Investment activity in agriculture of the region: status, problems and incentive mechanisms

The purpose of the study is to analyze the state and identify trends in the development of investment activity in the region's agriculture, determine directions for stimulating the investment activity of agricultural organizations. The objectives of the study include studying the dynamics and trends of investment in agriculture using the example of a particular region; the impact of investments on the development of the regional agricultural economy; the main mechanisms for stimulating investment activity in the region's agriculture. The study was conducted on materials from the Krasnoyarsk Region, based on data from the Federal State Statistics Service, accounting and financial statements of agricultural organizations. Methods of economic analysis were used: index method, structural analysis, analysis of dynamics rates. To determine the impact of investment on agricultural production, the tools for constructing Cobb-Douglas production functions were used. As a result, it was determined that the volume of investments in fixed capital of agriculture in the Krasnoyarsk Region for 2017-2021 increased (growth rate) by 125,5 %, to 11,7 billion rubles. The main source of investment is the organizations' own funds, which accounted for 70-72 % of all investment costs. The share of budget funds decreased over the period 2017-2021 from 9,6 to 6,4 %. The main direction of investment costs is the purchase of machinery and equipment (RUB 18.9 billion over 5 years, or 43,8 % of all investments). It was noted that investments did not lead to a qualitative improvement in the material and technical base of agriculture: the commissioning of fixed assets decreased by 28,1 % compared to 2017; depreciation of fixed assets increased from 40,4 to 48 %; the provision of machinery and equipment remained at the same level; the share of complete wear and tear of machinery and equipment increased from 13,7 to 21,1 %. The characteristics of production functions indicate negative economies of scale in agriculture, and the presence of technological regression is further enhanced by investments in the acquisition of machinery and equipment that are inferior in their production characteristics to the most modern high-productivity analogues. The volume of underfinancing of investment activities in agriculture in the region is determined at the level of 5-5,5 billion rubles annually. The main mechanisms for stimulating the investment activity of agricultural organizations: development of regional investment policy for agricultural sectors; formation of a regional register of investment projects of organizations; stimulating investment in ICT and digital technologies through tax credits and incentives; development of an effective depreciation policy for organizations; development of scientific and methodological support for investment design.