FINANCIAL CAPACITY OF UKRAINIAN AGRICULTURAL ENTERPRISES: CURRENT STATE AND DETERMINANTS OF INFLUENCE

The article addresses the financial capacity of agricultural enterprises, since the agricultural sector of Ukraine occupies a strategic position in the national economy, covering both the domestic market and the country’s export capacity. In the context of economic instability accompanied by currency fluctuations, changes in fiscal policy, and rising cost of credit resources, there is a growing need to strengthen the financial capacity of agricultural enterprises. The article aims to analyze the financial capacity of Ukrainian agricultural enterprises and identify the main factors of their development and influence on competitiveness and resilience to systemic challenges. The main results show that the enterprises’ own funds (68% of investments) remain the key sources of financial support for the agricultural sector, while the attraction of bank loans (12%) and foreign investments (1%) is insufficient due to high financial risks and unstable investment climate. The state program “Affordable Loans 5-7-9%” has become an effective tool to support small and medium-sized agribusinesses, but the overall level of public investment in the sector remains low (5%). An analysis of the dynamics of capital investments shows fluctuations during 2017-2023 driven by economic crises, land market reforms, and military actions. The main conclusions emphasize the need for a comprehensive approach to building the financial capacity of agricultural enterprises, including diversification of funding sources, increased government support, stimulation of foreign investment, and simplification of lending procedures. The efficient use of financial resources will help to increase the competitiveness of the agricultural sector and ensure the economic resilience of enterprises and the overall financial stability of the country.