METHODOLOGICAL FOUNDATIONS FOR IMPLEMENTATION OF EXPERT-MONETARY EVALUATION OF AGRICULTURAL ENTERPRISES: LAND AND MORTGAGE LENDING

Анотація

Introduction. The development of the agricultural sector of the Ukrainian economy is impossible without attracting significant credit resources, which requires the creation of a number of prerequisites necessary for increasing the volume of lending to agricultural enterprises. First of all, such prerequisites should include the creation of a favorable investment climate at the macro level and the improvement of the creditworthiness of agricultural enterprises - potential borrowers of mortgage loans at the macro level. One of the components of creditworthiness is securing an obligation. And it is precisely when it comes to the agricultural sector, which has its own characteristics, that the question of an objective assessment of mortgage items arises, because this is one of the main elements of its security. Agricultural enterprises will be able to attract powerful investments only if they are in good financial condition and have sufficient security.

Methods.The scientific article used both general scientific and special methods of research on land mortgage lending when carrying out an expert monetary assessment of agricultural enterprises. Thus, the following methods used in the assessment: the direct capitalization method and the indirect income capitalization method are used when justifying the forecasting period; when forecasting gross income; when forecasting operating expenses; forecasting net operating income (rent income) by years, quarters or months within the relevant limits of the forecasted period; substantiation of the method of the valuation procedure for determining the discount rate and its calculation; determining the present value of the cash flow as the sum of the present value of net operating income (rent income); when forecasting the cost of reversion and calculating its present value; determining the value of the valuation object as the sum of the present value of the current cash flow and the current reversion value.)

Results. According to the results of the research, it can be stated that the essence of the application of various valuation methods, as evidenced by domestic practice, is the element-by-element assessment of the value of the enterprise, i.e. the assessed property complex is divided into constituent parts, each of them is assessed separately, and then the value of the entire property complex is determined by summation. Such valuation must be carried out in strict accordance with the International Valuation Standards (International Valuation Standards), MSO and National Valuation Standards (NSO).

Discussion. A review and analysis of international and national property valuation standards shows that there is a tendency to improve national standards in the valuation of integral complex real estate objects and projects. The analysis of methodical approaches to assessment made it possible to identify the differences between international and national approaches, the use of various assessment tools and the expediency of their application in the current state of development of the economy of Ukraine. It also became clear that the economic development of Ukraine does not allow to fully use the market and income approaches and abandon the property approach, as is done in other countries. It is also proposed to abandon the assessment methods prescribed in national standards and accept them as clarifications or recommendations, following the example of international standards. It is also proposed to change the existing term "integrated property complex" to "enterprise". The concept of "enterprise" is broader and more fully corresponds to the approach to assessment when using international standards.