CAJ;!PlKAJ - APEIRON
7
CAJ;!PlKAJ I. CHCfEM lLErOBO OKPYlKEILE U CfPATEIIIKlf <l>HHAHCHJCKH MEHAUMEHT 17 1. <PrlHullclljcKI1 C HCTeM n penY3e ha 17 <PlwaHc[l jcKH l.{HJheBlf np 21 3. <PIIHaHcHj Ka n pcAY 3eh u 26 3.1. UUJb n OJl HTl1KC ll pe AY3 ch a 26 3.2. Y ora cj:m HaH cHjc Ke cp yHK.I.J.ll jC 31 3.3. M eCTo cpHHaHcujcKe cpYHKI.\Hje y 0AHOCY Ha APyrc n OCJlOBHe cp yH Kl\Ujc 33 3 ...1- . O):(Hoc q:H1H allcHjcK e nOJll ITHKe H nOJl IITHKC npyr Hx CPYHKI.\ HOH aJl.HIfX nOAPyttj a 37 3.. <l>aKTopll, KpeaTopH H HOCHOl\H cpl1 Hc HCl1jcKe nOllilTHKe 40 - <l>uHaHcHjcK1 I MCHaUMeHT - <l>ym<I(1I 0HI1C3fbe 11 44 -U . n oj M ( !mHaJfc11j cKor Je l-IaI,lM Irra 44 ..L . KOpllOpa TIIBBe cp HH aHcHje }1 cj:HlHaHcHjcKH f eHal,l ep 47 -t.3 . A Jl aTH a KYTl1j a CP l1J1a HClljC K r MC HaJ}MeHTa 50 -1 .-1-. <pyrrKl\H OH HC3IhC cp l1HaHclljcKor MCnU I,I MeH'ra 52 -1 .5. HHCTpYMewrH Me ltaI , lMeHTa 55 4. 5. 1. <l>illIancujcKo nJla Ell1 patbe 55 4. 5.2. <l>l1llaHcHjcKIl HaU30P 57 4,5.3. MOTI-IBaf..(HOH H I Xc HH3MH 59 ..+'6 . <l>HH3 HCl lj cKH I{ KOHKypeHTCKa cn C06HOCT npep, y3e ha 63 ITocnoBHo oKpY)I(elbe 66 -. 1. n pn BpcAHIl 11 CP l1H3HCHj C KH CI'ICTe M 5. 1.1. cpmrallcHjcK c HHcppa CTpyKT ype 77 5.1.2, ¢UH aHCl1jc Ka WTcAlha 78 5.1.3. TOKOBH n lrIlc-rp YMeH'rH -rpaH ccpopMHcalba C j:lHH3 H cHj cKe mre;qH>e - rrp o J(ec cpopMl'Ip alb3 KamfTaJl<l 79 5. 1.4. 3 n al.f aj , C Tpy KT pa II KapaKTep l1CTfIJ{e cpTmaHcHjCKJ.f X IIHCTHTY l( lIj ) - nocp e;qHIIKa ( aren aTa) 81 :. -. n Op ecKli Cl l CTeMH II Mepe rro pecKe nOl Hi TH Ke 84 5.2. 1. TIope cKa nOJlHTHKa 89 5 .2 .2. 3lia t ta j AlIpeKTIHlx Ii HHAH pe Knmx rro pe38 90 5.2.3. n p CKa pecp op M3 y DOCEnt 11 XepIJ;er OBI1H1:1 93
Transcript of CAJ;!PlKAJ - APEIRON
CAJPlKAJ I ~IIHAHCJCKH CHCfEM llPE~Y3EliA lLErOBO OKPYlKEILE
U CfPATEIIIKlf ltlgtHHAHCHJCKH MEHAUMEHT 17
1 ltPrlHullclljcKI1 CHCTeM n penY3eha 17 ~ ltPlwaHc[ljcKH lHJheBlf np ~y3elia 21 3 ltPIIHaHcHj Ka centynKI~ffja npcAY3ehu 26
31 UUJb nOJlHTl1KC llpeAY3cha 26 32 Y ora cjm HaHcHjcKe cpyHKIJlljC 31 33 M eCTo cpHHaHcujcKe cpYHKIHje y 0AHOCY Ha APyrc nOCJlOBHe cpyHKlUjc 33 31- O)(Hoc qH1HallcHjcKe nOJllITHK e H nOJl IITHKC npyr Hx CPYHKIHOHaJlHIfX
nOAPyttj a 37 3 ltlgtaKTopll KpeaTop H H HOCHOlH cpl1Hc HCl1jcKe nOllilTHKe 40
- ltlgtuHaHcHjcK1 I MCHaUMeHT - ltlgtymltI(1I0 HI1C3fbe 11 BHcTP~reHTH 44 -U n oj M (mHaJfc11j cKor Je l-IaIlM Irra 44 L KOpllOpaTIIBBe cpHHaHcHj e 1 cjHlHaHcHjcKH feHallep 47 -t3 A JlaTHa KYTl1j a CP l1J1aHClljCK r MCHaJMeHTa 50 -1 -1- ltpyrrKlH OH HC3IhC cpl1HaHclljcKor MCnUIIMeHra 52 -1 5 HHCTpYMewrH cp~1IaHcHj crltor Me ltaIlMeHTa 55
4 5 1 ltlgtillIancujcKo nJlaEll1 patbe 55 452 ltlgtl1llaHcHjcKIl HaU30P 57 453 MOTI-IBaf(HOHH I Xc HH3MH 59
+6 ltlgtHH3HClljcKH MeHa (I ~ leHT I KOHKypeHTCKa cn C06HOCT npepy3eha 63 ITocnoBHo o KpY)I(elbe 66 - 1 n pnBpcAHIl 11 CP l1H3HCHj CKH CIICTeM
511 Pa3y~eHocT cpmrallcHjcKc HHcppaCTpyKType 77 512 centUHaHCl1jcKa WTcAlha 78 513 TOKOBH n lrIlc-rpYMeHrH -rpaHccpopMHcalba CjlHH3HcHjcKe
mreqHgte - rrpoJ(ec cpopMlIp alb3 KamfTaJlltl 79 5 14 3 nalfaj CTpyKT pa II KapaKTep l1CTfIJe cpTmaHcHjCKJfX
IIHCTHTYl( lIj ) - nocpeqHIIKa (arenaTa) 81 - n OpecKli Cl lCTeMH II Mepe rro pecKe n Ol HiTH Ke 84
521 TIopecKa nOJlHTHKa 89 522 3lia t taj AlIpeKTIHlx Ii HHAHpeKnmx rrope38 90 523 n p CKa pecpopM3 yDOCEnt 11 XepIJerOBI1H11 93
shy - --_ _-= -__-__-- = = = -__ -_ _ - = -_ _-- _ ---shy ______=~____ _=____=_c--
- - 1 ~--= ------------_
====
10 524 TIope3 Ha A06HT rrpeAY3eha 96 525 TIope3 Ha rrJIaTe (3apaAe) 96
53 OApa3 rrope3a Ha AOAaTY BpeAHocT Ha cjHlHaHCl1jcKI1 rroJlo)(aj npeAY3eha 97 53l YTHUaj nope3a Ha cjHfHaHcHjcKH rroJIo )(aj rrpepY3cha
C acrreKTa pOKosa HanJlaTe nOrpa)(lIBafha OA Kynaua H pOKoBa nJlaliafha 06ase3a npeMa A06aBJbaltIY 99
532 YTIH~aj rrope3a Ha cjHlHaHcHjcKH rrono)(aj C acrreKTa Mafhe HarrnafieHor OA rrnaheHor rrope3a Ha AOAaTY speAHocT 100
533 YTHUaj pa3nwIHTe BHCHHe AOAaTe BpeAHocTH Ha cjHHaHcHjcKH rrono)(aj 101
534 Moryhe CMafhefhe HeraTHBHor yTl1uaja rrope3a Ha Ao)(aTY Bpe)lHOcT Ha cjmHaHcl1jcKo Hanpe3afhe Ii qJl1HaHcHjcKH rrono)(aj 102
54 OCTaJlII cpaKTopl1 nOCJlOBHOr oKpy)(efha 104 541 Mei)yycnOBJbeHOCT MI1KpocpHHaHcllja II MaKpocpl1HaHcHja 104 542 O)lHOCH nocHe II XepuerOBHHe C EBponCKOM YHHjOM
II Mei)YHapoAHHM cpHHaHcHjcKflM HHCTIITYUHjaMa 109 543 centHHaHclljcKo H3BeWTaBafhe y YCJlOBHMa r Jl 06aJlH3aUHje 112
6 06J1I1Uu opraHH3aUHje nOCJlOBafha 115 61 TIpaBHc cpopMe npe)l)3eha 115
611 I1HoKocHa rrpeAY3eha 115 6 l2 DPywTBa J1I1ua 116 613 ApywTBa KafillTaJla 116
62 Kpl1TeplljYMH H360pa npaBHe cpopMe npeAY3eha 118 621 YJlarafhC corrCTBCHor KanHTana 119 622 OAroBopHoCT 120 623 Ycwhe y A06HTKY 121 624 TIocnoBHo oAJlYLIHBafhe 122
63 YCJlOBJbeHOCT cTpyKType Kanl1TJJlJ 123 63l CTpyKTypa Karrl1TaJla n HaLlenJ cpnHaHcHjcKe IlomlTHKe 123 632 CTpYKTypa KamI TJJla 11 npaBHe cpopMe rrpeAY3eha 127
64 IJHJleMe opraHH3aL(Hje rrpeAY3eha 130 64l HaCTaHaK XOJlAHHr npeAY3eha Y pa3BHjeHHM 3eMJbaMa 130 642 HacTaFfaK rrpocpHTHI1X uewrapa y npeAY3ehmia l32 643 TIpeJHocTH H HegocTaUH opraHl13aUlIje npcgy3eha
Ha rrpHHuurrHMa xonAHHra 11 npocpHTHHX UCHTapa 133
n UEHA H BPEMEHCKA BPEunocr (lOnUA 137
1 UeHa HOBua 137 l1 CTpyKTypa KaMaTHIlX CTona 137 12 ltPaKTOpl1 KOjl1 oApei)yjy I1I1BO K3MaTHHX CTorra 138
12l MoryhHocT HHBecTHpafha YTwie Ha KaMaTHe CTone 138 122 OCTaml cpaKTOpl1 KOjU yTlFly Ha HHSO KClM3THHX CTOIIa 140
13 TIpnTiarotjaBafhe KaM3THI1X CTona Pl13HKY JlIIKBl1gHOCTlI 144 14 TIpJl3roi)as3fhe KaMaTHlIX CTona PH3HKY 0)1 Hel13BpWelba
HOS-IHHI1X 06ase3a 144 15 TIplwaroi)3SJfhe KaM3THe CTone npeMJ BpeMeHY )Iocneha 146
- --- ~- _- _ -_ - - __ __--__bull _ _-
~ ~ ~ lk_ ___ _ _ _ bull_ _______ __ _ _ _ bull shy -
==-----==--_ ---~-
11
~-------------
~
-------~--~~-~~- shy
- ------=-- --- ~ ~-
__-__ -_ _ -- -_--- shy ~-
_ _l ~ ~-_ ~ __ ==u
16 BpeMeHcKa CTpYKTypa KaMaTHHX CTorra 148 161 TeopHja OfeKHBalba 149 162 TeopHja rrpecpepHp8He JII1KBH)JHOCTH 150 163 TeopHja cerMeHTHpalba Tp)l(HWTa 152 164 IT pe)JBHi)albe KpeTalba KaMaTHHX CTorra 155 165 O)Jpei)HBalbe leHe 6aHKapCKHX Kpe)JHTa 156
17 EcpeKaT KaMaTHHX CTorra Ha leHY aKlHja 157 171 Ynllaj KaMaTHHX CTorra Ha rrpocpHT KOprrOpalHja 157 172 UeJIOBalbe KaMaTHe CTorre Ha KOHKypeHlHjy 3a cpe)JcTBa 158
