Economic efficiency of investments in cattle production at family farms

Abstract

Using the models of family farms implementing cattle production, it has been analyzed how economic efficiency and financial feasibility of the cattle production investments is influenced by the size of family farms; the type of production; the way of securing of the land for the forage production, both under the safe and risky circumstances. During the analysis of economic efficiency the dynamical methods of investment evaluation have been used, as well as the appropriate method for risk estimation of investments. Besides, in the study has been analyzed an earlier development of the cattle production in the Republic of Serbia, its present conditions, as well as the prospective developments of the bovine production. Judging by the acquired data, it has been established that the family farms investments with a larger number of cows are more economically efficient and more financially feasible, as well as that these investments have a lower level of risk taking in the uncertain conditions of business undertakings.

U radu su formirani modeli porodičnih gazdinstava koja su usmerena na govedarsku proizvodnju na bazi rezultata anketnog snimanja i rezultata dosadašnjih istraživanja. Na modelima je analizirano kako na ekonomsku efektivnost i finansijsku prihvatljivost investicija u govedarskoj proizvodnji utiče veći broj faktora, kao što su: veličina gazdinstva izražena brojem krava, tip govedarske proizvodnje i način obezbeđenja zemljišnih površina za proizvodnju stočne hrane. Analize su urađene kako za sigurne, tako i za rizične uslove poslovanja. Korišćene su dinamičke metode za ocenu investicija - neto sadašnja vrednost, interna kamatna stopa i metod roka povraćaja. U cilju analize ekonomske efektivnosti investicija u uslovima neizvesnosti primjenjena je metoda prilagođavanja visine diskontne stope visini rizika. Pored toga, u radu je analiziran dosadašnji razvoj govedarske proizvodnje u Republici Srbiji, njeno trenutno stanje, kao i perspektive investiranja i daljeg razvoja. Dobijeni rezultati potvrdili su veću ekonomsku efektivnost investicionih ulaganja u gazdinstva sa većim brojem krava, njihovu finansijsku prihvatljivost i nizak nivo rizika u neizvesnim uslovima poslovanja.