MANAGING THE LIQUIDITY AND MARKET STABILITY OF AGRICULTURAL ORGANIZATIONS

Full economic independence of business structures places special requirements on the financial management quality. Its main task is to ensure self-sufficiency and self-financing as the basis for liquidity and market stability of the business. Taking into account the role of agro-industrial enterprises in the socio-economic development of the region and the specifics of the organization of their activities, coordination of the actions of the state, as the owner of the land, and its lessees in this process is of particular importance. By leasing the most important resource, the goals of the state should be the following: preservation of soil fertility, its effective use, compliance with the optimal structure of crop rotation, ensuring employment of economically active rural population, ensuring food security in the region, price stability for a socially significant range of food products, and ensuring socio-economic development in general. The article examines the activities of one of the leading agricultural organizations in the region. Its liquidity and market stability were determined, factors that had a negative impact on its activities as a whole were identified.

В статье исследована деятельность одной из ведущих сельскохозяйственных организаций региона.Определена  Full economic independence of business structures places special requirements on the financial management quality.Its main task is to ensure self-sufficiency and self-financing as the basis for liquidity and market stability of the business.
Taking into account the role of agroindustrial enterprises in the socio-economic development of the region and the specifics of the organization of their activities, coordination of the actions of the state, as the owner of the land, and its lessees in this process is of particular importance.By leasing the most important resource, the goals of the state should be the following: preservation of soil fertility, its effective use, compliance with the optimal structure of crop rotation, ensuring employment of economically active rural population, ensuring food security in the region, price stability for a socially significant range of food products, and ensuring socio-economic development in general.
The article examines the activities of one of the leading agricultural organizations in the region.Its liquidity and market stability were determined, factors that had a negative impact on its activities as a whole were identified.
Keywords: market economy, economic independence, lease agreements, liquidity, market stability, financial stability.

Introduction
The change of the economic management system is a complex and lengthy process that requires fundamental scientific and practical study, especially when the single economic mechanism was destroyed and replaced by many independent economic regions that completely lost inter-economic cooperative ties and powerful scientific support for economic development.
The works of such leading foreign agricultural scientists as I. Buzdalov, V. Beliskii, V. Uzun, N. Popov are devoted to the study of the agro-industrial complex problems [1,2,3,4].In their scientific works, the main attention is paid to the problemsof improving the economic mechanism of the agro-industrial complex; reforming the relations of ownership forms in rural areas; strengthening the role of commodity and monetary management levers; land rent; economic problems of environmental management; agricultural cooperation and other global problems.
At the same time, over the past period of reforming the agro-industrial complex, many problems have accumulated at the micro level, i.e. at the level of agricultural organizations.These problems are reflected in the works of such domestic scientists as A. Gribincea, B. Coretchi, A. Stratan, P. Turcanu, E. Timofti [5,6,7].
The unpredictability of the external environment, interregional and interstate problems have a significant impact on export-import operations, which agricultural organizations cannot solve on their own.One of the important difficulties in this context is the problem of selling agricultural raw materials for export: customs quotas, pricing system, payments for supplied products, transport logistics, etc.
This leads to the fact that, despite the relatively high quality level of agricultural organizations management, it is extremely difficult to ensure their liquidity and market stability without active government support.
После ликвидации агропромышленного комплекса произошло дробление земли по мелким пользователям на условиях аренды.В настоящее время в северном регионе При-vation of the research subject, measurement and calculation of absolute and relative indicators; systematization and comparison, grouping and detailing of the factors, studying their impact on the performance of the subject; building final and forecast conclusions and recommendations for making managerial decisions.The research materials were statistical data from the official reports of one of the leading agricultural organizations in the region, legislative and regulatory acts, as well as the works of well-known scientists in the field of agricultural enterprises economics.

