PROVISIONS OF USING THE METHOD OF ASSESSING FINANCIAL LEVERAGE FOR AGRICULTURAL HOLDINGS OF THE RUSSIAN FEDERATION
DOI 10.12737/2073-0462-2024-137-145 УДК 338.436.33:658.14/.17
Keywords:
agroholding, borrowed funds, bank loan, bank loan rate, effect of financial leverage, return on assets, return on current assets, agro-industrial complex sector.Abstract
The financial leverage effect assessment model is universal for all enterprises. However, agro-industrial complex organizations are significantly dependent on the use of bank loans, so the model under study is relevant for them. In addition, the proposed provisions clarifying the concept of its use were formed on the basis of a study of the dynamics of asset profitability of Russian agricultural holdings. Average asset profitability by profit before taxes for the period 2009-2022 for average statistical agricultural holding's profitability was 7.23%, the return on current assets was 14.73% with an average bank loan rate for agricultural organizations in this period of 11%. This situation determines the possibility of a negative effect of financial leverage for the subjects under study, which requires clarification of the model for assessing its effect. It is justified to consider the effective interest rate on a bank loan as the price of borrowed capital. It is justified to consider only the amount of credit, the use of which is decided at the current moment in time without taking into account all accounts payable of the organization, as the amount of borrowed capital used in the model for assessing the effect of financial leverage. The results obtained according to the application of the financial leverage assessment model are predictive with a certain level of error, and the model itself is dynamic and allows obtaining approximate results due to the variability of micro- and macroenvironment factors. This model is largely a concept with a set of specific rules, the implementation of which leads to the economic feasibility of using a bank loan to scale up a business. Taking into account the relatively low rates of return on assets in the agro-industrial complex sector, the possibility of using the rate of return on current assets in the model for assessing the effect of financial leverage is justified, but only in the case of targeted use of loans for the acquisition of this type of assets, and as an additional step of analysis, when the return on all assets is less than or equal to the cost of using a bank loan.
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