Horbowiec, Beata (Wydział Nauk Ekonomicznych, Szkoła Główna Gospodarstwa Wiejskiego w Warszawie)
Kalisiak, Aneta; ORCID: 0000-0003-3746-5939 (Wydział Nauk Ekonomicznych, Szkoła Główna Gospodarstwa Wiejskiego w Warszawie)
Źródła finansowania produkcji i inwestycji w indywidualnych gospodarstwach rolnych w Polsce
Sources of financing of production and investments in individual farms in Poland
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2016, vol., nr 116, s. 133-148
Key words
agricultural holdings funding sources own capital direct payments bank credits
Abstract
This paper aims to present the sources of financing of farm production and investments as well as capital structure in individual farms in Poland over the 2004-2015 period. An overview of literature indicates a spectrum of financing sources for agricultural holdings. An analysis of existing empirical studies (conducted by other authors and the Central Statistical Office of Poland – GUS) shows that the main and universal source of financing of both production and investment by Polish farms were their own resources. The EU funds, including agricultural direct payments, as well as state-subsidized bank loans were perceived by farmers as the most favourable instruments of external financing.