Vashechko Y. Investment attractiveness of agricultural enterprises

The theoretical, methodological and practical aspects of the increase of investment attractiveness of agricultural enterprises have been researched. The сonceptual and categorical apparatus of clarification of the essence of the economic categories «investment» and «investment attractiveness» has been improved. On the basis of theoretical aspects research, proposals on the improvement of the interpretation of the economic content of investment attractiveness as a system of complex characteristics of an enterprise as an investment object, which includes a set of objective and subjective factors, and gives grounds for winning a competitive struggle for investment resources on the basis of taking into account the investors interests were clarified and justified. It is founded that agricultural production as an object of business has some specific features, and accordingly the assessment of investment attractiveness must also take into account these features. It is proved that most techniques can not be used for agriculture; they are unsuitable and can lead to false conclusions. Based on the review of methodological approaches to the estimation of investment attractiveness, estimation methods for several features have been systematized. The classification is supplemented by a classification feature from the position of choosing a methodology for estimating the investment attractiveness of an enterprise depending on the internal and external investor. The approbation of methodical approaches to assessing the investment attractiveness of agricultural enterprises has been made. It is founded that the selected set of indicators that are part of a specific estimation methodology affects the final rating of the investment attractiveness of an enterprise. The lack of connection between the estimation indicators of investment attractiveness of the enterprise and the growth of net investments was revealed. It is founded that the achieved level of investment attractiveness of Ukraine in general and the agrarian sector, in particular, is rather low, but tends to increase. The analysis of several capital investments of enterprises of the districts of Kharkiv region showed that in 2017 the enterprises of Kharkiv and Dergachi districts occupy the leading positions. It was established that the high proportion of sunflower in the structure of crops and the low density of livestock does not lead to an increase in the investment attractiveness of the enterprise, but rather reduces it. Based on the average arithmetic rank of investment attractiveness by the three investigated methods the rating of investment attractiveness of the investigated agricultural enterprises of the Kharkiv region has been determined. The influence of factors on the investment attractiveness of agricultural enterprises through correlation and regression analysis has been investigated. It is proved that the most significant factors influencing the volume of growth of investments per 1 hectare of agricultural land is the coefficient of production potential, the coefficient of depreciation of fixed assets, the duration of the turnover of accounts payable, the profitability of production, the level of payback of expenses by revenue, the value of circulating assets, per hectare of agricultural land and these should be taken into account in the estimation methodology of the investment attractiveness of agricultural enterprises. The methodical approach to estimating net investments of agricultural enterprises as one of the main indicators of investment attractiveness has been improved. It is proposed to calculate net investments by calculating the growth of non-current and current assets. The proposed methodological approach on the materials of the investigated agricultural enterprises of the Kharkiv region has been tried and its reliability has been established. It is determined that the main directions of increasing the investment attractiveness of agricultural enterprises are the consideration of logistic, territorial features and natural and climatic conditions. It is established that the remoteness from the regional centre as the largest market for agricultural products, as well as the remoteness from large centres of processing product, affects the formation of the investment attractiveness of certain types of agricultural products. The close relationship between natural and agricultural zoning and the volume of production costs per 1 hectare of agricultural land as an indicator of investment attractiveness of certain types of agricultural products has been revealed.