干旱对农场融资选择的影响:来自新西兰的经验证据

IF 1.9 4区 地球科学 Q3 ENVIRONMENTAL STUDIES Weather Climate and Society Pub Date : 2022-12-08 DOI:10.1175/wcas-d-21-0193.1
S. Kamal, Ilan Noy
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引用次数: 0

摘要

到目前为止,气候变化、农业和金融市场之间的相互作用是一个研究相对较少的主题。本文打算通过实证检验干旱与新西兰农场融资选择(以实际债务和股权衡量)之间的关系来扩展文献。利用税务机关提供的微观经济农场财务记录,我们量化了过去的干旱(由新西兰牧场增长指数衡量)如何影响农场的融资选择。我们显示,干旱对短期和长期债务、奶牛场的股权以及羊和牛肉场的短期债务产生了统计上显著的积极影响。
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Impact of Droughts on Farms’ Financing Choices: Empirical Evidence from New Zealand
The interaction between climate change, agriculture, and financial markets is a topic that has been researched relatively little thus far. This paper intends to extend the literature by empirically testing the relationships between droughts and farms’ financing choices (measured in terms of real debt and equity) in New Zealand. Using microeconomic farm-level financial records available from the tax authorities, we quantify how past droughts (measured by the New Zealand Pasture Growth Index) impact farms' financing choices. We show a statistically significant positive impact of droughts on short-term and long-term debts, equity for dairy farms, and short-term debt for sheep and beef farms.
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来源期刊
Weather Climate and Society
Weather Climate and Society METEOROLOGY & ATMOSPHERIC SCIENCES-
CiteScore
3.40
自引率
13.60%
发文量
95
审稿时长
>12 weeks
期刊介绍: Weather, Climate, and Society (WCAS) publishes research that encompasses economics, policy analysis, political science, history, and institutional, social, and behavioral scholarship relating to weather and climate, including climate change. Contributions must include original social science research, evidence-based analysis, and relevance to the interactions of weather and climate with society.
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