phd thesis - usamv clujgordan vasile tez de doctorat rezumat 3 european union level and in the world...

UNIVERSITY OF AGRICULTURAL SCIENCESAND VETERINARY MEDICINE

CLUJ-NAPOCA

PHD SCHOOL OF AGRICULTURAL ENGINEERING SCIENCES

FACULTY OF AGRICULTURE

Specialization: Management and marketing in agriculture

Ec. VASILE GORDAN

PhD THESIS

AGRICULTURE CREDIT LEVER FOR MANAGEMENTIN MODERN AGRICULTURE

(SUMMARY OF Ph.D. THESIS)

SCIENTIFIC COORDINATORProf. Univ. Dr. EMILIAN MERCE

Cluj-Napoca2015

Gordan Vasile Teză de doctorat Rezumat

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Table of Contents

1. Neccessity of this research 22. Purpose and objectives of the thesis 23. Research objectives 34. Part I: current state of knowledge. 45. Chapter I. the content of bank credit 46. Part II: material and method 57. Chapter II. objectives and methods used in research 58. Part III: results and discussion 69. Chapter III. theory and managerial practice in bank marketing 610. Chapter IV. agricultural credit impact on performance and competitiveness in

agriculture6

11. Chapter V. the agriculture credit as a tool for modern management inagriculture

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12. Case study - developments in agricultural credit 713. Conclusions 1014 Chapter VI. organizing, making-off and the results of the study 1115. Analysis of the association between legal status and age with the value of

short-term credit (VSTC) and the value of the loan on a long-term basis(VLTC) on the test Pearson Chi-Square

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16. An association between the value analysis short-term credit (VSTC) andleveraging of working capital on the test Pearson Chi-Square

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17. Determination of specific influences short-term credit on plant production 1618. Influence of short-term credit on livestock production 1719. Use of analysis of short-term credit in the framework of a sound financial

management18

20. The implications of short-term credit over the size areas cultivated in theyears 2011 and 2012, i.e. on the level of crops value in 2011 and 2012

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21. The implications of credit on long-term investment in land 2122. The implications of credit on long-term investments 2323. The implications long-term credit to the value of the livestock 2424. Conclusion 2525. Bibliography 31


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NECCESSITY OF THIS RESEARCH

THE PURPOSE AND OBJECTIVES OF THE THESIS

Agriculture is an important development tool, which may generate profit forvarious people from all over the world, but especially in developing countries, offeringjobs and cotribuind to the process of integration and fortification of the communities(KARPATI, 2009). According to BOR (2007), which is designed to analyze researchrevenue-generating activities in the rural areas, jobs that offer a high standard of livingand provide opportunities for young people in the context of micro-enterprises, must beinitiated and auctioned off.

Taking into account the problems faced by Romanian rural and in particular theinhabitants of this space who represent approximately 90% of our country's territory andconsidering that rural area should not be seen just as a problem , but also as anopportunity, the hereby work proposes an analysis of the impact that could haveanthropogenic actions on sustainable rural development.

Romanian countryside development and hence of the Transylvanian during theperiod after the Romanian Revolution in December 1989 and so far, has knownsignificant variations as regarding economic and financial instruments used in theprocess. Failure to support the agriculture and rural development in the early stages ofthe transition period has been determined by slow process by referring to the economicreform and training of agricultural structures appropriate functions of the market.

In this context, in rural area a major structural reform is necessary that requires aconsistent financial support granted on the basis of projects and programs eligible forEuropean funds, to ensure that restructuring and competitiveness in the EU memberstates.

Investigations reveal the fact that there is a need of the rural population forproducts and sustainable financial services, supplemented by information services,training, and consulting services, while taking account of the fact that poor population hasthe capacity to develop economic activities, dynamic, but the lack of financial meansshall constitute a barrier hard to overcome in achieving their project, technical andfinancial quizzes are insufficient, banks and other institutions are, more often than not, farfrom the people living in rural areas both geographically as well as technical, and do nothave culture and interest to work with poor people living in rural areas.

At present, credit agriculture represents one of the most critical issues, both at the


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European Union level and in the world as a whole, the latter being considered as the mainlever of economic development, the increase in employment as well as the competitivequality.

Promotion of agricultural credit is extremely important because it causes anacceleration in the economic and social development sustainable by making better use ofagricultural potential.

This research proposes to study the credit in the agricultural sector, in order toidentify factors that determine the farmers and individual producers to call on loans.

Economic importance of agriculture is to be found in the fact that a proportion ofthe labor force in rural and urban areas is busy in this field, both for producingagricultural products as well as to the machinery and equipment to be used in agriculture.

Agriculture is an instrument of economic development in rural areas. EuropeanUnion and several countries under the Organization for Economic Cooperation andDevelopment (OECD) have introduced in the last period measures which are based onagriculture as essential factor in rural development. It may also be observed a substantialincrease in the interest for initiating new business as a key element in the process ofdevelopment and revitalization of less-favored areas in Europe.

Along with Romania's joining the European Union in 2007, government agencieshave put a greater emphasis on agriculture and personal encouragement of initiatives inthis area.

In the context of globalization, agriculture is facing new challenges, thatagricultural policy change at European Union level, the pressure is increasing overquality of agricultural products as well as the need to develop agricultural holdings

RESEARCH OBJECTIVES

The central objective of this research is to analyze the way in which agriculturecredits can contribute to a sustainable rural development.

The study carried out in villages in North West Region, has been carried out inorder to identify how peple have perceived credit services and counselling forqualification for credit, as well as the impact it had on the development in the areaconcerned.

Research carried out, showed some trends and the progress of some conclusionstheoretical and scientific advice, in order to access and an efficient use of funds intendedfor agricultural development, as well as the carrying out of qualification consultancy onloans.


