Working capital management plays a significant role in improved profitability of firms. Firms can achieve optimal management of working capital by making the trade-off between profitability and liquidity. This paper analyzes the effect of working capital management on profitability and probability of bankruptcy firms in Russia. Regression models were used to establish the relationship between working capital management and firm’s profitability. The study finds a negative relationship between conversion cycle and firm’s profitability: turnover of current assets has a significant impact on the return on assets. Based on the key findings from this study it has been concluded that the management of a firm can create value for their shareholders by change in volumes of working capital. Moreover, the management can also reduce the likelihood of bankruptcy by increasing current liquidity. Firms are capable of gaining sustainable competitive advantage by means of effective and efficient utilization of working capital of the organization. In so doing, the profitability of the firms is expected to increase.
In the formation of human capital in agriculture used on the farm the leading role played by the state, because it is thanks to investment from his side there is a preparation and retraining of specialists in higher educational establishments of agrarian profile, and also created the conditions for further securing of professional staff in rural areas. Today in the agricultural sector there is a negative trend, which consists in the "aging" of the existing professional staff and the lack of qualified replacement for them. First of all, the outflow of workers from agriculture is associated with low material interest, difficult working conditions and weak development of production and social infrastructure. The existing measures of state support for workers in agriculture are fragmented with insufficient funding and do not have a significant impact on the renewal of personnel in the industry.
In the scientific and technical sphere are distinguished from problems of development of business: spontaneous transfer of results of intellectual activity between the countries, a lack of monitoring of transfer, a need of formation of the legal environment and favourable conditions for investment climate, a creation of the corresponding infrastructure, a definition of models of scientific and technical business. In the scientific and technical sphere of EEU the following forms of business are possible: a performance of concrete research and development, consultation, drawing up an image of the future on the basis of expert estimates, publishing in combination with advertising and marketing, etc. Further development of the agrarian sector of EEU is connected with improvement of the organizational and economic mechanism of functioning of the market of science results of the EEU.
Azerbaijan pursues purposeful state policy in the field of sustainable development of agriculture. Agrarian policy of the state is implemented by means of the relevant legislative initiatives and state programs. Measures of the state support are aimed at providing national food security, development of agricultural production, modernization of processing enterprises, development of logistic infrastructure, and development of rural territories. One of the directions of state policy of Azerbaijan is decrease in import production in the domestic food market and implementation of complex measures for creation of food stocks. Taking into account a goal of agrarian and industrial complex Azerbaijan directs the efforts to improvement of bilateral and multilateral standard and legal base and further trade liberalization. Creation of large logistic bases for transition from single small wholesale trade operations to long-term contracts has to become an important step on the way of increasing export.
The main internal reasons for difficult situation with providing the population of the country domestic by milk and milk products, the productions of milk connected with low rates of a gain due to insignificant quantity of again constructed, reconstructed and modernized complexes and farms, the continuing reduction of a livestock of cows, low marketability of production of milk and non-equivalence of exchange are opened. To increase stability of maintaining dairy cattle breeding, it is necessary: to pass from regulation to management, from forecasting to planning of development of subsector; to create the effective mechanism of the state influence directed to increase in efficiency and competitiveness of dairy cattle breeding; not to allow decrease in production of milk in the country in the conditions of steady falling of his production in farms of the population; to increase domestic breeding resources of the leading breeds of the dairy cattle.
