Decision Making on the Direction of Investment in the Development of Separate Parameters of Agricultural Equipment

The object of research is the process of self-financing, as a leading direction in the system of investment support for the development of business entities. One of the most problematic places in resolving this issue is prioritizing these investments.<br><br>During the study, the statistical method is used to analyze and summarize statistical information and the methods of cluster analysis and k-means to classify the main groups of indicators of technical and operational and economic and marketing parameters for the use of agricultural machinery. As well as methods of matrix analysis and multidimensional spaces – for the positioning of enterprises and the rationale for the choice of investment areas.<br><br>The paper proposes theoretical and methodological principles and conclusions, which together solve an important practical problem – the need to search for areas of investment in the development of individual parameters of agricultural machinery. The analysis of the state and characteristics of the activities of agricultural engineering enterprises of Ukraine is made. The necessity of breakthrough development of the machine-building sector of the agro-industrial complex is emphasized. It is noted that most of the Ukrainian enterprises producing agricultural machinery have outdated equipment, so they need re-equipment and significant financial injections. When classifying the priority areas of investment, it is found that agricultural machinery, which is now produced by Ukrainian engineering enterprises, needs to be completely changed. Therefore, a list of stages for the selection of areas for improving tractor equipment is proposed. The proposed approach to determining the priority of investing provides for the classification of quality indicators according to the priority of their improvement according to a certain algorithm. The investment areas are evaluated and it is established that the final decision on investing in the development of certain parameters of agricultural machinery can be made by improving only those indicators of a certain group that were obtained using clustering.<br><br>Due to the simplicity of the proposed approach, it can be applied not only for agricultural engineering, but also for other enterprises of the economic complex of Ukraine. Compared with similar well-known approaches, its use will allow more accurate research and obtain the necessary data for targeted investment in the face of limited funds.


Introduction
In modern conditions there is a problem of investment attractiveness of the enterprise. This is primarily due to a decrease in budget opportunities. Enterprises, in particular the engineering industry, rely on foreign investment, but this process is still hampered by a complex tax system and the instability of political processes. Therefore, the distribution of funds within the enterprise, that is, the financing of entrepreneurial activity at the expense of its own funds, is becoming increasingly important for Ukrainian enterprises. On the practical aspect of investment areas at industrial enterprises of Ukraine, in some cases it is conducted by enterprises insufficiently justified, without due fundamental theoretical justification. Therefore, it is relevant to study the justification of investment areas at engineering enterprises in the face of limited own financial resources.

The object of research and its technological audit
The object of research is the process of selffinancing, as a leading direction in the system of investment support for the development of business entities. But the most problematic place in resolving this issue is determining the priority of these investments. TECHNOLOGY AUDIT AND PRODUCTION RESERVES -№ 1/4(51), 2020 ISSN 2664-9969

The aim and objectives of research
The aim of research is to find the direction of invest ment in the development of individual parameters of ag ricultural machinery. To achieve this aim, it is necessary to complete the following tasks: 1. Make a classification of the priority areas of invest ment at the enterprises of tractor engineering.
2. Propose a methodological approach to determining the priority of investment.
3. Assess the selected direction of investment.

Research of existing solutions of the problem
Issues related to the investment attractiveness of indus trial enterprises are given significant attention in [1,2]. However, in these works there is no mechanism and sug gestions on the choice of investment areas for agricultural engineering enterprises.
The authors of [3,4] note that further development of agriculture will be associated with significant investments in agricultural engineering. It is also noted that farms will be the main investors. However, it is not clear to the end whether it is possible to apply the experience of foreign countries in the conditions of the Ukrainian economy.
The works [5,6] emphasizes the need for fiscal reforms and state support for industrial enterprises, but nothing is said about the support of the agricultural engineering sector.
In [7,8], general methodological approaches to assessing the investment attractiveness of agricultural enterprises are presented, but there are no recommendations for evaluating individual parameters of agricultural machinery.
The authors in [9] note the need to search for inter nal sources of financing the development of agricultural enterprises. But they do not indicate what to do when internal sources of financing are limited.
It is necessary to agree with the authors of the stu dies [10,11], who note that there are a number of factors of not only economic nature that inhibit the development of agricultural engineering.
Thus, the analysis results allow to conclude that there is a significant number of works devoted to the problem under consideration. But there are no system develop ments for its solution.