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PART I: CURRENT STATE OF KNOWLEDGE

CHAPTER I. THE CONTENT OF BANK CREDIT

This chapter describes current state of knowledge in the field of credit, generalconsiderations, cocept and role as well as notions about agricultural credit includingdevelopments in agricultural credit institutions in Romania. Also in this chapter one canfind data relating to types of credits charged, in the period between the years 1873 and1990.

In accordance with banking Dictionary, the term credit is the "making available toa person of a sum of money", and the Romanian Explanatory Dictionary, "relationship(economic), monetary as it is established between a private or legal person (creditor),which gives a loan of money or which sells goods or services on credit and the otherprivate or legal person (debtor), which receives the loan or buys a credit".

Credit is a debt actual or potential:- Actual - when the debtor uses the credit, for example, to make payments or

to restructure payments which, otherwise, would have to do it;- Potential – when a credit was approved, but the debtor has not yet had used

it.The credit is granted by the bank, as creditor and is collected by the borrower,

which may be a firm or person.The role of credit is one of the first magnitude in the economy, being together

finances, one of the main drive of the whole social and economic engine. Rational use ofproductive credi,t increases the power of capital and provides a very high volume ofproducts. Law requirements of supply and demand cannot be satisfied without theparticipation of credit, in particular of the banking sector. Credit makes monetarycirculation healthier by making payment without cash. Using credit capital and reservesavailable are concentrated, even the small (e.g. those from the population) and placed inthe service of some of the actions that increase production and investment.


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PART II: MATERIAL AND METHOD

CHAPTER II. OBJECTIVES AND METHODS USED IN RESEARCH

Part II, "Material and Method", includes Chapter II "Objectives and MethodsUsed" which carries out a description of the methods for collection and processing ofinformation as well as the methodology for the calculation of indices for presenting theirinfluence, importance and connections from the point of view of statistical indicators.Methods of collecting the data used have been documenting and the taking of evidence.Investigation took place during the period March to September 2013, in the region ofNorthwest of Romania, in the course of the six counties, Bihor, Bistrita Nasaud, Cluj,Maramures, Salaj and Satu Mare on a representative sample of 369 farmers, and the toolused was the questionnaire. Data collection has been carried out by an on-site/farmer'shome. Analysis of the data obtained has been carried out using test Hi-square of Pearson'sregression and logistic.

Main objective of the research is to identify factors affecting the credit in theagricultural sector in the Northwest region. Secondary objectives try to underline theextent to which theoretical approaches of the credit shall be valid in the agriculturalsector in this region; identification of the factors which determine a farmer to seek thecredit as well as analysis of the causes that prevent the credit in agriculture.


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PART III: RESULTS AND DISCUSSION

Part III, “Results and Discussions" is comprised of four chapters in question,Chapter III, "Theory and Managerial Practice in Bank Marketing", Chapter IV, "Agricultural Credit Impact on Performance and Competitiveness in Agriculture", ChapterV, "The Agriculture Credit as a Tool for Modern Management in Agriculture" andChapter VI, "Organizing, Making-Off and the Results of the Study".

CHAPTER III. THEORY AND MANAGERIAL PRACTICE IN BANKMARKETING

Chapter III, covers marketing concepts as instruments of bank management aswell as a forecast of managerial theory and practice. Exposures to risks and policies forthe management of bank risks are also discussed.

CHAPTER IV. AGRICULTURAL CREDIT IMPACT ON PERFORMANCE ANDCOMPETITIVENESS IN AGRICULTURE

Chapter IV, includes elements related to the impact of credit on competitivequality and performance in the agricultural sector. By analysing agriculture of thistransitional period it must be noted that it has become more and more important inEuropean economy but especially in the Romanian and it was just due to the necessity ofdevelopment that made it necessary to call on loans, which is the mean of achievingsustainable agriculture performance and competitive in national, European andinternational level. Use of credits from both banks as well as from other sources, in thisperiod is vital for any agriculture economy and the financing only from its own sources isnot able to sustain a growth in performance and high competitivity of agriculture.


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CHAPTER V. THE AGRICULTURE CREDIT AS A TOOL FOR MODERNMANAGEMENT IN AGRICULTURE

Chapter V, deals with the importance of credit in agriculture and then alternativesources of credit, presented the main characteristics of European funds for pre-accessionand post-accession and at the same time how it is established which shall projects shall befinanced from these funds. Alson some opinions and conclusions regarding theimportance of accessing European funds have been expressed.

In this chapter data relating to loans in agriculture has been collected fromstatistical yearbooks and a database has been built, divided into three distinct periods,respectively 1873 – 1947, 1948 - 1989 and 1990 to 2012, and discussing a casestudy afterwards, in which I tried to follow the evolution of credit credilui over time.

This chapter also summons up aspects that have been inserted as a result of thispresentation.

CASE STUDY - DEVELOPMENTS IN AGRICULTURAL CREDIT

Data collection has been extremely cumbersome given the fact that, in the periodbetween 1948 - 1989, data could not be obtained through direct documentary in thelibrary.

As regarding the other periods data could be obtained on the Internet and even onseveral sites, thus verifying the information collected.

In the study carried out on the basis of processing statistical calculations I havereached the following findings as regarding developments in agricultural credit:

Agricultural Credit in the period 1873-1925 had a linear trend of production, as itcan be seen from the graph below. The value of the coefficient of determination ( ) Inthe case linear regression is very close to the value of 1, a fact that demonstrates linearevolution in time of the credit line. Also the rate of growth can be considered it was quiteconsistent from one year to the next, an assessment resulting from front trend inclinationof the horizontal axis of the graph.


