Purpose. The purpose of the article is to form analytical tools for the capital reproduction in the agricultural sector of Ukraine’s economy for substantiation of management decisions to ensure its continuous recovery, progressive growth of its value on the basis of positive qualitative changes in capital at its optimal structural proportions. Methodology / approach. Such scientific methods were used in the article to achieve the purpose of the research: structural and logical analysis – to form a holistic conceptual approach to research; comparison – to substantiate the peculiarities of the reproduction of capital at the macro level and in the agricultural sector of the economy; statistical method – for processing information that characterizes the value and structural proportions of capital of economic entities in the agricultural sector of the economy. Results. Elaboration of analytical indicators of the passive part of the balance of economic entities of agriculture, forestry, fisheries of Ukraine revealed that there is an increase of equity capital relative to its cost value, but a decrease in its share in the total capital structure, namely a decrease of cost estimate of equity capital relative to borrowed capital occurs 3.5 times more intensely; during 2010–2018, total capital, equity capital and gross value added of enterprises of the national economy of Ukraine, as well as the agricultural sector of the economy showed sustainable growth, but in the agricultural sector of the economy there was a decrease in the share of gross value added in total capital of enterprises that proved the tendency of potential narrowing the sources of ensuring the reproduction of capital; during the study period, the level of real capitalization in the agricultural sector of Ukraine's economy decreased significantly; dynamic changes in indicators of financial stability of agricultural enterprises confirmed that in 2018 agricultural enterprises were able to finance their assets at the expense of equity by only 49 % (in 2001 – 66%), financial stability of agricultural enterprises in 2018 lagged behind the optimal allowable value by 12 percentage points, in contrast to 2001 (exceeding the optimal allowable value by 3 percentage points), which encouraged an increase of financial risks in agriculture. Originality / scientific novelty. Financial diagnostics of cost and structural characteristics of capital of economic entities in the agricultural sector of Ukraine`s economy revealed that in the agricultural sector there is a paradoxical situation: the dynamics of retained earnings growth in the structure of equity capital, accompanied by declining dynamics of equity in the total amount of total capital and narrowing of cost estimates of equity in relation to GDP. It is proved that the formation of optimal proportions of capital is one of the factors ensuring expanded reproduction of capital, therefore, the mechanism of implementation of financial policy of capital reproduction should be aimed at increasing internal sources of capital formation and optimizing the structure of total capital. Given that the agricultural sector of Ukraine with its basic component, farming, is a system-forming component in the national economy and forms the basis for preserving the sovereignty of the state (food, economic, environmental and energy security within certain limits), we assume that further accumulation of negative trends from the perspective of values and structural proportions of capital in the agricultural sector of Ukraine's economy may be the basis for the acquisition of a state of financial fragility in the economic system as a whole. Practical value / implications. To harmonize certain norms of capital formation of Ukrainian enterprises, it is proposed to take into account the «fixed capital system», enshrined in the second EU Directive and to establish at the legislative level the procedure for capital formation for limited liability companies (LLCs): guaranteed real contribution of authorized capital should be at the level of the cost values of net assets of the company; to consider such level as the minimum admissible.

