Bezpieczeństwo finansowe i stabiność finansowa gospodarstw rolnych w Polsce po akcesji do Unii Europejskiej

Abstract

Introduction: The aim of the study is to analyse the most important aspects of the financial safety and financial stability of agricultural farms. The auxiliary objective is to propose a synthetic measure of financial security for agricultural holdings based on known indicators from the analysis of financial data. According to the research hypothesis, financial stability is the premise for the financial security of a farm and both financial stability and security can be measured using indicators that provide effective tools to gauge progress and performance of an agricultural farm. The following research questions were formulated: • Does an increase in financial security mean a simultaneous increase in financial stability and vice versa? • Is it possible to recognize factors responsible for the financial security and stability of agricultural farms? • Is it possible to recognize factors threatening the financial security and stability of agricultural farms? • What are the institutional and behavioural determinants of farms’ financial decisions and what is their impact on the financial security and stability of agricultural farms? Material and methods: The research covers Polish agricultural farms keeping agricultural accounts according to the FADN system. The topic of the research is the financial security and stability of these farms. The time frame of the research is set for the years 2004–2019. The main source of secondary material are aggregated data from the FADN database. The most important research methods used in this research are panel models. Results and conclusions: The study identifies four areas of agricultural farms’ financial security. They include: 1. property and capital relations; 2. liquidity and debt; 3. operational efficiency; 4. financial efficiency. Special emphasis is placed on examining the relationship between assets, equity, agricultural farms’ financial autonomy, debt, and the excess liquidity of farms. The study also focuses on the relationship between net working capital and the farms’ operating cycle, in order to examine the profitability of farms while taking subsidies into account. A financial security index is also presented. It consists of elements measuring the situation in four key safety areas. The reference levels of this index are set to assess the financial stability and security of agricultural farms. As a result, types of farms with high and low financial security are identified. Additionally, there is an analysis of the types of farms that are at risk of losing financial security and the types of farms in which the level of such security is inappropriately high. The financial stability of the farms analysed is also assessed. Factors that affect the performance and progress of financial security are indicated. The results of the analysis can be used to assess the financial security and financial stability of agricultural farms. They carry important diagnostic information and can be used as an early warning system that enables preparations to be made and action to be taken that is appropriate and timely in order to reduce any threats to financial security and stability of agricultural farms.