Marko Milojević

Uticaj likvidnosti na poslovanje preduzeća koja su u skladu sa zakonom o računovodstvu Republike Srbije razvrstana kao velika pravna lica

Apstrakt: Predmet ovog istraživanja je analiza likvidnosti preduzeća koja su po zakonu o računovodstvu razvrstana kao velika pravna lica. Koeficijenti likvidnosti izračunati su na bazi zvaničnih finansijskih izveštaja preuzetih od Agencije za privredne registre. Istraživanje je obuhvatilo 794 preduzeća za period od 2007 do 2013. godine. Rezultati pokazuju da tokom analiziranog perioda dolazi do promene u strukturi obrtnih sredstava, i da finansijski menadžeri teže da smanje zalihe i povećaju vrednost gotovine. Izračunato je da udeo obrtnih u stalnim sredstvima opada što govori da tokom krize stalna sredstva rastu brže od obrtnih. Utvrđeno je da vrednost koeficijenata likvidnosti nije na nivou koji propisuje teorija, ali primetan je trend njihovog rasta, što je pozitivna činjenica i ukazuje na prve znake oporavka velikih preduzeća. Analiza po sektorima ukazala je da je sa stanovišta likvidnosti sektor građevinarstva najugroženiji, a da su sektori stručnih delatnosti i zabave najmanje pogođeni ekonomskom krizom. Abstract: The subject of this research is the analysis of liquidity of the companies classified as large legal entities in accordance with the Serbian Law on Accounting. The liquidity ratios were calculated on the basis of the official financial statements taken from the Business Registers Agency. The research involved 794 enterprises during the period 2007-2013. The results obtained indicate the change in the structure of the current assets for the analyzed period, and the efforts of financial managers to minimize inventories and increase cash. A decreasing tendency was observed in the proportion of the current assets in total assets, thus implying that fixed assets are growing faster than the current assets during the crisis. It was determined that the liquidity ratios are not at the level prescribed by the theory, but there has been a growing trend regarding their number, thus indicating recovery. Sectoral analysis points out that construction sector was most affected, while the sectors of professional activities and entertainment were least affected by the economic crisis.

KEY ASPECTS OF CASH MANAGEMENT IN THE COMPANY’S BUSINESS

Cash management is essential part of efficient company’s business and it can be used as criteria for ranking success of Chief Financial Officers. In multinational companies, it is expected that financial manager perform wide range of activities, and to know local and international accounting regulation. Accordingly, domestic competent public is interested in way how cash management can improve performances of one company. Moreover, it is important to know available investment alternatives, planned investments and maintenance, regulation in company’s basic industry and other industries applicable on own business, and tax treatment of various basis of payment. Optimal financial result can be achieved thanks to good allocation of available funds, thanks to determine the priorities in payments and achieving tax deduction. It is very important to consider accounting aspect of particular financial decision, before the decision of cash disbursement is made. In this research, authors will present way of cash management in Grand Casino Belgrade in period of 2009 to 2013, on the basis of available official financial and auditor reports on the company’s site.