ASSESSING THE IMPACT OF RESOURCE INNOVATION POTENTIAL ON THE FINANCIAL EFFICIENCY OF THE UKRAINIAN AGRICULTURAL SECTOR

Abstract

The purpose of the study is to improve the methodological support for the assessment of the financial efficiency of the agricultural sector of Ukraine under the influence of the innovative potential management of its resource provision. The main scientific methods used in the study are fundamental provisions of the theory of innovation and finance, correlation and multifactor regression analysis, mathematical programming, etc. According to the results of the conducted research the parameter of technological progress as an indicator of the level of innovation development of the agrarian sector of the Ukrainian economy was obtained after modelling of autoregressive multiplicative Tinbergen-Solow production function. The numerical value of the technological progress parameter indicates a potential for additional growth in agricultural output of +0.142%, while other conditions remain unchanged. 23 indicators of the state of the resource provision of the agricultural sector were systematized in 4 groups: the results of the production activity of the agricultural sector (6 indicators), the resource supply of the agricultural sector (8 indicators), the efficiency of the use of resources by agricultural enterprises (4 indicators), and sustainability of the financial condition of agricultural enterprises (5 indicators). A power-law four-factor regression model of the impact of the output volume of the agricultural sector, the value of current assets, return on capital and the current liquidity ratio on the volume of net profit of agricultural enterprises of Ukraine was obtained. It is proved that the elasticity of net profit for agricultural output is 0.01%, for the value of current assets - 1.46%, for capital accumulation - 0.72%, for current liquidity - 3.2%. We constructed the target functions of maximization of the agricultural production output on the basis of the Tinbergen-Solow production function, net profit on the basis of the four-factor power model of net profit, return on equity on the basis of the two-factor DuPont model for the short term. The solving of target functions allowed for maximization of the return on equity of agrarian enterprises of Ukraine only at the expense of the existing innovation potential of production resources and will be used in further research by the authors.

Keywords

• financial efficiency
• innovation development
• production function
• resource potential
• maximization