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Title:Vpliv finančno-gospodarske krize na izvozno usmerjena podjetja v kemični in gumarski industriji
Authors:ID Jezernik, Anita (Author)
ID Oplotnik, Žan Jan (Mentor) More about this mentor... New window
Files:.pdf MAG_Jezernik_Anita_2016.pdf (2,10 MB)
MD5: 5952C932AADDB4E4B2472CEDB603B994
 
Language:Slovenian
Work type:Master's thesis
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Geografsko so žarišče krize Združene države Amerike, dejavnost, ki je povzročila krizo, pa trg nepremičnin in investicijsko bančništvo. Rast trga je v ZDA temeljila na odobravanju posojil strankam za nakup nepremičnin brez informacij o njihovo kreditni sposobnosti. Preoblikovanje hipotekarnih kreditov v nove izvedene finančne inštrumente je omogočilo bankam pridobivanje novih finančnih sredstev na finančnih trgih. Banke so dosegale velike zaslužke, nastajale pa so nove, vedno bolj zapletene oblike finančnih inštrumentov. S tem se je izgubila vsa sled izpostavljenosti tveganjem, hkrati pa je bil onemogočen kakršenkoli nadzor. Zaradi spremembe obrestnih mer, kreditojemalci niso bili več zmožni odplačevati kreditov. Sledila je verižna reakcija, ki se je kazala v izbruhu finančne krize v ZDA. Kriza se je v letu 2008 prenesla na Evropo, zaradi česar je nastopila globalna recesija, hkrati pa je iz finančnega trga prešla tudi na gospodarstvo. V teoretičnem delu naloge smo izhajali iz koncepta poslovnega cikla kot nenehnega gibanja gospodarstva skozi faze rasti in faze krčenja, ter iz učinkov, ki jih imajo na gospodarstvo. S proučevanjem vzrokov finančne-gospodarske krize ter procesov, ki so pripeljali do njenega nastanka, lahko analiziramo področja, ki so krizo najbolj občutila, ter s kakšnimi težavami in problemi so se morala soočiti. Postavljeni hipotezi smo proučevali s pomočjo kazalnikov, zato menimo, da je na mestu, da predstavimo tudi temeljne značilnosti finančne analize v sklopu finančne funkcije. V nalogi smo proučevali vpliv finančno-gospodarske krize na izvozno usmerjena podjetja v kemični in gumarski industriji, podrobneje pa smo proučevali izvozna podjetja v dejavnosti proizvodnje izdelkov iz gume in plastičnih mas. Pri proučevanju smo izhajali iz hipotez, da finančno-gospodarska kriza ni imela vpliva na dobičkonosnost in plačilno sposobnost proučevanih podjetij. Hipotezi smo preverjali na podlagi petih izbranih podjetij v obdobju od leta 2006 do leta 2013. Dobičkonosnost smo preverjali s primerjavo izračuna kazalnika donosnosti kapitala in kazalnika donosnosti sredstev, podrobneje pa smo donosnost kapitala preverjali še z uporabo modela Du Pont. Plačilno sposobnost smo preverjali s primerjavo izračuna kazalnika kratkoročne plačilne sposobnosti in kazalnika pospešene plačilne sposobnosti ter kazalnikov dni vezave kratkoročnih poslovnih terjatev in obveznosti. Dolgoročno plačilno sposobnost smo preverjali z uporabo Kraličkove enostavne MDA metode. Podatke za izračun navedenih kazalnikov smo pridobili na podlagi javno dostopnih podatkov iz bilance stanja in izkaza poslovnega izida posameznih podjetij v vzorcu. Slovenija je kot malo in odprto gospodarstvo močno vpeta v mednarodno trgovino, kjer ima vsaka sprememba v povpraševanju s strani tujih držav partneric močan vpliv na njeno gospodarstvo. Močna odvisnost Slovenije se kaže v letih 2008, 2009 in 2012. V letu 2008 z upadanjem in v letu 2009 z dosegom najnižje vrednosti izvoza, v letu 2012 pa s ponovnim poslabšanjem gospodarskih razmer. Upad v izvozu vpliva na zmanjševanje prihodkov in dobičkov, kar ima posledično negativne vplive na dobičkonosnost in plačilno sposobnost, ki prav tako v letih od 2008 do 2012 izkazujeta nižje vrednosti in poslabšanje poslovanja opazovanih podjetij.
