The dissertation is devoted to the elaboration of theoretical and methodological foundations, methods and scientific & practical recommendations on the improvement of financial policy for capital reproduction in the agrarian sector. The essential meaning of the notion “financial policy for capital reproduction in the agrarian sector” is defined in the context of the regulation of financial relations in the process of continuous and intensive renovation of capital in its commodity and financial form.
The determinants of financial policy for capital reproduction in the agrarian sector are systematized. The capital reproduction patterns are determined, with outlining the peculiarities of its cycle in the agrarian sector. A causal model is developed, demonstrating the causal links involved in satisfying the needs related with attracting additional capital, increasing the capitalization of the agrarian sector, raising the sufficient amount of capital invested in various forms across the phases of reproduction cycle.
The poly-methodological approach to the cognition of the financial policy for capital reproduction in business entities operating in the agrarian sector of the economy is proposed. Setting up and implementation of the financial policy for capital reproduction is conceptualized, with building a conceptual model integrating several modules, i. e. methodology, organization and methods, analysis and implementation, laying the basis for selecting financial policy instruments.
The principal characteristics of land as the basis for capital reproduction in the agrarian sector through the impact of land rent on simple and extended capital reproduction are determined. It is demonstrated that the inclusion of land in the reproduction process generates income inflow to central and local budgets that are the key sources for financing the expenditure for the sustainable development in the agricultural sector.
A methodological construct for the government’s financial policy for capital reproduction in the agrarian sector is built, which covers the process of policy setting and implementation, thus enabling to broaden the methodological base of the government’s financial policy and increase the rates of capital accumulation.
The functions of the government’s financial policy in the agrarian sector are substantiated. The directions of the mechanism designed to implement budget components of the financial policy for capital reproduction in the agrarian sector are determined.
The differentiated approach is used for substantiating the characteristics of financial policy for capital reproduction in the agrarian sector, with highlighting the policy types: technocratic financial policy pertaining to accumulation of investment resources required to increase the capacity of fixed capital and strengthen the circulated capital, to ensure the balanced development; segmented policy aiming to increase the output of finished products and the capital return; unified policy designed to finance the reproduction of fixed capital by use of various sources of capital, e. g. land and property leasing, commodity lending. The definition of “agrarian policy for capital reproduction” is clarified and proposed to be interpreted as a set of measures on management of social and economic, production and technological, and environmental and recreational relations in the process of continuing intensive reproduction (simple or extended) of the commodity form of capital on the principles of long-term, sustainable, innovation-driven development of agriculture, food industry and processing of agricultural products.
The contour of macroeconomic parameters of the financial policy for capital reproduction in the agrarian sector of Ukraine is determined as an instrument for GDP distribution, allowing to assess key indicators of capital reproduction and optimize the selection of financial policy levers and instruments. It is revealed that the policy for capital reproduction has extensive focus, which has adverse effects for the formation of accumulation fund and reduces the material base for the extended reproduction in the agrarian sector.
Recommendations to stimulate the financial policy for capital reproduction in the foreign economic segment of the agrarian sector are given. A comparison of the impact of the main capital components on change in GDP reveals that equity capital has become the dominant factor of economic growth.
Key words: financial policy; capital, reproduction; agrarian sector; methodological construct; investment, lending and leasing policy; stock exchange instruments; budget support; efficiency.