Methods of research
In solving the tasks set in the work, general scientific and special methods are used, namely: -statistical -to analyze and summarize statistical information; -methods of cluster analysis and kmeans -to classify the main groups of indicators of technical, operational and economic and marketing parameters for the use of agricultural machinery; -methods of matrix analysis and multidimensional spaces -for the positioning of enterprises and the rationale for the choice of investment areas.

Research results
Modern innovative development of Ukraine is impos sible without the active development of one of the leading sectors -agriculture. In a planned economy, agricultural support is expressed in various ways, including the orga nization of an industry such as tractor agricultural en gineering. During the Soviet period, a powerful industry was created in the country, producing up to 560 thousand tractors per year, which amounted to approximately 40 % of world volumes [12]. Initially, tractor construction was built on nonmarket principles. There were factories that made machines of a very narrow nomenclature in mass circulation, which made it possible to deeply specialize production and make equipment cheap.
By the beginning of the 90s, significant capital and potential has been accumulated in the region. With the beginning of economic reform, it was necessary to trans form the industry in accordance with market principles on which the modern economy is based. However, there are a number of reasons why this has not been fully achieved. The main one is a sharp drop (literally at times) in solvent demand from agricultural producers. Since 1991, tractor plants are not loaded or loaded at a very low percentage of their capacity. And, as a result, factories are gradually losing professional staff, rather than updating production equipment and working on new equipment more slowly than necessary. So, in [13] it is noted that «the level of provision of the majority of agricultural enterprises with material and technical means does not exceed 50 % of the normative technological needs», 35 % of enterprises are in unsatisfactory condition. Currently, about 129.3 thousand tractors and 26.8 thousand combine harvesters are used in the agricultural sector. The presence of the main types of equipment in agricultural enterprises is presented in Table 1.
As can be seen from the Table 1, throughout the study period there is a reduction in the machinetractor fleet of agricultural enterprises. The available number of tractors and combines does not meet technological needs. So, in the absence of modern harvesting equipment, Ukrainian farmers lose 11 % of their crops annually, which is almost 7 million tons of grain.
Provision of agricultural enterprises with agricultural machinery has been getting worse over the past years. Thus, the number of tractors decreased by 2.05 %, combine har vesters -by 2.06 %, flax harvesters -by 24.2 %. Now the purchase of the main types of agricultural machinery is 3-5 % of the available, while for the normal reproduction of the machine and tractor fleet, 8-12 % must be purchased annually [15]. Therefore, the load on one unit of agricultural machinery is growing, although it must be borne in mind that most of it has worked out its life, is physically completely worn out, and morally obsolete. A high level of equipment wear requires significant funds for its repair. More than half of the tractors, almost every combine harvester, and almost all the tillage equipment need to be repaired annually. Now it is possible to observe some updating of agricultural machinery. So, for the first half of 2016, farmers bought 4.9 thousand units of equipment for 188 million dollars, which is 35 % more compared to the same period of 2015. Agricultural producers spent more than half of this amount on tractors and combines (more than 100 million USD). In total, 9995 units worth 58 million USD were purchased in 2016, and in January 2017 the market continued to grow -farmers purchased 341 pieces of equipment worth about 13 million USD. In total, over 4 months of 2017, farmers purchased 3218 units of equipment worth about 141 million USD [16].