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Graph 5.1

In the period between 1950-1975 agricultural credit has had a moderate trend ofproduction. Points marked in red represent aggregated data over a period of five years,and for this reason they can be considered atypical from trend form which as it can beseen from the graph below is one easy linear, the coefficient of determination is closer tozero than the value of 1.

Graph 5.2


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Graph 5.1


Graph 5.2


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Graph 5.1


Graph 5.2


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In the period 2000-2012 agricultural credit has had a production fluctuatingaround its trend. Although the value of the coefficient of determination could afford us toconsider development in agricultural credit was one moderately linear, however it can beseen that half of sample values are fairly far outstreched from linear form of the trendviews.

Graph 5.3

From the graph below it can be seen that there is a certain degree of similaritybetween forms of production of credits from the period 1948-1975 and the period 1990-2012. Through this assessment cannot be taken into account and the ratio of size or of theefficiency of SEPA Credits from the two periods. The comparison shall be assessed bythe trend of the two periods.


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Graph 5.3



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Graph 5.3



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Graph 5.4

CONCLUSIONS

- According to the results of this study, it is necessary to provide the basis forcourses aimed at education in this field accessing credit by farmers farmers and at thesame time for the formation of a managerial elite able to cooperate at both national andinternational, through the speakers thereby creating a prerequisite to use the best practicesin the activities of the company's management as well as in the production side.

- Lack of knowledge of practices in modern agricultural industry preventsdevelopment in this sector. Possession of knowledge, competences and skills necessarycould lead to the implementation of appropriate strategies and achieving this successfully.These resources help farmers to create different forms of association and cooperationboth internally and externally, just for the development of the sector, effectivemobilization of the resources of capital and labor over leased line.

- Mobilization of resources but also the discovery of opportunities are the mostimportant factors involved in the creation of agricultural holdings competitive andsustainable. By mobilising farmers and promotion of agricultural products, including by


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Graph 5.4

CONCLUSIONS





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Graph 5.4

CONCLUSIONS





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selecting effective potential distribution channels, quality control of products, theconversion into the an ecological farming sector, the use of customized methods forpackaging and labelling, creating opportunities which lead to an increase in value added.

- Modernization of farms and obtaining the corresponding product sustainableprinciples and food safety is very important to the re-launch agricultural sector.

- Highlighting the fact that the credit management in the agricultural sector is anactivity generating value, at the level of three dimensions: social value (creation ofrelations between farmers), the economic value (increase in farmers' incomes) and valuefor the protection of the environment (such as determining factor of sustainabledevelopment).

- Structuring factors affecting management on credit in the behavior of modernistfarmers (modernization of farms), interpersonal skills (cooperation) and businessstrategies represent the essence sustainable development in the agricultural sector.

CHAPTER VI. ORGANIZING, MAKING-OFF AND THE RESULTS OF THESTUDY

Chapter VI, presents organization, the progress and results of the survey, surveyconducted with the help of the questionnaire.

As a method for the collection and processing of data has been chosen,investigation, and as a tool for research has been used the questionnaire.

Other methods used in the framework of this work includes determining aseries chronological trend assessment and numeric causal relationships using Hi squarecriterion.

Data collection has been carried out through the use of direct survey method face-to-face, at home, or on-site/home of the people questioned.The following is a description of the development of the Region Northwest geographicalpositioning data and a SWOT analysis of socio-economic environment.

For the setting up sample, fixed at 369 subjects, sampling procedure has used underquotas in such a way that the sample corresponds to the structural population investigated as awhole. Sample structure is shown in table 6.1.

Sample structure by categories of subjects.


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Table 6.1

No Crt. Category of subjects Number %

1 Bihor County 83 22,492 Salaj County 39 10,573 Satu Mare County 53 14,364 Cluj County 89 24,12

5 Bistrita Nasaud County 42 11,386 Maramures County 63 17,08

TOTAL 369 100%

The study was based mainly on credit influence both in the short term and longterm on the agricultural sector, in general, as well as on compartments, and in particularon its development and ultimately support which may be granted by credit institutions.

Short-term credit (STC), or long-term credit (LTC) are possible solutions thatindividual farmer, regardless of the legal status, would be able to access to finance theproduction cycle respectively investment projects.

In this study we sought to capture, on the one hand, the importance of credit in theagricultural holdings, and on the other hand specific areas of influence of creditdepending on agricultural developer behavior toward these financing instruments.

Statistical sample resulting from the survey is composed of a volume of 369statistical units representing entrepreneurs farmers spread as a function of their legal statestatistics in the following series:


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Table 6.2.Legal status of farm

AbsoluteFrequency

Relativefrequency (%)

Cumulative relativefrequency (%)

Individual farm 298 80,8 80,8NATURAL Personauthorised

31 8.4 89,2

Family Association withindividual undertaking

12 3.3 92,4

Commercial companywith private capital

15 4.1 96,5

Company/ associationFund (Law 36/1991)

8 2.2 98.6

Other forms oforganization

5 1.4 100

Total 369 100Source: Processing copyright using SPSS program

The questionnaires have been completed by legal representatives of agriculturalholdings, which they have been assigned on the basis of the age in the following statisticsseries:

Table 6.3.Age in years of grower

AbsoluteFrequency

Relativefrequency (%)

Cumulative relativefrequency (%)

Is not responding. 64 17.3 17.3Less than 30years

10 2.7 20.1

Between 30 and40 years

60 16.3 36.3

Between 41-50years

105 28.5 64,8

More than 50years

130 35 ;2 100

Total 369 100Source: Processing copyright using SPSS program


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Analysis of the association between legal status and age with the value ofshort-term credit (VSTC) and the value of the loan on a long-term basis (VLTC) onthe test Pearson Chi-Square