_ BpeMeHcKa Bpe)JHocT HOBla 160 21 113pafYHaBalbe 6y)Jyhe Bpe)JHocTH 162
211 113pafYHaBalbe 6y)Jyhe Bpe)JHocTH rroMohy je)JHafHHe 163 212 113pafYHaBalbe 6y)JyJie Bpe)JHocTH rroMohy
cpIIHaHcHjcKHx Ta6JIHla 165 213 I1crrO)lro)JHwlbe KamlTaJIHCalbe 166
22 113pafYHaBalbe ca)JaWlbe Bpe)JHocTH 167 221 113pafYHaBalbe ca)JaWlbe Bpe)JHocTH y3 rroMoh je)JH8fHHe 168 222 113pafYHaBalbe ca)JaWlbe Bpe)lHocTH rrmwhy cpHHaHcl1jcKHx
Ta6JIHla 169 223 I1crro)Jro)JHwlbe )JHCKOHTOBalbe 170
23 BpeMeHcKa Bpe)JHocT BllmecrpYKHx rOTOBHHCKHX TOKOBa 170 231 113pafYHaBalbe ca)JaWlbe Bpe)JHoCTH HepaBHoMepHor
rOTOBHHCKor TOKa 170 232 113pafYHaBalbe ca)JaWlbe Bpe)JHocTII 6eCKOHafHOr paBHoMepHor
rOTOBHHCKor TOKa - BefHe peHTe (rroBpaTa) 173 24 PaBHoMepHH KOHafHH rOTOBHHCKII TOKOBH - rrepHo)JHfHa
peHTa (rroBpaT) 174 241 113pafYHaBalbe 6y)Jyhe Bpe)JHoCTI1 nepHo)JHfHe peHTe
rroMohyje)JHafI1He 174 242 113pafYHaBalbe 6y)Jyhe BpepHocTH rrepHo)JwlHe peHTe
rroMohy cpHHaHCl1jcKI1X Ta6JIHla 175 243 113paLlYHaBalbe ca)JaWlbe Bpe)JHoCTI1 rrepHo)JHfHe
peHTe rroMohy je)JHa4llHe 177 244 113pafYHaBalbe capaWlbe Bpe)JHoCTI1 rrepl1o)JHfHe peHTe
rroMohy cpHHaHcHjcKI1X Ta6mll~a 178 5 Pewelbe KaMaTHe CTorre CTorre paCTa II 6poja rrepllo)Ja 179 6 Bpe)JHoBalbe paCTyhe BefHe peHTe 182 2 - I13paLIYHaBalbe Herr03HaTl1X BapHja6JIl1 183
271 Pewelbe KaIlaTHe CTorre KO)J rrepI10)JHfHe peHTe 183 272 Pewelbe 6poja rrepl1o)Ja KO)J jie)JHoKpaTHor rOTOBHHCKor TOKa 184 273 Pewelbe 6poja rrepHo)Ja KO)J rrepHo)JI1fHe peHTe 186 274 113pafYHaBalbe aHYHTeTa KO)J rrepHo)JH-IHe peHTe (rroBpaTa) 188
JUK (1 ITPRHOC 191
mrTllBalbe O)JHoca H3Mei)y pJl3HKa H rrpllHoca 192 ~paqyHaBalbe rrpHHoca rroje)JHHafHOr cpe)JcTBa 195
113pa LlYHaBalbe je)JHocTaBHor rrpHHoca 195 22 I h pafYHaBalbe OfeKHBaHor rrpl1HOCa 196
leHa pH3HKa rroce)JOBalba rroje)JI1Ha LlHor cpe)JcTBa 198
37
1 31 113palHaBalbe p1l3nTca n je IUraLmor cpelC1Ba 199 32 KoeqmIJl1j cTIT Bapuj al(Hje n pel)e-be CpelCTUBa
c p a3JllJ-JITJl M IIPJUWCII ia 202 4 Teopuja nopTcpOJTHj a 204
41 13pa LIHaBalbc lleKHBaHor npHHoca ITOpTcpormj a cpelCTclBa 204 42 OueHu Pll3WLUOCTll nopTcponnj a Cpe]lCT1lBa 206 43 H3P fYH3 13albe qCKIIBaHe CTone IIpll1lOCa cmiddot 3Hnap lHe ]leBlljru~nje
H KOBapHjaHce Ha xapn ljaMu 01 BpeAHoC1H Koje KOrHpajy Ha TP)lrurTY Kan llTaJIa 208
5 J13paq)Hanalbe Bapl1j aHCe n CTaH apAle AeBHj aqIlje 208 6 BpCTe p l13J1Ka 212
61 P~f3HK cn IlfcjmllaA 3a KOMnaHllj y 214 62 TP)f(J1WIIH pll3IfK 214 63 YKynarr pH3HK 216
7 CAPM - MO]leJT 3a I3PCAIIOBaJohe ynO)KeHOr KafH1TaJra - Capital Asset Prjncing Model 217 71 1hBobeJ-be 6eTe 21 8 72 3a TeB3H3 (Tpa)KeHa) CTona nprrno a 22 1 73 npM 1eRa K H l~errra 224 74 Teopllj ollpeljlrnalba uelJa ITpU rrOCJI0811U ap6rnpagtllte (AID) 229
IV tJ)HHAHClfJCKA TP)f(IIDIT U JLDXOBA EcJ)HKACHOcr 233
1 ltlgtru laHcl1j cK3 T p )IUl WTa 235 1 L 3ua faj cpHHallclljcKlIx TPgtl(llU13 235
111 ltlgtop HlpruhC uelJa 236 112 06c36el)u8ltlIbC RlIKBlflUOCTIT 2311 113 MIU-I[IIIW1pUFbe TpOHCaKt(UOHllX TpOWKOl3a 239
12 CTpYKTYP~ cp~IHaBcHi cKIl Tp)KIWJT3 240 121 TIpII MapHltI H ceKR)lapHa TP)f(HWrU 240 122 O prarnl OR~IHa [J HeopraHu30BaHo lP)KIlruTo 24L
13 Ha t Il1H Ha KOjU pal teaa xapTuj a O~ npeAHoCTIl o~pe~yje FbI1XOU 1(eHe 244 14 Tp)f(lIU1Te HOBl(U y CA)J-y 245
141 C8pxa T p)f(UIUTa lIOBIa 246 1 4 ~ Y leCIH1l(lf 110 Tp)(HllITHMU HOBua YCAA-y 247 143 HHcl -PYMelITU Tp)(uurra HOBl(ltl y CA)J-y 249
15 T PgtKlIllJTU KanJI ana y A)J-y 2-3 151 CBpxa 1fJ)j(HlDTU K811111ana 254 152 Xapnlje OA apellROcn[ RU TiJ)f(HillTITla Ka(JJITana y CAll-y 255
2 EcpuKacHo CT T IJii1I W Ta KamlTalIa 263 21 Allanon1ja pa3YlleBOTba npo6neMa 264 22 Pa3Jl03Ii nocToj IbU TP)f(JlllITU Ka ITHTHnO 265
22 1 JII1KB II Au OCT 265 222 HeOqeKfrnUHu Ao6rrr Mepa BpeUHOCTIr 267
23 ApollTpa)lu c rtrHanU3Hpafhe u npHKynJbOlFb ~lHCPOPMU[Hj a 268 23 L Ap6npa)f(a 26R 2 32 CmlIaJlIl3np al-be H nplIKynlbaJ-be IIHcpop~la[llija 272 233 KoneKTlIDna MYAPOCT 276 234 CaBpeMeHa Tp)f(lUlITa KarnlTOna 280
24 EqIIK3CHOCT mlKBuJIHOCT U BpeJIHOCT 280
~ -- - ~ - ---- - ~ - - - - --~ - _- -- ----- - -~- shy -~ ~
-~=----
-- -~------
---~--==------ -
__ __bull - ____ __ shy - __-_ --_ - __ middot---1
-- _ _ - ---=--===-== ------- -~~~~
---~-~--- - - - ----- -_ - - ---------~- - --- -- --~--- - ~ -=~ bullbull - ~ -~- bull l bull_ ~-= l - - -
241 XimOTe3c 0 ecpltKaCHOCTli Tp)IIIUITa (XET) 282 242 DoKa311 XJmOTe3a 0 eqJl1KacHoCTll Tp)lJ1UJTa 2 87
25 CJlc-reM Tpr OBlmc 3 Us 251 YTBp~UBalhe jeAIIHCTBel1e ~elle xapTl1ja OJJ BpeJJHoCTIi
KOn pa3nUlIfTO Cr pYKTYpnpaHI1X Tp)ltHIllT8 320 252 YlBpl)lmaae jeJJIlHCTOelle ~eHe xapT11ja 01 BpejHocT11
Y cJly-laj y 6aJJaAcIlpaHor Tp)lll111Ta 323 253 YTBpbllBalbe jeJIIHCTBcHe ~eHe XapTJ1ja on BpelHOCTII
y ~ajy HeJl36anaucrrpaJlor Tp)(lllllTa 328 254 CI1CTeM K80Ta (Quote-driven system) 329 255 CIlCTeM HaJTOra 331
CTPATEmJE ITPEllY3ETaA
1 ilojaM II llecplIHHI(nja OAJTY-lIlBafba 335 335
11 OCIIOBHIt HOCUOlJI onIlYlIfBalha 337 12 ltlgtaKTopn o)JnYII1BCllha 338
1 3HBtIaj cpUJlaHclrjcKe CTpaTemje npc1y3eha 341 21 UllJbeB11 npey3elia 343 22 IUJbeBII pa3ml~TwrJx IiHTepecHlrx r pyna 344
221 DoraTCTBO aKlJllOHapa 346 222 OnHoc 113Meby pU3uKa If noapaTa 348u 223 MCHUllepcKlI I(UJbCBH 341 224 HecpHHuHclJjcKU IJllJbeUII 350 225 HOBl1jll TpeH)oBH BldCHI1WTIla y BCJlIumj EpllTllHnjll 351
23 CYKo6 mnepeca y npenY3ehy 352 231 OBJlaurrelha II OJVOIIOPHOCTI1 JJJlpeKTOpa 353 232 BaH6unallcHo cpl l HaHclIpa ~be 354
24 KoprlOpa1JlBHO yrrpaBJTgtulbC 355 243 3uulelbe 11 rJlaBHa nIlTUIhltl KOpnOpaTliBHOr YlTpaBJbalba 355 242 KOMoapaunja TPanll l~lrOHaJlHe npaKce y BenllKoj Epl1Tarmjl1 C npaKcoM APyn-lx 3eMaJba 356
shy 243 KopnOpaTItBHO ynpUBJbalhe y BemiKoj DPIITUHltjli 358
25 ltlgtopMyrmCaTbC c-rpaTcruje npcnY3cha 363 251 ITpllpon8 eplnraHcll j cKe KOlITpOJTe 364 252 KpaTKOpO~HO ctHfH8ncl1jcKo IlJIaHlIpalhe 368 253 fOTOBltHCKH I(UKJlyc 372 254 EYIIeTltpalbc npai1cfhc II KOHTpOna cash flow-a 375 255 ltlgtaKTopu Upil ItHBeCTllpalbY KpaTKOpOllfUX cpeJJCTaBa 377 256 AHaJIll3a paAa KOMlTuHlfje 378
26 C-rpaTeTujc WHpllha 11 OAp)laBafha TpgtKI1WTa 380 261 KpaTKOpO-lHO II AyropO-lHO rDTaHllpaJie 381 262 BpTe ayropoLlIIe crpaTcrllje 382 263 OpraHcKu (11I1TCpHll) paCT y OJliOCY na eKcrepBJI 383 264 PaCT Kp03 AllBep3lJepltKalrtj y 8KBn3f1lJl1j e 387
