[The investment activity of agricultural enterprises and its financing by tools of capital market] | Investičná činnosť poľnohospodárskych podnikov a jej financovanie nástrojmi kapitálového trhu
2009
Serenčéš, P., Slovenská poľnohospodárska univ., Nitra (Slovak Republic) | Majerník, M., Slovenská poľnohospodárska univ., Nitra (Slovak Republic)
Investment means rational allocating of money funds both inside of company, also in its economic surroundings. The aim of work was to determine the factors which impacted development and structure of investments in the selected group of agricultural enterprises in the west Slovakia region and to state possibilities of capital market instruments used by the agricultural enterprises. The selected group of enterprises consisted of 87 agricultural enterprises located in Trenčín, Trnava and Nitra regions which cultivated nearly 2000 hectare on average. The most traded commercial instruments of capital market were shares but the instruments of capital market are unimportant to obtain both foreign resources and financial investments by managers of analyzed enterprises. The structure of legal entities in agriculture is unsuitable to use capital market instruments and these companies are too small to emit them. There were five main factors identified by our investment model which significantly impacted the level of agricultural enterprises investments during the analyzed period, but there were not significant impact of financial situation at investment activity given by chosen financial analysis index. The most important factors of investment level identified by our investment model were: .net cash flow, 2. profit, 3. subsidies, 4. bank credits, 5. depreciation. Rejected credit applications by commercial banks means there was a credit constraint of agricultural enterprises. Financial activities were predominantly loss-making and out of the managers interest. Analyzed companies were not able to reach a profit by selling of commercial instruments. There were also identified several other factors impacted the level of investments: structure of agricultural production, system risk given by the impact of weather at profit and interest bonus as the special state support for agricultural enterprises.
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