Оценка динамики собственного капитала агрохолдингов в Российской Федерации

Abstract

The aim of the work is to assess the dynamics of the equity capital of agricultural holdings in the Russian Federation in order to analyze changes in their financial, economic and investment potential, as well as to identify factors that affect the change in such dynamics. The study was conducted on the basis of balance sheet data from a sample of 50 individual legal entities - mainly management companies related to the country’s leading agricultural holdings. The trend of increasing both the nominal and real value of the equity capital of agricultural holdings during 2009-2021 is revealed. The trend changed in 2022. The main factors influencing the dynamics of the real value of equity capital of agricultural holdings during the analyzed period are the following: state financial and administrative support; withdrawal from the domestic market of foreign companies-competitors starting from 2014. It is proved that as the real value of equity (that is, the base of comparison) increases, the degree of influence of inflation and the key rate of the Bank of Russia has a greater impact on the dynamics of the studied indicators than other factors. This pattern makes anti-inflationary measures and cheaper loans more appropriate in the list of possible tools for state regulation of the agro-industrial complex. As the real value of equity grows, the marginal usefulness of direct financial support for the subjects under study also decreases. The value of return on equity in terms of net profit of the studied subjects in the amount of 17.17% in the economic conditions of the Russian Federation is estimated by us as one that allows the industry to develop, but does not indicate the presence of superprofit and the possibility of rapid accumulation of investment potential for significant activation of investment processes in related and other industries. In such circumstances, state financial and administrative support for the agricultural sector remains relevant, given the continuing need to ensure the country’s food security.