Determinants of the development venture financing of the subjects of agrarian market of Ukraine

Abstract

The article substantiates the determinants of the development of the Ukrainian venture industry in agriculture, taking into account the comprehensive methodological approach to ensuring the profitability of financial assets of agricultural market subjects in the distribution of investment resources of venture funds. The axiom of value and the universal method of discrete venture financing in agriculture are singled out. The basis of the favorable institutional infrastructure of venture funds and the existing mechanisms of state regulation of financial support of high-tech projects of agricultural market subjects at the macro level is determined. In the course of the research, synchronization of flexible methods for the gradual financing of investment projects, graphical and comparative methods of analysis of the dynamics of the innovation process of venture financing in Ukraine and countries of the world was used. The comparison method was used to select the optimal strategy, and the method of analysis and synthesis – to construct a scheme of a dual process of entering financial flows from venture investments. The binomial model of estimating the value of the basic financial assets of venture funds at a risk-free rate was constructed by transforming the

“tree” of the financial flows of the latter into the “tree” value of sources of venture financing of high-tech investment projects of agrarian enterprises. It is proven that the attraction of long-term (due to Eurobonds) and non-maturity (at the expense of placement of shares) of venture financing in the amount of 1 EUR, in the foreign equity market of venture capital allows ensuring an increase in agricultural GDP in Ukraine by an average of 6.8 EUR. Under the ideal conditions of the financial environment and achieving the risk-free margin of the financial flow margin for all the same types of entities in the agrarian market and, in particular, agro holdings that form the volume of gross agricultural output, the same access to investment resources and equal rates of yield of financial assets in the investment portfolios of foreign venture funds.