Agribusiness scaling limit of agricultural holdings of the Russian Federation
The aim of the work is to refute the hypothesis that the conditional limit of effective scaling of agribusiness of agricultural holdings in Russia at the macro level in 2022 has been reached. The dynamics of marginal revenue of the selected group of entities related to the leading agricultural holdings of Russia, as well as the average annual growth rates of their revenue, loans and credits for the period 2009-2022 are considered. The activities of agricultural holdings and organizations in the agro-industrial sector still largely depend on loans and credits, which remain a significant source of capital for scaling their agribusiness. This dependence makes it necessary to compare the revenue growth of the studied subjects with the change in their debt on loans and credits. During the period 2000-2022, the activities of agricultural holdings of the Russian Federation were characterized by state subsidies for the use of credit resources. This may be the basis for a judgment about the onset of the limit of effective scaling of the agribusiness of these subjects. The paper refutes the hypothesis that the conditional limit of effective scaling of agribusiness of agricultural holdings in Russia at the macro level in 2022 has been reached. During 2009-2022, the dynamics of both revenue and debt on loans of these entities were positive, although they were characterized by instability due to the action of macro-environment factors. The average annual revenue growth of the studied agricultural holdings (17.17%) exceeded the average annual growth rate of loan debt (11.16%). The dynamics of marginal revenue of these subjects was not clearly negative, although it was characterized by a high level of fluctuation. On average, for each additional ruble of loans during the study period, 2.73 rubles of revenue growth of the studied subjects accounted for.
Morhachov , I. V. and Gavrineva N. S. (2023), “Agribusiness scaling limit of agricultural holdings of the Russian Federation”, Research Result. Business and Service Technologies, 9 (4), рр. 163-173. DOI: 10.18413/2408-9346-2023-9-4-1-4
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