Optimization of investment activity processes of agroindustrial enterprises of Ukraine

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Optimization of investment activity processes of agroindustrial enterprises of Ukraine

The problem of improving the investment support of the agro-industrial complex is extremely actual and important for agriculture, and the search for the ways of its solution creates a wide field for scientific research in this direction. The present state of the investment process is researched by such scientists as A. Chukhno, V. Heiets, I. Liutyi, M. Krupka, T. Zatonska, D. Chervaiov, I. Drahan, S. Kurylo, S. Shostal and others.

The methodology of the research. The methodological basis of the research includes the provisions of economic theory, research works by the Ukrainian and foreign scientists on the issues of the development and optimization of the investment potential of the Ukrainian economy. The information base of the research is the laws of Ukraine, literary sources, the author's own observations.

The research results. The successful restructuring of the Ukrainian economy in new conditions requires widescale transformation processes in all spheres of social life. Important structural-technological changes aimed at the economic growth of Ukraine need considerable financial support. The processes of the qualitative and structural renewal of production and the creation of market infrastructure are carried out mainly through investments [7].

The issue of attracting investments into the Ukrainian economy in the conditions of economic crisis is acquiring more significance as the state does not have sufficient financial resources for solving a lot of problems of social and economic character.

Ukraine appeared to be not ready for functioning in the conditions of open economy, so, it is not able to either apply preventive measures or give an adequate response to the global crisis processes caused by a number of factors. First of all, Ukraine inherited such features as monopoly, the extensive way of development, disproportions from the USSR, the overcoming of which needs a lot of time. The economy of the state was closely linked with the All-Union economic complex. The main part of its produce was oriented at the continuation of the production process in other states. That is why the breakdown of those links had a negative impact on production. Scientific-technical and technological backwardness and low competitiveness did not give the country an opportunity to integrate rapidly into the international division of labor. The industry of Ukraine is characterized by high energy consumption, thus, without having sufficient own deposits of oil and gas, it depends on the states, which are gas and oil suppliers.

A number of subjective factors also had a negative influence. A great part of the society, first of all the leaders of the country, was not ready for economic reforms psychologically. The reforms did not have a proper scientific basis. The Ukrainian economists and politicians were not acquainted with the laws of market economy. The legal basis for market reforms remained weak: a lot of laws are obscure and contradict with each other. All these processes are still very actual nowadays [9].

The situation with the technical reequipping of industrial and farm enterprises is disastrous, the equipment of many of them is worn out. Energy and resource consumption in the production process 1.5 times exceeds the average European level. That is why Ukraine has to purchase twice as much oil and gas in comparison with the Western European countries.

Agriculture needs immediate reforms. The volume of agricultural produce is constantly reducing: its output in 2012 comprised 70% of 1991 level. The disproportion between the prices of agricultural and industrial produce has deepened: since 1990 the difference between the prices increased 5 times in favor of manufactured goods. Herewith, the Ukrainian economy remains export-oriented with the insufficient domestic market. The share of the export of agricultural produce is 60-65% in the GDP of Ukraine. That is why negative changes in the conjuncture on external markets cause devastating consequences for the national economy [3].

Speaking about the internal agrarian-industrial market, it is characterized by the false overestimating of the level of consumer demand and unstructured investment demand. In the real sector of the national economy production with the small share of added value to the final product dominates. Herewith, the share of final commodities is only 30-35% and raw materials with semi-finished articles comprise 65-70%.

The growth of national economy, which was 6.5% in the first half of 2011, reduced to 2.1% according to the results by the end of the year. And in 2012, in spite of the GDP's growth by 0.4% being provided in the budget, according to experts' estimations the decline of the real GDP in 2012 was 25.5% [1; 9]. In particular, in comparison with 2008 the total of industrial produce reduced by 31.9% including processing industries - by 38.7%, mining - by 17.5%, in the sphere of the production and distribution of power, gas and water - by 15.2% [2, p. 12-14].