After learning an association between the variables "legal status" and "age", onthe one hand and the variables "value short-term credit (VSTC)" and "the value of theloan in the long term (VLTC)" on the other hand I have obtained the following results:

Table 6.4Test Pearson Hi-square ( Chi-Square ),

Threshold of significance 0.05

VSTC VLTC

Legal status 83,515 (0.000) 39,267 (0.035)Age 10,041 (0,612) 10,101 (0,813)

Source: Processing copyright using SPSS program

In the above table in brackets we have indicated the level of significance a resultas a result of the application of Pearson test, and in front parenthetical value found in Hi-square statistics. After the interpretation of resulting data it can be said that the decisionof financing through bank credits, whether it be in the short term, whether it is in the longterm, is influenced only by legal status of agricultural holdings and does not depend onthe age farmer. Relating to legal status we found significant value (the values inparentheses are smaller than the threshold of significance by 0.05), and, in the casefarmer age I found the value test insignificant (values in parentheses higher than thethreshold of significance 0.05 ).

After learning an association between the variables "legal status" and "age", on theone hand and the variables "value short-term credit (VSTC)" and "the value of the loanon a long-term basis (VLTC)" on the other hand, by applying the test Pearson, it may besaid that the decision of financing through bank credits, whether it be in the short term,whether it is in the long term, is influenced only by legal status of agricultural holdingsand does not depend on the age farmer. In the event legal status I have found significantvalue, and, in the case we've found farmer age value insignificant.


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An association between the value analysis short-term credit (VSTC)and leveraging of working capital on the test Pearson Chi-Square

To be able to credit surpinde fructificarii implications of working capital, we haveset up a common sample of 255 units for which it was noted value of loans in the shortterm (VSTC) are accessed by Decision 74/442/EEC intrepinzatorii and the productionobtained from leveraging CST, i.e. profit frucificarea CST. The results of the analysis ofconnection between VSTC and the other two variables which characterise effectivemanagement of working capital are shown in table 6.5. below.

Table 6.5. An association between the value analysis short-term credit (VSTC)and leveraging of working capital based on Pearson Chi-Square test

Variable analyzed

Thevalue PearsonChi-Square

statistics

The volumeof the

sample

Numberdegrees offreedom

The level ofsignificance(Threshold

0.05)VSTC - - - -Production of leveragingCST

391,820 255 16 0.000

Profit leveraging CST 283,646 255 16 0.000Source : processing copyright using SPSS program

From the column level of significance, by comparing them to the threshold ofsignificance (0.05), we can see that the value Pearson Chi-Square statistics is significant(values lower than 0.05). This allows us to say that there is a significant associationbetween value of loans in the short term accessed by agricultural entrepreneurs and theproduction obtained, i.e. profit obtained from leveraging credits. But at the same time wecan't find the value large enough to statistics Chi-Square , which is translated by the factthat association is rather intense, or in other words, the credit in the short term has playedan important part in the administration of its life cycle. .By analysing the level of significance, by comparing them to the threshold ofsignificance, we can see that the value Pearson Chi-Square statistics is significant.This allows us to say that there is a significant association between value of loans in theshort term accessed by agricultural entrepreneurs and the production obtained, i.e. profitobtained from leveraging credits. But at the same time we can't find the value largeenough to statistics Chi-Square , which is translated by the fact that association is rather


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intense, or in other words, the credit in the short term has played an important part in theadministration of its life cycle.

Determination of specific influences short-term credit on plant productionIn relation to the determination of specific influences short-term credit on

agriculture plant, we've set up, on the one hand, samples of observation for the variable"the value of the loan in the short term", and on the other side of the observation samplesof expenditure relating to infinatarea vegetable crops, respectively of expenditure relatingto payment of wages and related social insurance activities for the establishment ofvegetable crops.

Table 6.6. An association between the value analysis short-term credit (VSTC) andcosts required for the creation of vegetable crops on the test Pearson Chi-Square

Variable analyzed

Thevalue PearsonChi-Square

statistics

The volumeof the

sample



0.05)VSTC - - -Expenditure on cereals 53,051 202 12 0.000Expenditure onoleginoasele

18,104 179 6 0.006

Expenditure onvegetables

0,985 182 4 0.912

Expenditure on orchardsand vineyards

8,596 189 8 0,378

Expenditure on wagesand salaries and socialsecurity related activitiesrequired infintariivegetable crops

112,668 209 16 0.000

Source : processing copyright using SPSS program

From the column level of statistical significance we notice that Pearson Hi-square(Chi-Square ) is significant in the case of cereal crops and oleginoase (values below 0.05)and is not significant in the case of vegetable crops, orchards and vineyards (values above0.05). We can say that there has been an initiative for the financing of cereal crops andoleginoase via short-term credit. However, due to small enough values of statistilor Hi-


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square (Chi-square), this initiative is less motivated by reason investment and ratherdetermined by the impossibility find other solutions.

Same cannot be said about vegetable crops, i.e. orchards and vineyards. In thesecases has not been detected an association with the credit in the short term. Agree that thefarmers were not based on this instrument for financing to set up crops. If we think aboutthe features of the two crops, we could say that in the case of crops orchards andvineyards no association can be explained on the fact that this culture can be attributed tothe long-term investment, in which case financing should be made from sources (thepermanent equity capital, long-term loans).

Last association investigated in table 6.6. refers to the link between the credit inthe short term, and expenditure in respect of payment of wages and related socialinsurance activities for the establishment of vegetable crops. In this case, statisticsPearson Hi-square (Chi-Square) is significant, and therefore, we can affirm that agree thatthe farmers have used the credit in the short term to pay the wages, actually pretty naturalin view of the specific features of management of its life cycle. Also, the association ismuch more intense in this case, judging from the size of Hi - square (Chi-Square)(112,668).

