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2015, vol. 63, br. 7-8, str. 399-412
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Analiza strukture finansiranja najvećih preduzeća u Srbiji
The analysis of financial structure in the largest enterprises in Serbia
Univerzitet u Beogradu, Ekonomski fakultet, Katedra za poslovnu ekonomiju i menadžment
Sažetak
Predmet posmatranja ovog rada je struktura finansiranja najvećih preduzeća u Srbiji prema kriterijumu visine poslovnih prihoda. Struktura finansiranja obuhvata sve izvore finansiranja. Ona predstavlja strukturu obaveza preduzeća prema vlasnicima, kreditorima, dobavljačima i ostalim interesnim grupama. Cilj rada je da identifikuje promene i utvrdi pravilnosti u kretanju strukture finansiranja najvećih preduzeća u periodu nakon izbijanja Velike recesije (2008-2014). Uzorak na kojem je izvršeno istraživanje čini 186 preduzeća. Rezultati istraživanja će pokazati da je većina vitalnih preduzeća u Srbiji potkapitalizovana i sa visokim rizikom bankrotstva. Glavne odlike strukture finansiranja najvećih preduzeća u posmatranom periodu su prezaduženost i nepovoljna ročna struktura, sa trendom daljeg pogoršanja. Istraživanje će, takođe, pokazati kakav je uticaj strukture finansiranja na profitabilnost preduzeća kao i visina rizika bankrotstva na bazi Z-skora prilagođenog zemljama u razvoju.
Abstract
The subject of this paper is financial structure of the largest enterprises in Serbia according to the criterion of the amount of operating revenues. The financial structure includes all sources of funding. It represents the structure of liabilities of the enterprise towards the owners, creditors, suppliers and other stakeholders. The aim of this paper is to identify changes and establish the regularities in the trends of financial structures in the largest enterprises in the period after the outbreak of the Great Recession (2008-2014). The research sample comprises 186 enterprises. The research results show that greatest majority of vital enterprises in Serbia are undercapitalized and at high risk of bankruptcy. The main features of the financing structure of the largest enterprises in the reporting period were over-indebtedness and unfavorable maturity structure, with a trend of further deterioration. The research will also show the impact of financial structure on the profitability of enterprises and the level of risk of bankruptcy on the basis of Z-score adapted to developing countries.
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