27 MeynapoAHo nocnOBalhC 391 271 ITpaBTm o6mll~1I paCnOJlO)fQIBH ia McbYHapopHo nOCIlOBalhe 391 272 Pa3nlJLUITII o6nH~H CPYHKll1l0HUcaJ-h8 391 273 llupcKTHe crpaHe HHBeCrmi1Jje - nOJlUTHIKlI 11 Alynl PJl3lU(H 394 274 PU31lK KOHTpOnUcaJha BanYTe 397
13
14 401 VL L(OHOmEffiE 0AJJYKA 0 ImBECfHPAlhY
1 YonwTe 0 HHBeCTHll1jaMa 401 11 HeMaTepHjanHa (HeOmtnJbHBa) ynaralha 402 12 Y naralha y OCHOBHa cpeAcTBa 403 13 L(yropOYHH cpHHaHcHjcKH nnaCMaHH 405
2 KamlTanHO 6YlleTHpalhe 407 21 ltPa3e y npolecy KanHTanHor 6Yllenlpalha 409 22 EBanyalHja HOByaHHX TOKOBa 4U
221 MeToA neplloAa omnaTe 412 222 HeTo caAaWlha BpeAHocT 414 223 I1HAeKc rrpocpHTa6HnHOCTH 420 224 I1HTepHa CTona I1pl1HOCa 423
3 l1HBecTHll1oHH npojeKaT HHje LpHa KYTl1ja 428 4 bBOp rr0311THBHe HeTO caAaillfhe Bpe)JHocTlI 433 5 MeHallMeHTCKo MaKcuMlIpafhe HeTO caAaWfhe Bpe)JHOCTIl 436 6 CaAaillfha BpeAHocT U orropTYHI1TeTHU TPOWKOBI1 Karrl1Tana 439 7 OAnYKe 0 Mel)YHapoAHoM HHBeCTl1pafhY 441
71 Mel)YHapoAHa AI1BCpcucpHKaLl1ja 442 72 Mel)YHapoAHa LeHa KaI1l1Tana 443
721 113AeJbeHa 11 I1HTerpl1CaHa Tp)l(lWTa 443 722 Mel)YHapo)JHI1 CAPM 443
VII UOROIDElhE O)1)IYKA 0 CflHHAHCHPAlbY 447
1 ltPuHaHcHjcKo nnaHHpaFbe H 6YlleT HOBla 447 2 ITpolec cpHHaHcHjcKor nm1HI1pafha 449
21 L(yropOYHIl cTpaTeWKI1 LHJbeBI1 449 22 KpaTKOpOYHH nocnOBHH rrnaHOBH 450
221 ITpeABHl)afhe npoAaje 451 222 ITpeABHl)afhe MaKClIManHe CTone pacTa 462
23 6YlleT HOBla 464 24 HecHrypHocT H HOBYUHH 6YlleTH 467 25 PRO FORMA cpHHaHcI1jcKII H3BewTajH 468
3 YnpaBJbafhC HOBLeM H 06pTHHM KanHTanOM 474 31 YnpaBJba~be 06pTHl1M KamlTanOM 475 32 UHKnyc KOHBep3l1je HOBLa 480 33 YnpaBJbafhe HOBleM 482 34 KpaTKOpOYHO cpHHaHcupufhe 492 35 ETleKTpOHcKa pa3MeHa nO)JaTaKa (EDI) 505
4 TeopHja cTpyKType KamlTana 506 41 L(eTepM~IHaHTe 3pound1 AOHowefhe 0AnYKe 0 0AHOCY Ayra
H corrCTBeHor Kam1Tana 507 411 Leverage 507 412 )(eJbCHa cTpyKTypa KamlTana 513
42 Teopuja I1peneBaHTHocTH 514 421 YTHlaj nope3a 516 422 YTHlaj nocpe)JHHlIKHX TpowKoBa 517 423 EcpeKTI1 TpowKoBa 6aHKpOTa 518 424 OCTaTla pU3MaTpafha (FRICTO) 520
~ -- --- ~ -- -- - _----__----____-------------~------- -- --~
-_ - ---
- -=- -=~-
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
10 524 TIope3 Ha A06HT rrpeAY3eha 96 525 TIope3 Ha rrJIaTe (3apaAe) 96
53 OApa3 rrope3a Ha AOAaTY BpeAHocT Ha cjHlHaHCl1jcKI1 rroJlo)(aj npeAY3eha 97 53l YTHUaj nope3a Ha cjHfHaHcHjcKH rroJIo )(aj rrpepY3cha
C acrreKTa pOKosa HanJlaTe nOrpa)(lIBafha OA Kynaua H pOKoBa nJlaliafha 06ase3a npeMa A06aBJbaltIY 99
532 YTIH~aj rrope3a Ha cjHlHaHcHjcKH rrono)(aj C acrreKTa Mafhe HarrnafieHor OA rrnaheHor rrope3a Ha AOAaTY speAHocT 100
533 YTHUaj pa3nwIHTe BHCHHe AOAaTe BpeAHocTH Ha cjHHaHcHjcKH rrono)(aj 101
534 Moryhe CMafhefhe HeraTHBHor yTl1uaja rrope3a Ha Ao)(aTY Bpe)lHOcT Ha cjmHaHcl1jcKo Hanpe3afhe Ii qJl1HaHcHjcKH rrono)(aj 102
54 OCTaJlII cpaKTopl1 nOCJlOBHOr oKpy)(efha 104 541 Mei)yycnOBJbeHOCT MI1KpocpHHaHcllja II MaKpocpl1HaHcHja 104 542 O)lHOCH nocHe II XepuerOBHHe C EBponCKOM YHHjOM
II Mei)YHapoAHHM cpHHaHcHjcKflM HHCTIITYUHjaMa 109 543 centHHaHclljcKo H3BeWTaBafhe y YCJlOBHMa r Jl 06aJlH3aUHje 112
6 06J1I1Uu opraHH3aUHje nOCJlOBafha 115 61 TIpaBHc cpopMe npe)l)3eha 115
611 I1HoKocHa rrpeAY3eha 115 6 l2 DPywTBa J1I1ua 116 613 ApywTBa KafillTaJla 116
62 Kpl1TeplljYMH H360pa npaBHe cpopMe npeAY3eha 118 621 YJlarafhC corrCTBCHor KanHTana 119 622 OAroBopHoCT 120 623 Ycwhe y A06HTKY 121 624 TIocnoBHo oAJlYLIHBafhe 122
63 YCJlOBJbeHOCT cTpyKType Kanl1TJJlJ 123 63l CTpyKTypa Karrl1TaJla n HaLlenJ cpnHaHcHjcKe IlomlTHKe 123 632 CTpYKTypa KamI TJJla 11 npaBHe cpopMe rrpeAY3eha 127
64 IJHJleMe opraHH3aL(Hje rrpeAY3eha 130 64l HaCTaHaK XOJlAHHr npeAY3eha Y pa3BHjeHHM 3eMJbaMa 130 642 HacTaFfaK rrpocpHTHI1X uewrapa y npeAY3ehmia l32 643 TIpeJHocTH H HegocTaUH opraHl13aUlIje npcgy3eha
Ha rrpHHuurrHMa xonAHHra 11 npocpHTHHX UCHTapa 133
n UEHA H BPEMEHCKA BPEunocr (lOnUA 137
1 UeHa HOBua 137 l1 CTpyKTypa KaMaTHIlX CTona 137 12 ltPaKTOpl1 KOjl1 oApei)yjy I1I1BO K3MaTHHX CTorra 138
12l MoryhHocT HHBecTHpafha YTwie Ha KaMaTHe CTone 138 122 OCTaml cpaKTOpl1 KOjU yTlFly Ha HHSO KClM3THHX CTOIIa 140
13 TIpnTiarotjaBafhe KaM3THI1X CTona Pl13HKY JlIIKBl1gHOCTlI 144 14 TIpJl3roi)as3fhe KaMaTHlIX CTona PH3HKY 0)1 Hel13BpWelba
HOS-IHHI1X 06ase3a 144 15 TIplwaroi)3SJfhe KaM3THe CTone npeMJ BpeMeHY )Iocneha 146
- --- ~- _- _ -_ - - __ __--__bull _ _-
~ ~ ~ lk_ ___ _ _ _ bull_ _______ __ _ _ _ bull shy -
==-----==--_ ---~-
11
~-------------
~
-------~--~~-~~- shy
- ------=-- --- ~ ~-
__-__ -_ _ -- -_--- shy ~-
_ _l ~ ~-_ ~ __ ==u
16 BpeMeHcKa CTpYKTypa KaMaTHHX CTorra 148 161 TeopHja OfeKHBalba 149 162 TeopHja rrpecpepHp8He JII1KBH)JHOCTH 150 163 TeopHja cerMeHTHpalba Tp)l(HWTa 152 164 IT pe)JBHi)albe KpeTalba KaMaTHHX CTorra 155 165 O)Jpei)HBalbe leHe 6aHKapCKHX Kpe)JHTa 156
17 EcpeKaT KaMaTHHX CTorra Ha leHY aKlHja 157 171 Ynllaj KaMaTHHX CTorra Ha rrpocpHT KOprrOpalHja 157 172 UeJIOBalbe KaMaTHe CTorre Ha KOHKypeHlHjy 3a cpe)JcTBa 158
_ BpeMeHcKa Bpe)JHocT HOBla 160 21 113pafYHaBalbe 6y)Jyhe Bpe)JHocTH 162
211 113pafYHaBalbe 6y)Jyhe Bpe)JHocTH rroMohy je)JHafHHe 163 212 113pafYHaBalbe 6y)JyJie Bpe)JHocTH rroMohy
cpIIHaHcHjcKHx Ta6JIHla 165 213 I1crrO)lro)JHwlbe KamlTaJIHCalbe 166
22 113pafYHaBalbe ca)JaWlbe Bpe)JHocTH 167 221 113pafYHaBalbe ca)JaWlbe Bpe)JHocTH y3 rroMoh je)JH8fHHe 168 222 113pafYHaBalbe ca)JaWlbe Bpe)lHocTH rrmwhy cpHHaHcl1jcKHx
Ta6JIHla 169 223 I1crro)Jro)JHwlbe )JHCKOHTOBalbe 170
23 BpeMeHcKa Bpe)JHocT BllmecrpYKHx rOTOBHHCKHX TOKOBa 170 231 113pafYHaBalbe ca)JaWlbe Bpe)JHoCTH HepaBHoMepHor
rOTOBHHCKor TOKa 170 232 113pafYHaBalbe ca)JaWlbe Bpe)JHocTII 6eCKOHafHOr paBHoMepHor
rOTOBHHCKor TOKa - BefHe peHTe (rroBpaTa) 173 24 PaBHoMepHH KOHafHH rOTOBHHCKII TOKOBH - rrepHo)JHfHa
peHTa (rroBpaT) 174 241 113pafYHaBalbe 6y)Jyhe Bpe)JHoCTI1 nepHo)JHfHe peHTe
rroMohyje)JHafI1He 174 242 113pafYHaBalbe 6y)Jyhe BpepHocTH rrepHo)JwlHe peHTe
rroMohy cpHHaHCl1jcKI1X Ta6JIHla 175 243 113paLlYHaBalbe ca)JaWlbe Bpe)JHoCTI1 rrepHo)JHfHe
peHTe rroMohy je)JHa4llHe 177 244 113pafYHaBalbe capaWlbe Bpe)JHoCTI1 rrepl1o)JHfHe peHTe
