전업농의 투자행위 분석과 정책방향

Abstract

농업투자는 농업경영체 성장의 핵심 요소이다. 최근 농가교역조건 악화에 따른 수익성 저하와 고령화로 농업부문 전반적으로 바람직한 농업투자 여건이 조성되어 있지 못한 것이 현실이다. 그러나 농업 여건의 악화에 대응하기 위하여 규모화, 전문화된 전업농가의 수가 크게 늘어나고 있으며, 이들이 전체 농업생산액에서 차지하는 비중도 높아지고 있다. 농업의 핵심 주체로 등장하고 있는 전업농이 어떤 농업분야에, 어떤 목적으로 투자를 하고 있으며, 농업투자와 관련하여 어떤 어려움을 겪고 있는지를 분석하고 제도적 및 정책적 개선과제를 제시하는 연구는 현 시점에서 중요한 의미가 있다. 이 연구에서는 첫째, 농업부문의 거시적 측면에서 자본집약적 농업으로의 전환, 농업구조 및 농업여건 변화가 농업 전반의 투자에 미치는 영향을 분석하였으며, 둘째, 전업농가 대상 농업투자 실태 조사를 실시하여 최근에 어떤 품목과 분야에 투자하였고, 자금은 어디에서 조달하였는지, 향후 농업투자 의향은 어떠한지, 농업투자와 관련하여 농가가 겪고 있는 어려움은 무엇인지를 분석하고 시사점을 제시하였다. 마지막으로 농업부문의 거시적 분석과 전업농 조사 결과를 토대로 농업부문의 자본제한 완화를 위한 방안을 제시하였다.

The purpose of this study is to analyze the investment behavior of specialized farm households and to suggest policy implications. Agricultural investment can play a major role in economic growth increasing the productivity of capital and the income level of farm households. It is necessary to focus on the specialized farm household rather than all farmers. There are environmental changes in Korean agriculture, such as the opening of the agricultural product market with the increase of aging population in the farming sector. Specialized farm households have been adapting to these changes by scaling up farm size and raising efficiency. In a long-term point of view, the analysis on investment behavior of specialized farms will provide an effective policy. In this study, we first describe the recent changes in the environment of Korean agriculture. The macroeconomic changes in Korean agriculture lead us to investigate the actual state of agricultural investment and the behavioral state of specialized farms. It is true that there is a modest trend in agricultural investment. The internal and external capital constraints have been a barrier for investment. The distribution of governmental fund is about to be adjusted. Next, we analyze the investment behaviors of specialized farms. We surveyed 352 households about their demographic characteristics and investment behaviors in detail, such as farming, financing, and their future point of view. Examining all responses, we learn who invests, where they invest, and what can make the farm invest. Young farmers are willing to invest more, and most farms prefer the agricultural corporation although they have a problem with professional management. It results in the needs for skilled management and the stabilization of a large-scale farm. One of problem is the lack of various tools for financing. Two econometric analyses support these results. A ordered logit model is applied to survey data. Nine categories of farm households (0~more than 500,000,000 won) are selected. Their asset and liability level are the key variables. We conclude that there is a liquidity constraint that can affect a decision to invest. When the groups are divided by their aims of investment - expand or maintain, the asset level is not a significant variable any more to the farm that invests only for maintenance. A fixed effect model is used in Farm Household Economy Survey (2003-2007) to find macro factors. It shows that the specialized farm considers stability more than profitability. Finally we suggest several policy implications. This study focuses on relaxing the external/internal capital constraints. In regard to the external capital constraint, the funding system should be adjusted to better evaluate business plans and diversify the financial resources. Launching a new governmental agency, tentatively called Korean Agricultural Finance Corp., is a good way to support agricultural start-ups of new technology. Tax policy including income tax, value-added tax, and corporation tax should be amended. For the internal capital constraint, the farm household needs to allocate their risks with an effective system. To provide a service for management consulting would help the farm household to get investment fund, make a profitable business plan and avoid the risks they might face. Researchers: Joon-kee Park, Eui-sik Hwang, Mee-bok KimE-mail address: jkpark@krei.re.kr