Influence of short-term credit on livestock production

Table 6.7. An association between the value analysis short-term credit (VSTC) andcosts necessary for the conduct of farming activity on the test Pearson Chi-Square

Variable analyzed

The value ofstatistics Pearson

Hi -square (Chi-

Square )

Thevolume ofthe sample



0.05)

VSTC - - - -Expenditure on bovineanimals for milk

11,573 188 8 0,171

Expenditure on bovineanimals for slaughter

12,990 188 8 Bracket whilerotating

Expenditure on sheep 20,449 232 12 0,059Expenditure on pigs 39,804 174 12 0.000Expenditure on birds 61,680 149 12 0.000Beekeeping expenses 8,738 210 8 0,365Source : processing copyright using SPSS program


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By analysing the results of table 6.7, we notice that Animal activity was financedby the credit in the short term only in the case of the production of pigs and poultry. Thisresult is very naturally if we think on the one hand, the time of maturity, measured inmonths, in the case of pigs and poultry, and on the other hand the specific consumption ofmeat in Romania. Maturity of pigs and poultry being less than one year old, it followsthat funding for the production of meat and poultry from short term loans is natural, andeconomic reasons for investment in the production of pork and poultry comes fromspecific consumption of meat of responsibility. The markets of pig meat and poultry isthe most comprehensive, hope enhancement with this type of investment will be greaterand therefore a risk nerambursarii short term credits will be smaller.

Probably economics lead to farmers reluctance with respect to investments in theproduction of meat or cattle production apicola based on short-term credit. We can seefrom Table 6.7. that the value Pearson Hi-square in these cases is insignificant (bracketwhile rotating > 0.05, respectively 0,365 > 0.05 ). On the other hand, no associationbetween value of loans in the short term, and expenditure in respect of production ofbovine animals for milk is natural if we think that leveraging their investment in bovineanimals for milk shall be conducted on several financial years, so we're talking about along-term investment in which should be financed from sources, the permanent verifiesthe degree more than one year.

Use of analysis of short-term credit in the framework of a sound financialmanagement

A rule of sound financial management by the holder shall be that of a parity sexualmaturity financial assets and liabilities, i.e. permanent needs to be subsidised, thepermanent and temporary needs to be subsidised temporary. In this respect we willexamine the association between the value of the loan in the short term, and the value ofthe assets current assets. 1

Of the 369 initial sample of statistical units were extracted common values of thetwo variables that have not been observed nonraspunsuri. VSTC has recorded 114nonraspunsuri, and circulating capital registered 191 nonraspunsuri. After reesantionarii,nonraspunsurilor elimination has been obtained a sample distributed two-dimensional115 units.

1 Stancu, I. , Stancu, D. , Corporate Finance with excel, Ed. Economic, Bucharest, 2012, p. 332


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Based on data processing in SPSS, the table of association between the twovariables, i.e. test analysis Hi-square (Chi-Square) shall be submitted in the followingway:

Table 6.8. Association of VSTC and circulating capital ofdeveloper

Working Capital

Total0 1 2

VSTC 1 Count 41 22 11 74

ExpectedCount

38.6 22.5 12.9Bolts

74.0

Residual 2.4. -5 -1.9

2 Count 18 11 9 38

ExpectedCount

19.8 11.6 6.6 38.0

Residual -1.8 -6 2.4.

3 Count 1 2 0 3

ExpectedCount

1.6. 9 5 3.0

Residual -6 1.1 -5Total Count 60 35 20 115

ExpectedCount

60.0 35.0 20.0 115.0

Source : Table processed copyright SPSS


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Table 6.9. Test Chi-Square

Value

Degreesof

freedom(DF)

Meaning

(Bilateral)

Pearson Hi-square (Chi-Square )

3,513

4 .476

Likelihood Ratio) 3,662

4 .454

Linear-by-linearAssociation

.964 1 .326

N of valid Clinical 115


Statistics Hi-square is insignificant in the case of short-term credit and workingcapital. This means that in the agricultural holdings in Northwest area financialmanagement is disrupted. The credit in the short term can also be used for the financingof investment in the long term, or working capital of undertakings is lower than demandof working capital, in other words it could be that the vast majority of agriculturalholdings to work in the conditions of a treasury negative.

The implications of short-term credit over the size areas cultivated in theyears 2011 and 2012, i.e. on the level of crops value in 2011 and 2012

PLANT production of a developer set aside, regardless of the formof organization, is directly proportional to the annual size of the areas cultivated. Also acrop ocazioneaaza appearances' sake cost depending on the type of such crops. For thepurposes of evaluating influence short-term credit on the agricultural production, i.e.farmer behavior depending on the crop type charged, I can analyze association betweenthe value of the loan in the short term, on the one hand, and the size areas undercultivation, i.e. the value crops, on the other hand, practiced in the 1990s 2011 and 2012.


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Table 6.10. An association between the value analysis short-term credit (VSTC), sizesurface areas and the value such crops on the test Pearson Hi-square

Variable analyzed

The value ofstatistics Pearson

Hi -square (Chi-

Square )

Thevolume of

thesample



0.05)

VSTC - - - -The size areas cultivated inthe year 2011 and 2012

40,525 245 16 0 7001

The value crops in 2011 and2012

28,533 245 12 0 7005

Source : processing copyright using SPSS program

The results association, analyzed on the test Pearson Hi-square (Table 6.10),argued for statistical connection of short-term credit, both with the size areas undercultivation (0.001 <0.05), as well as with the value such crops (0.005 <0.05).