Research results
The process of reforming property relations in the region was of spontaneous (unprepared) character.Solutions were made without any necessary scientific and economic elaboration.This was caused by the staffing weakness of the economy management at the transition stage.As a result, the agro-industrial complex has been eliminated as an organizational and legal form of management with its scientifically based integration of all related industries: sciencecultivation of agricultural raw materialsstorageprocessing -production of food productssale.The monetary structure has also been integrated into this structure.All this was aimed at the effective use of the most important resource for the regionland, the production of high-quality agricultural products, and the optimal coordination of the participation of government agencies and agricultural organizations themselves in this process [8].
After the liquidation of the agro-industrial complex, the land was divided into small users on lease terms.Currently, there are 829 agricultural organizations and peasant farms in the northern region of Pridnestrovie (the Kamenka and Rybnitsa districts), which use from 20 to 7000 hectares of land each.It is important to note that the non-compliance with the basic requirement for the formation of agricultural organizations, namely, the size of the land in use, leads to the fact that, due to financial weakness, peasant farms practically do not possess modern agricultural machinery, do not These issues have different meanings for different resources and property.Natural resources are permanent and the main factor of socio-economic development.The property has a temporary character (service life).In this regard, the purpose of the land owner should be different.For example, if the financial condition of the tenant of a warehouse is crisis-related, it will not particularly affect the state economy.And the impact on the socio-economic development of the region and the state of the crisis financial condition of the lessees of the main state resources, in this case land, will be completely different.The consequences can be the most significant: loss of soil fertility; dependence on imports of a socially significant range of food products; rising prices; rising unemployment; deterioration of the demographic situation in rural areas, and, accordingly, the loss of a hardworking rural population.For agricultural regions in the future this will affect the possibility of providing production with labor resources.
Based on the above, it can be argued that the lease relations existing in the region between the state as the owner of the land and the lessees require serious improvement.
The achievement of all these goals and the solution of the tasks necessary for this require appropriate agricultural protectionism from the state.
Let us consider this situation on the example of one of the leading agricultural organizations in the region, namely the -LLC "Rist".
The LLC "Rist"is an agricultural organization that produces environmentally friendly products of high quality and provides a wide range of services to agricultural enterprises.The organization began its activities in 2004, when it was allocated the first 20 hectares of land.Over the years of rational management, it has turned into a successful medium-sized enterprise and expanded the area of the cultivated land to 8144 hectares [9].
technological process "from field to store" operate simultaneously.
The structure of the acreage is dictated by the requirement to comply with crop rotation as a method of preserving soil fertility, the desire to minimize the risks of possible losses associated with adverse weather conditions, as well as the current forecast of markets for finished products.Thus, according to the data in table 1, the vast majority of the acreage is occupied by the cultivation of sunflower, corn, winter wheat and winter rapeseed.

Таблица 1/Table 1
At the same time, engaging exclusively in the cultivation of agricultural products and their sale will have negative socio-economic consequences, both for individual regions and for the state as a whole.The economic consequences are associated with the failure to use the opportunity to obtain added value from the processing of agricultural raw materials and the production of finished products, and the social consequences are associated with the loss of additional jobs, rising prices for a socially significant range of food products, unemployment, and negative demographic consequences.
In this regard, the activity of the analyzed enterprise can serve as a good example of what a full-cycle agricultural organization can be (table 2).
The data presented in table 2 show that the entire technological line takes place at the enterprisethe cultivation of agricultural products, its processing, production of finished products, sale through its own retail and wholesale network.During the period of 2018, 2021, 2022, there has been a positive growth in revenue from the sale of processed products.Текущая выручка от реализации продукции данных производств позволяет обеспечивать частичную потребность собственных оборотных средств в межсезонный период, что исключительно важно для сельско-A wide range of products, their high quality, study and timely response to customer demand, affordable prices contributed to the increase in the revenue share in 2022 in all areas of processing and production of finished products.In 2022, the share of processed products in total revenue was 54,9%, while in 2018 it was 21,6%.This made it possible to cover part of the lost income from the sale of grain.

Таблица 2/
The current revenue from the products sale from these industries allows us to provide a partial need for own working capital in the offseason period, which is extremely important for agricultural organizations.The significant reduction in 2022, compared to 2018 of the revenue from the sale of grain products was offset by the increase in the revenue from meat and dairy, For a general description of the enterprise financial indicators, to determine their dynamics, we will compile a comparative analytical balance sheet for the period of 2018, 2021, 2022.Однако, для того чтобы сделать выводы о финансовом состоянии предприятия этого недостаточно.Для определения степени финансовой устойчивости предприятия (абсолютное, нормальное, кризисное) расчеты выполним в следующей последовательности.