rroMohy cpHHaHcHjcKI1X Ta6mll~a 178 5 Pewelbe KaMaTHe CTorre CTorre paCTa II 6poja rrepllo)Ja 179 6 Bpe)JHoBalbe paCTyhe BefHe peHTe 182 2 - I13paLIYHaBalbe Herr03HaTl1X BapHja6JIl1 183
271 Pewelbe KaIlaTHe CTorre KO)J rrepI10)JHfHe peHTe 183 272 Pewelbe 6poja rrepl1o)Ja KO)J jie)JHoKpaTHor rOTOBHHCKor TOKa 184 273 Pewelbe 6poja rrepHo)Ja KO)J rrepHo)JI1fHe peHTe 186 274 113pafYHaBalbe aHYHTeTa KO)J rrepHo)JH-IHe peHTe (rroBpaTa) 188
JUK (1 ITPRHOC 191
mrTllBalbe O)JHoca H3Mei)y pJl3HKa H rrpllHoca 192 ~paqyHaBalbe rrpHHoca rroje)JHHafHOr cpe)JcTBa 195
113pa LlYHaBalbe je)JHocTaBHor rrpHHoca 195 22 I h pafYHaBalbe OfeKHBaHor rrpl1HOCa 196
leHa pH3HKa rroce)JOBalba rroje)JI1Ha LlHor cpe)JcTBa 198
37
1 31 113palHaBalbe p1l3nTca n je IUraLmor cpelC1Ba 199 32 KoeqmIJl1j cTIT Bapuj al(Hje n pel)e-be CpelCTUBa
c p a3JllJ-JITJl M IIPJUWCII ia 202 4 Teopuja nopTcpOJTHj a 204
41 13pa LIHaBalbc lleKHBaHor npHHoca ITOpTcpormj a cpelCTclBa 204 42 OueHu Pll3WLUOCTll nopTcponnj a Cpe]lCT1lBa 206 43 H3P fYH3 13albe qCKIIBaHe CTone IIpll1lOCa cmiddot 3Hnap lHe ]leBlljru~nje
H KOBapHjaHce Ha xapn ljaMu 01 BpeAHoC1H Koje KOrHpajy Ha TP)lrurTY Kan llTaJIa 208
5 J13paq)Hanalbe Bapl1j aHCe n CTaH apAle AeBHj aqIlje 208 6 BpCTe p l13J1Ka 212
61 P~f3HK cn IlfcjmllaA 3a KOMnaHllj y 214 62 TP)f(J1WIIH pll3IfK 214 63 YKynarr pH3HK 216
7 CAPM - MO]leJT 3a I3PCAIIOBaJohe ynO)KeHOr KafH1TaJra - Capital Asset Prjncing Model 217 71 1hBobeJ-be 6eTe 21 8 72 3a TeB3H3 (Tpa)KeHa) CTona nprrno a 22 1 73 npM 1eRa K H l~errra 224 74 Teopllj ollpeljlrnalba uelJa ITpU rrOCJI0811U ap6rnpagtllte (AID) 229
IV tJ)HHAHClfJCKA TP)f(IIDIT U JLDXOBA EcJ)HKACHOcr 233
1 ltlgtru laHcl1j cK3 T p )IUl WTa 235 1 L 3ua faj cpHHallclljcKlIx TPgtl(llU13 235
111 ltlgtop HlpruhC uelJa 236 112 06c36el)u8ltlIbC RlIKBlflUOCTIT 2311 113 MIU-I[IIIW1pUFbe TpOHCaKt(UOHllX TpOWKOl3a 239
12 CTpYKTYP~ cp~IHaBcHi cKIl Tp)KIWJT3 240 121 TIpII MapHltI H ceKR)lapHa TP)f(HWrU 240 122 O prarnl OR~IHa [J HeopraHu30BaHo lP)KIlruTo 24L
13 Ha t Il1H Ha KOjU pal teaa xapTuj a O~ npeAHoCTIl o~pe~yje FbI1XOU 1(eHe 244 14 Tp)f(lIU1Te HOBl(U y CA)J-y 245
141 C8pxa T p)f(UIUTa lIOBIa 246 1 4 ~ Y leCIH1l(lf 110 Tp)(HllITHMU HOBua YCAA-y 247 143 HHcl -PYMelITU Tp)(uurra HOBl(ltl y CA)J-y 249
15 T PgtKlIllJTU KanJI ana y A)J-y 2-3 151 CBpxa 1fJ)j(HlDTU K811111ana 254 152 Xapnlje OA apellROcn[ RU TiJ)f(HillTITla Ka(JJITana y CAll-y 255
2 EcpuKacHo CT T IJii1I W Ta KamlTalIa 263 21 Allanon1ja pa3YlleBOTba npo6neMa 264 22 Pa3Jl03Ii nocToj IbU TP)f(JlllITU Ka ITHTHnO 265
22 1 JII1KB II Au OCT 265 222 HeOqeKfrnUHu Ao6rrr Mepa BpeUHOCTIr 267
23 ApollTpa)lu c rtrHanU3Hpafhe u npHKynJbOlFb ~lHCPOPMU[Hj a 268 23 L Ap6npa)f(a 26R 2 32 CmlIaJlIl3np al-be H nplIKynlbaJ-be IIHcpop~la[llija 272 233 KoneKTlIDna MYAPOCT 276 234 CaBpeMeHa Tp)f(lUlITa KarnlTOna 280
24 EqIIK3CHOCT mlKBuJIHOCT U BpeJIHOCT 280
~ -- - ~ - ---- - ~ - - - - --~ - _- -- ----- - -~- shy -~ ~
-~=----
-- -~------
---~--==------ -
__ __bull - ____ __ shy - __-_ --_ - __ middot---1
-- _ _ - ---=--===-== ------- -~~~~
---~-~--- - - - ----- -_ - - ---------~- - --- -- --~--- - ~ -=~ bullbull - ~ -~- bull l bull_ ~-= l - - -
241 XimOTe3c 0 ecpltKaCHOCTli Tp)IIIUITa (XET) 282 242 DoKa311 XJmOTe3a 0 eqJl1KacHoCTll Tp)lJ1UJTa 2 87
25 CJlc-reM Tpr OBlmc 3 Us 251 YTBp~UBalhe jeAIIHCTBel1e ~elle xapTl1ja OJJ BpeJJHoCTIi
KOn pa3nUlIfTO Cr pYKTYpnpaHI1X Tp)ltHIllT8 320 252 YlBpl)lmaae jeJJIlHCTOelle ~eHe xapT11ja 01 BpejHocT11
Y cJly-laj y 6aJJaAcIlpaHor Tp)lll111Ta 323 253 YTBpbllBalbe jeJIIHCTBcHe ~eHe XapTJ1ja on BpelHOCTII
y ~ajy HeJl36anaucrrpaJlor Tp)(lllllTa 328 254 CI1CTeM K80Ta (Quote-driven system) 329 255 CIlCTeM HaJTOra 331
CTPATEmJE ITPEllY3ETaA
1 ilojaM II llecplIHHI(nja OAJTY-lIlBafba 335 335
11 OCIIOBHIt HOCUOlJI onIlYlIfBalha 337 12 ltlgtaKTopn o)JnYII1BCllha 338
1 3HBtIaj cpUJlaHclrjcKe CTpaTemje npc1y3eha 341 21 UllJbeB11 npey3elia 343 22 IUJbeBII pa3ml~TwrJx IiHTepecHlrx r pyna 344
221 DoraTCTBO aKlJllOHapa 346 222 OnHoc 113Meby pU3uKa If noapaTa 348u 223 MCHUllepcKlI I(UJbCBH 341 224 HecpHHuHclJjcKU IJllJbeUII 350 225 HOBl1jll TpeH)oBH BldCHI1WTIla y BCJlIumj EpllTllHnjll 351
23 CYKo6 mnepeca y npenY3ehy 352 231 OBJlaurrelha II OJVOIIOPHOCTI1 JJJlpeKTOpa 353 232 BaH6unallcHo cpl l HaHclIpa ~be 354
24 KoprlOpa1JlBHO yrrpaBJTgtulbC 355 243 3uulelbe 11 rJlaBHa nIlTUIhltl KOpnOpaTliBHOr YlTpaBJbalba 355 242 KOMoapaunja TPanll l~lrOHaJlHe npaKce y BenllKoj Epl1Tarmjl1 C npaKcoM APyn-lx 3eMaJba 356
shy 243 KopnOpaTItBHO ynpUBJbalhe y BemiKoj DPIITUHltjli 358
25 ltlgtopMyrmCaTbC c-rpaTcruje npcnY3cha 363 251 ITpllpon8 eplnraHcll j cKe KOlITpOJTe 364 252 KpaTKOpO~HO ctHfH8ncl1jcKo IlJIaHlIpalhe 368 253 fOTOBltHCKH I(UKJlyc 372 254 EYIIeTltpalbc npai1cfhc II KOHTpOna cash flow-a 375 255 ltlgtaKTopu Upil ItHBeCTllpalbY KpaTKOpOllfUX cpeJJCTaBa 377 256 AHaJIll3a paAa KOMlTuHlfje 378
26 C-rpaTeTujc WHpllha 11 OAp)laBafha TpgtKI1WTa 380 261 KpaTKOpO-lHO II AyropO-lHO rDTaHllpaJie 381 262 BpTe ayropoLlIIe crpaTcrllje 382 263 OpraHcKu (11I1TCpHll) paCT y OJliOCY na eKcrepBJI 383 264 PaCT Kp03 AllBep3lJepltKalrtj y 8KBn3f1lJl1j e 387
27 MeynapoAHo nocnOBalhC 391 271 ITpaBTm o6mll~1I paCnOJlO)fQIBH ia McbYHapopHo nOCIlOBalhe 391 272 Pa3nlJLUITII o6nH~H CPYHKll1l0HUcaJ-h8 391 273 llupcKTHe crpaHe HHBeCrmi1Jje - nOJlUTHIKlI 11 Alynl PJl3lU(H 394 274 PU31lK KOHTpOnUcaJha BanYTe 397
13
14 401 VL L(OHOmEffiE 0AJJYKA 0 ImBECfHPAlhY
1 YonwTe 0 HHBeCTHll1jaMa 401 11 HeMaTepHjanHa (HeOmtnJbHBa) ynaralha 402 12 Y naralha y OCHOBHa cpeAcTBa 403 13 L(yropOYHH cpHHaHcHjcKH nnaCMaHH 405
2 KamlTanHO 6YlleTHpalhe 407 21 ltPa3e y npolecy KanHTanHor 6Yllenlpalha 409 22 EBanyalHja HOByaHHX TOKOBa 4U
221 MeToA neplloAa omnaTe 412 222 HeTo caAaWlha BpeAHocT 414 223 I1HAeKc rrpocpHTa6HnHOCTH 420 224 I1HTepHa CTona I1pl1HOCa 423
3 l1HBecTHll1oHH npojeKaT HHje LpHa KYTl1ja 428 4 bBOp rr0311THBHe HeTO caAaillfhe Bpe)JHocTlI 433 5 MeHallMeHTCKo MaKcuMlIpafhe HeTO caAaWfhe Bpe)JHOCTIl 436 6 CaAaillfha BpeAHocT U orropTYHI1TeTHU TPOWKOBI1 Karrl1Tana 439 7 OAnYKe 0 Mel)YHapoAHoM HHBeCTl1pafhY 441
71 Mel)YHapoAHa AI1BCpcucpHKaLl1ja 442 72 Mel)YHapoAHa LeHa KaI1l1Tana 443
