ISSN 2225-7543

UDC 005.35

Vitalii Kuzhel, PhD in Economics

Odesa National Academy of Food Technologies, Odesa, Ukraine

The theoretical basis of investment support of the development of the enterprises of agro food sphere

В.В. Кужель, канд. екон. наук

Одеська національна академія харчових технологій, м. Одеса, Україна

Теоретичні засади інвестиційного забезпечення розвитку підприємств агропродовольчої сфери

В.В. Кужель, канд. экон. наук

Одесская национальная академия пищевых технологий, г. Одесса, Украина

Теоретические основЫ инвестиционного обеспечения развития предприятий агропродовольственной сферы

Researching conceptual directions of forming complex approach to determining the content of the investment potential of enterprises agro-food sector. The author notes that the state investment policy should be directed on the creation of favourable investment climate in the country and stimulate the inflow of private capital and searching of new forms of state and private investment. An integrated approach is the result of a combination of resources, streaming and value for investment security in which outlines the investment potential is represented by the set of all investment flows of the company which in the process of investment move in vector maximization value of the business and is the basis of its competitive advantage.

Key words: investment security, agro-food area, investment flows, investment climate, public investment, policy.

Дослідженні концептуальні напрямки формування комплексного підходу до визначення змісту інвестиційного потенціалу підприємств агропродовольчої сфери. Приділено увагу державній інвестиційній політиці, яка повинна спрямовуватись на створення сприятливого інвестиційного клімату в країні, стимулювання притоку приватного капіталу, а також пошук нових форм спільного приватного і держаного інвестування. Комплексний підхід є результатом поєднання ресурсного, потокового та вартісного підходів до інвестиційного забезпечення, у контурах якого інвестиційний потенціал представлений сукупністю усіх інвестиційних потоків підприємства, що у процесі здійснення інвестиційної діяльності рухаються по вектору максимізації ринкової вартості бізнесу і є основою формування його конкурентної переваги.

Ключові слова: інвестиційне забезпечення, агропродовольча сфера, інвестиційні потоки, інвестиційний клімат, державна інвестиційна політика.

Исследованы концептуальные направления формирования комплексного подхода при понимании экономической категории инвестиционного потенциала предприятия агропродовольственной сферы. Уделено внимание государственной инвестиционной политике и ее влиянию на инвестиционной климат в стране, стимулированию притока капиталов и поиск новых форм объединения государственного и частного инвестирования. Комплексный подход представлен результатом соединения ресурсного, стоимостного подходов и инвестиционных потоков при инвестиционном обеспечении, у контурах которого инвестиционный потенциал представлен совокупностью всех инвестиционных потоков предприятия, что в процессе инвестиционной деятельности движутся по вектору максимизации рыночной стоимости бизнеса и являются основой формирования конкурентных преимуществ.

Ключевые слова: инвестиционное обеспечение, агропродовольственная сфера, инвестиционные потоки, инвестиционный климат, государственная инвестиционная политика.

Introduction. The experience of economically developed countries shows that the volume of investments, regardless of their type and form, is one of the most important factors in the development of the national economy, and the of investment deposits-as an indicator of changes in total demand, production volumes and the level of employment population.

The investing of the production can increase production levels, improve the quality of products, gives the possibility of creating a socially-attractive jobs with high level of payment. New technologies allow to increase the market value of the business. The growth of tax income to the state budget allow to increase investments aimed at the development of social sphere (social infrastructure, education, medicine, science). The growth of the activity of the socially-oriented policy can allows to solve a wide range of social problems and establish harmonious development of society.

Thus, the functioning of agro food sphere is impossible without investment that will ensure the continuity of production, development and implementation of innovative and social programs and projects that will increase production volume and production and will increase the effectiveness and functioning of given companies.

Analysis of recent research and publications. The works of such outstanding research scientists as: V.G. Andryichuk, I.Y. Gryshova, M.Y. Demyanenko, N.S. Krasnokutska, I.O. Kryukova, Y.O. Lupenko, M.I. Malyik, P.T. Sabluk, I.B. Homa, L.F. Chumak, A.V. Chupys, O.H. Shpykuliak, T.S. Shabatura and others [1–8] are dedicated to the problem of the theoretical and methodological working out for the formation, management and evaluation of the investment potential of the company.

Despite the scientific results obtained and the significance of experience, is logically incomplete theoretical and practical bases of enterprise content investment potential as an economic category, which increases the relevance of the problem in terms of recovery of the economy of Ukraine.

Objective. Is to study the conceptual directions of forming an integrated approach to determining the content of the investment potential of agro food sphere.

The main material presentation. Investments are means of structural transformation of production and social potential, its subordination to the demands of the market. The state should join the public interests of the society (maintaining its level of prosperity) with the interests of business activities, including through the regulation of investment flows.

State investment policy is aimed at creating a favorable investment climate in the country to encourage the inflow of private capital and the search for new standards and joint –private and state investment.

The state determines the investment policy as being able to realize their influence in the legal acts regulating investment flows, funding priority, and so on. The investment policy is realized in close connection to social and economic policy. The solutions of the economic problems are closely connected to social and economic policy. Therefore, the investment policy can be considered an important area of social and economic state policy, which allows to achieve the goal through public financial management, regardless of their source. Therefore the creation of the abilities of the wide attraction of investments in the agro-food sphere is the most important part of its agricultural policy today.

