Purpose

The paper examines the factors that influence the production of cash flows in a sample of Italian farm accountancy data network (FADN) farms to generate information useful for calibrating policies to support farmers' investments.

Design/methodology/approach

An econometric analysis on the sample estimates the influence of structural, economic, commercial and financial variables on CAFFE, i.e. the cash flow that includes the payments to the farmer's resources and the free cash flow on equity (FCFE). The econometric problem of endogeneity is treated by adopting the Hausman test to choose between fixed and random effects models. The results for Italian agriculture and its types of farming (TFs) are examined based on the FCFE/capital depreciation ratio, where FCFE subtracts from CAFFE the opportunity cost payments to the farmer's resources. This ratio identifies TFs with problems of sustainability of the production system.

Findings

The results show that increasing the productive dimension, in particular the endowment of farmland and working capital, is still essential to stimulate the production of cash flows of Italian agriculture. Without this growth, increasing the depreciable capital base is ineffective. FCFE does not compensate for depreciation in several TFs, which in various cases could also improve by improving economic efficiency and commercial position.

Research limitations/implications

Assessing the factors that most influence cash flows can help to better calibrate rural development measures to the territories and farming types that most need public support. Our analysis procedure can be applied to all production systems equipped with farm accounting networks; however, the criteria for rewarding farmer resources and calculating the replacement value of agricultural capital need to be better discussed.

Originality/value

The specification of rural development policies rarely takes into account the financial sustainability conditions of farms, as well as the factors that determine them, in defining the support parameters and the selection criteria for funding. Our approach, based on the analysis of FADN data, considers these aspects and provides ideas for better calibrating public support for investments among agricultural territories, sectors and types of farms.

中文翻译：

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意大利农场的财务可持续性：FADN 样本分析

目的

本文研究了影响意大利农场会计数据网络 (FADN) 农场样本中现金流量产生的因素，以生成有助于校准政策以支持农民投资的信息。

设计/方法/方法

对样本的计量经济学分析估计了结构、经济、商业和金融变量对 CAFFE 的影响，即包括对农民资源的支付的现金流和股权的自由现金流 (FCFE)。采用Hausman检验在固定效应模型和随机效应模型之间进行选择来处理内生性计量经济学问题。意大利农业及其农业类型 (TF) 的结果根据 FCFE/资本折旧率进行检查，其中 FCFE 从 CAFFE 中减去支付给农民资源的机会成本。该比率确定了存在生产系统可持续性问题的 TF。

发现

结果表明，增加生产维度，特别是农田和营运资金的禀赋，对于刺激意大利农业现金流的生产仍然必不可少。如果没有这种增长，增加可折旧资本基础是无效的。FCFE 不补偿几个 TF 的折旧，在各种情况下，这也可以通过提高经济效率和商业地位来改善。

研究限制/影响

评估对现金流影响最大的因素有助于根据最需要公共支持的地区和农业类型更好地调整农村发展措施。我们的分析程序可应用于所有配备农场会计网络的生产系统；但是，需要更好地讨论奖励农民资源和计算农业资本重置价值的标准。

原创性/价值

农村发展政策的规范在确定支持参数和资金选择标准时很少考虑农场的财务可持续性条件以及决定这些条件的因素。我们的方法基于对 FADN 数据的分析，考虑了这些方面，并为更好地校准对农业领域、部门和农场类型之间的投资的公共支持提供了想法。