Keywords:Finančna kriza, poslovni cikel, finančna funkcija, analiziranje, izvoz, kazalniki, donosnost, plačilna sposobnost.
Place of publishing:Maribor
Publisher:[A. Jezernik]
Year of publishing:2016
PID:20.500.12556/DKUM-58075 New window
UDC:658.14/.17
COBISS.SI-ID:12492572 New window
NUK URN:URN:SI:UM:DK:32IVZJJX
Publication date in DKUM:15.09.2016
Views:1979
Downloads:132
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:Influcence of Financial and Economic Crisis on Export-oriented Companies in Chemical and Rubber Industry
Abstract:United States of America (hereinafter: USA) are geographically focus of crisis, but the activity that caused the crisis, are real estate market and investment banking. The USA market growth was based on approval of loans to the customers for the purchase of real estates, but without any information about their credit capacity and ability to settle them. The transformation of the mortgage loans into new, derivative financial instruments, allowed banks to obtain new financial resources in the financial markets. Banks had achieved significant benefits and returns, but new, sophisticated and more complicated forms of financial instruments accrued. This was the reason that all traces of risk exposures became under control, at the same time, it was impossible to implement any control under working these instruments. Due to changes of interest rates, borrowers were no longer able to repay loans. This was followed by a chain reaction, which was reflected in the financial crisis in the USA. The crisis in the year of 2008 in USA was transferred to Europe, making the global recession, at the same time, the financial crisis caused the crisis also in the whole economy. In the theoretical part of this work, we were derived from the concept of the business cycle as a continuous movement of the economy, through phases of the growths and falls and effects, which they have on the economy. By examining the causes of the financial and economic crisis and the processes that led to its creation, we can analyse areas, which were the most effected with the crisis and also with the difficulties and problems, which they have to face. Stated hypotheses we studied by means of indicators, we do believe, that the site is to present the basic characteristics of the financial analysis in the context of the financial function. In this work, we have studied the impact of the financial and economic crisis on export-oriented companies in the chemical and rubber industries, but in more details, we studied exporting companies, oriented in the manufacturing of rubber and plastic products. We started from the hypothesis, that the financial and economic crisis has had no impact on the profitability and solvency of the studied companies. We examined hypothesis on the basis of five selected companies in the period from the year 2006 until the year 2013. We verified profitability by comparing the calculated ratio of return on equity and return on assets and in more detail, we examined the return on equity using a model of Du Pont. We verified the solvency by comparing the calculated ratio of short-term liquidity and an ratio of accelerated solvency indicators and binding days of short-term operating receivables and payables. The long-term solvency we examined by using the method called ‘Kraličkove simple MDA method’. Data for calculating those indicators were obtained on the basis of publicly available data from the balance sheet and income statement of individual companies in the sample. Slovenia is as a small open economy, strongly involved in international trade, where each change in demand by foreign partner country has a strong impact on its economy. A strong dependence of Slovenia is reflected in the years of 2008, 2009 and 2012. In the year of 2008, with the decline of export, in the year of 2009, by reaching the minimum value of export and in the year of 2012, with the renewed worsening of the economic circumstances. The decline in export effects on the reduction of revenues and profits, which consequently had a negative impact on the profitability and solvency. The result were two indicators which showed lower values and deterioration of business operation of companies, observed in the period from the year 2008 until the year 2012.
Keywords:Financial crisis, the business cycle, the finance function, analyse, export indicators, profitability, solvency.


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