Issue №: 7 (47)
The magazine deals with the problems of the agricultural sector of the economy in the context of integration and processes of globalization. Attention is paid to the issues of development of digital economy, rural territories, technologies of enterprise management and organization of accounting, problems of legal support of economic processes, market tendencies of development of various branches of economy. Particular attention is paid to green tourism as a promising segment of the national economy.
METHODICAL APPROACHES TO DETERMINING THE OPTIMAL LEVEL OF CREDIT FOR OPERATING EXPENSES OF CROP PRODUCTION
MAKOGON Vitaliy - PhD in Economics, Associate Professor of the Department of Finance,
Kharkiv National Agrarian University name after V.V. Dokuchaiev (62483, Kharkiv region, post office
Dokuchaevskoe-2, e-mail: witmak.ua@gmail.com).
HOROKH Aleksandr – PhD in Economics, Associate Professor, Dean of the Faculty of
Accounting and Finance, Kharkiv National Agrarian University name after V.V. Dokuchaiev (62483,
Kharkiv region, post office Dokuchaevskoe-2, e-mail: gorohsasha82@gmail.com).
BRIK Svitlana - PhD in Economics, Associate Professor of the Department of Economic Analysis
and Accounting, National Technical University «Kharkiv Polytechnic Institute» (61000, Kharkiv,
Kyrpychova st., 2; e-mail: svetsvb@gmail.com).
The development of the agrarian sector of the economy essentially depends on the level of its credit
support. The conducted studies have shown that effective use of credit resources to finance the production
costs of agricultural products manufacturers is possible only if the law of diminishing returns is taken into
account. The testing of the classic approach on the example of the agricultural enterprises to determining
the effect of financial leverage as one of the main indicators of the efficiency to use the borrowing capital
has shown that it does not take into account the effect of the law of diminishing returns and may lead to
erroneous conclusions regarding the appropriateness of using short-term loans to finance operating
expenses. The developed methodical tools allowed establishing the reduction of the optimal level of
production intensity of certain types of agricultural products with the use of the borrowed funds compared
with the financing option solely at the expense of their current assets. The size of the optimal level reduction
of production intensity under the condition of using credit resources depends on the level of the interest
rates. The higher the interest rates the greater the reduction of the optimal level of intensity. It has been
established that the optimal level of production intensity under the condition of financing expenses by the
own and borrowed capital does not depend on the coefficient of financial leverage (the ratio of the own
and borrowed capital). The developed methodical tools allow to determine the amount of the borrowing
capital that does not reduce the amount of the expected profits in comparison with what can be obtained
under the condition of financing only at the expense of the available own funds, but will contribute to a
significant increase in volumes of commodity products.
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9. Vovchak, O.D., Halʹkiv, L.I. & Demchyshyn, M.Ya. (2018). Stan i problemy rozvytku
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tovarovyrobnykiv: ekonomiko- pravovi problemy [Lending of agricultural commodity producers: economic and
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It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)
The journal is the successor to the edition ”Collection of Scientific Papers of Vinnytsia National Agrarian University. Series: Economic Sciences. "