The changes of enterprises' financial results for the worse have become an important factor in reducing the intensity of investment activity. Thus, in 2008-2012 more than one third of enterprises suffered losses while in 2007 the share of loss-making enterprises was 28.9%. The largest number of loss-making enterprises was recorded in such regions as Dnepropetrovsk (37.9%), Volyn' (37.5%), Kharkiv (36.8%) and the Autonomous Republic of the Crimea (37,6%) [4; 9].

The directions of foreign investments do not meet the requirements of the structural reformation of the national economy and the world trends. A major part of investments was aimed not at restructuring and modernization of the leading sectors of industrial and agro-industrial complexes but at financial-banking management-consulting services and at wholesale-retail facilities. Herewith, foreign capital monopolized strategic industries and Ukraine has a credit balance in international technology transfer.

Ukraine has a great investment potential of the Agro-Industrial Complex (AIC), which is based on such components as the availability of important product markets, cheap and qualified labor force, favorable strategic location. In the conditions of food crisis, which is observed in many countries of the world, the potential of the Ukrainian Agro-Industrial Complex is of great interest for the leading companies of the world. For the majority of the countries with a transition economy the efficiently used foreign capital is becoming a key factor for their development. Thus, the creation of favorable investment climate in Ukraine is necessary for both national producers and foreign investors [8, p. 17-19].

The analysis of the structure of direct foreign investments according to industries showed that foreign investors prefer such industries as food industry, domestic trade, machine building and metal working production.

The balance of the payments of portfolio investments in Ukraine from 1994 to 1998 was positive, a considerable forthcoming of portfolio investments, especially on the market of securities (till the second quarter of 1998), was observed. Then the outflow of foreign portfolio investments began [6, р. 15-18].

Generally, as the national and world practice proves, not always foreign capital takes into account the strategic interests of the investment receiving country. Foreign investments are primarily aimed at buying the existing enterprises, because with the existing investment climate of Ukraine, only few people risk investing capital into creating new farm enterprises [5].

Scientifically grounded regional investment programs are the state's positive practice in the investment policy concerning agrarian-industrial enterprises. These programs are aimed at supporting the development of certain largescale farm enterprises, which in perspective can become the basis for meeting the demand for food products in the country. Thus, the development of integration processes in the agrarian sector is of great importance for making investment activity more active. The creation of agro-industrial enterprises, which are characterized by a closed production cycle that combines production, processing, storing and selling the manufactured produce, considerably speeds up capital investments for increasing the profit, achieving higher indices of production activity and social effect in rural areas.

In the present conditions for attracting foreign investments into agrarian enterprises it is necessary to develop a complex of measures aimed at improving the investment climate, legal regulation, providing guarantees and the insurance of investment activity, improving the system of motivation and investment tax credits with the aim of the capitalization of income and reinvested profits from the invested capital. At the same time in the conditions of the restricted access to financial-investment support, the problem of the optimization of using investments in consideration of the application of up-to-date technologies and maximizing production profitability arises.

At the present stage the tendency to invest resources mainly in capital assets with the purpose to receive profit is observed. However, to run business effectively and use the attracted finance in the production activity of agrarian enterprises the investment process should involve not only capital assets but other components of production processes, which increase production profitability, namely, seeds, fertilizers, the means of disease and pest control, upto-date technologies, management, labor motivation, etc.

The efficiency of the investment activity, especially the formation and use of investment resources, are influenced by the conditions for business activity, the legal regulation of investment processes, the economic and market situation, investors' opportunities and priorities, the attractiveness of potential investment objects and other factors. The highest level of profitability can help the investor to implement investment projects with the aim of introducing new highly productive technologies of crop, livestock and poultry production. While forming the projects of investment into large-capacity and diversified agrarian organizations it is necessary to take into account not only the level of technological processes but farm produce market conjuncture, which facilitates the optimal uniting of crop and livestock production.

The implementation of the mentioned measures is supposed to improve the general conditions of economic activity, create favorable investment climate, which will become a prerequisite of attracting foreign and mobile internal investments into the agrarian sector of Ukraine.

It should be emphasized specially that the further increase of internal investments is impossible without the increased income and purchasing power of the population. It is especially actual in the conditions of less active international aid, the lack of the state's investment attractiveness and some social instability. The state should appreciate more its main creditor and investor which is its population.

References

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