Environment of Multifactorial Risk in the Financial System of Agribusiness Enterprises

Nataliya Trusova ()
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Nataliya Trusova: Tavria State Agrotechnological University, Melitopol, Ukraine

Oblik i finansi, 2017, issue 4, 127-138

Abstract: The article deals with the theoretical and methodological provisions of modeling the environment of multifactorial risk in the financial system of enterprises agribusiness under the influence of macro and micro projections. It is grounded that in the financial system of enterprises, from the standpoint of estimating the classical probability of random multifactorial events, typical and repeating situations provide the maximum amount of possible financial results. Accidental factors are improved due to dynamic forecasting methods, which supersede static regularities and simple extrapolation dependencies. It is proved that prognostic extrapolation allows only a partial forecast, reflecting the changes in certain aspects of the functioning of business objects. At the same time, financial relations between enterprises agribusiness are represented by a set of reciprocal financial ties, which depend on the random deviation of a number of factors, generating in this process an information flow about the nature of the occurrence of risk. It is grounded that in order to simplify the valuation of multifactorial risk, it is necessary to determine uncertainty from which it comes: credit uncertainty, interest uncertainty, market uncertainty, currency uncertainty, inflation uncertainty, and production uncertainty. It has been proved that the risks associated with the change in the external macro-profile are combined with factors that demonstrate the lack of a systemic link between the state agricultural financing programs and enterprises agribusiness. Internal risks are formed by factors of micro projection, which ensure the covering of production costs with the limiting parameters of the formation of external sources of funding at the expense of its own financial resources.

Keywords: financial resources; financial system; risk; agriculture; enterprises agribusiness; government financing programs (search for similar items in EconPapers)
JEL-codes: E47 G14 G17 G32 (search for similar items in EconPapers)
Date: 2017
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