ЗЕМЛЯ СІЛЬСЬКОГОСПОДАРСЬКОГО ПРИЗНАЧЕННЯ В УКРАЇНІ ТА МОНЕТИ КРИПТОВАЛЮТ: МОЖЛИВОСТІ РЕАЛЬНОГО ІНВЕСТУВАННЯ

To make informed decisions, modern society, like modern business, must operate with adequate information about many complex interrelated aspects of its activities. Land use is only one of such aspects. Agricultural lands are of particular importance today. Land data are needed to analyse environmental processes, as well as end unsystematic, uncontrolled use of agricultural land, environmental degradation, destruction of important wetlands, loss of fish diversity and destruction of wildlife habitats. To solve these problems, it is advisable to conduct regular analysis and evaluation of land resources, justification and analysis of factors influencing the agricultural land market in the country. The tasks were solved using multidimensional statistical methods, in particular, factor analysis, which helped to get rid of subjectivity in the choice of factors influencing the market under study. Based on the model of influence of factors on the national market of agricultural land in Ukraine, six main factors were identified, the most influential of which were the components of agricultural development (first factor) and, to a lesser extent, the component of vegetable production and yield (fourth factor). The interrelationships and the degree of influence of the selected factors on the main indicators of the agricultural land market, namely, on the area of purchase and sale plots, the price of purchase and sale plots, and the number of transactions were also analysed.

За останніми даними Держгеокадастру щодо нормативної грошової оцінки сільськогосподарських угідь у регіонах України наведено результати розрахунків мінімальної та максимальної вихідної (початкової) ціни землі сільськогосподарського призначення в Україні, а також середньої вартості гектара, яка майже в півтора разу перевищує їх орієнтовну стартову величину, анонсовану з відкриттям вітчизняного ринку землі. Запропоновано і відповідно конкретизовано класифікацію чинників зміни ціни гектара землі сільськогосподарського призначення, яку структуровано в три групи: 1) загальні чинники формування ціни земель сільськогосподарського призначення; 2) чинники підвищення ціни; 3) чинники зменшення ціни землі сільськогосподарського призначення. Уперше представлено і розкрито такий чинник формування ціни землі сільськогосподарського призначення, як розмір доходу від споживання екосистемних послуг. Вагомість цього чинника доведено результатами грошового оцінювання внеску двох видів екосистемних послуг ґрунтів земель сільськогосподарського призначення місцевого екосистемного активу Миколаївської області –– регулюючої послуги з утримання вуглецю в ґрунті, яка надається ґрунтами земель природного зростання сільськогосподарських культур, та забезпечуючої послуги з постачання врожаю, яка надається ґрунтами земель сільськогосподарського призначення.Наведено результати здійснення гіпотетичної екстраполяції вартості внеску забезпечуючої екосистемної послуги з постачання врожаю, що надається чорноземними ґрунтами земель сільськогосподарського призначення екосистемного активу територіальної громади села Семенівка Миколаївської області, на розмір початкової ціни земель сільськогосподарського призначення регіонального екосистемного активу Миколаївської області. Унаслідок цього отримано значно здорожену, проте більш реальну орієнтовну ціну гектара землі для даного регіону з урахуванням розміру доходу від споживання такої екосистемної послуги чорноземного ґрунту. Зроблено висновок щодо наявності потужного потенціалу зростання ціни сільськогосподарського призначення в регіонах України, а також щодо фактичної неготовності стартових цінових позицій відкриття ринку землі в Україні, насамперед через невідповідність нинішньої початкової ціни землі об’єктивним соціально-економічним реаліям.

The subject of the study is the economic efficiency of the use of land resources by agricultural enterprises. Methodology. The research was conducted using general scientific methods, in particular: theoretical generalization, methods of positive and normative analysis, statistical analysis. The goal is to analyze the dynamics of economic efficiency of land use by agricultural enterprises. Research conclusion. The economic efficiency of reproduction processes is the ratio of the amount of newly created value to the amount of capital, the cost of all resources and some of their main types. The peculiarity of the reproduction of land resources is that they are combined with the stage of production of agricultural products, when the reproduction of soil fertility is carried out in a single technological process of growing crops. Analysis of the efficiency of use of land resources by agricultural enterprises in Ukraine, which has significant areas of land suitable for agricultural production. It should be noted that agricultural land should be used more efficiently than in other countries. The activity of agricultural enterprises in general and their use of land resources can be characterized as extensive – a large number of resources are involved, and the return from each resource unit is low. In addition, the fact that landowners are not in a hurry to sell their agricultural land, realizing that in a few years a completely different offer price will be formed, as agricultural companies will enter the game and the demand for agricultural land will be much higher. It is necessary to mention that there are some difficulties in the research process, because today it is impossible to reflect the total volume of the Ukrainian agricultural land market in monetary terms, since the transaction price is declared in only 55% of the concluded transactions. In 2022, the average price of buying and selling agricultural land in Ukraine will be 38,560 UAH/ha. This is 28% higher than the average normative monetary value of arable land in Ukraine, which is UAH 27,520/ha.

