FINANCING OF PERMANENT WORKING CAPITAL IN AGRICULTURE
DOI:
https://doi.org/10.5937/ekoPolj1703065VKeywords:
agriculture, fnancing, permanent working capital, permanent inventory, proftability.Abstract
In this paper, we attempted to present the problem of establishing adequate structure of fnancing medium agricultural enterprises and to point out the necessity for permanent working capital in those agricultural enterprises which cant cover fxed assets, long-term placements and portion of inventories (raw material and spare parts, production in process) with own equity and long-term sources of fnancing. For the purpose of analysing adequate structure of fnancing medium agricultural enterprises, we will use one of the most popular methods, such as case study and ratio analysis. Results of the research show that in primary agricultural production, next to standard long-term investment loans and short-term loans for investment in agricultural production, there is a necessity for fnancing in the permanent working capital which could assist continuity of production process and enable conditions for more proftable business in agriculture. It also should be noted that real and book value on this level of permanent working capital differs substantially.
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References
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17. Vučković, B., Veselinović, B., Drobnjaković, M. (2016): Analysis of proftability of selected agricultural enterprises in the autonomous province of Vojvodina, Republic of Serbia, Actual Problems of Ecomomics, Vol. 176, No. 2, pp. 147-159, National Academy of Management, Kyiv, Ukraine.
18. Vučković, B. (2016): Causes of different proftability of agricultural sector, Ekonomika poljoprivrede, Vol. 63, No. 1, pp. 123–142, Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd, Akademija ekonomskih nauka, Bukurešt.
19. Vučković, B. (2016): Finansijski položaj i proftabilnost poljoprivrednih preduzeća, Ph.D. dissertation, Faculty of Economics and Engineering Management, University Business Academy in Novi Sad, Novi Sad, Serbia.
20. Vukoje, V., Milić, D. (2009): The analysis of proftability of agricultural enterprises in Vojvodina (2003-2007), Časopis za procesnu tehniku i energetiku u poljoprivredi, Vol. 13, No. 2, pp. 162-165.
21. Vukoje, V., Zekić, V. (2010): Ekonomski položaj poljprivrednih preduzeća u Vojvodini (2001-2009), Ekonomika poljoprivrede, Vol. 57, No. 3, pp. 411-424, Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd, Akademija ekonomskih nauka, Bukurešt.
22. Agencija za privredne registre: www.apr.gov.rs
23. Narodna banka Srbije: www.nbs.rs
2. Babović, J., Veselinović, B. (2010): Agrarna politika EU i prilagođavanje agrara Srbije, Društveni izazovi evropskih integracija – Srbija i uporedna iskustva, Fakultet za pravne i poslovne studije, Novi Sad, Srbija, pp. 195-206.
3. Butzer, R., Mundlak, Y., Larson, D. F. (2010):Measures of fxed capital in agriculture, World Bank Policy Research Working Paper Number 5472, pp. 1-39.
4. Chukwunweike, E. (2014): The impact of liquidity on proftability of some selected companies: the fnancial statement analysis (FSA) approach, Research Journal of Finance and Accounting, vol. 5, no. 5, pp. 81-90, The International Institute for cience, Technology and Education (IISTE), USA.
5. Daidone, S., Anriquez, D. (2011):An extended cross-country database for agricultural investment and capital, ESA Working Paper No. 11–16, FAO, Rome, pp. 1-67.
6. Detre, D., Mishra, A. (2012): Drivers of agricultural proftability in the USA: an application of the Du Pont expansion method, Agricultural Finance Review, Vol. 72, No. 3, pp. 325-340, Emerald Group Publishing, Bingley, United Kingdom.
7. Katchova, A. (2010): An analysis of the fnancial performance of beginning farmers, Agricultural and Applied Economics Association, Annual Meeting, Denver, Colorado, pp 1-15.
8. Mishra, A., Moss, C., Erickson, K. (2009): Regional differences in agricultural proftability, government payments, and farmland values: implications of DuPont expansion, Agricultural Finance Review, Vol. 69, No. 1, pp. 49-66, Emerald Group Publishing, Bingley, United Kingdom.
