Iskanje po katalogu digitalne knjižnice

Opis: Background/Purpose: An effective financial system should increase the efficiency of economic activities. This study provides evidence regarding the importance of financial development for agricultural growth in Ukraine. Methodology: We used non-integrated and integral indicators, time series and regression analysis to investigate the link between the financial development and agricultural growth. Results: The results based on integral indicators shows that the financial development does not affect agricultural growth in Ukraine. The study based on non-integrated indicators, which characterizes various aspects of the financial system’s banking component and agricultural growth, provided a significant link between the financial system and agriculture growth. The regression models revealed if bank deposits to GDP (%) increases the value added per worker in agriculture increases exponentially. The results of the study indicate that, agriculture is more sensitive to lending changes than the vast majority of other sectors of the economy. The increasing lending of one UAH (Ukrainian hryvnia) resulted in retail turnover growth of 1.62 UAH, while agricultural gross output, growth was UAH 5.06. Conclusion: Our results reveal a positive relationship between financial system’s banking component and agriculture growth in Ukraine. The results indicate the necessity for continued research into further developing universal methodological approaches of appraising the nexus of the financial system’s banking component on agriculture growth in general as well separate farm groups. The results of our study has important implications on policy making authorities efforts to stimulate agricultural growth by improving the efficiency of the financial system’s banking component.
Ključne besede: agricultural growth, the integral indicator of the agricultural growth, the integral indicator of the financial development, time series analysis, regression analysis, financial system
Objavljeno v DKUM: 04.05.2018; Ogledov: 1477; Prenosov: 389
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Opis: The purpose of the investment projects is goat milk production and processing of produced milk into semi-hard cheese. To get the highest possible quality and quantity of products, thus the highest profit, it is necessary to respect factors which influence production (choosing the breed, choosing livestock within the breed, proper feeding, proper housing, controlled reproduction, health care of animals, etc.). The goat dairy farm has 500 does with average lactation of 730 l per doe and the cheese factory has capacities big enough to process all the milk produced there. The main goal of this master thesis was to answer whether the investment in projects (goat dairy farm and cheese factory) is financially feasible. Cost-Benefit Analysis (CBA), as a basic methodological approach, gave the answer to this question. All costs and benefits of the projects were determined and evaluated. In case of dairy goat farm, Net Present Value (NPV) is 334.227 € and Internal Rate of Return (IRR) is 21,48% and it is higher than the discount rate (5,5%). The second project, cheese factory, also has positive NPV (308.668 €). IRR (22,31%) is higher than the discount rate (5,5%). Investments in both projects are financially feasible. Within CBA sensitivity analysis was done and investments were evaluated in terms of financial security. Sensitivity analysis was done in a way that NPV, IRR, Profitability Index (PI) and Discounted Payback (DP) were calculated in case of different scenarios, where there were changes in one of the investment variables. These changes include changes of (+/- 10% and 20%) in prices of the product (milk and cheese) and investment costs (dairy goat farm and cheese factory). Both projects are most sensitive to changes in prices (milk price change +/- 10%, NPV changes by +/- 70,98% and cheese price change +/- 10%, NPV changes by +/- 111,67%). To get the answer if the investment in projects is financially feasible, sensitivity analysis was done in which the increase in investment costs by 10% (both projects), decrease in milk price by 10% (dairy goat farm) and decrease in milk price and cheese price by 10% (cheese factory) were taken into account. In case of dairy goat farm, NPV is positive (51.751 €), despite changes in investment costs and milk price. IRR is 7,76%. In case of cheese factory, NPV is also positive (168.392 €), despite changes in investment costs and milk and cheese price. IRR is 13,8%. Based on these information, both projects are financially feasible.
Ključne besede: financial analysis, CBA, NPV, IRR, goat milk, goat cheese
Objavljeno v DKUM: 07.03.2016; Ogledov: 2234; Prenosov: 202
Celotno besedilo (1,59 MB)

Ključne besede: accounting statements, financial statements, financial reports, theory, practice, methods, Great Britain, finance, accounting, financial accounting, information, measurements, cost benefit analysis, presentation, qualitative analysis, accounting standards
Objavljeno v DKUM: 01.06.2012; Ogledov: 2646; Prenosov: 135
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