Ruslan Mann

The efficiency of working capital management is one of the most important activities of any company, because it influences on the continuity of production and sales, the liquidity of the company, its solvency and profitability. To identify the factors influencing on the efficiency of working capital management of Ukrainian agricultural enterprises, systemic approach, analysis and synthesis, evaluation of dynamics structure, factor analysis were used. Profitability is the indicator of the efficiency of current assets. The authors used a modified Dupont model to determine the factors influencing the efficiency of current assets of Ukrainian agricultural enterprises. There was assessed the impact of these factors on the profitability of current assets and the stability of economic growth of Ukrainian agricultural enterprises in the period 2013–2015. The most influential factors of efficiency of current assets of agricultural enterprises were developed. The impact of selected factors on the stability of economic growth of Ukrainian agricultural enterprises was assessed.

Achieving the balance in the formation of working capital is a prerequisite for stable development of enterprises and improvement of the economic situation in Ukraine as a whole that is especially relevant during the period of socio-economic crisis. The study of working capital management peculiarities of agricultural enterprises deserves special attention, since their contribution to the national economy is significant.
The purpose of the article is to investigate methods of assessing the efficiency of formation of enterprises working capital and prospects for its application to characterize the current state of domestic agricultural enterprises activity. The object of the research is determining the actual model of working capital financing at Ukrainian agricultural enterprises.
In the article, the efficiency of formation and use of working capital in Ukrainian agricultural sector is analyzed. The actual model of working capital financing of enterprises in this sector is determined. It is typical for this sphere to adhere the aggressive policy of current assets formation, which increases the risk of loss of the solvency and financial stability. Optimization of sources of working capital financing at domestic agricultural enterprises will increase the volume of economic activity financing and improve the enterprises liquidity.