The COVID-19 crisis differs from previous ones. It disrupts global value chains, redirects business toward regional cooperation in a highly globalized world, and forces new business model development toward digitalization. This crisis affected both supplyand demand-side and all countries worldwide, regardless of their economic strength. To support economic recovery, while at the same time fighting for health system endurance through lockdowns and prevention measures, economic decision-makers all around the globe have been using expansive macroeconomic policies. One of the first measures was loosening monetary policy. Such measure was taken in 80% of the countries globally and in all emerging markets. Fiscal policy was significant in supporting demand in the short-term, simultaneously resulting in higher public debt, which is becoming one of the constraints for future development. While economists of today are discussing which letter visualizes the best the character of this crisis - V, U, L, W, we got the letter K, which indicates that recovery among countries will differ in growth rates and duration. Accordingly, we are going to live in a world where change is the only constant. To survive within these conditions, digitalization and key clusters' development are crucial for long-term competitiveness. In this paper, we analyzed the competitiveness of the Serbian economy by using the Country Competitiveness Index, emphasizing the importance of microeconomic indicators that represent a powerful tool in analyzing crucial segments for the economy's recovery. We also focused on three clusters' potential: tech, agribusiness and organic food, and tourism.
In this paper, the authors examine current practices in investment decision-making on a sample of 30 small and medium-sized enterprises in Serbia. The survey included small and medium-sized enterprises (SMEs) and micro companies. The questionnaire was filled out by the chief financial officers (CFOs) in order to obtain relevant results. Small and medium-sized enterprises play an important role in the economic development of any country, and are the main generator of economic growth in the EU countries. Therefore, this paper aims to examine their role in Serbia, their contribution to reducing unemployment rates and analyse investments of the surveyed enterprises. Furthermore, the authors shall attempt to identify most frequently used capital budgeting techniques in small, micro and medium-sized companies in Serbia when evaluating investment projects. Finally, the precise investment policy of an enterprise represents the key factor for achieving feasible and sustainable investments, approved and chosen by means of various capital budgeting methods. Consequently, their role in everyday business operations of SMEs and micro companies is relevant for the analysis, especially within the conditions of economic turmoil. A well-defined investment policy plays an important role in achieving successful and sustainable capital investments in the long run, which would enable small and medium-sized enterprises to become important generators of economic growth in Serbia.
SažetakCilj istraživanja je ispitivanje mogućnosti implementacije teorijskog koncepta 'pecking order theory' kao i analiza internih i eksternih faktora koji utiču na politiku zaduživanja na primeru 65 kompanija u Srbiji tokom 2015. godine. Odgovore na pitanja je dalo 65 finansijskih direktora. Odgovori ukazuju na činjenicu da većina kompanija preferira interne izvore finansiranja u odnosu na eksterne. Ako se dalje analiziraju eksterni izvori, kompanije u Srbiji najčešće koriste bankarske pozajmice (59%), usluge lizinga (26%), dužničke hartije od vrednosti (8%) i na kraju obične akcije (4%). Rezultati su pokazali da najdominantniji interni faktori koji utiču na politiku zaduživanja kompanija jesu kreditni rejting kompanija, kao i višak novca, odnosno gotovine. Takođe, rezultati ukazuju da restriktivna i skupa kreditna politika banaka najviše utiče na pristup kompanija eksternim sredstvima. Ključne reči: pecking order teorija, finansijske odluke, interno finansiranje, eksterno finansiranje, restriktivna kreditna politika AbstractOur research intends to identify the pecking order theory implementation and both the internal and external factors influencing the companies' debt policy on a sample of 65 companies in Serbia during 2015. The answers were provided by 65 CFOs. The results obtained from the survey indicate that most respondents are inclined to use internal funds, as opposed to external funds. Further analysis of external sources used by the firms in the sample suggests that firms are mostly inclined to use bank loans (59%), leasing (26%), debt securities (8%) and finally equity securities (4%). The results show that the most dominant internal factors influencing the debt policy of the companies in the sample are credit rating of the company and financial slack. And finally, the results indicate that the restrictive and costly credit policy of the banks in Serbia influence the companies' access to external financial means.
