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Title:KREDITNO TVEGANJE IN FINANČNE OMEJITVE SLOVENSKIH PODJETIJ
Authors:ID Trefalt, Polona (Author)
ID Jagrič, Timotej (Mentor) More about this mentor... New window
Files:.pdf MAG_Trefalt_Polona_2014.pdf (1,91 MB)
MD5: 9AACED80A52D0362054E3DAEE7FE06EC
 
Language:Slovenian
Work type:Master's thesis
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract: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.
Keywords:kreditno tveganje, verjetnost stečaja, finančne omejitve, rast podjetja, premoženje, primerno za zastavo, probit model slučajnih učinkov, dinamični panel
Place of publishing:Ženeva
Publisher:[P. Trefalt]
Year of publishing:2014
PID:20.500.12556/DKUM-43827 New window
UDC:658.14/.17
COBISS.SI-ID:11726108 New window
NUK URN:URN:SI:UM:DK:RMT8EAFQ
Publication date in DKUM:12.06.2014
Views:1470
Downloads:228
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:CREDIT RISK AND FINANCIAL CONSTRAINTS OF SLOVENIAN FIRMS
Abstract: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.
Keywords:Credit risk, Probability of default, Financial constraints, Firm growth, Collateral, Random effects probit model, Dynamic panel


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