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Ekonomski horizonti
2015, vol. 17, br. 1, str. 45-59
jezik rada: srpski, engleski
vrsta rada: izvorni naučni članak
doi:10.5937/ekonhor1501045t


Prakse merenja performansi u preduzećima u Republici Srbiji
Univerzitet u Beogradu, Ekonomski fakultet

e-adresa: todorovic@ekof.bg.ac.rs

Sažetak

Danas je u upotrebi veliki broj akronima poput EBIT (poslovni dobitak pre kamate i poreza), EBITDA (poslovni dobitak pre kamate, poreza i amortizacije), ROIC (stopa prinosa na investirani kapital), NPV (neto sadašnja vrednost), EVA (dodata ekonomska vrednost), IRR (interna stopa prinosa), ROE (stopa prinosa na sopstveni kapital), ROA (stopa prinosa na ukupna sredstva) i drugi, koji označavaju različita merila performansi. U praksi, menadžeri ne mogu i ne žele da primenjuju sva moguća merila, a izbor merila ne počiva nužno na njihovim teorijskim prednostima i nedostacima. U cilju istraživanja prakse u Republici Srbiji anketirali smo finansijske menadžere 64 preduzeća. Značajno više se koriste merila zasnovana na diskontovanim novčanim tokovima, nego tradicionalna merila investicionog odlučivanja, i to najviše indeks rentabilnosti, praćen sa IRR i NPV. Period povraćaja se i dalje često koristi. Merila performansi preduzeća zasnovana na računovodstvenom dobitku i dalje su ubedljivo najzastupljenija. Ipak, prisustvo EVA i Balanced Scorecard (BSC) nije zanemarljivo, a velika preduzeća ih koriste značajno više od malih. Orijentacija ka tim merilima raste i sa stepenom internacionalizacije preduzeća. Na kraju, preduzeća koja koriste sofisticirana merila investicionog odlučivanja sklonija su da istovremeno koriste i sofisticirana merila performansi preduzeća.

Ključne reči

merenje performansi; merila investicionog odlučivanja; merila performansi preduzeća

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