Land in Ukraine can be in private, communal and state ownership. The lands of Ukraine include all lands within its territory, including islands and lands occupied by water bodies, which are divided into categories according to their main purpose. Legal entities may acquire land mainly for use on the rights of lease, sublease, emphyteusis and permanent use, may have agricultural land on the right of lifelong inherited land tenure, the legal regulation of which is currently absent. In Ukraine at this stage, models of organization of relations between business partners are effectively and justifiably used through the creation of a joint holding company in a foreign jurisdiction, which further establishes the company in Ukraine. As a result of the anti-terrorist operation and the occupation of Crimea on the territory of Ukraine, the rights of thousands of people to housing, land and property, including the rights of agricultural land use, were violated. Today, land lease is the main way of doing agribusiness, lease agreements have become an important tool for absorbing weaker competitors or seizing their land. In conditions of slow growth in the cost of rent, agricultural holdings can afford a slightly higher fee, which gives them a significant advantage over farmers. However, the moratorium on land has been lifted in 2020 and the land market in Ukraine will be introduced on July 1, 2021. From this date, agricultural land will be available to individuals, ie the moratorium on the sale of agricultural land will be lifted. As for legal entities, the land market will be open for them only from January 1, 2024.

The article provides a comparative analysis of the legal basis for the use of agricultural land in Ukraine and Canada. It has been established that the current state of land resources in the majority of Ukraine can be characterized as a crisis, with a tendency towards deterioration, which significantly complicates the socio-economic development of Ukraine. The main reasons for this situation are, first of all, the irrational use of the state’s land resource potential, the deterioration of the quality of the land, the irregularity of the change in the nature of the functioning of the land as a means of production in market conditions, and other negative factors. However, agricultural land, which occupies a special place in the structure of the land fund of Ukraine, needs even greater legal protection. Irrational use of agricultural land is one of the potential threats to Ukraine’s food security. In this regard, there is an urgent need to define an effective management mechanism in the field of land use, including agricultural use. In this context, the issue of land turnover is important in connection with the adoption in March 2020 of the Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine Regarding the Movement of Agricultural Land». In order to build an effective and competitive land market, it is necessary to have a strong legal basis, and for this it is advisable to turn to foreign experience in this area, especially to the experience of countries with the best functioning land market, such as Canada. The Canadian experience shows the importance of detailed regulation of land use at all levels of government and the need for a coordinated approach to ensure the proper use of agricultural land. The Canadian Constitution gives the provinces the exclusive right to decide virtually all land matters, including those related to the use of agricultural land. The presence of a market for agricultural land in Canada promotes the attraction of additional capital in the form of internal and external investments in the agricultural sector, which in turn stimulates its sustainable development. Ukraine can take this experience into account in the process of improving its land policy and ensuring the sustainable development of agriculture.

The current state, conditions and possibilities on introduction the free circulation of agricultural land in Ukraine are investigated in the research, the main problems of its development are highlighted and the experience of agricultural land sale and lease of in European countries is analyzed. The survey presents the results of interviewing shareholders and agricultural producers in two districts – Bila Tserkva, Kyiv region and Uman, Cherkassy region. The model of the agricultural land market should meet not only economic efficiency and expediency, but also contribute to the sustainable development of rural areas, where the circulation of agricultural land should be preceded by the introduction of appropriate restrictions. In order to prevent landlessness of peasants and the formation of latifundists, the free circulation of land can be implemented in two stages. Stage 1: land inventory, cadaster and land management system, which includes four subsystems: 1) land rights (distribution and provision of land rights, legal registration of land borders, transfer of ownership rights or use rights through the conclusion of sales agreements or lease; the establishment of borders of land and property rights to them; the consideration and resolution of disputes concerning the rights on land plots and their boundaries. Monetary valuation of land (valuation of land and property associated with it, provision of income on tax payments); 3) land use (land use control through territorial planning schemes and rules for land use at the national, regional and local levels; ensuring compliance with land use plans and rules; disputes over land use; compliance with resource-saving business practices and environmental measures); 4) infrastructure development. Stage 2: opening the market for state and communal property land. The priorities on purchase are to be provided for the local communities, restriction on access the market for the legal entities, foreigners, introduction of other restrictions on the sale of agricultural land, the application the taxes differentiations on land sales, fees, etc.