To carry out the normal production process to recover the investment potential of the agri sector. It is necessary to resolve the issue:

  • Raising the level of their own sources amortization and profit possible elimination of disparity in prices for agricultural products enterprises, processing and food industry, material and technical resources they consume;

  • Reducing the tax burden;

  • Debt restructuring, including extension and withdrawal.

The investment policy is based on the following principles:

  • Decentralization of investment, increase in own funds in total investment, strengthening the role of depreciation to finance investments;

  • The return of centralized capital investments;

  • Expansion of mixed funding;

  • Implementation of control over the proper use of public investment;

  • Capacity insurance and guarantee public investment;

  • Promotion of foreign investment.

Question investment enterprises agri areas can not be separated from other issues of national economic development. The main problem, as the agricultural sector in general and for the enterprises of agro-food sector, which affect infusion both domestic and foreign investments are the following:

  • Creating a complete market infrastructure;

  • Lack of government support;

  • Low level of foreign investment;

  • Violation of linkages;

  • Reducing the level of technical support;

  • Deterioration of social services;

  • Disparity in prices for agricultural products and industries that provide the necessary resources;

  • Inadequacy of tax and customs legislation;

  • Monopoly service, processors and trade.

For businesses, agri scope to expand the capabilities of potential investors is very important information about the level of investment attractiveness (Fig. 1).


Группа 5154

Fig. 1. The investment attractiveness of the agro-food sector

Source: author's elaboration.

To improve the investment activity of the population state should ensure a high standard of living, social security of citizens to care for the welfare of the nation.

The investment climate in the agricultural and food sector is a set of socio-economic, political and financial factors of the level of attractiveness of investment and determines the amount of investment risk (Fig. 2).

The investment potential reflects the financial and economic situation and the availability and variety of types and objects of investment. It exists by considering the main economic and financial indicators. (The availability of the necessary factors of production – labor, capital assets and infrastructure, and the solvency of the consumer demand of the population).

The investment market shows the loss of investor. The investment risk is identifying to invest the company or not. Unlike the investment potential the behavior of the market participants may change quickly. Essentially, the risk is qualitative characteristic. On the level of investment risk affects the socio-political, economic, environmental and social situation in the country.

A special place belongs to the methodological principles and approaches to its investment potencial of the enterprise of Agricultural and Food Sector, in the scientific literature [5–8].

Comprehensive approach is the resalt of a combination of resources, streaming and cost approaches to the interpretation of attribution category "Investment potential of the enterprise", in which circuits the investment potential is represented by a set of all investment flows of the enterprise, that in the process of carrying out investment activities are moving in the direction of maximizing the market value of business, which is the basis for the formation of its competitive advantage (Fig. 1).

Группа 5080

Fig. 2. The main elements of the investment climate in the agricultural and food sector

Source: elaboration of author.

Группа 4974

Fig. 3. Conceptual directions of forming an integrated approach to determining content of investment potential of the enterprise [5]

In developed countries one of the most effective ways of infusion of capital investments to the agroindustrial enterprises is to provide guarantess against various types of risks that should be included in preserving Ukraine as a consumer of finished imported machinery and food products. That’s why attraction of foreign investments has a local character now. Attracting foreign investments will become more realistic if we direct them to the development of expert facilities. Orientation on the modern markets will raise the standards of domestic products and thus it will improve the guality of food in the country. Investment activity is a necessary condition for the turnover of an enterprise.

In turn production activity motivates new investments. From this point of view the activities of agroindustrial enterprises includes investment the principal activities. Investment movement acts as a circuit of investments and forms the investment cycle. This movement is constant because the income that is generated during the implementation and embedding investment resources in the activities of objects each time is decomposed into consumption and accumulation which are the basis for the next investment cycle. Totality of the circuit acts as the investment turnover (Fig. 4).


Группа 4931

Fig. 4. Investment turnover in agroindustrial sphere

Source: author's elaboration.

The level of investment efficiency is directly related to the sources of their funding. The very low level of efficiency is in preferential investment credit.

Much better economic results are achieved in the financing of investments of state budget and mixed financing.

The importance of these factors that shape the effectiveness of targeting investments in agri-food sphere are very important to achieve the efficiency of investment in the field of agri-food. Besides factors of efficiency investments can be divided into internal and external (Table 1).

Table 1

External and internal factors of directing investments in Agro-Food Sector

Factors directing investments in Agri-Food cector


  • Selection of priority investments

  • Formation of investments

  • Terms of realizations of demands

  • Distribution of investments by properties

  • Specialization of enterprises

  • Providing of technologies and investments

  • The organization and implementation of production

  • The evel of expenditure


  • The level of inflation

  • Prices of agrarian and processing food industry

  • Interest rates on received loanes

  • Size of taxes

  • Seasonality of production

  • Climatic conditions

  • Demand for production

Source: author's elaboration.

Investment potential should characterize the real capacity of the enterprise on actual usage of resources for the implementation of development strategies, which is maximizing the business value, taking into account balance of resources, their specific restrictions etc.

Conclusions and recommendations for further research in this direction. Summarizing the foregoing we approach the consideration of the investment potential of the enterprise as a set of available investment flows, organic interaction is in the process of investment company generates ability to mobilize and accumulate in the specified range of investment flows to implement tactical and strategic goals of the company.

According to an integrated approach in-depth understanding of the concept of "investment potential of the company," defined as the set of available investment flows, organic interaction of which in the process of investment company generates ability to mobilize and accumulate in the specified range of investment flows to implement tactical and strategic goals of the company.

Using of integrated approach to the definition of investment potential of the company requires the deepening of methodological apparatus on the study, which determines the direction of research.


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