9. Obrenović, D., Vukoje, V. (2001): Analiza fnansijskog rezultata i fnansijskog položaja poljoprivrednih preduzeća Vojvodine, Agroekonomika, No. 29, pp. 46-64.
10. ODonnell, C. (2010): Measuring and decomposing agricultural productivity and proftability change, Australian Journal of Agricultural and Resource Economics, Vol. 54, No. 4, pp. 527-560, Australian Agricultural and Resource Economics Society Inc, Canberra , Australia.
11. Paraušić, V., Cvijanović, J., Mihailović, B. (2013): Market analysis of clusters in Serbian agribusiness, Ekonomika poljoprivrede, Vol. 60, No. 4, pp. 713-728, Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd, Akademija ekonomskih nauka, Bukurešt.
12. Petrick, M., Kloss, M. (2012): Drivers of agricultural capital productivity in selected EU member states, Factor Markets Working Paper No. 30, pp. 1-44.
13. Račić, Ž., Barjaktarović, L., Zeremski, A. (2011): Analysis of indebtedness impact on the proftability of successful domestic companies in the fnancial crisis, Industrija, Vol. 39, No. 3, pp. 45-60, Ekonomski institut, Beograd, Srbija.
14. Veselinović, B., Drobnjaković, M. (2014): Qualitative and quantitative analysis of micro and macro aspects of agricultural fnance, Ekonomika poljoprivrede, Vol. 61, No. 3, pp. 771-787, Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd, Akademija ekonomskih nauka, Bukurešt.
15. Vučković, B. (2013): Uporedna analiza poslovanja preduzeća iz agrarnog sektora, Ekonomija - teorija i praksa, Vol. 6, No. 2, pp. 18-33, Fakultet za ekonomiju i inženjerski menadžment u Novom Sadu, Novi Sad, Srbija.
16. Vučković, B. (2014): Značaj pojedinih indikatora poslovanja određenim grupama analitičara, Ekonomija – teorija i praksa, Vol. 7, No. 1, pp. 19-49, Fakultet za ekonomiju i inženjerski menadžment u Novom Sadu, Novi Sad, Srbija.
17. Vučković, B., Veselinović, B., Drobnjaković, M. (2016): Analysis of proftability of selected agricultural enterprises in the autonomous province of Vojvodina, Republic of Serbia, Actual Problems of Ecomomics, Vol. 176, No. 2, pp. 147-159, National Academy of Management, Kyiv, Ukraine.
18. Vučković, B. (2016): Causes of different proftability of agricultural sector, Ekonomika poljoprivrede, Vol. 63, No. 1, pp. 123–142, Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd, Akademija ekonomskih nauka, Bukurešt.
19. Vučković, B. (2016): Finansijski položaj i proftabilnost poljoprivrednih preduzeća, Ph.D. dissertation, Faculty of Economics and Engineering Management, University Business Academy in Novi Sad, Novi Sad, Serbia.
20. Vukoje, V., Milić, D. (2009): The analysis of proftability of agricultural enterprises in Vojvodina (2003-2007), Časopis za procesnu tehniku i energetiku u poljoprivredi, Vol. 13, No. 2, pp. 162-165.
21. Vukoje, V., Zekić, V. (2010): Ekonomski položaj poljprivrednih preduzeća u Vojvodini (2001-2009), Ekonomika poljoprivrede, Vol. 57, No. 3, pp. 411-424, Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd, Akademija ekonomskih nauka, Bukurešt.
22. Agencija za privredne registre: www.apr.gov.rs
23. Narodna banka Srbije: www.nbs.rs
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Published
2017-09-30
How to Cite
Vučković, B., Veselinović, B., & Drobnjaković, M. (2017). FINANCING OF PERMANENT WORKING CAPITAL IN AGRICULTURE. Ekonomika Poljoprivrede, 64(3), 1065–1080. https://doi.org/10.5937/ekoPolj1703065V
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Original scientific papers