721 113AeJbeHa 11 I1HTerpl1CaHa Tp)l(lWTa 443 722 Mel)YHapo)JHI1 CAPM 443
VII UOROIDElhE O)1)IYKA 0 CflHHAHCHPAlbY 447
1 ltPuHaHcHjcKo nnaHHpaFbe H 6YlleT HOBla 447 2 ITpolec cpHHaHcHjcKor nm1HI1pafha 449
21 L(yropOYHIl cTpaTeWKI1 LHJbeBI1 449 22 KpaTKOpOYHH nocnOBHH rrnaHOBH 450
221 ITpeABHl)afhe npoAaje 451 222 ITpeABHl)afhe MaKClIManHe CTone pacTa 462
23 6YlleT HOBla 464 24 HecHrypHocT H HOBYUHH 6YlleTH 467 25 PRO FORMA cpHHaHcI1jcKII H3BewTajH 468
3 YnpaBJbafhC HOBLeM H 06pTHHM KanHTanOM 474 31 YnpaBJba~be 06pTHl1M KamlTanOM 475 32 UHKnyc KOHBep3l1je HOBLa 480 33 YnpaBJbafhe HOBleM 482 34 KpaTKOpOYHO cpHHaHcupufhe 492 35 ETleKTpOHcKa pa3MeHa nO)JaTaKa (EDI) 505
4 TeopHja cTpyKType KamlTana 506 41 L(eTepM~IHaHTe 3pound1 AOHowefhe 0AnYKe 0 0AHOCY Ayra
H corrCTBeHor Kam1Tana 507 411 Leverage 507 412 )(eJbCHa cTpyKTypa KamlTana 513
42 Teopuja I1peneBaHTHocTH 514 421 YTHlaj nope3a 516 422 YTHlaj nocpe)JHHlIKHX TpowKoBa 517 423 EcpeKTI1 TpowKoBa 6aHKpOTa 518 424 OCTaTla pU3MaTpafha (FRICTO) 520
~ -- --- ~ -- -- - _----__----____-------------~------- -- --~
-_ - ---
- -=- -=~-
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
11
~-------------
~
-------~--~~-~~- shy
- ------=-- --- ~ ~-
__-__ -_ _ -- -_--- shy ~-
_ _l ~ ~-_ ~ __ ==u
16 BpeMeHcKa CTpYKTypa KaMaTHHX CTorra 148 161 TeopHja OfeKHBalba 149 162 TeopHja rrpecpepHp8He JII1KBH)JHOCTH 150 163 TeopHja cerMeHTHpalba Tp)l(HWTa 152 164 IT pe)JBHi)albe KpeTalba KaMaTHHX CTorra 155 165 O)Jpei)HBalbe leHe 6aHKapCKHX Kpe)JHTa 156
17 EcpeKaT KaMaTHHX CTorra Ha leHY aKlHja 157 171 Ynllaj KaMaTHHX CTorra Ha rrpocpHT KOprrOpalHja 157 172 UeJIOBalbe KaMaTHe CTorre Ha KOHKypeHlHjy 3a cpe)JcTBa 158
_ BpeMeHcKa Bpe)JHocT HOBla 160 21 113pafYHaBalbe 6y)Jyhe Bpe)JHocTH 162
211 113pafYHaBalbe 6y)Jyhe Bpe)JHocTH rroMohy je)JHafHHe 163 212 113pafYHaBalbe 6y)JyJie Bpe)JHocTH rroMohy
cpIIHaHcHjcKHx Ta6JIHla 165 213 I1crrO)lro)JHwlbe KamlTaJIHCalbe 166
22 113pafYHaBalbe ca)JaWlbe Bpe)JHocTH 167 221 113pafYHaBalbe ca)JaWlbe Bpe)JHocTH y3 rroMoh je)JH8fHHe 168 222 113pafYHaBalbe ca)JaWlbe Bpe)lHocTH rrmwhy cpHHaHcl1jcKHx
Ta6JIHla 169 223 I1crro)Jro)JHwlbe )JHCKOHTOBalbe 170
23 BpeMeHcKa Bpe)JHocT BllmecrpYKHx rOTOBHHCKHX TOKOBa 170 231 113pafYHaBalbe ca)JaWlbe Bpe)JHoCTH HepaBHoMepHor
rOTOBHHCKor TOKa 170 232 113pafYHaBalbe ca)JaWlbe Bpe)JHocTII 6eCKOHafHOr paBHoMepHor
rOTOBHHCKor TOKa - BefHe peHTe (rroBpaTa) 173 24 PaBHoMepHH KOHafHH rOTOBHHCKII TOKOBH - rrepHo)JHfHa
peHTa (rroBpaT) 174 241 113pafYHaBalbe 6y)Jyhe Bpe)JHoCTI1 nepHo)JHfHe peHTe
rroMohyje)JHafI1He 174 242 113pafYHaBalbe 6y)Jyhe BpepHocTH rrepHo)JwlHe peHTe
rroMohy cpHHaHCl1jcKI1X Ta6JIHla 175 243 113paLlYHaBalbe ca)JaWlbe Bpe)JHoCTI1 rrepHo)JHfHe
peHTe rroMohy je)JHa4llHe 177 244 113pafYHaBalbe capaWlbe Bpe)JHoCTI1 rrepl1o)JHfHe peHTe
rroMohy cpHHaHcHjcKI1X Ta6mll~a 178 5 Pewelbe KaMaTHe CTorre CTorre paCTa II 6poja rrepllo)Ja 179 6 Bpe)JHoBalbe paCTyhe BefHe peHTe 182 2 - I13paLIYHaBalbe Herr03HaTl1X BapHja6JIl1 183
271 Pewelbe KaIlaTHe CTorre KO)J rrepI10)JHfHe peHTe 183 272 Pewelbe 6poja rrepl1o)Ja KO)J jie)JHoKpaTHor rOTOBHHCKor TOKa 184 273 Pewelbe 6poja rrepHo)Ja KO)J rrepHo)JI1fHe peHTe 186 274 113pafYHaBalbe aHYHTeTa KO)J rrepHo)JH-IHe peHTe (rroBpaTa) 188
JUK (1 ITPRHOC 191
mrTllBalbe O)JHoca H3Mei)y pJl3HKa H rrpllHoca 192 ~paqyHaBalbe rrpHHoca rroje)JHHafHOr cpe)JcTBa 195
113pa LlYHaBalbe je)JHocTaBHor rrpHHoca 195 22 I h pafYHaBalbe OfeKHBaHor rrpl1HOCa 196
leHa pH3HKa rroce)JOBalba rroje)JI1Ha LlHor cpe)JcTBa 198
37
1 31 113palHaBalbe p1l3nTca n je IUraLmor cpelC1Ba 199 32 KoeqmIJl1j cTIT Bapuj al(Hje n pel)e-be CpelCTUBa
c p a3JllJ-JITJl M IIPJUWCII ia 202 4 Teopuja nopTcpOJTHj a 204
41 13pa LIHaBalbc lleKHBaHor npHHoca ITOpTcpormj a cpelCTclBa 204 42 OueHu Pll3WLUOCTll nopTcponnj a Cpe]lCT1lBa 206 43 H3P fYH3 13albe qCKIIBaHe CTone IIpll1lOCa cmiddot 3Hnap lHe ]leBlljru~nje
H KOBapHjaHce Ha xapn ljaMu 01 BpeAHoC1H Koje KOrHpajy Ha TP)lrurTY Kan llTaJIa 208
5 J13paq)Hanalbe Bapl1j aHCe n CTaH apAle AeBHj aqIlje 208 6 BpCTe p l13J1Ka 212
61 P~f3HK cn IlfcjmllaA 3a KOMnaHllj y 214 62 TP)f(J1WIIH pll3IfK 214 63 YKynarr pH3HK 216
7 CAPM - MO]leJT 3a I3PCAIIOBaJohe ynO)KeHOr KafH1TaJra - Capital Asset Prjncing Model 217 71 1hBobeJ-be 6eTe 21 8 72 3a TeB3H3 (Tpa)KeHa) CTona nprrno a 22 1 73 npM 1eRa K H l~errra 224 74 Teopllj ollpeljlrnalba uelJa ITpU rrOCJI0811U ap6rnpagtllte (AID) 229
IV tJ)HHAHClfJCKA TP)f(IIDIT U JLDXOBA EcJ)HKACHOcr 233
1 ltlgtru laHcl1j cK3 T p )IUl WTa 235 1 L 3ua faj cpHHallclljcKlIx TPgtl(llU13 235
111 ltlgtop HlpruhC uelJa 236 112 06c36el)u8ltlIbC RlIKBlflUOCTIT 2311 113 MIU-I[IIIW1pUFbe TpOHCaKt(UOHllX TpOWKOl3a 239
12 CTpYKTYP~ cp~IHaBcHi cKIl Tp)KIWJT3 240 121 TIpII MapHltI H ceKR)lapHa TP)f(HWrU 240 122 O prarnl OR~IHa [J HeopraHu30BaHo lP)KIlruTo 24L
13 Ha t Il1H Ha KOjU pal teaa xapTuj a O~ npeAHoCTIl o~pe~yje FbI1XOU 1(eHe 244 14 Tp)f(lIU1Te HOBl(U y CA)J-y 245
141 C8pxa T p)f(UIUTa lIOBIa 246 1 4 ~ Y leCIH1l(lf 110 Tp)(HllITHMU HOBua YCAA-y 247 143 HHcl -PYMelITU Tp)(uurra HOBl(ltl y CA)J-y 249
15 T PgtKlIllJTU KanJI ana y A)J-y 2-3 151 CBpxa 1fJ)j(HlDTU K811111ana 254 152 Xapnlje OA apellROcn[ RU TiJ)f(HillTITla Ka(JJITana y CAll-y 255
2 EcpuKacHo CT T IJii1I W Ta KamlTalIa 263 21 Allanon1ja pa3YlleBOTba npo6neMa 264 22 Pa3Jl03Ii nocToj IbU TP)f(JlllITU Ka ITHTHnO 265
22 1 JII1KB II Au OCT 265 222 HeOqeKfrnUHu Ao6rrr Mepa BpeUHOCTIr 267
23 ApollTpa)lu c rtrHanU3Hpafhe u npHKynJbOlFb ~lHCPOPMU[Hj a 268 23 L Ap6npa)f(a 26R 2 32 CmlIaJlIl3np al-be H nplIKynlbaJ-be IIHcpop~la[llija 272 233 KoneKTlIDna MYAPOCT 276 234 CaBpeMeHa Tp)f(lUlITa KarnlTOna 280
24 EqIIK3CHOCT mlKBuJIHOCT U BpeJIHOCT 280
~ -- - ~ - ---- - ~ - - - - --~ - _- -- ----- - -~- shy -~ ~
-~=----
-- -~------
---~--==------ -
__ __bull - ____ __ shy - __-_ --_ - __ middot---1
-- _ _ - ---=--===-== ------- -~~~~
---~-~--- - - - ----- -_ - - ---------~- - --- -- --~--- - ~ -=~ bullbull - ~ -~- bull l bull_ ~-= l - - -
241 XimOTe3c 0 ecpltKaCHOCTli Tp)IIIUITa (XET) 282 242 DoKa311 XJmOTe3a 0 eqJl1KacHoCTll Tp)lJ1UJTa 2 87
25 CJlc-reM Tpr OBlmc 3 Us 251 YTBp~UBalhe jeAIIHCTBel1e ~elle xapTl1ja OJJ BpeJJHoCTIi
