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Communication Dans Un Congrès Année : 2023

The capitalisation of agricultural income and the creation of professional agricultural assets

Résumé

Farmers capitalize a significant share of their cash flow in their farm’s professional assets. Indeed, the wealth generated on a farm can be allocated either to the immediate remuneration of the non-salaried workers or to the financing of investments, which can be considered as a deferred remuneration to be realized in the future. Based on the analysis of their annual cash flows and assets on their balance sheets, we document how this trade-off is implemented by a sample of 1,374 French commercial farms over the period 2002-2018. It appears that the estimated internal rates of return of the investments are positive in most cases, with an average of 1.7%. We further identify five strategies based on the respective shares of the operating cash flow dedicated to either investments or private withdrawals.
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Dates et versions

hal-04324267 , version 1 (05-12-2023)

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  • HAL Id : hal-04324267 , version 1

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Philippe Jeanneaux, Laurent Piet. The capitalisation of agricultural income and the creation of professional agricultural assets. XVII Congress of the European Association of Agricultural Economists, Aug 2023, Rennes, France. ⟨hal-04324267⟩
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