20.500.12556/DKUM-58997 Zadolževanje in razdolževanje podjetij - primerjava Slovenije in Češke Borrowing in deleveraging of companies - comparison of Slovenia and Czech Finančni krizi, ki je izbruhnila leta 2007, je kmalu sledila gospodarska kriza, v kateri pa je postalo jasno, da so se mnoga podjetja v Sloveniji v času gospodarske rasti močno zadolžila. V času krize so se prihodki podjetjem znižali, kar je zmanjšalo njihovo sposobnost za odplačevanje dolgov, podjetja pa so postala prezadolžena. V magistrski nalogi smo zato proučevali zadolženost in razdolževanje podjetij v Sloveniji v času pred nastankom krize in po njej, za primerjavo pa smo proučevali podjetja v Češki republiki. Naloga sestoji iz teoretičnega in empiričnega dela. V teoretičnem delu smo najprej predstavili vpliv zadolževanja in razdolževanja na gospodarsko rast. Na primeru treh večjih finančnih kriz v preteklosti smo ugotavljali vzroke za njihov nastanek in njihovo reševanje. Vsem je bilo pred nastankom krize skupno naraščanje zadolževanja in ustvarjanje nepremičninskih in/ali borznih balonov, medtem ko so bili ukrepi kot odziv na nastalo krizo različni. Predstavili smo štiri načine razdolževanja v preteklosti. Kot najpogostejši način so se v preteklosti pojavljali varčevalni ukrepi, kar je najpogostejši način tudi v sedanji krizi. Nazadnje smo predstavili še sistemske ukrepe za pospešitev razdolževanja podjetij. V empiričnem delu smo na osnovi pridobljenih podatkov iz finančnih izkazov podjetij preverjali tri hipoteze. S pomočjo finančnih kazalnikov smo analizirali in medsebojno primerjali gibanje dolga, stopnje zadolženosti podjetij in vire, ki jih podjetja uporabljajo za financiranje v Sloveniji in Češki republiki v izbranih sektorjih gospodarstva v obdobju 2004-2013, s čimer smo ugotavljali tudi, kako poteka proces razdolževanja v podjetjih izbranih sektorjev v obeh državah. V okviru preverjanja hipotez smo ugotovili, da so podjetja v Sloveniji bolj zadolžena kot podjetja v Češki republiki, da so bila podjetja v Sloveniji v vseh opazovanih sektorjih prezadolžena že v obdobju pred nastankom krize, medtem ko so bila podjetja v Češki republiki v času pred nastankom krize prezadolžena v dveh od treh opazovanih sektorjev ter da se podjetja v Češki republiki uspešneje razdolžujejo kot podjetja v Sloveniji. The financial crisis that broke out in 2007 was soon followed by the economic crisis in which it became clear that many companies in Slovenia during the economic growth became heavily indebted. During the crisis the company revenue declined, which decreased their ability to repay debt and companies became over-indebted. In the master's thesis we studied indebtedness and deleveraging of companies in Slovenia in the period prior to the crisis and after it, and for comparison we studied companies in the Czech Republic. The work consists of theoretical and empirical part. In the theoretical part, the impact of borrowing and deleveraging on the economic growth is presented. On the case of the three major financial crises in the past, the causes for their emergence have been determined and how they have been resolved. Increased borrowing and the creation of real estate and/or stock market bubbles prior to the crisis, is common to all of them, while measures as response to the turmoil are different. Four archetypes of deleveraging in the past are presented. As the most common way in the past occurred austerity, which is also the most common way used in the current crisis. Finally, a systemic measures to speed up the deleveraging process in companies are introduced. In the empirical part, three hypotheses on the basis of the data obtained from the financial statement are verified. With financial indicators we analyzed and compared the movement of the debt, the level of indebtedness and the resources which companies in Slovenia and the Czech Republics used to finance their business in the selected sector of the economy in the period 2004-2013and with that we also tried to find out, how the process of deleveraging is going on in both countries. In the context of the verification of the hypotheses we have found out that companies in Slovenia are more indebted than the companies in the Czech republic, enterprises in Slovenia in the all observed sectors were already over indebted in the period prior to the crisis, while companies in the Czech republic in the period prior to the crisis were over indebted in two of the three observed sectors, and that companies in the Czech republic are more successfully deleveraging than companies in Slovenia. finančna kriza zadolževanje razdolževanje Slovenija Češka republika financial crisis leverage deleveraging Slovenia Czech Republic true true false [A. Sedlar Kožuh] Slovenski jezik Angleški jezik Magistrsko delo 2016-05-02 22:44:19 2016-09-09 12:08:53 2022-06-19 03:06:18 2019-07-11 10:58:59 2016 0 Celje 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 12476444 URN:SI:UM:DK:LG5FOVDL MAG_Sedlar_Kozuh_Aleksandra_2016.pdf MAG_Sedlar_Kozuh_Aleksandra_2016.pdf 1 4F22D921068EF2E82EA9E778AB366DC4 d362a4cdde46e358417383224c8966f26b9e6932d7ab7e4808222685215f6a5a 9cd8935e-7c0c-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=93348 Ekonomsko-poslovna fakulteta 0 0 0