ISSN 2664-9969
This is due to the following factors: 1) the critical deterioration of equipment that works in agricultural enterprises; 2) during 2014-2016 farmers, thanks to the high yield, had significant profits; 3) dissatisfaction with the demand of previous years, the presence of a state program to support farmerscompensation for the purchase of Ukrainian agricultural equipment is paid -20 %.
The need for breakthrough development in the ma chinebuilding sector of the agroindustrial complex (agro industrial complex) is also caused by the increased expan sion of foreign equipment in the Ukrainian market. The analysis shows that in 2016, the import of agricultural machinery in Ukraine increased significantly, foreign com panies open dealerships [16]. Every year, the import of used equipment is growing. Although in general its share in the sales structure remained small. A 10 percent duty limits the demand for used cars [17]. In this case, the equipment used is: tractors -more than 6 %, combine harvesters -about a third.
Due to the decline in sales of their products in tra ditional importing countries, Western firms are actively seeking new ways to further consolidate themselves in the capacious and promising Ukrainian market, which does not coincide with the strategic interests of Ukraine. The adoption by the Verkhovna Rada of Ukraine of draft law No. 4024 regarding amendments to the Law of Ukraine «On Stimulating the Development of Domestic Engineering for the AgroIndustrial Complex» will enable farmers to buy cheaper (20-30 %) and modernized agricultural equipment.
The share of the presence of foreign firms in the Ukrai nian market is economically justified -10-15 % of sales. Orientation to the mass use of imported equipment is also not realistic, since, according to expert estimates, enormous financial expenses will be required -more than 20 billion USD annually, which will cause a sharp rise in price of agricultural products. The consequence of this will be a decrease in the purchasing power of rural producers, which will immediately negatively affect the engineering sector of the agroindustrial complex.
The market of tractors was filled with 11552 units of imported equipment worth 418 million USD. How ever, 1282 units were imported of used tractors in the amount of 36.2 million USD, that is, the share of used cars amounted to 8 % of the Ukrainian market.
It should be noted that in the total quantitative com position of imported in 2016, 72 % of the supply of new tractors was made up of Belarusian products. In terms of value, the situation looks a little different; Belarusian trac tors were imported in the amount of 110.5 million USD, or 29 % of all imports. Along with them were deliveries of СnH Corporation (Italy) with the New Holland and Сase brands, the third place was held by John Deere (USA) with a market share of 22 % [17].
Today in the field of agricultural engineering in Ukraine there are more than 120 specialized enterprises, among which are: - Today, machinebuilding enterprises for the agroin dustrial complex produce mainly by orders and contracts. The production capacities of the tractor and combine building plants are only onethird full, and some of them are generally idle. The annual losses in the agricultural machinery industry are about 8 million USD. And more than a quarter of the equipment produced remains in stock. Complex agricultural machinery due to its insufficient quality and reliability, limited functionality and high price does not fully comply with the requirements of agricul tural production.
However, departmental fragmentation of enterprises does not allow for a unified technical policy and ensuring a systematic approach to the creation and testing, produc tion and operation, repair and maintenance of equipment, market monitoring, and the provision of necessary services to peasants. The production base of a significant part of industrial enterprises in agricultural engineering, primarily for the production of tractors, currently has outdated equip ment. Therefore, the toppriority strategic priority at the present stage is technological reequipment, deep recon struction and raising the technical level of engineering plants aimed at ensuring the development of new types of competitive equipment that meets international standards.
In recent years, Ukrainian enterprises have been able to slightly improve the quality of their products. How ever, due to limited volumes of production and lack of profit, the rate of renewal of production is insufficient, because enterprises do not have the necessary funds for this. However, there is confidence that, thanks to the new investment policy of the government, new approaches to lending to consumers and manufacturers of equipment, including for setting up production of modern technical equipment and updating technologies for their manufac ture, Ukrainian equipment will become competitive not only in the domestic, but also in the foreign markets. In recent years, the Ukrainian government has been to adopt regulations to support the development of the ag ricultural machinery industry. In particular, compensation for purchased agricultural equipment of Ukrainian produc tion should help increase the purchasing power of farmers, which will allow updating the technical park of agricultural enterprises. The Budget Code provides funds for state support of producers in the amount of at least 1 % of agricultural output. In 2017, this amount was 42 million USD. The Ministry of Agrarian Policy is forecasting an increase in this figure to 62.5 million USD [18].
It can be stated that the Ukrainian machinebuilding industry for the agroindustrial complex, subject to the provisions of the Law of Ukraine «On Stimulating the Development of Domestic MachineBuilding for the Agro Industrial Complex», can eliminate the threat of agricultural enterprises becoming dependent on supplies of imported equipment. And also, to gradually meet the needs of the agroindustrial complex in highquality and highperfor mance domestic equipment at lower prices than that of fered by foreign firms. But it should be noted that the agricultural machinery market has special requirements for the enterprises that work on it. First of all, this is a very unstable market: depending on the season, demand varies significantly, and it is also strongly affected by climatic conditions and natural disasters, which inevitably affect the purchase of equipment. Also, approaches to the selection of equipment have changed. In the struggle for a 2-4 % increase in productivity, farmers are forced to take into account a number of factors, including regional climatic features of soils and changes in technology in crop produc tion. When choosing agricultural equipment, they focus primarily on productivity and reliability, technical specifi cations, operational properties and ease of setup, warranty periods and, of course, prices and payment terms [15]. That is, agricultural machinery, which is now produced by Ukrainian machinebuilding enterprises, needs to be radically changed.
In this regard, the choice of areas for improving trac tor equipment should have the following steps: -analysis of the market for tractor equipment indi cating the needs of consumers; -analysis of the range of products that are presented on the market with the definition of competitiveness indicators; -development of areas for improving tractor equipment.
The main document for assessing the technical level and quality of Ukrainian agricultural machinery is a map of the technical level and quality (ML), which is compiled and updated during the development and approval of de sign documentation, product certification, modernization, and decommissioning.
All quality indicators when compiling a ML, according to GOST 4.4084 [19], consist of the following main groups: - The list of quality indicators of industrial tractors ac cording to GOST 4.37385 [20] contains the following indicators: -bearing capacity in percentage of the operating weight of the tractor without technological equipment: when hanging in front, when hanging from the back; -specific structural weight, kg/kW; -maximum design power of the hydraulic system pumps, which is intended for selection for external consumers as a percentage of the operational power of the engine mounted on the tractor; -maximum fluid pressure in the hydraulic control system of the working (technological) equipment, MPa; -gammapercent and (or) the resource is set before the first overhaul of the tractor, motorcycle hours; -MTBF of II, III complexity groups (complex failure), motorhours; -established uptime running hours; -specific total operational complexity of maintenance, manhours/1000 motohours; -specific total operational complexity of eliminating failures, manhours/1000 motohours. As it is possible to see, there are a fairly large number of quality indicators for industrial tracts [19][20][21]. All this makes it difficult to choose the priority of investment. Therefore, there is a need to classify quality indicators according to the priority of their improvement. This can be done by clustering using the following algorithm: 1) the choice of the number of clusters into which the population should be divided, the task of initially breaking up the objects and determining the centers of gravity of the clusters; 2) in accordance with the selected measures of simi larity, determining the new composition of each cluster; 3) after full viewing of all objects and their distribu tion among clusters, the centers of gravity of the clusters are listed; 4) procedures 2 and 3 are repeated until the next itera tion yields the same cluster composition as the previous one.
Next, the average values of economic and statistical characteristics, the size and composition of the resulting clusters are determined by the results of the clustering process, and the results are shown both on the graph and in the tables (clustering calculations were performed using the Statistika package [22].

