عوامل متمايز كننده طرح هاي سرمايه گذاري كشاورزي موفق و ناموفق ( مطالعه اي در چارچوب روش تحليل تابع تبعيضي)

Factors Differentiating the Suceessful and Non- successful Agricultural Investment Projects: A Discriminant Funtion Analysis

A considerable share of the Agricultural Bankʹs financial resources is allocated to agricultural investment projects which in tum contribute to the agriculture as well as other sectorsʹ overall economic growth in Iran. Evidence shows, that a number of the projects fail to get completed and operative. Failure of the projects causes waste of the allocated national recourses and brings irreparble losses to the investors in the projects. In addition, the latter impedes the flow of loan repayments. Thus, a specification of factors that differntiate failed and successful projects is of significant importance. In the present research it is attempted to determine the factors that may result in the failure of the investing project, financed by the Agricultural Bank of Iran. The study was carried outbyselecting a sample of 116 agricultural projects financed during 1370-1382 in four provinces of: Fars, Esfahan, Kermanshah, and Khorasan using discriminant function analysis. Results indicate that human capital stock (education level of the projectsʹ directors) is the most important factor affecting the performance ofa project. Work experiences of the managing director are other important factors differentiating failed from non-failed projects. The managing director being a previous bank customer or not is another major factor in discriminating the two groups of projects. The types of investing project, the "ratio of the ownerʹS investment in the project to the allocated bank credit", and the type of collateral are the other significant factors contributing to a differentiation between failed and non-failed projects.