From this point of view it might be asserted that plant production to the levels ofsome years 2011 and 2012 has been influenced to a certain extent of the credit in theshort term. The intensity of connection is not strong (statistics Hi-square is not very highin comparison with 0), so that neither the influence has not been too strong. A lowintensity of statistical connection is highlighted in the case and implications on thebehavior of farmer when it comes to finance culture depending on the crop type. In otherwords individual farmer have recourse to the credit in the short term as much as generalsolution for the financing of the cycle of operation, and less on the basis of a certainstrategy structured and depending on the amount of the expenditure on culture.

The implications of credit on long-term investment in land

The cost of opportunity of capital involves the choice of the best investments. Inagriculture opportunity investment in accumulations of land involves a small cost ofcapital having regard to the acquisition price of hectarului of agricultural land in the pastfew years. From this point of view the solution long-term credit may be considered as asolution even if the cost of credit may be considered relatively high.


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In the tables below we processed associating Pearson Hi-square between the valueof the loan in the long term and the value of investments in agricultural area carried outby farmers over the last 6 years.

Table 6.11. The value of the credit Association of long-term (VLTC)and investments in agricultural area

Val.land

Total1 2 3 4

VLTC 0 Count 35 22 12 8 77

Expected Count 31 (4) 22.1 17.4 6.1. 77.0

Residual 3.6 .0 -5.4 1.9

1 Count 52 29 35 5 121

Expected Count 49.3 34.7 27.4 9.6 121.0

Residual 2.7 -5.7 7.6 -4.6

2 Count 33 30 15 6 84

Expected Count 34.2 24.1 19.0 6.7 84.0

Residual -1.2Stopping

5.9 -4.0 -7

3 Count 5 6 2 5 18

Expected Count 7.3. 5.2. 4.1. 1.4 18.0

Residual -2.3 8 -2.1 3.6

4 Count 1 3 7 1 12

Expected Count 4.9. 3.4 2.7 1.0 12.0

Residual -3.9 -4 4.3. .0

5 Count 2 0 0 0 2

Expected Count 8 6 5 2 2.0

Residual 1.2. -6 -5 -2Total Count 128 90 71 25 314

Expected Count 128.0 90.0 71.0 25.0. 314.0



23

Table 6.12. Test Hi-square ( Chi-Square )

Value

Degreesof

freedom(DF)

Meaning(Bilateral)

Pearson Chi-Square 34,163 15 .003Likelihood Ratio) 31,564 15 .007Linear-by-linear

Association3,257 1 .071

N of valid Clinical 314Source : Table processed copyright SPSS

It is to be noted that statistics Hi-square is significant (0.003 < 0.05). It can besaid that there have been concerns of intrprinzatorilor farmers for the use of long-termcredit for accumulation of agricultural surfaces Low value statistics taken out, however,revealed an association of low intensity. If we are to analyze the table 6.12, where we canfind both anticipated number of probability (Expected Count), as well as the difference(Residual) between frequency table of association (Count) and the number of predictedprobability (Expected Count), we find that for a given level of the amount of long-termcredit direction difference is the alternative, a fact that emphasizes the lack of a stablebehavior and planned for this tool for financing investments. The values marked in blueshows the most pronounced trends for investment in agricultural land at a certain value ofthe credit in the long term. For example, the value 7.6 in the second line of the Table6.11. shows that at a value lower than 10,000 euros of the credit in the long term trend ofinvestment is more pronounced, a trend we find among owners with total build-up of landbetween 200 thousand and 500 thousand Ron.

The implications of credit on long-term investments

Production of investment and profit from recouping production representsperformance indicators for individual farmer which give a measure of the extent ofmaking the most of agricultural investments The implications of credit on long-termperformance carried out by agricultural entrepreneurs were analyzed in table 6.13.


24

Table 6.13. An association between the value analysis credit on a long-term basis(VLTC) and leveraging investments based on Pearson Chi-Square test

Variable analyzed

The value ofstatistics Pearso

n Hi -square (Chi-

Square )




0.05)

VLTC - - - -Investment in production 316,591 271 20 0.000Profit from investments 261,503 271 20 0.000Source : processing copyright using SPSS program

As it can be seen, Pearson Hi-square statistic is significant in the case of twoassociations analyzed. Also connection statistics in both cases is consistent (the values ofstatistics are fairly large). It might be asserted that both the production and profitobtained from recouping production were based on finance projects for investment inlong-term credit.

The implications long-term credit to the value of the livestock

In the table below I have synthesized spot influence amount of credit on long-term livestock farming. In the ventures analyzed we have taken into account the values ofcattle, pigs and sheep recorded at the levels of some years 2012 and 2013.

Table 6.14. An association between the value analysis credit on a long-term basis(VLTC) and the value of stock based on Pearson Chi-Square test

Variable analyzed

The value ofstatistics PearsonHi - square (Chi-

Square)




0.05)VLTC - - - -Bovine value 2012 42,747 232 12 0.000Bovine value 2013 42,278 232 12 0.000Swine value 2012 and 2013 79,060 214 12 0.000Sheep value 2012 34,049 295 20 0.026Sheep value 2013 31,910 295 20 0.044Source : processing copyright using SPSS program


25

It may be observed that there is some association between valoarea long-termcredit and all the three categories of animals, statistics Hi-square been significant in eachcase (all the values from the last column of the table 6.14. are smaller than 0.05 ). Theintensity of connection seems to be greater than in the case of pigs, with all that this typeof investment is usually Christmas holidays up to one year, i.e. in the short term.

