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THE STRATEGY OF INNOVATION AND INVESTMENT ACTIVITY OF THE INTEGRATED AGRO-INDUSTRIAL ENTERPRISES
Lytneva N.A.1; Goncharov P.V. i; Kyshtymova E.A.2
'Orel State Institute of Economy and Trade, Orel, Russia; Orel State Agrarian University, Orel, Russia
ARTICLE INFO
ABSTRACT
Received 22 October 2015 Accepted 29 October 2015 Published 30 October 2015
KEYWORDS
Innovation, Investment, Management, Strategy and planning
In this article reveals the relevance of research to improve the system of strategic planning of innovation and investment activity in the agricultural enterprise, types of planning innovative-investment activity of agrarian enterprises, software-oriented model of strategic planning of innovation and investment activities of AIC, the evaluation criteria of innovation and investment activity of agricultural enterprises.
© 2015 The Authors.
The crisis in the agricultural sector, the implementation of the State Food Programme, the acute problem of import substitution led to the need to develop the priorities of innovation and investment in livestock. Factors contributing to this need, is the destruction of the productive capacity of the industry decline in production, the growth needs of the population in the domestic high-quality products.
Currently, you first need to develop the three areas that will ensure the competitiveness of agricultural products, increase sales of food on the market, to enhance the innovation process, to obtain additional income for the modernization of production facilities, innovation, technologies in livestock production. [7]
To fit the definition of reasonable directions of innovation and investment in agricultural enterprises is the development of economic policy, the development of strategic guidelines, the construction of predictive models. One of the directions of economic policy of integrated agricultural enterprises is the development of a planned management of innovation and investment activity that determines the life cycle of innovation in the context of the periods, the amount and timing of their funding from domestic and borrowed sources, providing a parallel implementation of innovation and investment processes in agricultural production. [1]
The adequacy of the economic development policy of the agricultural sector leads to the necessity of organizing the strategic and operational planning, innovation and investment. In our opinion, strategic planning reflects the direction of the innovative project of the enterprise, including forecasting of production and innovation capacity, the trends of raising capital, attraction of investors, commercial importance of new products and technologies. Effective form of operational planning is budgeting, which details the planning stages of an
innovation project and its individual elements, criteria of performance indicators. Types of planning innovation and investment, depending on the frequency shown in Fig. 1.
Fig. 1 - Types ofplanning innovation and investment activities of the agricultural enterprise
Implementation of innovative projects in the livestock industry, as a rule, due to the long period from the beginning of its implementation until a commercial effect. In this connection it is necessary to determine the agricultural enterprise perspective planned activities to promote the strategic management of innovation, which is a complex multi-level process involving the steps of selecting the mission and goals of forming strategy, implementation and adjustment. The success of this process depends on how carefully studied internal and external factors that contribute to the fulfillment of the objectives. [3]
PLANNING innovative-investment activity of agricultural enterprises is the integration of the two processes, which are inseparably linked, because innovation is impossible without attracting investments. In our view, the fundamental approach to the planning of innovation and investment in the agricultural sector is a target-oriented approach, which defines the strategy of development at different hierarchical levels, in accordance with the objectives of the adopted state programs. The adopted strategy or program determine the mission and targets of innovation and investment activity, the chain of planned targets expressed evaluation criteria, indicative rates, regulatory tasks and commercial effect, and forward-looking guidance. Driving program-target approach in planning innovative-investment activity of agricultural enterprises is presented by us in the form of software-based model (Fig. 2).
The developed model of strategic planning of innovation and investment activity can be used at different hierarchical levels of management of the agricultural sector. Depending on the generated mission, goals and objectives defined criterion signs Indicative and expected performance.
On the macro level, the expected result is the implementation of the state program of development of agriculture in the country, at the meso level performance is determined by the regional goals and objectives at the micro and mini levels - the level of agricultural companies and integrated companies of major planned result is to produce a commercial effect, which is primarily determined by the maximization of profit. The flexibility of our proposed program-
oriented strategic planning model allows you to manipulate stages of the innovation and investment processes, classify the evaluation criteria, detailed indicative integrated indicators characterizing the efficiency of management of innovation and investment activity, generate information for management decisions.
