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2013, vol. 61, br. 1-2, str. 41-62
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Insuficijencija poslovnih performansi srpske privrede - manifestacije, uzroci i glavne smernice oporavka
Insufficiency of Serbian economy's operating performances: Manifestations, causes and main guidelines of recovery
Univerzitet u Beogradu, Ekonomski fakultet, Katedra za računovodstvo i poslovne finansije, Srbija
Sažetak
Srbija je ekonomsku krizu dočekala sa nemoćnom i veoma ranjivom privredom. Nepovoljno tranziciono nasleđe učinilo je da posledice globalne ekonomske krize budu još veće. Preduzeća koja su već imala ozbiljne probleme približila su se stečaju. Druga, zdravija preduzeća zadržala su kakvu-takvu poslovnu aktivnost, ali su se suočila sa nedostatkom kapitala. Nizak nivo aktivnosti onemogućavao je stvaranje većih dobitaka. Na taj način mogućnost rasta na bazi internih izvora finansiranja bila je ograničena. Otežano pribavljanje kapitala emisijom akcija, usled nedovoljne razvijenosti tržišta kapitala, upućivalo je preduzeća na zaduživanje uz vrlo visoke troškove. Posledice su veoma zabrinjavajuće. U prvom delu rada nastojimo da kvantificiramo posledice finansijskog posrtanja privrede Srbije. Cilj je da učinimo vidljivim koliko je teško finansijsko-strukturno nasleđe i koliko je ono opterećujuće za rast srpske privrede. U isto vreme, izlaganja u ovom delu rada treba da budu u funkciji identifikovanja nekih preduslova za stvaranje povoljnog poslovnog ambijenta koji će biti stimulativan za investitore i koji će omogućiti privredi da posluje u normalnim uslovima. Konačno, u trećem delu ukazujemo na osnovne smernice u procesu prevazilaženja finansijsko-strukturnih problema.
Abstract
Serbia faced the economic crisis with powerless and very fragile economy. The inconvenient transition heritage made the consequences of global economic crisis even worse. The companies that had already experienced serious problems approached to bankruptcy. Other, healthier companies, kept some kind of business activity, but they were faced with the lack of capital. Low activity level disabled generating higher incomes. In this way, the possibility of growth based on internal financing sources was limited. More difficult capital obtaining, by means of share issuance, led the companies, due to insufficiently developed capital market, to borrowing at very high costs. The consequences are very worrying. In the first part of this paper, we will try to quantify the consequences of Serbian economy's financial staggering. The aim is to visualize the complexity of financial and structural heritage and to show to what extent it is the burden to the growth of Serbian economy. At the same time, elaborations in this part should serve to identify some prerequisites for the creation of favourable business environment, stimulating to investors and able to provide the economy to operate in normal conditions. Finally, in the third part, we point to the basic guidelines in the process of overcoming financial and structural problems.
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