Daugiafunkcinio žemės ūkio pinigų srautai ir jų poveikis organizacijos vertei

LTStraipsnyje analizuojami daugiafunkcinio žemės ūkio pinigų srautai ir tiriamas jų poveikis organizacijos vertei. Žemės ūkio daugiafunkciškumas pasireiškia per prekinių ir neprekinių produktų, tokių kaip viešosios gėrybės, kūrimą. Viešųjų gėrybių kūrimas subsidijuojamas, jų teikėjams kompensuojant prarastas pajamas arba patirtas sąnaudas, finansuojant ilgalaikes investicijas. Todėl daugiafunkcinio žemės ūkio pinigų srautų poveikis organizacijos vertei tiriamas per viešųjų gėrybių tipologiją, jų sąsają su subsidijavimu žemės ūkyje bei viešųjų gėrybių vartojimu. Straipsnyje pagrindžiama, kodėl vieni daugiafunkcinio žemės ūkio pinigų srautai turi būti diskontuojami rinka grįsta diskonto norma, kiti – socialine diskonto norma, ir pateikiama daugiafunkcinio žemės ūkio pinigų srautų ir jų poveikio organizacijos vertei nustatymo loginė schema. [Iš leidinio]Reikšminiai žodžiai: Daugiafuncinis žemės ūkis; Daugiafunkcinis žemės ūkis; Diskonto norma; Organizacijos vertė; Pinigų srautai; Viešosios gėrybės; Cash Flow; Discount rate; Multifunctional agriculture; Organization value; Public goods; The value of an organization.

ENThe feature of multifunctional agricultural cash flows is that they come not only from agricultural production and services rendering, but also from the supply of non-commodity outputs – public goods – and so ensuring sustainable economic development. Revenue and costs concerning the supply of public goods influence on the value of provider – agri-business organization. The impact of multifunctional agricultural cash flows on the value of organization is analyzed through the typology of public goods, their relationship with financial support of agriculture and consumption of public goods. Public goods are pure private and pure public, although some public goods are mixed. Some public goods are available to individuals, some – to the group of individuals, some – to the part of society. It is worth noting that agricultural organizations get the support for the provision of some public goods, some public good brings economical benefit, some of them are provided from altruistic motives. Public goods are subsidized in order to compensate the lost income or incurred costs and financing of long-term investments. Three areas are supported under the Common Agricultural Policy: 1) increasing of competitiveness in agricultural, food and forestry sectors; 2) improvement of the environment and countryside; 3) improvement of the quality of life and diversification of rural economy. The subsidies for such areas from the public goods provision point of view can be grouped as following: 1) subsidies for promoting of production development or cessation, 2) subsidies for indirect promoting of the provision of public goods, and at the same the development of infrastructure of commodity production, and 3) subsidies for direct promoting of public goods. FCF depends on such factors as NOPAT, depreciation and amortization, capital investment and additional working capital.FCF increase the grants and subsidies received by the agricultural business organization for the provision of public goods and ensuring sustainable development, and reduce the costs incurred in provision such goods. FCF from agricultural production and services rendering are calculated adding cash flows from operating and investing activities. When the long-term investments concerning the provision of public goods are subsidized, the grants are added to FCF, but NOPAT is not adjusted by the depreciation and amortization of fixed assets. Using discounted cash flow method for valuation of agricultural organization, FCF have to grouped into two categories: 1) cash flows that are generated in producing marketable products and getting the support for provision of public goods as compensation of lost income and incurred expenses as well as the grants for long-term investments; 2) cash flows that are generated from the supported investments related with the provision of public goods, but economic and social benefits from such investments are shifted to future generations. The first FCF should be discounted at a market-based cost of capital, the second – at the SDR. The application of different discount rates for cash flows bases their impact on the value of multifunctional agricultural organization. [From the publication]

• Vadyba / Management
• Ekonomika / Economics