Strategy Planning innovation and investment in the agricultural sector
-^-
Innovative design
<-
*
The integration of r
innovative
activity,
improving the ^—
results of
innovation \
The mission - to attract investment to accelerate the development of innovative Agribusiness
Investment planning design
The goal - the creation of an effective system of management of innovation and investment activities on a coordinated development of agriculture
Strengthening the
integration of
science,
education and <—
agricultural
production,
prioritizing
innovation policy
Pro viding innovation
resources, the effectiveness of the
project + ~
Scenarios for the development of innovation and investment: - Macro-economic conditions and the accepted model of the economy, - The level of development and functioning of the agro-industrial complex
Evaluation criteria Innovation and Investment activities
Increasing investment attractiveness, creating investment infrastructure
Definition of investment priorities, the formation of investment proposals, investment marketing
Investment activity, investment efficiency
Cost of research and deve lopment activities, the cost of agricultural production, the cost of mod ernization, output
Indicative innovation and investment activities
The volume of subsidies and budget loans, the payback period, the investment ratios
The growth of fixed capital, net profit, return on innovation
Investment yield, efficiency of invested capital
Fig. 2 - Software-based model for strategic planning of innovation and investment activities of AIC
One of the important stages of strategic planning is to define the evaluation criteria of innovation and investment activity of agricultural enterprises, which are used to analyze the actual results of the implementation of an innovative project, the effectiveness of its investment and the development of the planned performance indicators.
In our opinion, the group planned to define the criteria appropriate to use a system-process approach, which will determine the criteria for the individual stages of the innovation and investment processes as well as implement their integrated assessment. Grouping of the evaluation criteria of innovation and investment activity is represented by the example of livestock enterprises (Fig. 3).
The system of evaluation criteria of innovation and investment activities of an integrated agricultural enterprise is adjusted depending on the profile, the specifics of agricultural production, the level of detail of information required for planning and management decisions in the analysis of the actual values with the planned indicators. Each criterion is evaluated by means of performance indicators that define the landmark achievement of program standards. The composition and structure of performance indicators depends on the maintenance stage of the innovation process and the availability of regulated criteria. In particular, the criterion of efficiency of the investment process are encouraged to plan in terms of capital investment, payback period, financial and investment ratios.
For example, in the enterprise sub-sector of livestock planning criterion of production efficiency of the innovation process is advantageously carried out with the planning of the following performance indicators: the number of pigs, the output of pig 1 sow, average daily gain of fattening, production cost. The final step in the strategic management plan for innovation and investment activity is the commercialization of innovative projects that It provides for the economic benefits of an innovative project in the efficiency of its investment, characterized by the level of profitability, quantitative characteristics of production and sales. [2].
We recommend the program-based model of the strategic plan of innovation and investment activities of the agricultural enterprise is the enlarged framework for action. The model serves as the basis for the development of thematic plans for individual stages of the innovation project and investment; an inventory of innovative technologies, the paramount need of investment due to the cost of capital; definition of small planned activities carried out by the current cost and accumulated depreciation.
In order to manage the financing of current costs are the appropriate cost estimates for complex accounting articles. To manage the financing of research and development activities, technological and organizational preparation of the agricultural production of innovative technologies due to the net profit drawn up cost estimates for the project areas of innovation, for each product and for the whole company.
Depending on the purpose of management of innovation and investment activity themed plans can be short-term with the development of separate budgets, allows for the rapid coordination and control of material, financial and human resources, production and sales of products, production costs and selling prices for meat, margin and net income from an innovative project. [4] Development of the mechanism of management of innovation and investment activities of the planning function, building advanced models provide integrated enterprise growth of livestock industry today by taking timely management decisions, increase its business activities, ensure the stability and independence, formed under the influence of internal and external factors. Development strategies should be based on an assessment of the key moments of innovation and investment processes, diagnosis of their effects on the production potential and financial position.
