农业企业融资:长期趋势与结构变化分析

A. Buriak, S. Boiko, I. Demianenko
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摘要

本文致力于研究乌克兰农业企业融资的长期趋势。有人认为,农业是乌克兰经济中最重要的经济活动类型之一,与其他相关类型的经济活动(加工工业,贸易)一起占国内生产总值的一半左右。在这种情况下,确保农业可持续发展的重要任务是在尊重充足原则和金融稳定原则的情况下为农业企业融资。提出了绝对指标和相对指标体系在乌克兰农业企业融资实证评价中的应用,以及回归分析、相关分析等技术。研究发现,在研究期间(2009-2019年),乌克兰农业企业的财务资源增长了7.2倍,超过了按经济活动类型(运输、仓储、邮政和养鸡)划分的企业财务资源总量的增长率。活动(工业、建筑、批发和零售贸易、金融和保险活动等)。本文认为,乌克兰农业企业长期融资分期应基于七个特征(财政资源总量、股权、长期负债、流动负债、金融稳定水平、企业规模优先级和农业活动类型优先级)。通过对乌克兰农业企业财政支持的实证评估,可以区分出三个时期:2010-2013年—乌克兰农业企业以股权优势增加财政资源,保证企业财务稳定,违反支付纪律;2014-2016年,在借贷资金占主导地位的情况下,农业企业的财务资源减少,在经济、货币和政治不稳定的情况下,企业的财务稳定性部分丧失;2017-2019年-增加农业企业的财政资源,恢复财政潜力,重点转向专门从事一年生和二年生作物种植、畜牧业、农业辅助活动和收获后活动的中小型农业企业。关键词:农业,农业企业融资,金融资源,股权,贷款资金,长期趋势。
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Financing of agricultural enterprises: analysis of long-term trends and structural changes
The article is devoted to the study of long-term trends in the financing of agricultural enterprises in Ukraine. It is argued that agriculture is one of the most important types of economic activity for the Ukrainian economy, as together with other related types of economic activity (processing industry, trade) form about half of GDP. In such conditions, an important task of ensuring the sustainable development of agriculture is the financing of agricultural enterprises while respecting the principles of sufficiency and financial stability. The application of a system of absolute and relative indicators for empirical assessment of financing of agricultural enterprises of Ukraine, as well as technologies of regression analysis, correlation analysis is proposed. It is established that the financial resources of agricultural enterprises of Ukraine in the study period (2009–2019) increased 7.2 times, which exceeds the growth rate of total financial resources of enterprises in the economy and by type of economic activity (transport, warehousing, postal and chickens). activities, industry, construction, wholesale and retail trade, financial and insurance activities, etc.). It is argued that the periodization of financing of agricultural enterprises of Ukraine in the long run on the basis of seven features (total financial resources, equity, long-term liabilities, current liabilities, level of financial stability, priorities by size of enterprises and priorities by type agricultural activity). The empirical assessment of financial support of agricultural enterprises of Ukraine allowed to distinguish three periods: 2010–2013 – toincrease in financial resources of agricultural enterprises of Ukraine with the predominance of equity, ensuring the financial stability of enterprises, violated payment discipline; 2014–2016 – toreduction of financial resources of agricultural enterprises under the condition of predominance of borrowed funds, partial loss of financial stability of enterprises during economic, currency and political instability; 2017–2019 – toincrease in financial resources of agricultural enterprises in the direction of restoring financial potential with the transition of importance to medium and small agricultural enterprises specializing in the cultivation of annual and biennial crops, livestock, ancillary activities in agriculture and post-harvest activities. Keywords: agriculture, financing of agricultural enterprises, financial resources, equity, loan capital, long-term trends.
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