CONCLUSIONS

Analysis of specific of influences short-term credit on agriculture zootechnicalchecks made by the formation of, on the one hand, samples of observation for thevariable "the value of the loan in the short term", and on the other hand of the observationsamples of annual expenditure incurred as a result of carrying out different activitieszootechnical checks. From the results obtained, we notice that Animal activity wasfinanced by the credit in the short term only in the case of the production of pigs andpoultry. This result is very naturally if we think on the one hand, the time of maturity,measured in months, in the case of pigs and poultry, and on the other hand the specificconsumption of meat in Romania. Maturity of pigs and poultry being less than one yearold, it follows that funding for the production of meat and poultry from short term loansis natural, and economic reasons for investment in the production of pork and poultrycomes from specific consumption of meat of responsibility. The markets of pig meat andpoultry is the most comprehensive, hope enhancement with this type of investment willbe greater and therefore a risk nerambursarii short term credits will be smaller.

Probably economics lead to farmers reluctance with respect to investments in theproduction of meat or cattle production apicola based on short-term credit. We noticethat the value Pearson Hi-square in these cases, it is insignificant. On the other hand, noassociation between value of loans in the short term, and expenditure in respect ofproduction of bovine animals for milk is natural if we think that leveraging theirinvestment in bovine animals for milk shall be conducted on several financial years, sowe're talking about a long-term investment in which should be financed from sources, thepermanent verifies the degree more than one year.

A rule of sound financial management by the holder shall be that of a parity sexualmaturity financial assets and liabilities, i.e. permanent needs to be subsidised, thepermanent and temporary needs to be subsidised temporary. In this respect we haveanalyzed the association between the value of the loan in the short term, and the value ofthe assets current assets.

Of the 369 initial sample of statistical units were extracted common values of the


26

two variables that have not been observed nonraspunsuri. VSTC has recorded 114nonraspunsuri, and circulating capital registered 191 nonraspunsuri. After reesantionarii,nonraspunsurilor elimination has been obtained a sample distributed two-dimensional115 units. Statistics Hi-square is insignificant in the case of short-term credit and workingcapital. This means that in the agricultural holdings in Northwest area financialmanagement is disrupted. The credit in the short term can also be used for the financingof investment in the long term, or working capital of undertakings is lower than demandof working capital, in other words it could be that the vast majority of agriculturalholdings to work in the conditions of a treasury negative.

Plant production of a developer set aside, regardless of the form of organization, isdirectly proportional to the annual size of the areas cultivated. Also a crop generates costdepending on the type of such crops. For the purposes of evaluating influence short-termcredit on agricultural production, that farmer's behavior depending on the crop typecharged, I can analyze association between the value of the loan in the short term, on theone hand, and the size areas under cultivation, i.e. the value crops, on the other hand.

The results association, analyzed on the test Pearson Hi-square, argued forstatistical connection of short-term credit, both with the size surface areas as well as withthe value such crops.

From this point of view it might be asserted that plant production has beeninfluenced to a certain extent of the credit in the short term. The intensity of connection isnot strong (statistics Hi-square is not very high in comparison with 0), so that neither theinfluence has not been too strong. A low intensity of statistical connection is highlightedin the case and implications on the behavior of farmer when it comes to finance culturedepending on the crop type. In other words individual farmer have recourse to the creditin the short term as much as general solution for the financing of the cycle of operation,and less on the basis of a certain strategy structured and depending on the amount of theexpenditure on culture.

The analysis credit implications on long-term investment in agricultural area it isto be noted that statistics Hi-square is significant (0.003 <0.05). It can be said that therehave been concerns of intrprinzatorilor farmers for the use of long-term credit foraccumulation of agricultural surfaces Low value statistics taken out, however, revealedan association of low intensity. If we are to analyze data obtained, where we can findboth anticipated number of probability (Expected Count), as well as the difference(Residual) between frequency of association (Count) and the number of predictedprobability (Expected Count), we find that for a given level of the amount of long-termcredit direction difference is the alternative, a fact that emphasizes the lack of a stablebehavior and planned for this tool for financing investments. Production of investment


27

and profit from recouping production represents performance indicators for individualfarmer which give a measure of the extent of making the most of agriculturalinvestments

By analysing the implications of credit on long-term performance carried out byagricultural entrepreneurs can be observed, statitica Pearson Hi-square is significant inthe case of two association analyzed. Also connection statistics in both cases isconsistency (the values of statistics are fairly large). It might be asserted that both theproduction and profit obtained from recouping production were based on finance projectsfor investment in long-term credit.

Spot influence the amount of credit in the long term on agriculture zootechnical,analysis has been carried out, luad in the calculation, the values of cattle, pigs and sheeprecorded at the levels of some years 2012 and 2013.It may be observed that there is some association between the value of the loan in thelong term and all three categories of animals, statistics Hi-square been significant in eachcase (all values are less than 0.05 ). The intensity of connection seems to be greater thanin the case of pigs, with all that this type of investment is usually Christmas holidays upto one year, i.e. in the short term.

Surely credititul both short-term and long-term credit plays an important role inthe life Romanian agriculture. Either that we are talking about the administration of itslife cycle of agricultural business, regardless of its form of organization, whether we aretalking about its investment projects, the two forms of credit have financed bothagriculture plant and animal agriculture.

Judging by using short-term credit in the concept of financial management, wehave highlighted that agricultural holdings Romanian Northwest does not have abalanced behavior, which can be found agricultural undertakings which operate withnegative cash flow.

By analysing punctual influences short-term credit I found within existing plantagriculture concern pronounced a developer set aside for use CST to the financing of theexpenditure on wages and related social insurance expenditure incurred in the crops.

The only crops crops costs of establishment have not been financed from the creditin the short-term have been vegetable crops, i.e. orchards and vineyards, while, in thelivestock farming the only expenditure financed by were those incurred with rearing ofpigs and poultry. This latter result is one natural, judging by depending on the market ofmeat from Romania, with strong inclination of consumption for pork and poultry.

