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2019, vol. 65, br. 2, str. 99-108
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Inicijalna javna ponuda kao izvor finansiranja i njen značaj za razvoj tržišta kapitala u Srbiji
Initial public offering as a source of financing and its significance for the development of the Serbian capital market
Sažetak
Inicijalna javna ponuda se u mnogim ekonomijama često koristila u postupku privatizacije državnih preduzeća, prvenstveno kod onih kompanija koje su od strateškog značaja za zemlju. To je kasnije uticalo i na kompanije u privatnom sektoru da se odluče na taj korak i da na taj način dođu do dodatnog kapitala u cilju finansiranja svog daljeg razvoja. Na osnovu dosadašnjih iskustava mnogih razvijenih zemalja i zemalja u okruženju, privatizacija putem javne ponude akcija značajno je doprinela razvoju tržišta kapitala u tim zemljama, što se prvenstveno ogleda u rastu tržišne kapitalizacije, obimu prometa, broju transakcija i učešću domaćih i stranih ulagača na tim tržištima. Na osnovu analize tržišta kapitala Srbije, utvrđena je skromna tržišna kapitalizaciju i nizak nivo likvidnosti, prouzrokovanu prvenstveno dugogodišnjim zanemarivanjem uloge koju berza može imati na njegov razvoj. Cilj rada je da predstavi osnovne informacije o inicijalnoj javnoj ponudi akcija kao jednog od oblika finansiranja kompanija, koji istovremeno može dati značajan doprinos razvoju tržišta kapitala Srbije.
Abstract
Initial public offering has often been used in many economies in the privatization process of state-owned companies, primarily with those companies of strategic importance for the country. This further affected the private sector companies to decide on this step and thus gain additional capital in order to finance their further development. Based on the previous experience of many developed countries and countries in the region, the privatization through public offering of shares has significantly contributed to the development of the capital market in these countries, which is predominantly reflected in the growth of market capitalization, volume of turnover, number of transactions and participation of local and foreign investors in these markets. Through the conducted analysis of the capital market of Serbia, this paper points to its modest market capitalization and low level of liquidity largely caused by the long-term negligence of the role that the stock market can have on its development. The aim of the paper is to present the initial public offering of shares as a form of financing of companies, which can also make a significant contribution to the development of the Serbian capital market.
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