Projektno finansiranje je metod finansiranja u kome kreditor prvenstveno uzima u obzir prihode koje generiše pojedinačni projekat, kao izvor otplate i obezbeđenje za izloženost rizicima. Procena rizika je kritična faza za kreditora i investitora u projektnom finansiranju jer snosi svu odgovornost za procenu sposobnosti projekta da otplaćuje dugove (pozajmice), pokriva troškove, kao i za isplatu dividendi akcionarima. Projektovani i očekivani novčani tok koji generiše projekat je pod snažnim uticajem rizika. Ukoliko rizici nisu na adekvatan način procenjeni i anticipirani, dolazi do smanjenja novčanog toka, odnosno, deficita. Ukoliko novčani tok nije dovoljan za servisiranje obaveza prema kreditorima, projekat je neuspešan i potrebno ga je okončati. Na osnovu prinicipa i ponude proizvoda projektnog finansiranja banaka koje posluju u Republici Srbiji (Banca Intesa, Erste banka, Sber banka i UniCredit banka) praktično je prikazano koji su principi projektnog finansiranja rezidencijalne gradnje u Žarkovu (delu Beograda) i koje su prednosti za samog investitora (u vezi sa imovinom, projekcijama novčanih tokova u funkciji otplate kredita, osnovama za odobrenje projektnog finansiranja-budući prihodi koje generiše projekat, pravnim statusom korisnika kredita i raspodelom rizika).
RezimeRad analizira nivo razvijenosti funkcije upravljanja rizicima, sa fokusom na ERM (Enterprise Risk Management -Upravljanje rizikom u poslovanju preduzeća) koncept, u kompanijama u Srbiji. Značaj rada je u proširivanju svesti, kako naučne javnosti tako i privrednih subjekata o potrebi uvođenja risk menadžment funkcije u cilju uspešnijeg rukovođenja preduzećima u realnom sektoru, a uvažavajući dobra iskustva poslovnih banaka u uspostavljanju iste. Istraživanje, sprovedeno u 2015. godini, je potvrdilo da su kompanije u Srbiji sklonije tradicionalnom pristupu upravljanju rizikom, da vlasnička struktura i veličina kompanije utiče na upoznatost sa ERM konceptom i njegovom primenom, kao i da u kompanijama u Srbiji još uvek ne postoje dobro razvijena organizaciona struktura kao ni sistem internih kontrola koji bi doprineli boljoj implementaciji samog ERM koncepta. SummaryThe paper analyzes the level of development regarding risk management, with a special focus on ERM (Enterprise Risk Management) implementation in the Serbian companies. The aim is to raise the awareness regarding the successful risk management implementation in the companies in Serbia, using the bank sector as the benchmark and the example of good practice. The research was conveyed in 2015 and it confirmed the general trend that the companies in Serbia were more inclined to use traditional methods regarding risk management, that the ownership structure influenced the level of ERM awareness in the companies and finally that the Serbian companies lacked the supporting organizational structures and adequate systems of internal controls which would contribute to the successful ERM implementation.Keywords: ERM concept, risk, banks, enterprises, business environment. JEL: D81, G31 UvodRazličiti globalni trendovi poslovanja, motivisani ostvarivanjem što većeg profita, su rezultirali potrebom za upravljanjem različitim rizicima poslovanja, bez obzira na industrijsku granu u kojoj kompanije posluju. Prepuštanje posla stručnim ljudima uticalo je na razvoj korporativnog upravljanja i razdvajanja funkcije vlasništva od funkcije upravljanja, što je dovelo do stvaranja funkcija koje direktno odgovaraju vlasnicima kapitala, kao što su upravljanje rizicima i interna revizija."Risk menadžment" ili upravljanje rizikom je, u širem smislu, umetnost donošenja odluka u nepredvidivom okruženju. Upravljanje rizikom podrazumeva optimizaciju troškova rukovođenja rizikom i treba da je utemeljeno u poslovnoj filozofiji, kulturi i klimi organizacije. Ta funkcija je centralni deo strateškog menadžmenta i korporativnog upravljanja bilo kog privrednog subjekta. (Vaughan E. i Vaughan T., 1995.) Fokus dobrog upravljanja rizikom je na identifikaciji i mitigaciji (regulisanje) rizika. Ciljevi upravljanja rizikom su: (1) da privredni subjekt može da preživi gubitke i posle toga ostvari rast odnosno maksimizira profit, (2) da efikasno posluje u rizičnom okruženju, i (3) da usklađuje poslovanje sa zakonskim propisima. Upravljanje rizikom je dinamičan, neprekidan i stalno razvijajući ...
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