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2010, vol. 39, br. 9-10, str. 54-67
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Faktoring u Srbiji - racionalno ponašanje u nestabilnom okruženju
Factoring in Serbia: Rational behaviour in unstable environment
Sažetak
Kao proizvod koji ima za cilj poboljšanje likvidnosti preduzeća putem prodaje nedospelih potraživanja, faktoring bi morao biti alat bez koga privreda ne može uspešno da posluje. Ipak podaci pokazuju veoma skroman rast faktoring portfelja u Srbiji tokom 2009. godine, za svega 10,81% u odnosu na prethodnu godinu. Razloge za manji rast obima faktoring poslova od očekivanog trebalo bi tražiti u objektivno i subjektivno uslovljenom ponašanju učesnika u faktoring poslu. Objektivni razlog je nedovoljno razvijeno institucionalno, a time i ekonomsko okruženje, koje se ogleda sa jedne strane kroz pravni sistem zemlje - odnosno neadekvatno definisane institucije pravnog sistema koje bi u dovoljnoj meri i u kratkom roku sankcionisale moralni hazard (moral hazard) u odnosu na poštovanje ugovornih obaveza i nedovoljno podsticanje razvoja konkurentnosti u pojedinim oblastima sa druge strane, što je dovelo do pojave oligopola na tržištu. Subjektivne razloge možemo naći u nedovoljnoj informisanosti o faktoringu, što dovodi do toga da se odluke donose kao najmanje loše u datoj situaciji. Imajući u vidu napred navedeno, kada se radi o faktoringu u aktuelnom okruženju u Srbiji, može se zaključiti da ekonomski akteri donose odluke koje nisu racionalne, ali su dovoljno dobre u datom trenutku u smislu maksimizacije dobiti privrednog subjekta.
Abstract
As the product with purpose being enhancement of the company liquidity by selling of undue receivables, factoring should be a tool without which the economy cannot be successful. However the data show a modest increase in factoring portfolio in Serbia during 2009 for only 10.81% compared to the previous year. The reasons for such modest growth should be sought in objective and subjective conditioned behavior of participants in the factoring business. The objective reason can be found in the lack of developed institutional and thus economic surrounding, which is reflected on the one hand through the legal system of the country i.e. inadequately defined legal institutions which would sufficiently and in the short tenor sanction moral hazard in relation to respect of contractual obligations and insufficient promotion of competitiveness development in certain areas on the other hand, which led to emergence of oligopolies in the market. Subjective reasons can be found in the lack of information on factoring, which leads to bringing of decisions as the least worse in specific situation. Taking into account mentioned above, when it comes to factoring in the current environment in Serbia it can be concluded that economic participants make decisions that are not rational, but are good enough in terms of maximizing profit.
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