KOn pa3nUlIfTO Cr pYKTYpnpaHI1X Tp)ltHIllT8 320 252 YlBpl)lmaae jeJJIlHCTOelle ~eHe xapT11ja 01 BpejHocT11
Y cJly-laj y 6aJJaAcIlpaHor Tp)lll111Ta 323 253 YTBpbllBalbe jeJIIHCTBcHe ~eHe XapTJ1ja on BpelHOCTII
y ~ajy HeJl36anaucrrpaJlor Tp)(lllllTa 328 254 CI1CTeM K80Ta (Quote-driven system) 329 255 CIlCTeM HaJTOra 331
CTPATEmJE ITPEllY3ETaA
1 ilojaM II llecplIHHI(nja OAJTY-lIlBafba 335 335
11 OCIIOBHIt HOCUOlJI onIlYlIfBalha 337 12 ltlgtaKTopn o)JnYII1BCllha 338
1 3HBtIaj cpUJlaHclrjcKe CTpaTemje npc1y3eha 341 21 UllJbeB11 npey3elia 343 22 IUJbeBII pa3ml~TwrJx IiHTepecHlrx r pyna 344
221 DoraTCTBO aKlJllOHapa 346 222 OnHoc 113Meby pU3uKa If noapaTa 348u 223 MCHUllepcKlI I(UJbCBH 341 224 HecpHHuHclJjcKU IJllJbeUII 350 225 HOBl1jll TpeH)oBH BldCHI1WTIla y BCJlIumj EpllTllHnjll 351
23 CYKo6 mnepeca y npenY3ehy 352 231 OBJlaurrelha II OJVOIIOPHOCTI1 JJJlpeKTOpa 353 232 BaH6unallcHo cpl l HaHclIpa ~be 354
24 KoprlOpa1JlBHO yrrpaBJTgtulbC 355 243 3uulelbe 11 rJlaBHa nIlTUIhltl KOpnOpaTliBHOr YlTpaBJbalba 355 242 KOMoapaunja TPanll l~lrOHaJlHe npaKce y BenllKoj Epl1Tarmjl1 C npaKcoM APyn-lx 3eMaJba 356
shy 243 KopnOpaTItBHO ynpUBJbalhe y BemiKoj DPIITUHltjli 358
25 ltlgtopMyrmCaTbC c-rpaTcruje npcnY3cha 363 251 ITpllpon8 eplnraHcll j cKe KOlITpOJTe 364 252 KpaTKOpO~HO ctHfH8ncl1jcKo IlJIaHlIpalhe 368 253 fOTOBltHCKH I(UKJlyc 372 254 EYIIeTltpalbc npai1cfhc II KOHTpOna cash flow-a 375 255 ltlgtaKTopu Upil ItHBeCTllpalbY KpaTKOpOllfUX cpeJJCTaBa 377 256 AHaJIll3a paAa KOMlTuHlfje 378
26 C-rpaTeTujc WHpllha 11 OAp)laBafha TpgtKI1WTa 380 261 KpaTKOpO-lHO II AyropO-lHO rDTaHllpaJie 381 262 BpTe ayropoLlIIe crpaTcrllje 382 263 OpraHcKu (11I1TCpHll) paCT y OJliOCY na eKcrepBJI 383 264 PaCT Kp03 AllBep3lJepltKalrtj y 8KBn3f1lJl1j e 387
27 MeynapoAHo nocnOBalhC 391 271 ITpaBTm o6mll~1I paCnOJlO)fQIBH ia McbYHapopHo nOCIlOBalhe 391 272 Pa3nlJLUITII o6nH~H CPYHKll1l0HUcaJ-h8 391 273 llupcKTHe crpaHe HHBeCrmi1Jje - nOJlUTHIKlI 11 Alynl PJl3lU(H 394 274 PU31lK KOHTpOnUcaJha BanYTe 397
13
14 401 VL L(OHOmEffiE 0AJJYKA 0 ImBECfHPAlhY
1 YonwTe 0 HHBeCTHll1jaMa 401 11 HeMaTepHjanHa (HeOmtnJbHBa) ynaralha 402 12 Y naralha y OCHOBHa cpeAcTBa 403 13 L(yropOYHH cpHHaHcHjcKH nnaCMaHH 405
2 KamlTanHO 6YlleTHpalhe 407 21 ltPa3e y npolecy KanHTanHor 6Yllenlpalha 409 22 EBanyalHja HOByaHHX TOKOBa 4U
221 MeToA neplloAa omnaTe 412 222 HeTo caAaWlha BpeAHocT 414 223 I1HAeKc rrpocpHTa6HnHOCTH 420 224 I1HTepHa CTona I1pl1HOCa 423
3 l1HBecTHll1oHH npojeKaT HHje LpHa KYTl1ja 428 4 bBOp rr0311THBHe HeTO caAaillfhe Bpe)JHocTlI 433 5 MeHallMeHTCKo MaKcuMlIpafhe HeTO caAaWfhe Bpe)JHOCTIl 436 6 CaAaillfha BpeAHocT U orropTYHI1TeTHU TPOWKOBI1 Karrl1Tana 439 7 OAnYKe 0 Mel)YHapoAHoM HHBeCTl1pafhY 441
71 Mel)YHapoAHa AI1BCpcucpHKaLl1ja 442 72 Mel)YHapoAHa LeHa KaI1l1Tana 443
721 113AeJbeHa 11 I1HTerpl1CaHa Tp)l(lWTa 443 722 Mel)YHapo)JHI1 CAPM 443
VII UOROIDElhE O)1)IYKA 0 CflHHAHCHPAlbY 447
1 ltPuHaHcHjcKo nnaHHpaFbe H 6YlleT HOBla 447 2 ITpolec cpHHaHcHjcKor nm1HI1pafha 449
21 L(yropOYHIl cTpaTeWKI1 LHJbeBI1 449 22 KpaTKOpOYHH nocnOBHH rrnaHOBH 450
221 ITpeABHl)afhe npoAaje 451 222 ITpeABHl)afhe MaKClIManHe CTone pacTa 462
23 6YlleT HOBla 464 24 HecHrypHocT H HOBYUHH 6YlleTH 467 25 PRO FORMA cpHHaHcI1jcKII H3BewTajH 468
3 YnpaBJbafhC HOBLeM H 06pTHHM KanHTanOM 474 31 YnpaBJba~be 06pTHl1M KamlTanOM 475 32 UHKnyc KOHBep3l1je HOBLa 480 33 YnpaBJbafhe HOBleM 482 34 KpaTKOpOYHO cpHHaHcupufhe 492 35 ETleKTpOHcKa pa3MeHa nO)JaTaKa (EDI) 505
4 TeopHja cTpyKType KamlTana 506 41 L(eTepM~IHaHTe 3pound1 AOHowefhe 0AnYKe 0 0AHOCY Ayra
H corrCTBeHor Kam1Tana 507 411 Leverage 507 412 )(eJbCHa cTpyKTypa KamlTana 513
42 Teopuja I1peneBaHTHocTH 514 421 YTHlaj nope3a 516 422 YTHlaj nocpe)JHHlIKHX TpowKoBa 517 423 EcpeKTI1 TpowKoBa 6aHKpOTa 518 424 OCTaTla pU3MaTpafha (FRICTO) 520
~ -- --- ~ -- -- - _----__----____-------------~------- -- --~
-_ - ---
- -=- -=~-
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
1 31 113palHaBalbe p1l3nTca n je IUraLmor cpelC1Ba 199 32 KoeqmIJl1j cTIT Bapuj al(Hje n pel)e-be CpelCTUBa
c p a3JllJ-JITJl M IIPJUWCII ia 202 4 Teopuja nopTcpOJTHj a 204
41 13pa LIHaBalbc lleKHBaHor npHHoca ITOpTcpormj a cpelCTclBa 204 42 OueHu Pll3WLUOCTll nopTcponnj a Cpe]lCT1lBa 206 43 H3P fYH3 13albe qCKIIBaHe CTone IIpll1lOCa cmiddot 3Hnap lHe ]leBlljru~nje
H KOBapHjaHce Ha xapn ljaMu 01 BpeAHoC1H Koje KOrHpajy Ha TP)lrurTY Kan llTaJIa 208
5 J13paq)Hanalbe Bapl1j aHCe n CTaH apAle AeBHj aqIlje 208 6 BpCTe p l13J1Ka 212
61 P~f3HK cn IlfcjmllaA 3a KOMnaHllj y 214 62 TP)f(J1WIIH pll3IfK 214 63 YKynarr pH3HK 216
7 CAPM - MO]leJT 3a I3PCAIIOBaJohe ynO)KeHOr KafH1TaJra - Capital Asset Prjncing Model 217 71 1hBobeJ-be 6eTe 21 8 72 3a TeB3H3 (Tpa)KeHa) CTona nprrno a 22 1 73 npM 1eRa K H l~errra 224 74 Teopllj ollpeljlrnalba uelJa ITpU rrOCJI0811U ap6rnpagtllte (AID) 229
IV tJ)HHAHClfJCKA TP)f(IIDIT U JLDXOBA EcJ)HKACHOcr 233
1 ltlgtru laHcl1j cK3 T p )IUl WTa 235 1 L 3ua faj cpHHallclljcKlIx TPgtl(llU13 235
111 ltlgtop HlpruhC uelJa 236 112 06c36el)u8ltlIbC RlIKBlflUOCTIT 2311 113 MIU-I[IIIW1pUFbe TpOHCaKt(UOHllX TpOWKOl3a 239
12 CTpYKTYP~ cp~IHaBcHi cKIl Tp)KIWJT3 240 121 TIpII MapHltI H ceKR)lapHa TP)f(HWrU 240 122 O prarnl OR~IHa [J HeopraHu30BaHo lP)KIlruTo 24L
13 Ha t Il1H Ha KOjU pal teaa xapTuj a O~ npeAHoCTIl o~pe~yje FbI1XOU 1(eHe 244 14 Tp)f(lIU1Te HOBl(U y CA)J-y 245
141 C8pxa T p)f(UIUTa lIOBIa 246 1 4 ~ Y leCIH1l(lf 110 Tp)(HllITHMU HOBua YCAA-y 247 143 HHcl -PYMelITU Tp)(uurra HOBl(ltl y CA)J-y 249
15 T PgtKlIllJTU KanJI ana y A)J-y 2-3 151 CBpxa 1fJ)j(HlDTU K811111ana 254 152 Xapnlje OA apellROcn[ RU TiJ)f(HillTITla Ka(JJITana y CAll-y 255
2 EcpuKacHo CT T IJii1I W Ta KamlTalIa 263 21 Allanon1ja pa3YlleBOTba npo6neMa 264 22 Pa3Jl03Ii nocToj IbU TP)f(JlllITU Ka ITHTHnO 265
22 1 JII1KB II Au OCT 265 222 HeOqeKfrnUHu Ao6rrr Mepa BpeUHOCTIr 267
23 ApollTpa)lu c rtrHanU3Hpafhe u npHKynJbOlFb ~lHCPOPMU[Hj a 268 23 L Ap6npa)f(a 26R 2 32 CmlIaJlIl3np al-be H nplIKynlbaJ-be IIHcpop~la[llija 272 233 KoneKTlIDna MYAPOCT 276 234 CaBpeMeHa Tp)f(lUlITa KarnlTOna 280
24 EqIIK3CHOCT mlKBuJIHOCT U BpeJIHOCT 280
~ -- - ~ - ---- - ~ - - - - --~ - _- -- ----- - -~- shy -~ ~
-~=----
-- -~------
