Short‐ and Long‐Run Credit Constraints in French Agriculture: A Directional Distance Function Framework Using Expenditure‐Constrained Profit Functions
利用法国农户面板数据，扩展了信贷约束利润最大化模型，发现信贷和投资约束的存在，且无约束农户规模更大、绩效更好，形成良性循环。
This empirical application investigates the eventual presence of credit constraints using a panel of French farmers. The credit‐constrained profit maximization model proposed by Färe, Grosskopf, and Lee is extended in three ways. First, we rephrase the model in terms of directional distance functions to allow duality with the profit function. Second, we model credit constraints in the short‐run and investment constraints in the long‐run using short‐ and long‐run profit functions. Third, we lag the expenditure constraint one year to account for the separation between planning and production. We find empirical evidence of credit and investment constraints. Financially unconstrained farmers are larger, perform better, and seem to benefit from a virtuous circle where access to financial markets allows better productive choices.