THE IMPACT OF FORWARD CONTRACTS WITH DEFERRED PRICING ON THE FINANCIAL STABILITY AND INVESTMENT ACTIVITY OF AGRICULTURAL HOLDINGS

The article examines the impact of forward contracts with deferred price fixing on the financial stability and investment activity of agricultural holdings in conditions of high price uncertainty and rising cost of financial resources. It is shown that the contract design under consideration has a dual effect: on the one hand, it increases the flexibility of managing the moment of price fixing and can improve the predictability of cash flows, on the other hand, it preserves the price risk of the seller after the transfer of products and enhances credit and liquidity exposure to the counterparty. The empirical part of the study is based on an analysis of the public financial statements of large international agro-industrial groups and open market indicators. The practical significance of the work consists in the formation of management recommendations on contract design, limiting an open price position, controlling the cost of holding a position and reducing the counterparty's credit risk to maintain solvency and sustainability of investment programs.