Analiza prezadolženosti podjetij v času finančno-gospodarske krize

Jerman, Urša (author), Zajc, Katarina (mentor)

V svoji magistrski nalogi obravnavam analizo prezadolženosti podjetij v času finančno-gospodarske krize, s katero prikazujem strukturo in dinamiko zadolževanja slovenskih podjetij. Zadnja finančno-gospodarska kriza, ki je izbruhnila na ameriškem trgu drugorazrednih hipotekarnih posojil, je predstavljala negativen šok na ponudbo zunanjih virov financiranja. To je imelo zelo negativen vpliv na slovensko gospodarstvo, ki je imelo velik delež kreditov v virih financiranja. Z nastopom krize je bil ta kanal financiranja zelo prizadet, in sicer tako zaradi nižje ponudbe kreditov kot tudi zaradi povečevanja finančnih obveznosti podjetij. To je vodilo v nastanek likvidnostnih omejitev, s katerimi so se začela srečevati slovenska podjetja, ter imelo negativen vpliv na gospodarsko rast, obseg poslovanja in celo na prenehanje poslovanja nekaterih podjetij. Osrednji del moje magistrske naloge predstavlja analiza zadolženosti slovenskih podjetij skozi tri obdobja: obdobje pred krizo (2002–2008), obdobje krize (2008–2013) ter obdobje ponovne gospodarske rasti (2013–2015). V prvem analiziranem obdobju vidimo na eni strani visoko naložbeno aktivnost podjetij, ki je vodila v izjemno gospodarsko rast in rast dodane vrednosti, po drugi strani pa premalo kapitalskih virov podjetij ter neomejeno razpoložljivost posojilnih virov, kar je vodilo v začetek zadolževanja slovenskega gospodarstva. Nato v času krize sledi prikaz, kje v gospodarstvu je bila koncentracija zadolženosti največja ter kako se je začel proces razdolževanja. V analizi zadnjega obdobja pa ponovno beležimo gospodarsko rast in stopnjo zadolženosti na ravni pred krizo. Na koncu sledi še analiza zadolženosti na podlagi treh izbranih slovenskih podjetij različnih dejavnosti. Na podlagi izračuna neto dolga/EBITDA ter deleža kapitala v celotnih sredstvih je prikazana njihova uspešnost skozi celotno analizirano obdobje (2002–2015).

• Language: Slovenian
• Keywords: finančna kriza, gospodarska kriza, prezadolženost, neto dolg/EBITDA, delež kapitala v celotnih sredstvih podjetja
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2018
• PID: 20.500.12556/RUL-101468
• COBISS.SI-ID: 16248913
• Publication date in RUL: 07.06.2018

Secondary language

• Language: English
• Title: Analysis of consolidated companies in the time of financial and economic crisis

Abstract

In my master's thesis, I discuss the analysis of over-indebtedness of companies during the financial and economic crisis, showing the structure and dynamics of borrowing of Slovenian companies. The latest financial economic crisis that erupted on the US subprime mortgage market was a negative shock to the supply of external sources of financing. This had a very negative impact on the Slovenian economy, which had a large share of loans in sources of financing. With the onset of the crisis, this channel of financing has been severely affected, both due to lower supply of loans and increase in corporate financial liabilities. This led to the emergence of liquidity constraints that Slovenian companies began to encounter and had a negative impact on economic growth, the volume of operations and even cessation of operations by some companies. An analysis of indebtedness of Slovenian companies over three periods represents the core of my master’s thesis: the pre-crisis period (2002-2008), the period of the crisis (2008-2013) and the period of recurrent economic growth (2013-2015). In the first analysed period, we see high investment activity of companies, which led to exceptional economic growth and value added growth, on one hand. On the other hand, insufficient capital resources of enterprises and unlimited availability of loan sources led to borrowing of the Slovenian economy. This is followed by the time of crisis, showing where in the economy the concentration of indebtedness was greatest, and how the deleveraging process began. In the analysis of the last period, we have, again, recorded economic growth and the level of indebtedness at the pre-crisis level. Finally, my analysis of the indebtedness is based on three selected Slovenian companies of various activities. Based on the calculation of net debt/EBITDA and the share of equity in total assets, I present their performance over the entire analysed period (2002 – 2015).

• Keywords: financial crisis, economic crisis, over-indebtedness, net debt/EBITDA, share of capital in total assets of the company