---~--==------ -
__ __bull - ____ __ shy - __-_ --_ - __ middot---1
-- _ _ - ---=--===-== ------- -~~~~
---~-~--- - - - ----- -_ - - ---------~- - --- -- --~--- - ~ -=~ bullbull - ~ -~- bull l bull_ ~-= l - - -
241 XimOTe3c 0 ecpltKaCHOCTli Tp)IIIUITa (XET) 282 242 DoKa311 XJmOTe3a 0 eqJl1KacHoCTll Tp)lJ1UJTa 2 87
25 CJlc-reM Tpr OBlmc 3 Us 251 YTBp~UBalhe jeAIIHCTBel1e ~elle xapTl1ja OJJ BpeJJHoCTIi
KOn pa3nUlIfTO Cr pYKTYpnpaHI1X Tp)ltHIllT8 320 252 YlBpl)lmaae jeJJIlHCTOelle ~eHe xapT11ja 01 BpejHocT11
Y cJly-laj y 6aJJaAcIlpaHor Tp)lll111Ta 323 253 YTBpbllBalbe jeJIIHCTBcHe ~eHe XapTJ1ja on BpelHOCTII
y ~ajy HeJl36anaucrrpaJlor Tp)(lllllTa 328 254 CI1CTeM K80Ta (Quote-driven system) 329 255 CIlCTeM HaJTOra 331
CTPATEmJE ITPEllY3ETaA
1 ilojaM II llecplIHHI(nja OAJTY-lIlBafba 335 335
11 OCIIOBHIt HOCUOlJI onIlYlIfBalha 337 12 ltlgtaKTopn o)JnYII1BCllha 338
1 3HBtIaj cpUJlaHclrjcKe CTpaTemje npc1y3eha 341 21 UllJbeB11 npey3elia 343 22 IUJbeBII pa3ml~TwrJx IiHTepecHlrx r pyna 344
221 DoraTCTBO aKlJllOHapa 346 222 OnHoc 113Meby pU3uKa If noapaTa 348u 223 MCHUllepcKlI I(UJbCBH 341 224 HecpHHuHclJjcKU IJllJbeUII 350 225 HOBl1jll TpeH)oBH BldCHI1WTIla y BCJlIumj EpllTllHnjll 351
23 CYKo6 mnepeca y npenY3ehy 352 231 OBJlaurrelha II OJVOIIOPHOCTI1 JJJlpeKTOpa 353 232 BaH6unallcHo cpl l HaHclIpa ~be 354
24 KoprlOpa1JlBHO yrrpaBJTgtulbC 355 243 3uulelbe 11 rJlaBHa nIlTUIhltl KOpnOpaTliBHOr YlTpaBJbalba 355 242 KOMoapaunja TPanll l~lrOHaJlHe npaKce y BenllKoj Epl1Tarmjl1 C npaKcoM APyn-lx 3eMaJba 356
shy 243 KopnOpaTItBHO ynpUBJbalhe y BemiKoj DPIITUHltjli 358
25 ltlgtopMyrmCaTbC c-rpaTcruje npcnY3cha 363 251 ITpllpon8 eplnraHcll j cKe KOlITpOJTe 364 252 KpaTKOpO~HO ctHfH8ncl1jcKo IlJIaHlIpalhe 368 253 fOTOBltHCKH I(UKJlyc 372 254 EYIIeTltpalbc npai1cfhc II KOHTpOna cash flow-a 375 255 ltlgtaKTopu Upil ItHBeCTllpalbY KpaTKOpOllfUX cpeJJCTaBa 377 256 AHaJIll3a paAa KOMlTuHlfje 378
26 C-rpaTeTujc WHpllha 11 OAp)laBafha TpgtKI1WTa 380 261 KpaTKOpO-lHO II AyropO-lHO rDTaHllpaJie 381 262 BpTe ayropoLlIIe crpaTcrllje 382 263 OpraHcKu (11I1TCpHll) paCT y OJliOCY na eKcrepBJI 383 264 PaCT Kp03 AllBep3lJepltKalrtj y 8KBn3f1lJl1j e 387
27 MeynapoAHo nocnOBalhC 391 271 ITpaBTm o6mll~1I paCnOJlO)fQIBH ia McbYHapopHo nOCIlOBalhe 391 272 Pa3nlJLUITII o6nH~H CPYHKll1l0HUcaJ-h8 391 273 llupcKTHe crpaHe HHBeCrmi1Jje - nOJlUTHIKlI 11 Alynl PJl3lU(H 394 274 PU31lK KOHTpOnUcaJha BanYTe 397
13
14 401 VL L(OHOmEffiE 0AJJYKA 0 ImBECfHPAlhY
1 YonwTe 0 HHBeCTHll1jaMa 401 11 HeMaTepHjanHa (HeOmtnJbHBa) ynaralha 402 12 Y naralha y OCHOBHa cpeAcTBa 403 13 L(yropOYHH cpHHaHcHjcKH nnaCMaHH 405
2 KamlTanHO 6YlleTHpalhe 407 21 ltPa3e y npolecy KanHTanHor 6Yllenlpalha 409 22 EBanyalHja HOByaHHX TOKOBa 4U
221 MeToA neplloAa omnaTe 412 222 HeTo caAaWlha BpeAHocT 414 223 I1HAeKc rrpocpHTa6HnHOCTH 420 224 I1HTepHa CTona I1pl1HOCa 423
3 l1HBecTHll1oHH npojeKaT HHje LpHa KYTl1ja 428 4 bBOp rr0311THBHe HeTO caAaillfhe Bpe)JHocTlI 433 5 MeHallMeHTCKo MaKcuMlIpafhe HeTO caAaWfhe Bpe)JHOCTIl 436 6 CaAaillfha BpeAHocT U orropTYHI1TeTHU TPOWKOBI1 Karrl1Tana 439 7 OAnYKe 0 Mel)YHapoAHoM HHBeCTl1pafhY 441
71 Mel)YHapoAHa AI1BCpcucpHKaLl1ja 442 72 Mel)YHapoAHa LeHa KaI1l1Tana 443
721 113AeJbeHa 11 I1HTerpl1CaHa Tp)l(lWTa 443 722 Mel)YHapo)JHI1 CAPM 443
VII UOROIDElhE O)1)IYKA 0 CflHHAHCHPAlbY 447
1 ltPuHaHcHjcKo nnaHHpaFbe H 6YlleT HOBla 447 2 ITpolec cpHHaHcHjcKor nm1HI1pafha 449
21 L(yropOYHIl cTpaTeWKI1 LHJbeBI1 449 22 KpaTKOpOYHH nocnOBHH rrnaHOBH 450
221 ITpeABHl)afhe npoAaje 451 222 ITpeABHl)afhe MaKClIManHe CTone pacTa 462
23 6YlleT HOBla 464 24 HecHrypHocT H HOBYUHH 6YlleTH 467 25 PRO FORMA cpHHaHcI1jcKII H3BewTajH 468
3 YnpaBJbafhC HOBLeM H 06pTHHM KanHTanOM 474 31 YnpaBJba~be 06pTHl1M KamlTanOM 475 32 UHKnyc KOHBep3l1je HOBLa 480 33 YnpaBJbafhe HOBleM 482 34 KpaTKOpOYHO cpHHaHcupufhe 492 35 ETleKTpOHcKa pa3MeHa nO)JaTaKa (EDI) 505
4 TeopHja cTpyKType KamlTana 506 41 L(eTepM~IHaHTe 3pound1 AOHowefhe 0AnYKe 0 0AHOCY Ayra
H corrCTBeHor Kam1Tana 507 411 Leverage 507 412 )(eJbCHa cTpyKTypa KamlTana 513
42 Teopuja I1peneBaHTHocTH 514 421 YTHlaj nope3a 516 422 YTHlaj nocpe)JHHlIKHX TpowKoBa 517 423 EcpeKTI1 TpowKoBa 6aHKpOTa 518 424 OCTaTla pU3MaTpafha (FRICTO) 520
~ -- --- ~ -- -- - _----__----____-------------~------- -- --~
-_ - ---
- -=- -=~-
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
-- -~------
---~--==------ -
__ __bull - ____ __ shy - __-_ --_ - __ middot---1
-- _ _ - ---=--===-== ------- -~~~~
---~-~--- - - - ----- -_ - - ---------~- - --- -- --~--- - ~ -=~ bullbull - ~ -~- bull l bull_ ~-= l - - -
241 XimOTe3c 0 ecpltKaCHOCTli Tp)IIIUITa (XET) 282 242 DoKa311 XJmOTe3a 0 eqJl1KacHoCTll Tp)lJ1UJTa 2 87
25 CJlc-reM Tpr OBlmc 3 Us 251 YTBp~UBalhe jeAIIHCTBel1e ~elle xapTl1ja OJJ BpeJJHoCTIi
KOn pa3nUlIfTO Cr pYKTYpnpaHI1X Tp)ltHIllT8 320 252 YlBpl)lmaae jeJJIlHCTOelle ~eHe xapT11ja 01 BpejHocT11
Y cJly-laj y 6aJJaAcIlpaHor Tp)lll111Ta 323 253 YTBpbllBalbe jeJIIHCTBcHe ~eHe XapTJ1ja on BpelHOCTII
y ~ajy HeJl36anaucrrpaJlor Tp)(lllllTa 328 254 CI1CTeM K80Ta (Quote-driven system) 329 255 CIlCTeM HaJTOra 331
CTPATEmJE ITPEllY3ETaA
1 ilojaM II llecplIHHI(nja OAJTY-lIlBafba 335 335
11 OCIIOBHIt HOCUOlJI onIlYlIfBalha 337 12 ltlgtaKTopn o)JnYII1BCllha 338
1 3HBtIaj cpUJlaHclrjcKe CTpaTemje npc1y3eha 341 21 UllJbeB11 npey3elia 343 22 IUJbeBII pa3ml~TwrJx IiHTepecHlrx r pyna 344
221 DoraTCTBO aKlJllOHapa 346 222 OnHoc 113Meby pU3uKa If noapaTa 348u 223 MCHUllepcKlI I(UJbCBH 341 224 HecpHHuHclJjcKU IJllJbeUII 350 225 HOBl1jll TpeH)oBH BldCHI1WTIla y BCJlIumj EpllTllHnjll 351
23 CYKo6 mnepeca y npenY3ehy 352 231 OBJlaurrelha II OJVOIIOPHOCTI1 JJJlpeKTOpa 353 232 BaH6unallcHo cpl l HaHclIpa ~be 354
24 KoprlOpa1JlBHO yrrpaBJTgtulbC 355 243 3uulelbe 11 rJlaBHa nIlTUIhltl KOpnOpaTliBHOr YlTpaBJbalba 355 242 KOMoapaunja TPanll l~lrOHaJlHe npaKce y BenllKoj Epl1Tarmjl1 C npaKcoM APyn-lx 3eMaJba 356
shy 243 KopnOpaTItBHO ynpUBJbalhe y BemiKoj DPIITUHltjli 358
25 ltlgtopMyrmCaTbC c-rpaTcruje npcnY3cha 363 251 ITpllpon8 eplnraHcll j cKe KOlITpOJTe 364 252 KpaTKOpO~HO ctHfH8ncl1jcKo IlJIaHlIpalhe 368 253 fOTOBltHCKH I(UKJlyc 372 254 EYIIeTltpalbc npai1cfhc II KOHTpOna cash flow-a 375 255 ltlgtaKTopu Upil ItHBeCTllpalbY KpaTKOpOllfUX cpeJJCTaBa 377 256 AHaJIll3a paAa KOMlTuHlfje 378