Long-term credit has been used to build-up of land, that is to increase thelivestock. I could highlight a concern delivered for the use of credit in the long term inthe financing of investment projects, the production of investment and profit from


28

recouping production were based in large part on the loan in the long term.The credit has not yet been founded, in one of the factors of development, and

sometimes the survival of Romanina agriculture. A proof of this is the fact that the firstbank in Romania was created in 1873 to support agriculture (The land credit from ruralareas).

Even in the current period for the development of modern market economies,agriculture is supported in all countries, by various means, including bank loans in thefirst positions.

Management in agriculture like in any field - also has a financial side. Financialmanagement as an integral part of the management has in view, in the first place set upand the efficient use of the funds available to each agricultural holding, or even eachindividual agricultural producer. Among these funds, most often, ends apleaza toagricultural credit in addition to own funds.

Options for use of credits, the procedures for the use of the funds objectsereditarii efficiency credits, variants of export credit and reimbursement, determinationof an optimal ratio between self-financing and lending (the latter being primary form ofdebt/equity ratio) constitutes concrete sides and events management of agriculturalcredit.

In aceptiunea modern agricultural credit management should be looked at in tworespects in question of the bank of credit and farm or any customer, of the bank, in thefarming sector.

In the second sentence of doctorate I tried to talk about problematic standingagricultural credit and the management of both sides presented above.

There was also a third alternative, namely, the proposal to manage agriculturalcredit by banks, agricultural credit banks rural land and even credit cooperatives. Thiswould this advantage is that the state would intervene directly with facilities foragriculture such as grace periods may increase, interest lower interest subsidy in part bythe state and covered from the state budget. In this way state intervention inmodernisation of the agriculture sector would be more direct and more efficient. Pointout once again that in all developed countries, agriculture is supported and subsidizedmulti-path.

In this work I endeavored to treat agricultural credit and management at themacroeconomic level, i.e., the agricultural farms. In this respect, I tried to emphasizecomplex mechanisms for the integration of agricultural credit in the quadrant ofdevelopment and modernization of agriculture. I have taken into consideration thatagricultural holdings have an important role in multiple capacities on economic, socialand even cultural in rural areas.


29

Agriculture represents a unique human experience. Whereas it creates more thanin other fields, subjective feeling of authenticity, for the creation of goods essential forthe maintenance of life. This is why they say that agriculture is a primary branch of theeconomy.

Agriculture is which creates great revenues in a situation in which its resources areused wisely. Agriculture may become one of the most profitable sectors on the domesticand international.

Agriculture support rural localities and rural habitat. Collateral may be carried outby other categories of the population than the farmers, being a source of revenue forthem.

In modern times, agriculture can become a modern variant of the industrial output,but not without a high volume of financial resources. The credit may not deprive one ofthem. Farms may be assigned a value individual, by the consumers expect but and socialone that will have to express their support for the company ii accords to development ofthe sector.

Agricultural Credit should be based on modern methods of management. Thesemethods shall be based on:

1) Environmental research the progress of agricultural production;2) Hiring more managerial functions, especially for costituing and usage offunds;3) Modern methods of diagnostic for farms activity:4) Determination on the basis of scientific credit bank risk and the use ofmodern ways of reducing it, in the first instance, by the selection ofcustomers, based on worthiness and guarantees.5) Partnership through cooperation between the bank and the firm that usesagricultural credit may be fixed objectives of sustainable development ofthe firm through optimal use of the report between heritable genetic damageand self-financing;6) Both agricultural holdings, but also banks shall ensure continuous managerialfunctions in the use of funds and risk management of namely 7.7%.

It appears that the management of credit can be approached only sistemtic,which requires careful analysis of the variables and their interactionmanagement dynamically with other components of the system and the qualityof the agricultural bank. In this respect it can be said that the systemmanagement of agricultural credit may be inherent within the businessenvironment.

Such agricultural credit management includes in group entries


30

cus tomers suppliers, the owners, the bank, employees , capital, technologies,resources. Benefits third parties to the holding Fund, government benefits includingsubsidies, facilities, preferential interest rates, etc.

Management of processes agricultural credit shall include internalenvironment, groups of persons, employed, shareholders, customers, externalenvironment. At this stage management groups factors, resources and investments madeaccording to the nature social and economic, after: length of time, efficiency, risk, afterthe supply and demand of products.

Agricultural credit management can be improved and become performant bytaking into account and some of the alternatives of credit. This is why in the last part ofthe work, we have presented the insurance of financial resources to agricultural holdingsand for farmers by individual international financing programs. From this point of viewis distinguished li nantarea agriculture through SAPARD programs.

I tried to prove the present work that these programs are least known for mostagricultural farms. That's why we believe that authorized agencies of the Romanianstate should use in more marketing tool promotion and programs for agriculturalholdings. In this way, the funds would not be able to take a destination other thanagriculture and would no longer remain many times unused. These programs are forimproved performance and food production for diverse range of products made fromthem.

Use even on a large scale of financing through international programs, reduces therole of huge credit in agriculture' victory as a basic sector of the Romanian economy. Werely in this statement on the big material resources and labor force that Romania inagriculture sector has.

Agricultural credit management, is called upon to leverage to these resources aninexhaustible supply. Decision of accesing a credit, as well as the issue of managementof agricultural credit is based on complex information on the need for andadvisability crediting. Runtime and operating, as well as the economic efficiency of theobjectives put into service for the farming sector.

Agricultural credit management should be based on the financing decision, whichin turn will distinguish and the proportion optimii between its own resources and thoseborrowed, i.e. selects financing resources on a cost-oriented basis. For this reason, themanagement is pleading for cheap loans, regardless of the fact that this request comesfrom the management of commercial banks or of agricultural holdings. It is notcontradictory. Credit management from the point of view of the bank may be efficient,and high performant, if it is based on precise calculations for the reduction of riskand the facilities granted by the state.


31

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