韓国における農業機械化事業と制度金融のあり方

Abstract

The objective of this study is to investigate the optimal interest rate of the institutional financing for farm mechanization. Interest rate of institutional financing to improve farm mechanization is lower than interest rate of other financing because of internal capital rationing in agricultural sector and the gap between private rate of return and social rate. Farmers thought that return rate of farm machinery investment had been low and unstable, had been come out long term. Therefore, interest rate of institutional financing of farm machinery investment has to be lower than market interest rate. The return rate of farm machinery was computed by sample surveys. The return rate of tractor, power tiller and binder was less than 10%, except transplanter and combine harvester. Especially, the return rate of binder and grain dryer was negative. Therefore, interest rate of institutional financing must be lowered.