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2018, vol. 65, br. 1, str. 391-411
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Alternative za izlazak iz zone gubitka srednjih poljoprivrednih preduzeća u Republici Srbiji
Alternatives for exiting the loss zone for medium-sized agricultural enterprises in the Republic of Serbia
Projekat: Savremeni biotehnološki pristup rešavanja problema suše u poljoprivredi Srbije (MPNTR - 31005)
Evropske integracije i društveno-ekonomske promene privrede Srbije na putu ka EU (MPNTR - 47009)
Sažetak
Cilj istraživanja je da se identifikuju uzroci i alternative za izlazak iz zone gubitka preduzeća registrovanih na teritoriji Republike Srbije u sektoru A: Poljoprivreda, šumarstvo i ribarstvo (poljoprivredna preduzeća). Predmet istraživanja su finansijske performanse svih srednjih poljoprivrednih preduzeća u periodu 2010-2014. godina. Naglasak je na srednjim preduzećima iz razloga što ona, shodno učešću u ključnim makroekonomskim indikatorima, predstavljaju nosioce privredne aktivnosti u Republici Srbiji. Primenom metoda finansijske analize izvršena je ocena ekonomsko finansijske moći svih srednjih poljoprivrednih preduzeća u Republici Srbiji, a zatim su na primeru najneuspešnijih entiteta identifikovani uzroci i predložene alternative za izlazak iz zone gubitka. Rezultati istraživnja pokazuju da se gubitak javlja kao posledica smanjenja poslovnih prihoda, smanjenja marže pokrića i povećanja finansijskih rashoda. Za izlazak iz zone gubitka predlažu se dve alternative. Prva alternativa se odnosi na analizu mogućnosti povećanja obima proizvodnje i prodaje pri postojećem globalnom paritetu cena, dok druga alternativa podrazumeva analizu mogućnosti pomeranja globalnog pariteta cena u korist prodajnih cena pri postojećem stepenu iskorištenja realnog kapaciteta, odnosno pri postojećem obimu proizvodnje i prodaje. U istraživanju se polazi od hipoteze da implementacija predloženih alternativa doprinosi rastu profitabilnosti srednjih poljoprivrednih preduzeća. Performanse po osnovu čijih vrednosti je izmeren efekat implementacije predloženih alternativa su return on assets (ROA) i return on equity (ROE).
Abstract
The research objective is to identify causes and alternatives for exiting the loss zone for agricultural enterprises in Serbia. The subject of the research is financial performance of agricultural enterprises in 2010-2014. Economic and financial power of all medium sized agricultural enterprises was determined by applying financial analysis. Based on the sample of least successful entities, the causes and alternatives for exiting the loss zone were identified. The results show that loss appears due to a reduction in operating income or in contribution margin, or due to an increase in financial expenses. The first suggested alternative refers to increasing the volume of production and sales at current global price parity, while the second assumes shifting global price parity in favour of sales prices at current real capacity utilization rate. The effects of proposed alternatives are evaluated by two measures of profitability - return on assets and return on equity.
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