The main aim of effective development and implementation of an innovative project is to obtain a commercial effect, the economic benefits of the agricultural enterprise. In this connection, summarizing the criteria for assessing the commercial effect of the innovative
project, the impact of the investment policy of innovative-agricultural enterprise for its development should be the economic stability that allows you to define the position and the rating company among agricultural producers on domestic and international food markets. [5] In our view, the economic stability of the agricultural enterprise is the criterion which characterizes the ability to achieve and retain certain levels of indicative parameters in terms of innovative environment, ensuring the profitability and stability of its activities in the future.
Fig. 3 - The evaluation criteria of innovation and investment activities of the Genetic Center
The use of economic stability parameters allows you to:
- Describe the actual level of innovation development of the subject or the transition to the new;
- Estimate the change of the enterprise in a certain period of time and the ability to recover its equilibrium for subsequent implementation of agricultural production;
- To analyze the level of economic stability of the enterprise by means of quantitative and qualitative indicators characterizing the impact of innovation and investment policies.
The composition of the indicative parameters to estimate the economic stability of the innovation and investment activities of an integrated agricultural enterprise includes performance indicators productive capacity, solvency, financial stability, profitability and efficiency, investment attractiveness, business and investment activity (Fig. 4).
Economic sustainability
Options productive capacity Options solvency
-Capital productivity, capital-output ratio, Factor of renewal and, - Retire ment rate, - Coefficient of extensive use, -Capital ratio. - Liquidity ratios, - Overall solvency, - Ratio of long-term attraction of borrowed funds, - A ratio of interest on loans
Parameters of financial stability Options profitability
- Equity ratio, - Coefficient of maneuverability, - Factor of mobilization of investment capital, - Factor of mobilization of capital accumulation, - The profitability of sales - The profitability of all activities - net profit, - EBIT margin, - Financial leverage, - break even,
Parameters of investment attractiveness Options profitability
- The volume of investment in fixed assets of the enterprise, - The profitability of investment, - An indicator of investment attractiveness, - Net cash used in investing activities - Return on equity capital, - Return on sales, - Return on equity and debt, - The profitability of fixed and current assets, - ROI
Options business The parameters of innovative activity
- Asset turnover, - The turnover of fixed capital, - Self-financing ratio, - The turnover of borrowed capital - Armed intellectual capital - Factor of the development of new technology and products, - Innovative growth factor
Fig. 4 - Indicative evaluation parameters of economic sustainability innovation and investment
Strategy of achieving commercial effect must be based on an assessment of economic stability through a retrospective analysis of the entire set of performance indicators, both for the whole period of implementation of the innovative project, and for individual stages, phases, periods, as well as forward-looking perspective landmark. To conduct a retrospective and prospective analysis of the impact of innovation and investment policy management stability agrarian enterprise offered the author's technique with the use of automated software "Alt-Finance" (Fig. 5).
The program allows you to conduct a comprehensive in-depth analysis of indicative parameters to estimate the commercial effect, to carry out administrative interpretation of the results, to find the optimal path of development, to develop a program of innovation and investment development of the agricultural enterprise, informed investment decisions. [9]
Retrospective evaluation of the computer program is carried out in the form of diagnosis and rapid analysis of performance indicators of economic sustainability of the ecological groups with the use of horizontal, vertical, comparative and factor analysis and application of the following methods: grouping, comparison, structural analysis, time series, average and relative values, coefficient, tabular, graphical. [6].
Horizontal analysis of innovation and investment activity is carried out for all groups of performance indicators in order to identify their trends over time, including the formation of the invested capital, attraction of credit resources, the volume of the issue and sale of innovative products, efficient use of fixed and working capital.
The vertical analysis provides details of the indicators characterizing the development of innovation and investment, the study of their composition and structure.
Through vertical analysis is carried out Evaluation: structure of capital investments in the construction and purchase of fixed assets, property structure of the company, the composition of indices forming the effectiveness of innovation and investment processes. Comparative analysis is used to assess the performance indicators of economic stability compared with the permissible values for the investigated companies, including: flexibility, autonomy, independence, business and innovation activity. The final block of a retrospective analysis of a factor analysis, which allows you to assess the impact of external and internal factors on the basic Indicative, determine the impact of innovation and investment on the level of economic benefits, the amount of profit and profitability.