The promotion of efficient development of productive resources, specific geographic areas, and branches of the economy is the fundamental reference point of the financial and credit policy of the state. In particular, the agricultural sector has certain features of capital formation within the financial system of the state. This is reflected in the requirements and approaches to the development of financial policy by the state and in the corresponding mechanism for its implementation. Being an important tool within this mechanism, lending is aimed at ensuring the economic growth of the agricultural sector. State support facilitated the system of subsidizing loans by providing funds to reduce the cost of loans for farmers in Ukraine, thus encouraging increased productivity in the agricultural sector at the initial stage. However, gradually, this caused a debt agricultural economy that became dependent on the state and started negatively affecting the elimination of structural, intersectoral, and territorial disparities in the agricultural sector. Therefore, the article is relevant, with mentioned issues requiring immediate examination of state credit support to the agricultural sector as well as justification of financial and credit policy of the state with the view of mutually beneficial cooperation between banking institutions and Ukraine’s agricultural sector for stable and efficient development of the latter. The article analyzes the market of bank lending to agricultural enterprises. It also reveals the influence of bank lending on the development of the agricultural sector in Ukraine. The study identifies subjective factors considered as biggest сhallenges for lending to the agricultural sector in Ukraine. The core problems of lending to the agricultural sector in Ukraine are identified in our study, namely: increasing inflation risks; ineffectiveness of economic promotion programs, tightening of the NBU’s monetary policy, underdevelopment of the non-banking financial market, unfavorable conditions in the foreign financial markets. Measures are suggested to solve the problems of lending to the agricultural sector, the essence of which comes down to the development of partnership mechanisms between the state, agricultural enterprises, and banking institutions. А unified regulatory and methodological framework for lending secured by agricultural land should be established. The paper covers European land mortgage lending practices. In Ukraine, they might be adopted by directly raising public funds not only through an authorized state credit institution but also through private credit institutions operating in a market environment.

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The economic situation in the country is estimated by using both GDP indicators and the growth rates of quantitative indicators of the national economy, including capital. The article is devoted to the economic-mathematical model of the dependence of the effectiveness of the aggregate capital of economic entities in the agricultural sector of Ukraine on endogenous factors. It is determined that factors determining financial security, capital turnover and productive processes stimulate the growth of the efficiency of aggregate capital. Proceeding from the fact that the model is significant and adequate in modern business conditions, the author of the article has concluded that the use of the developed model will allow making effective management decisions regarding the agricultural sector of Ukraine in the medium term. In this regard, a forecast for the period up to 2021 according to the determined indicators has been worked out. According to our estimates, we forecast the largest increase over the period between 2017 and 2021 for endogenous factors affecting the profitability of aggregate capital by the capital productivity ratio, and moderate growth by the investment ratio and the asset turnover ratio. The proposed model can be used as a basis when creating a long-term forecast. To do this, it is proposed to expand the analysis of factor indicators affecting the profitability of aggregate capital in agriculture on the basis of taking into account the impact of exogenous factors. The target parameters of the impact of exogenous factors should correlate with financial and economic indicators as well as the efficiency index for agriculture in terms of macroeconomics.

This paper provides adaptation of the agricultural policy of Ukraine to the conditions and requirements of the EU. It was revealed that sTable GDP growth of Ukraine in the period from 2014 to 2017 was provided by the agricultural sector of the economy: in 2017 its share in the formation of the country's GDP was 17 %. The dynamics of values and structural proportions of governmental support of agriculture was analysed, which showed that for the period of 2007-2017 the actual amount of financial resources aimed at implementation of governmental supportive measures of agriculture was 86.5 % of the planned. The paper proves that the defining criterion for the effectiveness of state support is the sTable growth of the macroeconomic indicators of the agricultural sector. Diagnostics of the effectiveness of state support shows that the state policy instruments of the financial policy did not contribute to a sTable increase in the production of agricultural products, as the dynamics of the growth of gross agricultural production for the period of 2007-2017 was not stable. In this paper the authors determined the main reasons of Ukraine's considerable lag from EU countries on social development indices in the agricultural sector. It was established that the EU experience on functioning of market socially oriented economy and state regulation of economic processes is necessary to extrapolate on functioning of agricultural sector of Ukraine. The proposed decision is to develop fundamental reforms of the State policy on development of agricultural sector of economy, to modernize the State agricultural policy and its institutional provision in accordance with the requirements of EU legislation; Economic model of agricultural sector development should be reoriented from export of raw materials on model of stimulation of the export of produced agricultural products; in the period of adaptation of agriculture of Ukraine to the requirements of EU budgetary support of agriculture must be changed from 1.0 % to 3.0 % of gross domestic product of the country.