20.500.12556/DKUM-12005 ZUNANJI VIRI FINANCIRANJA PODJETJA S PRIMEROM EXTERNAL SOURCES OF COMPANY'S FUNDING: A CASE STUDY Finančna funkcija je podvržena stihiji tržnega okolja, v katerem podjetja delujejo ter stihiji neenakomernega pritekanja in odtekanja denarja v podjetje oziroma iz njega. Če pa želimo doseči postavljene cilje poslovne politike, ne smemo finančne funkcije prepustiti stihiji, ampak jo moramo uravnavati, usmerjati. Vsi ukrepi, ki se jih lotevamo zato, da bi usmerjali finančno funkcijo in tako dosegli določene finančne cilje, pa tvorijo finančno politiko. Finančna politika ima torej svoje področje delovanja, svoje cilje in instrumente. Cilji finančne politike se v literaturi in praksi tržnega gospodarstva postavljajo različno, vendar se v tej zvezi govori predvsem o rentabilnosti in likvidnosti. Pogosto se pojavljajo tudi vprašanja kaj je prvi cilj finančne politike, ali rentabilnost ali likvidnost. Prevladuje tisto stališče, ki je tudi najrealnejše, pravi pa, da morata biti likvidnost in rentabilnost kot cilja finančne politike v ravnotežju. Rentabilnost in likvidnost sta namreč v določenem nasprotju. Poslovne finance predstavljajo aktivnosti za pridobivanje potrebnih finančnih sredstev in aktivnosti, povezane z upravljanjem finančnih sredstev. Povezane so z drugimi področji v podjetju, predvsem z računovodstvom, proizvodnjo in trženjem. Lahko trdimo, da so finance tiste, ki povezujejo vsa poslovna področja in da imajo vse poslovne odločitve na vseh področjih poslovanja finančne posledice. Finančni oddelek mora te posledice spremljati in posredovati povratne informacije drugim delom podjetja. Pomen poslovnih financ se je v zadnjih desetletjih spremenil. Nekoč je bil omejen zgolj na pridobivanje zadostnega obsega finančnih sredstev po čim nižji ceni in želeni ročni strukturi oziroma drugače rečeno finančne odločitve. S prenosom analitičnega instrumentarija iz drugih področij se je hitro razvijala tudi finančna teorija in tudi poslovne finance, ki so se razširile tudi na področje upravljanja s kratkoročnimi in dolgoročnimi naložbami podjetja, kar imenujemo investicijske odločitve. Pri financiranju mora podjetje še posebej paziti na pravila vodoravne in navpične finančne strukture. Še posebej je pomembno omeniti zlato bilančno pravilo, ki pravi, da mora podjetje kratkoročne investicije financirati s kratkoročnimi viri sredstev, dolgoročne investicije pa z dolgoročnimi viri sredstev. Podjetje ima pri financiranju svojega poslovanja veliko različnih možnosti kako priti do finančnih sredstev in katera sredstva uporabiti za financiranje podjetja. Prosto lahko izbira med notranjimi in zunanjimi viri financiranja. Med notranje vire financiranja štejemo nerazdeljen dobiček in amortizacijo, katere se kot vir financiranja lahko koristi le tisti del, ki se je s procesom vnovčevanja terjatev preoblikoval v denar. Med zunanje vire financiranja prištevamo kapitalske vložke, ki so lahko v obliki navadnih delnic, prednostnih delnic in nakupnih bonov. Sledijo obveznice, ki so različnih vrst, in sicer: zamenljive obveznice, brezkuponske obveznice, obveznice z nakupnim bonom, obveznice s spremenljivo obrestno mero in indeksne obveznice. Podjetje lahko najema kredite, ki so različnih ročnosti, in sicer dolgoročni ter kratkoročni. Med običajne zunanje vire financiranja sodijo še subvencije, ki jih lahko podjetje prejema npr. od države. Med posebne oblike zunanjega financiranja pa sodijo zakup oziroma leasing, faktoring, franšizing, tvegani kapital in pa financiranje s pomočjo poslovnih angelov. Leasing je oblika financiranja, ki ni niti prodaja niti najem, delno pa vsebuje elemente obojega. Finančni leasing je zelo podoben prodaji, medtem ko je operativni leasing bolj podoben najemu. Faktoring je finančno orodje, ki nudi odpravljanje tveganj v finančnem poslovanju, učinkovitejše upravljanje s terjatvami in izboljšanje finančne likvidnosti. Posebej primeren je za majhna, srednje velika in hitro rastoča podjetja. Franšizing je pri nas še relativno mlad, je pa pogodbeno razmerje, v katerem dajalec franšizinga (franšizor) pridobitelju fra A financial function is subjected to blind elemental forces of a market environment where companies operate and to blind elemental forces of disproportionate inflow and outflow of money in or out of a company. But if we want to achieve set goals of a business policy, we must not leave the financial function to blind elemental forces, but we need to regulate it, direct it. All measures taken with the intention of directing the financial