Own working capital rationing as an important instrument of ensuring financial sustainability of agricultural enterprises

The article proves on the basis of data of the 63 agricultural enterprises of the Voronezh region that the security of the agricultural enterprises' own working capital and their financial condition have close but not linear relationship. The downside and the overplus of own working capital is inexpedient by the point of view of the risk of loss the financial security on the one hand, and receiving lower returns on equity, on the other. The authors consider that the rationing of own working capital is an economically reasonable framework (the border) of the formation of sources rational structure of current assets coverage, which takes into account the permanent or temporary participation in the circulation cost of agricultural enterprises and ensures the financial stability of agricultural enterprises. The standard as a reflection of the capital cost, constantly serving enterprise production and business activities, defines the basic proportion of profits distribution, taking into account not only the needs in the renewal and expansion of fixed assets, but a corresponding increase in current assets investment. In addition, the ratio of own circulating assets defines the boundaries of credit resources attraction for agricultural enterprises financing that don't violate the financial equilibrium of the company and maintain its financial security and sustainability. The formation of own working capital for agricultural enterprises is the most appropriate at the level of 40-60% of current assets.