Published in Scientific Papers. Series "Management, Economic Engineering in Agriculture and rural development", Vol. 22 ISSUE 2
Written by Natalia BONDINA, Igor BONDIN, Irina PAVLOVA, Anastasia GULINA

The success of the functioning of agricultural business entities largely depends on the ratio of all types of owned and loan financial resources used to finance their assets. Currently, there is no single approach to choosing the optimal ratio of equity and debt capital. And this applies not only to various economic enterprises engaged in the same type of activity, but also to a single participant in the agricultural business in a changing commodity and financial market environment. Therefore, optimization of the capital structure of an economic entity is a continuous process that requires adaptation to a constantly changing market situation and justification of methodological approaches to choosing the best ratio of its components. The urgency of the identified problem justified the need to analyze the composition and movement of equity and land capital of individual participants in the agricultural business of the Penza region. In the current research: an assessment of the main factors that determine the structure of capital is discussed, and the influence of sectorial agricultural specifics on the formation of the share of owned and loan capital in asset financing and in determining the level of financial leverage was observed. Based on the results of the research, a methodology for determining the optimal structure of the capital of a subject of agricultural business was proposed. The ratio of maximizing profitability and minimizing financial risk was chosen as an optimality criterion, which would ensure the success of the implementation of the financial strategy of an economic enterprise.

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