EFFICIENCY OF GOVERNMENT SUPPORT AND FINANCING INSTRUMENTS FOR INVESTMENT PROJECT IN THE SECTORS OF AGRICULTURE INDUSTRY

Issue № 9, 2017, article № 3, pages 17-25

Section: Program-target management of development of agricultural production

Language: Russian

Original language title: ЭФФЕКТИВНОСТЬ ФОРМ ГОСУДАРСТВЕННОЙ ПОДДЕРЖКИ И ИНСТРУМЕНТОВ ФИНАНСИРОВАНИЯ ИНВЕСТИЦИОННЫХ ПРОЕКТОВ В ОТРАСЛЯХ СЕЛЬСКОГО ХОЗЯЙСТВА

Keywords: INVESTMENTS, CREDIT, LEASING, SUBSIDIES, EFFECTIVENESS OF STATE SUPPORT, AGRICULTURE INDUSTRY, DAIRY CATTLE

Abstract: In sectors of agricultural production in Russia, starting from 2014 there has been a slowdown in the pace of innovation and investment development, including for reasons of inconsistency between the forms of government support for agricultural production to changes in the macroeconomic environment and the challenges facing the agro-industrial complex. Analysis of investment trends in the agribusiness sectors, comparison of financing instruments and forms of state support for investment projects have revealed significant differences between them in terms of risks, breadth and limitations for agricultural producers. Analysis of the comparative effectiveness of financing instruments and forms of state support for investment projects was carried out within the framework of the public welfare theory. Calculations of the total costs for the implementation of projects by agricultural organizations and society represented by the state that paid subsidies made it possible to compare the overall financial burden on producers of agricultural products, federal and regional budgets. Modeling of financial load of agricultural producers under various financing terms and forms of support is executed counting on the conditional project. New forms of state support for the investment process - concessional lending and reimbursement of capital expenditures - are highly effective for their recipients, but have selectivity and low availability for the bulk of agricultural producers. The necessity of correcting the distribution of government support funds in favour of forms and instruments ensuring the achievement of the optimum from the standpoint of the theory of social welfare is substantiated. Based on the implementation of the "best guarantee principle", a mechanism for limiting the market power of credit institutions authorized to work with agro-industrial organizations was proposed. The expansion of opportunities for most agricultural producers to obtain credit resources at preferential rates with partial compensation of investment costs is especially important for activating the innovation and investment process in dairy cattle, where medium-sized farms form the basis of the industry.

Authors: Surovtsev Vladimir Nikolaevich, Nikulina IUliia Nikolaevna, Paiurova Elena Nikolaevna