The present paper empirically analyzes the efficiency of European Union (EU) subsidies for farms in the Southern Great Plain region of Hungary between 2014 and 2021. The aim of this analysis was to explore whether the subsidies increased the resilience of farms, enhancing their profitability, liquidity and solvency, and economic efficiency, measured by the usual financial indicators of farm performance. The analysis also evaluated the ability of farm businesses to create and retain jobs, i.e., to increase employment in the rural environment, focusing on differences between the subsidized and non-subsidized farms. The research analyzed all agricultural companies of the selected region. The methodology was a non-parametric statistical analysis (Kruskal–Wallis test, Dunnett’s T3 test) for identifying significant differences between subsidized and non-subsidized farms in the 8-year period. Results show that subsidies significantly improved the financial stability, resilience and efficiency of subsidized farms only in the micro size category, and the employment indicators deteriorated more in subsidized farms than in non-subsidized ones. Thus, the intended purpose of the subsidies was not entirely realized, and positive impacts were noticeable only in the micro enterprises. This might imply that subsidies contributed to the survival of non-viable enterprises instead of enhancing their competitiveness.

中文翻译：

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CAP 补贴对匈牙利农场财务风险和抵御能力的影响，2014-2021 年

本文实证分析了2014年至2021年间欧盟（EU）对匈牙利南部大平原地区农场的补贴效率。本分析的目的是探讨补贴是否增强了农场的弹性，提高了其盈利能力，流动性和偿付能力以及经济效率，通过农场绩效的常用财务指标来衡量。该分析还评估了农场企业创造和保留就业机会的能力，即增加农村环境就业的能力，重点关注补贴农场和非补贴农场之间的差异。该研究分析了所选地区的所有农业公司。该方法是一种非参数统计分析（Kruskal-Wallis 检验、Dunnett 的 T3 检验），用于识别 8 年期间补贴农场和非补贴农场之间的显着差异。结果表明，补贴仅在微观规模类别上显着提高了补贴农场的财务稳定性、弹性和效率，并且补贴农场的就业指标比非补贴农场恶化得更多。因此，补贴的预期目的并没有完全实现，积极影响只在小微企业中显现出来。这可能意味着补贴有助于无法生存的企业的生存，而不是增强其竞争力。