In the post-Soviet space, two main approaches formed the basis of land reforms: 1) restitution, i.e., the return of land ownership to former owners (as in the Baltic countries, Romania, Slovakia, Albania, etc.), and 2) privatisation of land plots (as in Ukraine, Belarus, etc.). Ukraine lacks legislation regarding property restitution, as the country has not yet decided on this matter. Worldwide, property restitution is carried out to restore property rights violated by communist and national-socialist (Nazi) totalitarian systems. The state must acknowledge its unlawful seizure of private property by recognising the act of violence by the state during the acquisition of property rights. The adoption of the Land Code on March 13, 1992, marked the beginning of land privatisation in Ukraine. The initial years of land reform and privatisation primarily focused on agriculture. In the sphere of agrarian production, a reform was necessary to provide land to workers. For this reason, starting from 1992 rural lands in Ukraine, which were previously owned by the state and used by agricultural enterprises, were transferred to peasants. During the war in Ukraine beginning in 2022, existing legislation prohibits both the formation of land plots through free privatisation, as well as specifying their boundaries and registering them in the state land cadastre.

Creating a land market in Ukraine requires effective methodological support for investment decisions. For this purpose, it is necessary to objectively study the experience of valuation of Ukrainian lands. The article analyzes the experience of evaluation on the Ukrainian lands in the Russian Empire with the prospect of its use in the present conditions in combination with the method of data standardization. Given the historical experience of land property valuation in the early 20th century, the present value of land in Ukraine has been determined. The content of the standardization method for analyzing the investment attractiveness of land resources is disclosed. On the basis of statistical data on the use of land resources, using the method of standardization of data, an analysis of their investment attractiveness was carried out in Ukraine regions.

Creating a land market is one of the most debated and politicised issues of Ukraine’s environmental and agricultural policy. There is an urgent need to examine the following issues (among others): a) identifying priority measures for establishing the land market; b) studying the experience of public land management so as to further adapt the land legislation of Ukraine to the requirements of the European Union; and c) maintaining the domestic agrarian sector in the context of effective conservation of the State’s land resources. The purpose of this paper is to conduct a comprehensive analysis of the preconditions and realities of opening up the agricultural land market in Ukraine, including to formulate sound conclusions on the practical consequences of such reforms for domestic landowners. It was researched applying two basic approaches to scientific cognition – general scientific methods and special legal methods. It elaborates the conditions for the introduction of a land market in Ukraine; analyses the historical prerequisites for the implementation of land reform; identifies the main risks for landowners that come into play with the opening of the land market; and formulates further directions of improvement of relevant legal regulations and mechanisms. Noting that currently Ukrainians have the least amount of investment capital and extremely limited access to loans, it concludes that, under current legislation, without a clear definition of the right to purchase their own land, the holders of private farms and other small farmers will struggle to gain access to the Ukrainian land market.

The analysis of urgent problems of land relations transformation and of forming agricultural land market in Ukraine is carried out in the article. The general characteristic of main reform stages is given. The reasons of lasting action of the moratorium on agricultural land sale-purchase being the chief obstacle for complete market development are defined. Supporters' and opponents' arguments about moratorium canceling, population estimation of advantages and threats of land circulation are described. The results of the research project "Farmers' land expectation" made by the authors are given. The project purpose was studying population rational expectations concerning the directions of further land reform development and its results. The research was conducted on the local level in rural surrounding, which is characterized by high competition level among agrarian business subjects at agricultural land lease market. Landowners' and other interested group people' opinions concerning lease cost, potential sale price, inclination towards land sale, possibilities of farmers' common farming on their own land, leaseholders' participation in social and economic development of rural areas are examined. High level of farmers' uncertainty about land market indicators because of knowledge lack and low level of land reform information support is established.

