Investment activity is considered in research work as a purposeful specific process of regulatory, organizational, economic and financial influence of the entity on the formation and transformation of resources from one form to another, characterized by the availability of own and access to borrowed funds potentially possible to attract, favourable environment based on the levers of state regulation, which contributes to additional profits, achieving economic, social and environmental effects, namely the creation of conditions for expanded reproduction.
The components of organizational and economic support of investment activities of agricultural enterprises, which are presented as a system of management
methods and levers that provide a mutually agreed impact on the object of management, on the basis of which the harmonization of economic interests of its participants is achieved, capitalization growth is ensured and qualitative improvement of the production potential of the enterprise.
The principles of reproduction policy formation of the agricultural enterprise within the limits of their investment maintenance are systematized, observance of which allows the enterprise to provide the expanded reproduction of resource potential and to increase efficiency of production activity.
The system of indicators of investment activity efficiency is substantiated, which includes the following indicators: investment and production efficiency,social, budgetary and ecological efficiency. The proposed method allows to calculate the integrated indicator of efficiency of investment activity as the product of the integrated indicator in each group on the expertly determined coefficient of weight of each group of effects, which at the level of an individual enterprise are determined on the basis of multiple factors.
Deepening sectoral distortions in the production of agricultural products was revealed due to a higher level of profitability of crop production compared to animal husbandry, orientation of agricultural producers to foreign markets, and much lower investment risks, as well as the presence of strong incentives from the state in the form of export VAT compensation.
The positive dynamics of the volume of capital investments by farms of the corporate sector in 2010-2019 was established, 98% of which are directed to tangible assets and 65% - to the purchase of machinery and equipment. There was an intensification of investment expenditure in fertility of agricultural lands, large enterprises more than three times, medium - almost twice, small enterprises - by 5.2%, but their value is insignificant, and even if they ensure growth, a positive effect on the process of increasing soil fertility is not achieved.
The structure of sources of investment formation by agricultural enterprises is studied, on the basis of which it is concluded that there are no conditions for diversification of sources of investment resources and the need to develop a set of measures at the macro and micro levels to intensify investment processes.
It is established that the average payback period for capital investment in agricultural enterprises does not exceed 5 years, which indicates their choice of investment that provide replacement or addition of technical and technological equipment, with a short payback period, leaving out of priority expensive investment projects with long payback period.
The dynamics of the ratio of value added to capital investment was analyzed, based on which it was found that the value of this indicator in large businesses decreased by 4 times due to their focus on the production of low value-added agricultural products. The directions of increasing the efficiency of investment activity of agricultural enterprises by realization of investment projects on irrigation, formation of regional infrastructure of water supply, introduction of adaptive technologies of cultivation of agricultural crops, construction of ecologically oriented livestock complexes is substantiated.
The system of indicators of information and analytical support of investment management, focused on making strategic investment decisions and effective current management of investment activities, is substantiated. Methodical foundations for the formation of registers of primary, analytical and synthetic accounting and financial reporting of purchased agricultural lands have been developed, which should be included as components of the information database for management decisions.
Comparative and profitable approaches to the valuation of agricultural land are proposed, the choice of which it is advisable to implement in accordance with existing standards, however, the appraiser has the right to limit himself to those approaches and methods that will allow to objectively determine the valuation.