Sequence analysis identified a promising interconnected stages, which include evaluation of the impact of innovation and investment activity in the period ahead, building a scenario forecasts for the group of parameters, synthesis and scientific basis of the results necessary for production planning and implementation of an innovative product.
The advantages offered by the author's technique with the use of computer technology is the ability to conduct a retrospective analysis, the results of which are simultaneously used to build predictive models, thereby increasing the reliability and relevance of the information received, necessary for making management decisions on regulation of innovation and investment processes and strategy development of the agricultural enterprise.
Testing methodology for assessing the impact of innovation and investment policy carried out on the economic stability of the materials of "genetic center". As an input to the implementation of the computer model used accounting (financial) statements, available internal and external users, which ensures transparency of the analysis. The period of study for retrospective analysis is 2006-2014 years., Since the start of implementation of the innovative project on the genetics and breeding of hybrid breeding pigs. The period for long-term analysis determined until 2020 inclusive, which corresponds to the period of the strategic development plan of the enterprise, as well as the state program of agricultural development of the country.
Using the generated system of indicative parameters and methods of analysis we carried out a horizontal evaluation of the impact of innovation and investment policy for the dynamic development of the productive capacity of the integrated agricultural company LLC "Genetic center" since the beginning of the development of an innovative project for the breeding of hybrid breeding pigs (Table 1).
The mission of the innovative project target, brandi, the period of development, the specifics of agricultural production, the types and amounts of financing, expected results
Criterion that characterizes the ability to achieve and maintain a certain level of indicative parameters
in terms of innovative environment, ensuring the profitability and stability of the company in the long term.
Fig. 5 - Forecast model assessing the impact of innovation and investment policy for the management of resistant agribusiness companies
Table 1
The effectiveness of the production potential of "genetic center"
Indicators years
2006 2007 2008 2009 2010 2011 2012 2013
The initial 1010029 5105448 6127922 6494081 6927875 6693985 6924880 7547632
value of fixed
assets, thousand
rubles
The average 998 444 5038191 6023051 6258116 6443759 6258020 6423759 6734861
annual value of
fixed assets,
thousand rubles
The volume of 27 298 84 093 341 518 824073 973 456 1352125 1527464 1787417
output, thousand rubles
The average 56 238 419 655 777 825 853 1074
number of man
Labor 487 353 815 1258 1253 1639 1791 1664
productivity, thousand rubles
/ person
Depreciation of 11585 67257 104871 235965 484116 435965 501121 812771
fixed assets,
thousand rubles
return on assets 0,027 0,017 0,057 0,132 0,152 0,216 0,238 0,265
ratio
capital intensity 36,58 59,91 17,64 7,59 6,60 4,63 4,21 3,77
Capital-, 17829 21169 14375 9554 8267 7585 7531 6271
thousand rubles
/ person
Criterion of 0,027 0,017 0,057 0,132 0,152 0,216 0,238 0,265
effective use of
fixed assets
The coefficient 1,1 1,3 1,7 3,6 7,0 6,5 7,2 10,8
of wear
These tables show that the average annual value of the investment assets of the enterprise is increasing annually. The cost of fixed assets from the date of introduction of innovative projects up to 2014 increased by 7 times. Its growth is justified capital investment in the construction of the plant breeding, pedigree reproducers, commodity reproducers, slaughterhouse, feed mill, grain elevator and others.
The basic construction was carried out in 2006-2008, the years are characterized by these small volume of the finished product, a small amount of average size and low productivity that characterized the beginning of the first phase of development of an innovative project of integrated agricultural enterprises. The project is fully launched in 2009, which characterizes the sharp increase in the indicators listed above, as well as increasing the efficiency of capital investment in the development and implementation of an innovative project for the production of hybrid breeding pigs.
