20.500.12556/DKUM-43827 KREDITNO TVEGANJE IN FINANČNE OMEJITVE SLOVENSKIH PODJETIJ CREDIT RISK AND FINANCIAL CONSTRAINTS OF SLOVENIAN FIRMS Višja je verjetnost stečaja podjetja, bolj je podjetje finančno omejeno, njegova rast pa je nižja. Z uporabo objektivnega indikatorja dejanskega stečaja podjetij identificiramo kreditno tveganje slovenskih podjetij. Verjetnost stečaja je pojasnjena z individualnimi lastnostmi podjetja in makroekonomskimi spremenljivkami. Mikro podjetja imajo presenetljivo nižjo verjetnost stečaja kot večja podjetja. Ker je kreditno tveganje tesno povezano s sposobnostjo podjetij, da pridobijo zunanje vire, proučujemo tudi finančne omejitve podjetij. Vpliv notranjih virov na rast podjetja se z dostopanjem do zunanjih virov financiranja zniža samo pri večjih, ne pa tudi pri mikro podjetjih. Slednjim pri zniževanju zunanje finančne omejenosti ne pomaga niti več premoženja, primernega za zastavo. The higher the probability of default, the more the firm is financially constraint and lower is its growth. Using bankruptcy as an indicator of firm default we identify the credit risk of Slovenian firms. Default probabilities are explained by the idiosyncratic firm characteristics, as well as by macroeconomic variables. Micro firms surprisingly have lower probability of default compared to larger firms. Considering that credit risk is closely related to firms' ability in obtaining external funds, we explore financial constraints faced by firms. The impact of internal funds on firm’s growth decreases with the access to external funds only for larger firms. On the other hand, the dependence on internal funds for micro firms is still present even if they gain access to external financing or have sufficient collateral to be pledged in obtaining external financing sources. kreditno tveganje verjetnost stečaja finančne omejitve rast podjetja premoženje primerno za zastavo probit model slučajnih učinkov dinamični panel Credit risk Probability of default Financial constraints Firm growth Collateral Random effects probit model Dynamic panel true true false [P. Trefalt] Slovenski jezik Angleški jezik Magistrsko delo 2014-03-11 22:50:55 2014-06-12 11:34:04 2022-05-11 03:09:22 2021-04-30 03:12:19 2014 0 Ženeva 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 11726108 URN:SI:UM:DK:RMT8EAFQ MAG_Trefalt_Polona_2014.pdf MAG_Trefalt_Polona_2014.pdf 1 9AACED80A52D0362054E3DAEE7FE06EC 4ee163525e8b477d3b29560face9a62b00d6df83505e44422dfd38211f2e3ff9 b95a4b82-7c0a-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=62594 Ekonomsko-poslovna fakulteta 0 0 0