Wybrane efekty udziału funduszy obcych w finansowaniu gospodarstw rolniczych UE w latach 1989-2008
Chosen Effects Of Using External Funds In Financing EU Farms In Years 1989-2008
Roczniki Nauk Rolniczych, Seria G, 2011, vol.98, nr 3, s. 213-229
Słowa kluczowe
wskaźnik zadłużenia mnożnik kapitału własnego ROA ROE inwestycje netto
Key words
debt ratio total assets to equity ROA ROE net investment
Streszczenie
W pracy wykorzystano informacje gromadzone w ramach europejskiego systemu rachunkowości rolnej FADN z lat 1989-2008. Na przykładzie krajów dawnej UE-12 oceniono oddziaływanie w tym okresie kapitałów obcych na rentowność majątku i kapitału własnego, ryzyko finansowe oraz poziom inwestycji netto.
Abstract
In years 1989-2008 in EU farms the dependency between the share of external funds and investments intensity was observed. Danish and Dutch farms had the highest external financial support and also achieved the highest level of net investment. Italian and Spanish farms using almost only equity had a negative level of net investment in this period. The highest average return of assets and equity in 1989-2008 was achieved by Belgian farms. They represented a group with an average level of total assets to equity. The farms from the group with strongest external financial support (Denmark, The Netherlands) and farms with low support (Italy, Spain) achieved low and average profitability during the analyzed period. The growth of economic size improved the return on assets and with ROA greater than the loan interest rate using external funds allowed to use the positive effect of financial leverage. Horticultural and granivores farms of class (6) ? 100 ESU achieved a positive effect of financial leverage due to high return on assets.