Таблица 3/
Абсолютная финансовая устойчивость будет при условии, когда величина запасов будет меньше общей величины источников формирования запасов и затрат [10]: The data shown in table 3 indicate that over the past period there was an increase in the balance sheet currency.Its most significant increase is observed in 2022 -154.3%.This is due to a significant increase in working capital by more than 2,5 times in 2022.Their share in the company's assets increased from 30% in 2018 to 50,2% in 2022, including reserves from 24,8% to 36,9% and accounts receivable from 4,1% to 12%, respectively.In 2022, compared to 2018, the value of property decreased by 12,8 percentage points, and accounts payable increased almost 3 times.
Due to the large accounts receivable from customers, in 2022 compared to 2018 it has increased 4,5 times, and a significant part of the advanced working capital is returned to the enterprise with a long delay.Thus, there is a constant huge diversion of working capital from the material sphere to the financial one, which leads to a violation of the cost mechanism of capital flow.In this case, accounts payable became the financial source of covering overdue accounts receivable.At the analyzed enterprise, it increased in 2022 compared to 2018 almost 3 times.All this has led to shifts in the structure of sources of working capital formation and to low provision of own funds, and consequently negatively affects the reproductive process and the financial stability of the enterprise.
However, this is not enough for drawing conclusions about the financial condition of the enterprise.In order to determine the degree of financial stability of the enterprise (absolute, normal, crisis-related), we will perform calculations in the following sequence.
Absolute financial stability will be provided on condition that the value of reserves is less than the total value of the sources of reserves and costs [10]:
It follows from the calculations given in table 4 that the financial condition of the enterprise is crisis-related.The value of reserves during all the studied 5 years exceeds the total value of the main sources of their formation.In 2022, the shortage of the total value of the main sources of reserves and costs formation reached its maximum value and amounted to MDL 62,9 million.In this situation, it is important to pay attention to the reserves structure (table 5).Источник: разработано автором на основании бухгалтерской отчетности/ Source: designed by the author based on accounting statements Приведенные в таблице 5 данные свидетельствуют, что наибольший удельный вес в запасах занимает продукция.Это соответствует специфике сельскохозяйственной отрасли.Отметим, что продукция растениеводства поступает на склад предприятия в середине лета.В этот же период начинается и ее реализация, на успешность которой влияют многие факторы, прежде всего внешние.

Таблица 5/
The data shown in table 5 indicate that the largest share in stocks is taken by products.This corresponds to the specifics of the agricultural industry.At the same time, the crop production goes to the enterprise's warehouse in the middle of summer.At the same time, its implementation begins, the success of which is influenced by many factors, primarily external ones.So, for the analyzed enterprise, such factors were: На анализируемом предприятии таковыми факторами являлись:  незначительные объемы государственной закупки зерна;  мизерная емкость внутреннего рынка;  значительные проблемы с реализацией продукции на внешние рынки, не зависящие от предприятия;  транспортная логистика.
Для оценки ликвидности и рыночной устойчивости организации дополним анализ расчетом следующей системы финансовых коэффициентов [10]:  insignificant volumes of government grain purchases;  meager capacity of the domestic market;  significant problems with the sale of products to foreign markets that do not depend on the company;  transport logistics.
The solution of these problems lies exclusively in the legal field of the state.
Consequently, the state is also directly related to the financial stability of agricultural organizations and the positive dynamics of socio-economic development in general.
In order to assess the liquidity and market stability of the organization, we will supplement the analysis with the calculation of the following system of financial ratios [10]: ÷ 0,8 Расчеты приведем в таблице 6.

Таблица 6/
Необходимо совершенствовать внешнеэкономическую деятельность в сфере агропромышленного производства.Предвари-which is confirmed by the previous calculation of the financial stability of the organization.Thus, the analysis shows a significant negative impact of external factors on the liquidity and market stability of the organization.The organization is experiencing serious difficulties at the final stage of the capital turnover, i.e. the sale of finished products.

Conclusion
To manage the liquidity and market stability of agricultural organizations, the management of the financial unit should use the proposed system of financial ratios.At the same time, given the crucial importance of this industry for the region economy, the analysis of the results of agricultural organizations activity using the proposed system of financial ratios should be mandatory (norm) for all levels of economic processes regulation.
A feature of agricultural production is the seasonal nature of the production process in crop production.This also determines the order of formation of own working capital.Due to the fact that the technological process of production and sale of agricultural products takes several months, it is impossible to ensure the standard of working capital at the expense of own sources.This leads to a forced increase in product stocks and creates prerequisites for inappropriate or inefficient use of temporarily available funds, increasing the role of bank credit [11].
It is necessary to improve foreign economic activity in the field of agro-industrial production.First of all, the export and import of agricultural products and food should be carried out taking into account the need to protect the interests of commodity producers in the field of agro-industrial production and ensure food security in the region [11].
The conducted analysis of the liquidity and market stability of the financial condition of the enterprise allows us to draw the following conclusions.
The Rybnitsa and Kamenka districts are an agrarian region, export-dependent, and the agro-industrial complex is the most important industry determining their socio-economic development.In this regard, the successful development of agricultural enterprises is the task of both their management and government agencies [11].
The most important areas of support from the state should be investments in education based on a public-private partner of local mini food enterprises, granaries, refrigeration facilities, which will increase the processing of agricultural raw materials and the production of food products, both for the domestic market and for export.
Thus, the systematic support of farmers from the state, along with the high-quality management of farmers themselves, will contribute to improving their financial stability, the efficiency of the industry, as well as the socioeconomic development of the state as a whole.