| Mutual funds as a long-term financing source of the enterprise | Investicioni fondovi kao dugoročni izvor finansiranja preduzeča |
| Management, [pdf] | Menadžment, [pdf] |
| ID: 7.2008.49-50.10 Number: 49-50 Volume: XIII Month: 12 Year: 2008 UDC: 347.72.028:330.142.211 336.1.07 [tmx] [bow] |
mr Jelena Ćirić
Institution: Faculty of Technical Sciences, Novi Sad | mr Jelena Ćirić
Institucija: Fakultet tehničkih nauka, Novi Sad |
mr Slobodan Morača, msc Danijela Gračanin
Institution: Faculty of Technical Sciences, Novi Sad | mr Slobodan Morača, msc Danijela Gračanin
Institucija: Fakultet tehničkih nauka, Novi Sad |
mr Slobodan Morača, msc Danijela Gračanin
Institution: Faculty of Technical Sciences, Novi Sad | mr Slobodan Morača, msc Danijela Gračanin
Institucija: Fakultet tehničkih nauka, Novi Sad |
Abstract
Mutual funds are nonbanking financial institutions that collect savings of individual investors in order to invest capital on financial market.
Capital market in Serbia is underdeveloped and shallow, characterised by a chronical shortage of quality long-term capital
sources, and there are only few enterprises listed on the Stock Exchange A list attractive to mutual funds. The offer
of quality shares, known as “blue chips“, is rather poor, however great demand for them is.
In such circumstances companies are often faced with the problem of how to raise capital in case they do not have enough of their own. National companies still opt in favour of long-term loans (often under extremely unfavourable conditions),
although the capital raising through IPO (initial public offer) and listing on the stock exchange would be a much more profitable solution in the long run. Banks and international monetary institutions are still the main creditors in Serbia.
The mutual funds make decisions on investing into a company on the basis of financial statements, plans and projections,
rather than on the basis of the prospectus. Companies are advised to make efforts to atract mutual funds which are considered
to be long-term capital sources and the best way to do that is doing business transparently and constantly improving
business results.This would contribute to reducing costs of company financing, improving the current market position,
as well as capturing new market segments, improving the quality of the products and services, and financing new development projects. It is important that there be a mutual interest shared by both the management of the fund and that of the company, and this is, above all, the profit. | Apstrakt
nvesticioni fondovi su nebankarske finansijske institucije koje prikupljaju štednju pojedinačnih investitora, a zatim prikupljena sredstva plasiraju na finansijskom tržištu.
Tržište kapitala u Srbiji je prilično nerazvijeno i plitko, postoji kronična oskudica kvalitetnih dugoročnih izvora sredstava, mali je broj preduzeča koja se nalaze na berzanskom A listingu i atraktivna su investicionim fondovima za ulaganje. Naročito je slaba ponuda tzv. „blue chip “ akcija visokog kvaliteta za kojima je izražena velika tražnja.
U takvim uslovima preduzeča često imaju problem sa pribavljanjem kapitala, u slučaju nedovoljne sopstvene akumulacije. Domicilna preduzeča se još uvek najčešče opredeljuju za uzimanje dugoročnih kredita (često pod vrlo nepovoljnim uslovima), iako bi pribavljanje kapitala putem javne ponude akcija i izlazak na berzu, dugoročno posmatrano, bilo racionalnije rešenje. Kod nas još uvek dominantnu ulogu kreditora imaju poslovne banke i međunarodne finansijske instituticije. Odluku o učešču u kapitalu preduzeča investicioni fondovi prvenstveno donose na osnovu finansijskih izveštaja, planova i projekcija, na osnovu prospekta. Preduzeča treba da se potrude da transparentnim poslovanjem i kontinuiranim poboljšanjem rezultata poslovanja privuku investicione fondove, kao kvalitetne dugoročne izvore finansiranja. To bi do-prinelo snižavanju troškova finansiranja preduzeča, jačanju postoječe tržišne pozicije, kao i osvajanju novih tržišnih segmenata, poboljšanju kvaliteta proizvoda i usluga, finansiranju novih razvojinih poduhvata. Važno je da postoji zajednički interes na relaciji menadžment fonda i menadžment kompanije, a to je iznad svega profit. |
| Pages: 77-82 | Strane: 77-82 |