General indicators of efficiency of the basic means of the enterprise is the agricultural capital productivity. Analysis indicates that every year studied agricultural enterprise was gaining pace of development of innovative project and, accordingly, increased capital productivity. However, at the beginning of 2014 it was insignificant, indicating that the need to increase the productive capacity of the company by increasing agricultural production.
Dynamics Research capital-output ratio and capital-indicates a decline in these indicators over the eight-year period of the project. These figures indicate that the growth of
the invested capital grew the volume of production and increasing the number of workers employed agricultural production.
Indicators characterizing the positive impact of innovation and investment activity Znamensky Genetic Selection Center to its stability is the criterion of efficiency of use of property, which is defined as the ratio of labor productivity and capital-. The growth of this index begins with the start of production and sales of innovative products and increasing every year, indicating that the rate of productivity growth significantly outpaced the growth of capital-the test center.
The accumulation of invested capital, growth capital investments depend on the sound management of cash flow. The expected cash flow is one of the factors ensuring the effectiveness of innovation and investment projects. Analysis of cash flow genetic centers implemented over the period of realization of innovation project according to the Report of Cash Flows (Table 2).
These tables show that the total cash flow in the form of the balance of the cash flows of the agricultural enterprises in the eight years of implementation of innovation and investment projects is unstable. The main source of revenues are the credits, loans, state and regional subsidies.
In the investigated economic entity all cash flows received from the innovation and investment at the same time, as part of the cash flow of the genetic center are divided into income from the current, investment and financial transactions. The main source of cash flow are ongoing operations, which means that the dynamics of the annual growth, the development of agricultural production of innovative products.
Cash flow from investment operations is characterized by constant outflows related to capital investments in the construction and purchase of fixed assets and intangible assets. The principal amount of investment in fixed assets characteristic 2007 of 2009 and 2010. In these periods carried the material and technical base through the construction of breeding plants, tribal and commodity reproducers, production and slaughterhouses and other facilities.
Dynamics of cash flows for the period investigated enterprise development and implementation of an innovative project is shown in Fig. 6.
Current cash flow Financial cash flow
Total cash flow
Fig. 6 - The dynamics of cash flows from the realization of the innovative project Genetic Center
Changes in actual cash flows during the operation of the agricultural enterprise was negligible, and it is characterized by instability and the presence of a large amount of cash outflow in 2012, which is associated with the construction of the feed mill. The findings cash balance, indicate that every year the enterprise has remained small amount of funds that could be directed toward innovative investment project. However, these funds were not enough for the domestic investment project.
The effectiveness of cash flow is characterized by the study of solvency and liquidity. Solvency is the ability of the organization to pay all its liabilities (long and short), which is an essential criterion for the implementation of the investment policy of agricultural enterprises and the development of an innovative project. There are the following features of the company's solvency: the absence of overdue accounts receivable; availability of sufficient funds on the settlement and other accounts; timely repayment of obligations.
To assess the solvency of the enterprise in the domestic practice, the net asset value is calculated and analyzed their dynamics and analyze the presence and the increase in net working capital, which is the main condition for ensuring the liquidity and stability of the enterprise. The value of net working capital shows what part of current assets is financed by the invested capital - equity capital and long-term liabilities.
Liquidity is narrower than the concept of solvency and represents the organization's ability to carry out short-term obligations and to implement contingency. Liquidity organization characterizes the potential ability of the enterprise to pay in the future for its obligations. To evaluate the liquidity of "genetic centers" have been calculated: the overall liquidity coefficient, the coefficient of the medium-term liquidity ratio of absolute liquidity.
The dynamics of the overall liquidity ratio characterizes the potential ability of the enterprise to carry out the test at the expense of short-term liabilities of all current assets. At the end of 2013 the total value of the liquidity coefficient of breeding and genetic center is 1,103, which is an indicator of poor, compared with the recommended value ratio (> 2). This indicates that the agricultural company has low capacity to meet short-term liabilities due to current assets. Over the eight-year period of development of the innovative project overall liquidity coefficient decreased by 79.6% (-11.4% per year). This means the emergence of a critical situation with the financing of current assets at their own expense. The main causes of the situation are the major investments of breeding and genetic center in non-current assets and attract investment to finance short-term loans.
