20.500.12556/DKUM-47093 UPRAVLJANJE OBRATNEGA KAPITALA V ENERGETSKIH PODJETJIH IZ DRŽAV ČLANIC OECD MANAGEMENT OF WORKING CAPITAL IN ENERGY COMPANIES IN MEMBER COUNTRIES OF THE OECD Vsako podjetje potrebuje dolgoročne in kratkoročne vire financiranja za organiziranje poslovnega procesa v podjetju. Obratni kapital je pomemben vir kratkoročnega financiranja tudi v kapitalno intenzivni industriji, kot je energetika. Podjetja v nenehnem zagotavljanju likvidnosti in ciljev poslovanja včasih zanemarijo upravljanje obratnega kapitala, ki močno vpliva na likvidnost, plačilno sposobnost in dobičkonosnost. Obratni kapital je količina, ki je potrebna za vsakodnevno poslovanje podjetja. S finančnega vidika je obratni kapital sestavljen iz terjatev do kupcev, zalog in obveznosti do dobaviteljev, ki skupaj tvorijo proces kroženja denarja. Proces kroženja denarja je dober indikator kakšna količina obratnega kapitala je potrebna za financiranje gibljivih sredstev in kratkoročne obveznosti. Podjetje analizira obratni kapital in njegove komponent, ter proces kroženja denarja s finančno analizo izbranih kazalnikov in te primerja z ostalimi podjetji v energetski panogi. Namen magistrskega dela je ugotoviti kako upravljanje obratnega kapitala vpliva na likvidnost, plačilno sposobnost in dobičkonosnost. Vpliv obratnega kapitala na dobičkonosnost smo preverili z analizo multiple regresije. Na obratni kapital ne vplivajo samo poslovni cilji in vodstvene sposobnosti finančne funkcije, ampak je v veliki meri odvisen tudi od zunanjih dejavnikov. Pomembni zunanji dejavniki so panoga v kateri deluje podjetje, ter ekonomski in finančni trgi. Kajti panoga določi obliko poslovnega procesa kateremu sledi proces kroženja denarja. Razmere na ekonomskih in finančnih trgih vplivajo na poslovanje podjetje in na odločitve finančne funkcije katero politiko obsega in strukture financiranja obratnega kapitala bo izbrala. Če želi doseči učinkovitost upravljanja obratnega kapitala je priporočljivo, da pri izbiri politik obsega in strukture financiranja upošteva finančne aksiome, ter s doseže želeno optimizacijo obratnega kapitala in njegovih komponent. S finančno analizo smo skozi opazovane obdobje od 2006 do 2012 ugotovili velika nihanja obratnega kapitala in njegovih komponent v izbranih energetskih podjetjih. Na rezultate trendov niso vplivali zunanji ekonomski dejavniki ampak so rezultat različnega internega upravljanja gibljivih sredstev. Na podlagi dobljenih rezultatov finančne analize in multiple regresije smo ugotovili, da ni pravila, ki bi določal učinkovito upravljanje obratnega. Ampak je pomembno, da finančna funkcija v podjetju zagotovi takšno stopnjo uspešnega upravljanja obratnega kapitala, ki bo z racionalno porabo gibljivih sredstev pozitivno vplival na likvidnost, plačilno sposobnost in dobičkonosnost. Zavedati pa se moramo, da vedno obstaja določen procent negotovosti in tveganja pri vrednotenju obratnega kapitala, katere lahko z učinkovitim vodenjem zaznamo in ukrepamo brez, da bi utrpeli finančne izgube. Long term and short term sources of finance are necessary financial requirement of every firm to run a business. In capital intensive industries like energy industry working capital is an important part of short term finance source. Companies search for liquidity and business goals efficiency, but sometimes they neglect management of working capital and its influence on liquidity, solvency and profitability. Working capital is the amount of capital that business has available to meet the day-to day cash requirements of its operations. From financial point of view working capital is combine from receivables, inventory and payables that form the cash conversion cycle. Working capital is determined by the cash conversion cycle. With financial analysis company analyses working capital and its components and use it in for benchmarking and trend analysis. The main purpose of the study is to reveal how management of working capital influences on liquidity, solvency and profitabillity of the energy companies . With multiple regression analysis we determinate how working capital affects profitability. Business goals and managerial abilities of financial function are not main factors that have influence on working capital, but it is also influenced by external factors. Important external effects have industry in which company works, economic and financial markets. Industry effect declares the form of business cycle which is connected with cash conversion cycle. Economic and financial market situations have influence on operations in a company and on decisions of financial function when it is selecting the right current assets investment and financing policies. If the financial function wants to improve management efficiency of working capital, it should consider the financial axioms to select appropriate current assets investment and financing policies to attain optimal level of working capital and its components. The financial analysis reveals that during observed time period from 2006 to 2012 there are wide year to year fluctuations in selected energy companies. The variations were not depended on external economic factors, but have been influenced by indifferent management of working capital. As for calculated results of financial analysis and multiple regression we found out, that there is no optimal level of working capital, which would define effective working capital management. Financial function should provide appropriate efficiency management of working capital, that has rationalize short term assets in the way that they have a positive impact on liquidity, solvency and profitability. Company should be aware that there is always some percentage of presence of the risk and uncertainty in working capital valuation. The company can recognize and avoid it with the effective management of working capital without a financial loss. Ključne besede: pomen obratnega kapitala proces kroženja denarja plačilna sposobnost in likvidnost politike politike določanja obsega obratnega kapitala politike financiranja obratnega kapitala. Meaning of working capital cash conversion cycle solvency and liquidity current asset investment policies current asset financing policies. true true false [S. Kališnik] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2014-12-17 10:14:35 2015-03-06 13:33:34 2022-05-19 03:07:38 2022-05-20 03:06:22 2014 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 11945244 URN:SI:UM:DK:S5IBQ1ZF MAG_Kalisnik_Sanja_2015.pdf MAG_Kalisnik_Sanja_2015.pdf 1 CEFFFE7A40F8D3CE811272E8B3F832BB 04687d06c2ff961341c01f14d2ce7d947cf7b7d649717f080f17f91a4b8661e8 8b1846ed-7c0b-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=70035 Ekonomsko-poslovna fakulteta 0 0 0