ISSN 2664-9969
As the results of the clustering show, all the technical and economic indicators were divided into four clusters. The technical and operational indicators such as producti vity (working width of aggregated trailed machines) came to the first cluster (Table 2).  The second cluster (Table 3), which includes indicators of efficiency (fuel consumption during operation), tractor patency: specific pressure on the ground and agricultural or ground clearance, reliability (MTBF). The third cluster included indicators such as speed, dynamism (traction), maneuverability, maintainability, ease of maintenance and operational safety ( Table 4).
The fourth cluster includes economic and marketing characteristics, such as price, awareness and brand aware ness, brand distribution in a specific target segment of the sales market (Table 5).
Further, comparing tractor models competing in a par ticular market segment, let's determine a group of indica tors that need improvement, that is, the proposed classi fier determines the direction of investment by building a dendrogram. With each of the selected subsystems of technical and economic indicators, using the construction of the dendrogram, it is necessary to select a representa tive using the following methodology. Since all indicators are qualitatively incomparable, that is, they have different units, it is necessary to carry out their conversion. From the beginning, let's calculate the arithmetic mean value of the indicators, for this let's di vide the indicators of each row of the original matrix into the arithmetic mean value of the indicator, and build the transformed matrix.
Based on this matrix, let's form a matrix of multi dimensional distances between all pairs of factors and calculate the Euclidean distance between the first and second factors by the formula: where d io -Euclidean distance; z ij , z oj -serial number of the qualitative characteristics of the studied parameter.
As a result of all calculations, let's obtain a transformed matrix of multidimensional distances. Fig. 1 shows an example of constructing a dendrogram to determine the most developed type representative of six factors.