To assess the level of absolute liquidity breeding and genetic center defined coverage ratio of average daily payments in cash. Estimates of the average daily payment for the current production activities carried out by the data given to one day: Cost of product innovation, management, selling and distribution expenses in the period, the increase in the value of inventories, work in progress and finished goods. The number of days payments on current production activity of the agricultural enterprises, covered by available funds, defined as the ratio of cash to the value of average daily payments. The analysis showed that in 2013, available funds cover 16.15 days for payments innovation and investment, which corresponds to the absolute liquidity ratio 0.559.
Consistent application of the author's methodology for assessing the impact of innovation and investment in the sustainability of agricultural enterprises with the use of computer technology allows us to analyze not only the performance indicators of the innovative project denominated income and profitability indicators, but also to investigate the order of their formation, as well as their changes under the influence of a combination of factors.
The composition of its own sources of investment project selection and genetic center generated a net profit, invested capital and depreciation. However, the capital invested remained unchanged amount and had no significant impact on the investment of the innovative project. The main source of investment innovative project is to raise capital, the need for which annual decline, which was one of the reserves to reduce costs in the payment of interest on loans and profit growth. One of the most important indicators of the financial stability of the company, its dependence on borrowed capital is the equity ratio, which is calculated as the ratio of equity to total funding. These tables show that at the end of the analyzed period, the coefficient of autonomy is 0.049. During the analyzed period, the value of the coefficient of autonomy has increased by 332.0% (47.4% a year).
For the financial stability of the company assumed that the minimum value of the ratio of debt to capital is 1. Based on this standard, it should be noted that the actual value of the coefficient of autonomy Selection and Genetics Center at the end of the period does not meet the requirements.
The ability to repay obligations at its own expense depends on the liquidity of assets, financed from its own funds. With this in mind, we have numbered the necessary autonomy coefficient based on the structure of assets. At the beginning of 2014 a sufficient magnitude of the coefficient for the agricultural enterprises was 4.26. As a result, the actual value of the coefficient does not reach the desired value, which indicates the occurrence of a critical situation with regard to the loss of financial stability. In other words, the growth of debt capital, attracting investment lending for breeding and genetic center would not be desirable.
To maintain the minimum financial stability, the company should strive to improve the mobility of assets, which is characterized by the ratio of the value of mobile to the cost of immobilized funds. This indicator is called the coefficient of correlation of mobile and immobilized vehicles.
Immobilization ratio is calculated as the ratio of fixed and current assets. This indicator reflects the level of liquidity of the assets and thus the ability to meet the current obligations in the future. At the end of the period of immobilization ratio is 3.32. The lower the ratio, the greater the share of liquid assets in the property of the organization and the higher the possibility of the organization responsible for the current liabilities.
To characterize the financial management of the agricultural enterprises to use a ratio of long-term assets own funds, which determines the degree of coverage of fixed assets invested capital. At the end of the analyzed period, the ratio is 1,028. This demonstrates the company's financial stability.
At the final stage of the author's methods of influence innovation and investment policy for the management of agricultural enterprises provides stability analysis of investment activity. Investment Activity to evaluate the nature of innovation and the relationship between goals and objectives of innovation with its results.
Methods of assessment of innovation activity can include indicators of business activity of enterprises [10]. Depending on the current state of the agricultural enterprise and its achievements in innovation, as well as their correlation with the benchmark chosen strategy of a leader or a follower.
Indicated Indicative investment activity suggests that innovation and investment activity is leading to the sustainability of the investigated agricultural enterprises. At the stage of development of a strategic plan for the further implementation of the innovative project will allow the evaluation of innovative activity of agricultural enterprises to assess their current activity and take into account these indicators when making decisions about the direction of further innovative development. On the stage of the strategy of innovative development of such an assessment largely to avoid irrational use of financial and economic resources and will develop activities to strengthen the innovation sphere.
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