JUSTIFICATION OF FACTORS THAT INFLUENCE ON THE VALUE OF UKRAINIAN AGRICULTURAL ENTERPRISES
Abstract
To determine and forecast the value agricultural enterprises of Ukraine it should be considered the impact of internal and external factors on its formation. Modern scientific researches of impact on the value of enterprises are mainly theoretical, and therefore do not involve the usage of practical methods of justification weight factors. The study of the dynamics of value and causes of its change are conducted at the enterprise level, but it considers as internal information. At the state level such studies are not conducted. However, concerning the priority role of the agricultural sector in Ukraine's economy, researching and forecasting of changes in its investment potential are important and considered as a priority. This paper analyzes the seasonality of PJSC "Kernel" share price and defines period of the year with the lowest share price fluctuations. It is calculated the value of PJSC "Kernel" within the market approach for 2008–2015. It is determined the highest value of the company and the peculiarities of its investment in this period that are potential internal influence factors. A statistical analysis of the dynamics of individual financial performance of the company also helps to identify possible internal factors. It is identified potential external factors that may influence the value of the company. It is applied correlation analysis to determine the internal and external factors that really affect the value of PJSC "Kernel" and eliminate the phenomenon of multicollinearity to improve the adequacy of the regression equation. An analysis of variance is used to test the significance of the impact of selected factors on the value of the company. It is applied regression analysis to build a regression model to determine the market value of PJSC "Kernel" and it is studied the regression analysis statistics to confirm the adequacy of the constructed model. Using practical methods for determination of the influence of independent factors allows you to predict the market value of agricultural enterprises of Ukraine, and consequently the investment potential of the agricultural sector as a whole.
References
Валдайцев С.В. Оценка бизнеса: учебник / С.В. Валдайцев – М.: ТК Велби, Изд-во «Проспект», 2004. – 576 с.
Галанов В.А. Акционерное дело: учебник / В.А. Галанов. – М.: Финансы и статистика, 2003. – 544 с.
Гребенюк Н.О. Інвестиційна привабливість: сутність та засоби покращення/ Н.О. Гребенюк // Інвестиції: практика та досвід, 2012. – № 12. – c. 12–17.
Івахненко І. Інвестиційна діяльність в Україні: сучасний стан та можливості її активізації/ І. Івахненко// Інвестиції: практика та досвід, 2010. – № 2. – c. 7–9. 5. Офіційний сайт Варшавської фондової біржі/ Карта учасника Kernel Holding S.A. [Електронний ресурс] – Режим доступу: http://www.gpw.pl/karta_spolki_ru /LU0327357389/#dane_podstawowe_ru
Офіційний сайт ХК «Кернел» [Електронний ресурс] – Режим доступу: http://www.kernel.ua/ru/our-businesses/
Consolidated Financial Statements for the Year 2009-2015/ Kernel Holding S. A. [Електронний ресурс] – Режим доступу: http://www.kernel.ua/en/financial /reports/?year=archive
Кремер Н.Ш., Путко Б.А. Эконометрика: учебник для вузов / Под ред. проф. Н.Ш. Кремера. – М.: ЮНИТИ-ДАНА, 2002. – 311 с.
Бородич С.А. Вводный курс эконометрики: Учебное пособие / С.А. Бородич – Мн.: БГУ, 2000. – 354 с.
Valdajcev S.V. (2004), Ocenka biznesa: uchebnik [Business Valuation: tutorial], TK Velbi, Izd-vo «Prospekt», Moscow, Russia.
Galanov V.A. (2003), Akcionernoe delo: uchebnik [Joint Business: tutorial], Finansy i statistika, Moscow, Russia.
Grebenjuk N.O. (2012), “Investment attractiveness: nature and means of its improving”, Іnvesticії: praktika ta dosvіd, vol. 12, pp. 12–17.
Іvahnenko І. (2010), “Investment activity in Ukraine: current situation and opportunities of its activation”, Іnvesticії: praktika ta dosvіd, vol. 2, pp. 7–9.
The Official Site of Warsaw Stock Exchange (2015), “Participant Card of Kernel Holding S.A.” available at: http://www.gpw.pl/karta_spolki_ru/LU0327357389 /#dane_podstawowe_ru (Accessed 12 November 2015).
The Official Site of Kernel Holding S.A. available at: http://www.kernel.ua/ru/our-businesses / (Accessed 15 November 2015).
The Archive of Kernel Holding S. A. “Consolidated Financial Statements for the Years 2009–2015 available at: http://www.kernel.ua/en/financial/reports/?year=archive (Accessed 2 November 2015).
Kremer N.Sh. and Putko B.A. (2002), Jekonometrika: uchebnik dlja vuzov [Econometrics: tutorial for universities], JuNITI-DANA, Moscow, Russia.
Borodich S.A. (2000), Vvodnyj kurs jekonometriki: Uchebnoe posobie [Introduction to econometrics: tutorial], BGU, Minsk, Belarus.