ISSN 2664-9969
That is, it is necessary to select the minimum ele ment in the matrix, to which the distance between 1 and 3 factors can be attributed.
Let's combine 1 and 3 into groups and provide the number 1. Let's calculate the distance of each factor to the newly formed group. Let's build a new transformed matrix. Let's combine the 1st and 2nd groups, provide the new group with a number and calculate the distance of the new factor to the others. Next, let's repeat the opera tions until only the 2 most significant elements remain in the transformed matrix.
Based on the results of the compilation, let's construct graphically the dendrogram, where the Euclidean distance between the model factors is plotted on top of the OX axis, and the numbers of factors that are combined along the OA axis are plotted.
To distinguish groups and their typical representatives, it is necessary to divide the dendrogram into classes. In this example, two groups of objects can be distinguished: the first -consists of four objects 4, 1, 3, 2, the second contains 5 and 6.
It has been established that the final decision on the direction of investment in the development of certain pa rameters of agricultural machinery of the manufacturing enterprise can be done by improving only those indicators of a certain group that were obtained using clustering. In particular, it is more efficient to invest and get positive results in improving the competitiveness of products in a shorter period of time.
Thus, the proposed methodology will identify the priority of investing in the development of commodity units. And also, it will allow them to more correctly position them on the market and will allow the company to allocate funds to improve product quality in difficult competitive conditions.

SWOT analysis of research results
Strengths. The theoretical and methodological approach to substantiating the directions of financing the develop ment of agricultural engineering enterprises is substantia ted and developed.
Using this approach will allow more accurate research and obtain the necessary data for targeted investment in the face of limited funds.
Weaknesses. The range of quality indicators, based on the analysis of factors of the external and internal environ ment, needs to be clarified. And also, using complex and systemic methods of cluster analysis, taking into account the relevant specifics of agricultural machinery manu facturers and can be used in the analysis by Ukrainian manufacturing plants.
Opportunities. A methodological approach has been developed that can be applied not only to agricultural engineering, but also to other enterprises of the economic complex of Ukraine.
Threats. For conditions with limited resources charac teristic of the present, it is necessary to carefully check the appropriateness of including in this system a range of indicators that take into account the specifics of manu facturers, and this causes certain difficulties.

Conclusions
1. When classifying the priority areas of investment, it is found that agricultural machinery, which is now pro duced by Ukrainian machinebuilding enterprises, must be completely changed. Therefore, a list of stages for the selection of areas for improving tractor equipment is proposed.
2. An approach to determining the priority of investing is proposed, which provides for the classification of quality indicators according to the priority of their improvement according to a certain algorithm.
3. The investment areas are evaluated and it is estab lished that the final decision on investing in the develop ment of certain parameters of agricultural machinery can be made by improving only those indicators of a certain group that are obtained using clustering.