Increase in efficiency of cows doesn't lead to the adequate growth of economic efficiency of dairy cattle breeding therefore the research purpose - carrying out additional researches of influence of growth of yields of milk of milk on profit and profitability of his production. Farms of the Leningrad Region are rather differentiated on the applied technologies of contents, feeding and milking and without these distinctions it is difficult to reveal regularities of influence of efficiency of cows on economic efficiency of dairy livestock production. The executed groups of the agricultural organizations of the Leningrad Region for indicators of average annual milk yield of milk counting on a cow have shown that each subsequent increase of yields of milk of milk becomes more and more resource-intensive that leads to decrease in profitability of expenses. The hypothesis of a possible divergence of results of calculations and conclusions by them was checked by consideration of expenses and results in relation to production of milk (the 1st option) and concerning costs of the main herd of the dairy cattle and fattening cattle at the corresponding proceeds from sales of milk and cattle (the 2nd option). The biological limit of efficiency of cows in the Leningrad Region averages not less than 13000 milks from a cow in a year, and in separate farms is significantly higher. Therefore, to reach these indicators for today isn't a problem. At the same time the aspiration to increase efficiency of cows isn't always economically justified in any way. Extreme, economically justified efficiency of cows for each economy of dairy specialization is individual when which determining it is necessary to consider a complex of technology, genetic, organizational, personnel and other factors.
The growth rate of milk production is increasingly determined by the level of competitiveness in the global market, the compliance of quality indicators, costs and environmental safety of production to the world's leading competitors. An increase in animal productivity, labour productivity, product quality, a decrease in resource intensity, losses in the production and processing of milk, environmental pressures, production and economic costs require the system development of innovative technologies. Digital technologies provide the transition from management of innovation development at individual stages of the production chain to their unification in a single production and economic system on the basis of a "digital platform", which allows to obtain synergistic result, increase operational and investment efficiency, realize economies of scale and comparative advantages, provide competitiveness and strong growth in milk production volumes. The development of digital technologies ensures the transition from the application of innovations at individual stages of the production chain to their unification in a single production and economic system on the basis of a "digital platform", which makes it possible to obtain synergistic result, to increase operational efficiency, to realize economies of scale and comparative advantage, to ensure the competitiveness and strong growth in milk production volumes. For the development of innovative digital technologies by most participants of dairy cattle breeding, it is necessary to revise the forms of state support for the investment process in dairy cattle breeding.
The article considers a set of factors affecting the competitiveness of agricultural products of the Russian Federation: the average prices of producers, average export prices, production and exports. The analysis showed that since the introduction embargo on the import of agricultural products and food from a number of countries to the territory of the Russian Federation in 2014, the competitiveness of domestic products has increased significantly. This trend was due to the depreciation of the national currency, as well as the relatively favourable market conditions, which allowed increasing the volume of production and exports of agricultural products. At the same time, the analysis of price competitiveness factors revealed the increasing imbalances in the price relations between the agri-industrial sectors, which have a negative impact on the sustainable development of agriculture and the attraction of additional investment resources in the industry. The task of investment development, import substitution and increasing the volume of non-oil exports, it is necessary to search for new growth factors aimed at qualitative changes in production. One of the ways of increasing competitiveness of AIC - introducing digital technologies in agriculture, which will improve productivity and speed up technical and technological updates, increase the competitiveness of agriculture.
In article questions of development of agro-industrial complex in the conditions of implementation of the concept of digitalization are considered. Experience of introduction of digital economy to the agrarian sector of the developed countries, possibilities of its application in agriculture of Russia is considered. Domestic landowners apply elements of digital economy in limited volumes because of lack of financial means. It is offered to expand scope of digital economy due to the state investments, formation of various cooperation associations.
The agricultural industry of Russia shall strengthen economic line items as it has positive dynamics of development for a row of the last years. Article contains express assessment of a condition of the domestic agrarian sector of economy, the code of key problems and the offer in the field of revitalization of its social and economic development. Authors offered the concept of decrease in cost value of agricultural products within system a target-costing. Recommendations about production organization of new types of products with low costs (for example, horse-flesh) are of particular importance. Authors suggest applying tax optimization as the tool on attraction of financial resources to upgrade of agricultural production. Authors consider that stimulation of economic development of the sphere of agricultural industry of Russia should be combined with revitalization of social security of workers of agrarian subjects. Social expenses shall increase, in connection with implementation of the state Sustainability strategy of the rural territories. Private social expenses shall grow too. They can be inexpensive, but rather effective (consultations and trainings about a healthy lifestyle, the organization of days of health and another).