INDICATORS OF THE OPTIMALITY OF THE CAPITAL STRUCTURE OF AGRICULTURAL ENTERPRISES

Abstract

In the dynamic conditions of economic development, factors such as increased competition, instability of external and internal factors and the rapid spread of crisis phenomena acquire influence. This situation provokes an increase in financial risks, aggravation of difficulties and the emergence of threats to the production process. In such conditions, the capital of enterprises becomes the basis for economic development and becomes the basis for ensuring the interests of business entities. The formation of an optimal capital structure is an indispensable condition for the successful functioning of the enterprise and ensuring positive values of indicators of operating, financial and investment activities. The optimal capital structure in accordance with the goals of the enterprise and the financial market is also a significant factor in the competitiveness of the modern enterprise. This leads to the need to find such a ratio of equity and borrowed capital, at which the profitability of the company will be the highest. The actual scientific task is to select indicators for assessing the value and optimality of the capital structure of the enterprise in conditions of uncertainty. The article considers the following indicators reflecting the efficiency of capital use: return on assets, equity, products sold, investments and coefficients of autonomy, financing, debt, financial independence, capital maneuverability. The value of these indicators is calculated on the example of the two most vertically integrated agri-food enterprises of Ukraine - MHP S.A. and Kernel. These enterprises are selected for analysis because of their specific gravity and influence in the Ukrainian market. It is in the capital structure of large enterprises that the influence of world processes is most clearly reflected, among which the change in interest rates on loan capital and the epidemic. The article also defines and analyzes the factors of influence on the formation of interest rates for the attracted capital. To assess the possibility of the current structure of enterprises to generate additional profit by attracting borrowed funds, the effect of financial leverage is calculated.