Regional differences in the capitalisation of first and second pillar payments of the CAP into land rental prices
基于巴伐利亚农场数据，研究发现共同农业政策的第一支柱支付和欠发达地区支付分别有30%和40-50%资本化进土地租金，但农业环境支付无显著影响，且资本化率在不同区域差异很大。
Abstract Nearly 80 per cent of Common Agricultural Policy (CAP) expenditures are spent on three different measures: first pillar payments (FPPs), agri-environmental payments (AEPs) and less favoured area payments (LFAPs). Based on a dynamic panel model and farm accounting data for Bavaria, we find that, on average, 30 per cent of FPPs, 40–50 per cent of LFAPs, but no relevant share of AEPs are capitalised into land rental prices. The capitalisation ratio varies considerably across regions. Above average capitalisation ratios for FPPs are observed in more favourable areas with high yields, a low grassland share and large farms. The same is true for LFAPs for areas with high yields, large farms and a greater share of part-time farmers.