function and thus reaching certain financial goals constitute a financial policy. A financial policy has its own field of operation, its goals and instruments. The goals of a financial policy are set differently in the literature and in the practices of a market economy, but are mostly referred to with regard to profitability and liquidity. There are frequent questions about what the first goal of the financial policy is, or profitability and liquidity. The position which is the most realistic prevails, but it says that liquidity and profitability as the goals of the financial policy need to be in harmony. Profitability and liquidity are, that is to say, in a certain contrast. Business finances are activities through which the necessary funds are raised and activities connected to the management of these funds. They are connected to other fields in a company, especially the accountancy, production and marketing. We can say that finances represent the link between all business areas and that all business decisions on all fields of business operations have financial consequences. The financial department needs to be aware of these consequences and provide feedback to other parts of the company. The importance of business finances has changed in the last decades. It used to be limited only to raising a sufficient volume of funds at the lowest price possible and generating a desired manual structure or in other words a financial decision. By bringing in analytical instruments from other fields, the financial theory as well as business finances were evolving quickly. Business finances have expanded also into the field of the short- and long-term investment management of the company, called investment decisions. At financing, the company has to pay special attention to the rules of horizontal and vertical financial structure. The golden rule of balance sheet has to be especially mentioned here stating that a company has to finance its short-term investments by short-term sources of finance and long-term investments by long-term sources of finance. At financing its business operations, the company has many different options of how to raise funds and which funds to use to finance the company. It can freely choose between internal and external sources of financing. Undivided profits and amortization are counted as internal sources of finance whereby only the part transformed into money by realizing claims can be used as a source of finance. Capital investments are counted as external sources of finance, and they can be ordinary shares, preference shares or warrants. Next in line are bonds of different kinds, i.e. convertible bonds, zero coupon bonds, bonds with warrants, floating rate bonds and index bonds. A company can take out loans of various maturities, long-term or short-term. The usual external sources of finance also include subsidies which a company can receive from the state for example. Special forms of external financing include leasing, factoring, franchising, risk capital and financing through business angels. Leasing is a form of financing which is neither a sale nor a lease, but it involves the elements of both. Financial leasing is very similar to a sale, while an operating leasing is more like a lease. Factoring is a financial tool with which you can suppress risks in financial business operations, more efficiently manage the claims and improve financial liquidity. It is especially convenient for small, middle-sized and fast growing companies. Franchising is relatively new in Slovenia. In this contractual relationship, the provider of a franchise (franchisor) Ključne besede: financiranje podjetja notranji viri financiranja zunanji viri financiranja posebne oblike zunanjega financiranja struktura virov financiranja Alpos d.d.. company financing internal sources of finance external sources of finance special forms of external financing the structure of sources of finance Alpos d.d. true true false [G. Križnik] Slovenski jezik Angleški jezik Diplomsko delo 2009-09-29 10:54:30 2010-01-28 11:39:20 2022-04-12 07:08:21 2022-04-19 03:07:53 2009 0 Golobinjek 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 10108444 URN:SI:UM:DK:J7OQBZ28 UNI_Kriznik_Gregor_2009.pdf UNI_Kriznik_Gregor_2009.pdf 1 0B3D3D769DA2962A3F6A6862334F5405 ff49c6cba05365ad221fbcb3d71dc9dbbcbb436bd474325f088643bbd905d525 49d4c041-7c03-11eb-bb7a-00155d0001ca 20.500.12556/dkum/f833e38c-3d8a-4568-9ecd-e0c0f66c66dc https://dk.um.si/Dokument.php?lang=slv&id=11074 Ekonomsko-poslovna fakulteta 0 0 0