道德风险的一个成分，促使大农场主在巴西过早申请JFR。这些案例的数量和规模可能对未来的农业信贷成本和可利用性产生负面影响。