This paper deals with world experience of Land Management achieving sustainable use of agricultural land. The study of foreign models on functioning of Land Management mechanism of sustainable use of agricultural land have shown that in most developed countries, rural areas are separate facilities of management. The author has discovered main positive ways of implementing international experience in the process of environmental and economic security of Land Management mechanism of sustainable use of agricultural land in Ukraine.

Urgency of the research. Full and effective use of the potential of land resources as one of the competitive advantages of agricultural production. Target setting. Effective and rational use of land resources is of great importance for the national economy of Ukraine. Actual scientific researches and issues analysis. Specifics of the effective use of agricultural lands were studied by such scholars as Balayev A. D., Balyuk S. A., Hrekov V. A., Krymska L. O., Koval M. V., Medvedev V. V., Melnychuk L. S., Tarariko O. H. and others. Uninvestigated parts of general matters defining. Scientists do not adequately cover the issue of structuring the problems of increasing the efficiency of agricultural land use. The research objective. The article is intended to identify and structure the main issues, the effectiveness of the use of agricultural land and determine the ways of their solution. The statement of basic materials. The article considers and structures the issues of efficient use of agricultural land in Ukraine. The influence of ecological and economic factors on the efficiency of land resources use negatively affecting the quality and fertility of the land is analysed. Conclusions. Effective use of land resources provides for the creation of a material base for ensuring the conservation, reproduction and further increase of the level of economic return of land.

The aim of the study was to carry out a comprehensive assessment of the level of development of organic farming and the effectiveness of the use of innovative marketing tools in the green agribusiness of Ukraine. It was found that the share of organic agricultural land in Ukraine increased from 0.6% in 2019 to 1.2% in 2025, which corresponds to a growth rate of 12.2% per year. The introduction of innovative marketing tools among Ukrainian enterprises is on average 38.3%. In particular, ESG reporting is used by 28% of companies, digital marketing by 35%, eco-labelling by 42%, and social media is used by 48% of enterprises. Correlation analysis showed a strong direct relationship between the use of marketing tools and the effectiveness of a green brand: ESG reporting – 0.71, digital marketing – 0.78, eco-labelling – 0.82, social networks – 0.76. Regression analysis confirmed the statistical significance of all factors (p<0.01), with the highest impact on brand performance being eco-labelled (b=0.78). The study confirms that the comprehensive implementation of ESG practices, digital marketing, and eco-labelling has a positive impact on the competitiveness of enterprises and shaping of sustainable green brands.

The result of the long existence of legal restrictions on the agricultural land market in Ukraine was the formation of a specific leasehold system of land use. Agricultural enterprises and farms do not have land owned. Instead, the peasants who became owners of land during the distribution of collective farms, mostly do not process these parcels of land on their own, but also deprived of the right to alienate them (to sell, give, change). The study shows the development of leased land use of agricultural enterprises in Ukraine, which currently covers 16.8 million hectares of private land and about 1 million hectares of state-owned land. Since 2003, the civil law of Ukraine permitted to apply not only the lease of agricultural land, but also the emphyteusis right (the alienated right to use someone’s land for agricultural purposes), the process of transformation of lease into emphyteusis was started, especially in large agricultural holdings. The main advantages of emphyteusis as a substantive law and its attractiveness for agribusiness are considered. The suggestions on improving the legal regulation of land use under conditions of emphyteusis are given.

The article examines the possibilities of applying geographic information systems (GIS) and Earth remote sensing data in expert monetary valuation of agricultural land. The relevance of the study is determined by the introduction of the agricultural land market in Ukraine, which requires more substantiated and transparent approaches to land value assessment. The use of only regulatory indicators or averaged statistical data does not allow for adequate consideration of spatial variability in land productivity. The object of the study is agricultural land parcels located within the Mykhailo-Kotsiubynske territorial community of Chernihiv district, selected agricultural fields cultivated with maize. To assess land productivity, Sentinel-2 satellite imagery for the period 2017–2023 and the Normalized Difference Vegetation Index (NDVI) were used. Based on average NDVI values and official statistical data on maize yields, a correlation and regression analysis was carried out, which revealed a stable relationship between the spectral characteristics of crops and actual yield values. The obtained relationship was applied for spatial forecasting of maize yield within individual land parcels using GIS tools. Further calculations were performed in accordance with the income approach by determining rental income and its capitalization. As a result, cartographic materials of expert monetary valuation were developed, reflecting spatial differences in land value. The results confirm the feasibility of integrating GIS and remote sensing data to improve the reliability and objectivity of expert monetary valuation of agricultural land.