2016, vol. 40, br. 2, str. 869-882
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Determinante cene duga u Republici Srbiji
Determinants of the cost of debt in the Republic of Serbia
Univerzitet Singidunum, Poslovni fakultet, Beograd, Srbija
Sažetak
Ova studija istražuje determinante cene duga na primeru Republike Srbije. Uzorkom je obuhvaćeno 4701 srednje i veliko privredno društvo koje je aktivno poslovalo u periodu od 2008. do 2013. godine, što čini više od 90% odgovarajuće populacije. Rezultati pokazuju da, na posmatranom tržištu, uticaj na visinu cene duga imaju sledeći faktori: Euribor kamatna stopa, sektorska klasifikacija, veličina društva, stepen kratkoročne i dugoročne zaduženosti, koeficijent pokrića kamate, pravna forma, vlasnička struktura i vrsta revizorskog mišljenja. Nakon uzimanja u obzir svih navedenih faktora, pseudo R2 dostiže vrednost od 77%. Takođe, vrsta revizorskog mišljenja pokazala se kao najznačajnija determinanta cene duga, doprinoseći vrednosti pseudo R2 sa približno 29 procentnih poena. Društva koja posluju u Republici Srbiji bi, prema tome, trebalo da obrate posebnu pažnju na kvalitet finansijskog izveštavanja.
Abstract
This study explores the determinants of the cost of corporate debt in the Republic of Serbia. It covers 4,701 companies during 2008-2013, representing more than 90% of all medium-sized and large companies actively operating in the country. In this particular market, the cost of corporate debt is influenced by the following factors: Euribor rates, sector membership, size of a company, short-term and total leverage of a company, interest coverage ratio, the presence of the shareholder capital, ownership structure as pertaining to the state or foreign ownership, and the type of audit opinion. After accounting for these factors, the pseudo R2 yields 77%. At the same time, the type of an audit opinion is shown to be the single most important predictor of the cost of debt in the country, contributing to the pseudo R2 with approximately 2,900 basis points. Therefore, the companies operating in the Republic of Serbia seeking a more affordable cost of debt should pay special attention to the quality of their financial reports.
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