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2021, vol. 67, br. 4, str. 91-102
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Korporativne obveznice kao način finansiranja privrednih društava u Republici Srbiji
Corporate bonds as a way of financing companies in the Republic of Serbia
Projekat: Paper is a part of research, financed by the Ministry of Education, Science and Technological Development of the Republic of Serbia
Sažetak
Sigurnost izvora finansiranja ima nesumnjiv značaj za kontinuirano i održivo poslovanje privrednih subjekata, što predstavlja dugoročni interes lica zainteresovanih za poslovanje privrednih subjekata. U strukturi mogućih izvora finansiranja privrednih subjekata, korporativne obveznice imaju veliki značaj svuda u svetu, a njihova primena u Republici Srbiji mogla bi doneti veliki doprinos domaćoj privredi. Corporate bonds are debt obligations issued by corporation to debt refinancing, improvements, expansions or acquisitions. Imaoci obveznica su poverioci izdavaoca i za uloženi novac u kompaniju, očekuju zaradu. Osnovni cilj ovog rada je da razmotri uslove i značaj emitovanja korporativnih obveznica od strane srednjih i velikih preduzeća u Srbiji i prednost u odnosu na druge izvore finansiranja. Na osnovu dobijenih rezultatima istraživanja, može se zaključiti da izdavanje obveznica predstavlja dobru alternativu drugim izvorima finanisranja poslovanja preduzeća, ali je tržište korporativnih obveznica u Srbiji u fazi razvoja. Izdavaoci obveznica sa listingom na regulisanom tržištu Beogradske berze uključuju osim države, samo pojedine poslovne banke i međunarodne finansijske organizacije.
Abstract
The security of sources of financing is of undoubted importance for the continuous and sustainable operation of economic entities, which is a long-term interest of persons interested in the operation of economic entities. In the structure of possible sources of financing of economic entities, corporate bonds are of great importance everywhere in the world, and their application in the Republic of Serbia could bring a great contribution to the domestic economy. Corporate bonds are debt obligations issued by corporation to debt refinancing, improvements, expansions or acquisitions. The bondholders are the issuer's creditors and for the money invested in the company, they expect earnings. The main goal of this paper is to consider the conditions and importance of issuing corporate bonds by medium and large companies in Serbia and the advantage over other sources of financing. Based on the obtained research results, it can be concluded that the issuance of bonds is a good alternative to other sources of financing the company's operations, but the corporate bond market in Serbia is in the development phase. Bond issuers with listing on the regulated market of the Belgrade Stock Exchange include, in addition to the state, only certain commercial banks and international financial organizations.
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