Forwards as one of the main investment instruments in the agricultural sector of Ukraine
DOI:
https://doi.org/10.33216/1998-7927-2022-276-6-37-43Keywords:
agricultural producers, investing, financial in-struments, derivative financial instruments, derivative, for-ward, futures, hedgingAbstract
The current transformation of the country’s economic system determines instability in the terms and mechanisms of the agricultural sector financing. The use of new financial instruments enhances the capacity of the agricultural sector of the national economy to generate investment resources. Financial instruments such as bank lending, leasing services and investment in agricultural projects are now widely known and used. Improving the investment attractiveness of the country’s agricultural sector and its development potential can be achieved through the introduction of modern financial instruments such as forward and futures contracts. The use of these financial instruments is a promising direction of formation of investment resources. Forwards will be especially useful for those agricultural producers who lost their crops last year and feel a working capital deficit.
The article considers the essence and classification of financial instruments; special attention is paid to the derivative financial instruments. The international experience of their use, as well as their use in the agricultural sector of the economy of Ukraine, has been studied. The main problems faced by market participants of the financial instruments market were revealed. The use of modern market instruments for price risks hedging and trends of the derivatives’ development as hedging instruments on the case of the agro-industrial company is analysed. The main problems of market participants in the agricultural sector of Ukraine have been identified and recommendations on the conditions for the use of financial instruments have been given. Recommendations on the development of derivatives in the grain market of Ukraine and the necessary actions by the interested parties, in particular government agencies, grain market participants, agricultural producers, investors have been developed. The necessity of using modern financial instruments to form the investment resources in the agricultural sector of the economy by combining internal (agrarian receipts, leasing services, forwards, bank financing) and external (bonds, letters of credit, guarantees, factoring) financial instruments for the agricultural sector producers is demonstrated.
References
1. Mizhnarodnyy standart bukhhaltersʹkoho obliku 32 (MSBO 32). Finansovi instrumenty: podannya vid 01.01.2012 r., № 929_029 [Elektronnyy resurs]. // Ofitsiynyy sayt Verkhovnoyi Rady Ukrayiny. – Rezhym dostupu: https://zakon.rada.gov.ua/laws/show/929_029#Text
2. Mizhnarodnyy standart bukhhaltersʹkoho obliku 39 (MSBO 39). Finansovi instrumenty: vyznannya ta otsinka vid 17.10.2013 r., № 929_015 [Elektronnyy resurs]. // Ofitsiynyy sayt Verkhovnoyi Rady Ukrayiny. – Rezhym dostupu: https://zakon.rada.gov.ua/laws/show/929_015#Text
3. Natsionalʹne polozhennya (standart) bukhhaltersʹkoho obliku 13 "Finansovi instrumenty" vid 03.11.2020 r., № z1050-01 015 [Elektronnyy resurs]. // Ofitsiynyy sayt Verkhovnoyi Rady Ukrayiny. – Rezhym dostupu: https://zakon.rada.gov.ua/laws/show/z1050-01#Text
4. Azarov YU. Sekʺyurytyzatsiya – pere-dovi finansovi tekhnolohiyi z upravlin-nya debitorsʹkoyu zaborhovanistyu / YU. Azarov // Yury-dychna hazeta. – 2003. – № 3 [Elektronnyy resurs]. – Rezhym dostupu: http://www.yur-gazeta.com/ru/oarticle/80/
5. Burdenko I.M. Finansovi instrumenty : osoblyvosti yikh klasyfikatsiyi / I.M. Burdenko // Aktu-alʹni problemy ekonomiky. – 2006. – № 4. – C. 24-31.
6. Vovchak O. D., Halʹkiv L. I., Demchyshyn M. YA. Stan i problemy rozvytku bankivsʹkoho kredytuvannya silʹsʹkohospodarsʹkykh pidpryyemstv Ukrayiny. Finan-sovo-kredytna diyalʹnistʹ: problemy teoriyi ta prak-tyky. 2018. Vyp. 3 (26). S. 30–37[Elektronnyy re-surs]. – Rez-hym dostu-pu: https://doi.org/10.18371/fcaptp.v3i26.143846
7. Hmyrya V.P. Kredytnyy mekhanizm finansuvannya ah-rarnoho vyrobnytstva Ukrayiny. Visnyk Universytetu bankivsʹkoyi spravy. 2015. № 2 (23). S. 54–62.
8. HryhorʺyevaKH. Pravovyyanalizforvardnykhza-kupivelʹ zernayakzasobuderzhavnoyipidtrymkysilʹsʹkohospodarsʹkykhpidpryyemstv. Pidpryyem-nytstvo, hospodarstvo i pravo, 2016. №5. S. 47-52.
9. Lupenko YU.A., Feshchenko V.V. Khedzhuvannya finanso-vykh ryzykiv ta suchasnyy rynok deryvatyviv dlya pidpryyemstv ahrarnoho sektoru ekonomiky. Finansy Ukrayiny. 2014. № 11. S. 98–108.
10. Proekt USAID «Transformatsiya finansovoho sekto-ru» - [Elektronnyy resurs]. – Rezhym dostupu: http://www.fst-ua.info/wp-content/uploads/2020/04/Grain-Market-Research_27.4.2020.ukr_.pdf.