26 C-rpaTeTujc WHpllha 11 OAp)laBafha TpgtKI1WTa 380 261 KpaTKOpO-lHO II AyropO-lHO rDTaHllpaJie 381 262 BpTe ayropoLlIIe crpaTcrllje 382 263 OpraHcKu (11I1TCpHll) paCT y OJliOCY na eKcrepBJI 383 264 PaCT Kp03 AllBep3lJepltKalrtj y 8KBn3f1lJl1j e 387
27 MeynapoAHo nocnOBalhC 391 271 ITpaBTm o6mll~1I paCnOJlO)fQIBH ia McbYHapopHo nOCIlOBalhe 391 272 Pa3nlJLUITII o6nH~H CPYHKll1l0HUcaJ-h8 391 273 llupcKTHe crpaHe HHBeCrmi1Jje - nOJlUTHIKlI 11 Alynl PJl3lU(H 394 274 PU31lK KOHTpOnUcaJha BanYTe 397
13
14 401 VL L(OHOmEffiE 0AJJYKA 0 ImBECfHPAlhY
1 YonwTe 0 HHBeCTHll1jaMa 401 11 HeMaTepHjanHa (HeOmtnJbHBa) ynaralha 402 12 Y naralha y OCHOBHa cpeAcTBa 403 13 L(yropOYHH cpHHaHcHjcKH nnaCMaHH 405
2 KamlTanHO 6YlleTHpalhe 407 21 ltPa3e y npolecy KanHTanHor 6Yllenlpalha 409 22 EBanyalHja HOByaHHX TOKOBa 4U
221 MeToA neplloAa omnaTe 412 222 HeTo caAaWlha BpeAHocT 414 223 I1HAeKc rrpocpHTa6HnHOCTH 420 224 I1HTepHa CTona I1pl1HOCa 423
3 l1HBecTHll1oHH npojeKaT HHje LpHa KYTl1ja 428 4 bBOp rr0311THBHe HeTO caAaillfhe Bpe)JHocTlI 433 5 MeHallMeHTCKo MaKcuMlIpafhe HeTO caAaWfhe Bpe)JHOCTIl 436 6 CaAaillfha BpeAHocT U orropTYHI1TeTHU TPOWKOBI1 Karrl1Tana 439 7 OAnYKe 0 Mel)YHapoAHoM HHBeCTl1pafhY 441
71 Mel)YHapoAHa AI1BCpcucpHKaLl1ja 442 72 Mel)YHapoAHa LeHa KaI1l1Tana 443
721 113AeJbeHa 11 I1HTerpl1CaHa Tp)l(lWTa 443 722 Mel)YHapo)JHI1 CAPM 443
VII UOROIDElhE O)1)IYKA 0 CflHHAHCHPAlbY 447
1 ltPuHaHcHjcKo nnaHHpaFbe H 6YlleT HOBla 447 2 ITpolec cpHHaHcHjcKor nm1HI1pafha 449
21 L(yropOYHIl cTpaTeWKI1 LHJbeBI1 449 22 KpaTKOpOYHH nocnOBHH rrnaHOBH 450
221 ITpeABHl)afhe npoAaje 451 222 ITpeABHl)afhe MaKClIManHe CTone pacTa 462
23 6YlleT HOBla 464 24 HecHrypHocT H HOBYUHH 6YlleTH 467 25 PRO FORMA cpHHaHcI1jcKII H3BewTajH 468
3 YnpaBJbafhC HOBLeM H 06pTHHM KanHTanOM 474 31 YnpaBJba~be 06pTHl1M KamlTanOM 475 32 UHKnyc KOHBep3l1je HOBLa 480 33 YnpaBJbafhe HOBleM 482 34 KpaTKOpOYHO cpHHaHcupufhe 492 35 ETleKTpOHcKa pa3MeHa nO)JaTaKa (EDI) 505
4 TeopHja cTpyKType KamlTana 506 41 L(eTepM~IHaHTe 3pound1 AOHowefhe 0AnYKe 0 0AHOCY Ayra
H corrCTBeHor Kam1Tana 507 411 Leverage 507 412 )(eJbCHa cTpyKTypa KamlTana 513
42 Teopuja I1peneBaHTHocTH 514 421 YTHlaj nope3a 516 422 YTHlaj nocpe)JHHlIKHX TpowKoBa 517 423 EcpeKTI1 TpowKoBa 6aHKpOTa 518 424 OCTaTla pU3MaTpafha (FRICTO) 520
~ -- --- ~ -- -- - _----__----____-------------~------- -- --~
-_ - ---
- -=- -=~-
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
14 401 VL L(OHOmEffiE 0AJJYKA 0 ImBECfHPAlhY
1 YonwTe 0 HHBeCTHll1jaMa 401 11 HeMaTepHjanHa (HeOmtnJbHBa) ynaralha 402 12 Y naralha y OCHOBHa cpeAcTBa 403 13 L(yropOYHH cpHHaHcHjcKH nnaCMaHH 405
2 KamlTanHO 6YlleTHpalhe 407 21 ltPa3e y npolecy KanHTanHor 6Yllenlpalha 409 22 EBanyalHja HOByaHHX TOKOBa 4U
221 MeToA neplloAa omnaTe 412 222 HeTo caAaWlha BpeAHocT 414 223 I1HAeKc rrpocpHTa6HnHOCTH 420 224 I1HTepHa CTona I1pl1HOCa 423
3 l1HBecTHll1oHH npojeKaT HHje LpHa KYTl1ja 428 4 bBOp rr0311THBHe HeTO caAaillfhe Bpe)JHocTlI 433 5 MeHallMeHTCKo MaKcuMlIpafhe HeTO caAaWfhe Bpe)JHOCTIl 436 6 CaAaillfha BpeAHocT U orropTYHI1TeTHU TPOWKOBI1 Karrl1Tana 439 7 OAnYKe 0 Mel)YHapoAHoM HHBeCTl1pafhY 441
71 Mel)YHapoAHa AI1BCpcucpHKaLl1ja 442 72 Mel)YHapoAHa LeHa KaI1l1Tana 443
721 113AeJbeHa 11 I1HTerpl1CaHa Tp)l(lWTa 443 722 Mel)YHapo)JHI1 CAPM 443
VII UOROIDElhE O)1)IYKA 0 CflHHAHCHPAlbY 447
1 ltPuHaHcHjcKo nnaHHpaFbe H 6YlleT HOBla 447 2 ITpolec cpHHaHcHjcKor nm1HI1pafha 449
21 L(yropOYHIl cTpaTeWKI1 LHJbeBI1 449 22 KpaTKOpOYHH nocnOBHH rrnaHOBH 450
221 ITpeABHl)afhe npoAaje 451 222 ITpeABHl)afhe MaKClIManHe CTone pacTa 462
23 6YlleT HOBla 464 24 HecHrypHocT H HOBYUHH 6YlleTH 467 25 PRO FORMA cpHHaHcI1jcKII H3BewTajH 468
3 YnpaBJbafhC HOBLeM H 06pTHHM KanHTanOM 474 31 YnpaBJba~be 06pTHl1M KamlTanOM 475 32 UHKnyc KOHBep3l1je HOBLa 480 33 YnpaBJbafhe HOBleM 482 34 KpaTKOpOYHO cpHHaHcupufhe 492 35 ETleKTpOHcKa pa3MeHa nO)JaTaKa (EDI) 505
4 TeopHja cTpyKType KamlTana 506 41 L(eTepM~IHaHTe 3pound1 AOHowefhe 0AnYKe 0 0AHOCY Ayra
H corrCTBeHor Kam1Tana 507 411 Leverage 507 412 )(eJbCHa cTpyKTypa KamlTana 513
42 Teopuja I1peneBaHTHocTH 514 421 YTHlaj nope3a 516 422 YTHlaj nocpe)JHHlIKHX TpowKoBa 517 423 EcpeKTI1 TpowKoBa 6aHKpOTa 518 424 OCTaTla pU3MaTpafha (FRICTO) 520
~ -- --- ~ -- -- - _----__----____-------------~------- -- --~
-_ - ---
- -=- -=~-
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
4-47
---==--~ bull
- ===~------
--~ === -= - ~
~-- --- -- -
__--_- ---- -- shy __ _- ___ ------------ bullbull- ~- -~
--- - ---= bull~-~ ~ - - --==---=-~ -- ~= - - -~ ---ij - _--_-_- ------shy - ~- shy__ -~-- - - - - ~ --- - ~
~ --~~ -- shy-----~bull-- -~ - --~~
15 5 BaKHOCT CTPYKTYPC KamITana 529401
51 r ncJlIWTC caBpcr-leHor Tp)J(lIUITa 538 5 2 ITope3H Ha J06HT KOMnaHlije 534 5 3 O nOpe31IBafbC npl1xoAa nojeJHHaqa 540 54 YKynHI1 (KOM6uHOBaHI1) ecjleKaT onOpe3HB8I-ha npuxoJa
KOpnOpalHja H noje)JHHala 543 55 TIocpe)HHYKII TPOWKOBH 544 56 ltp ~rHaHcHjcKa OCKY)JHla H 6aHKpoT 547 57 T paHCaKlHjcKH TPOWKOBI1 cnOJb J-her cjl lUIaHCnpatha 551 58 K nHjeHTena cjlHHaHcllj cKo r l ever ag e-a 554 59 r n e)JHwTe C acneKTa HecaBpweHor Tp)I(UWTa KallllTana 557 51 O ltPI1H3HcHjcKa cTpyKTypa H cjlHHaHcl1jcKa Moh 563
5101 MebY3aBucHocT cjlMllaHcHjcKe cTpyKType H cpHHaHcnjcKe Monu 563 5102 YTHlajH Ha cpHHaHcHjcKY CTpyKTypy 564 5103 IToKywaj OnlllMllpaJ-ha BnaCHWIKe cTpyKType KanHT3na 568
1 04 np06neM CPHH3HcHjcKe Mohll 569
Ill nOHOIllElLE OllJIYKA 0 JJHBHJlEHllH 575 1 IIOJTHTIIK3 JHBHJeHJH 575
11 T copl1ja HpeneBaHTHocTII JUlBHJeHJe 578 12 TeopHja nTHla y PYlH 579
nOTl HTHKa AHBHAeHAH II Tp)lUUlTe KamlTana 579 21 C a CTaHOBHIllTa CaBpWeHOr Tp)lHWTa KanllTajla 579 22 C a CTaHOBlfWTa Hec3BpWeHOCTII Tp)l(HWTa KanHTana 584 23 YnlqajHH cjlaKTopH Ha JlfBllleH)JHY nOJIHTHKY 588
231 YTHlaj nonllTHKe onope3HBaligta 588 232 YTlIIaj TpowKoBa TpaHca~lIje 590 233 Yn1Iaj Cl1rFl aJIln HpaJ-ha 595 234 Ynllaj oTKyna aKlHja 599 235 Y TI1laj npeHocHlHlx npoAajHHX npaBa 602 236 I1MnmlKalHje nOmlTHKe 606 237 ITOJ1l1T11Ka lIIBH)JeHAH 608
PECTPYKTYPHPAILE n KOHKYPEHTCKA CnocoliHocr DPEllY3EJiA 613
PeCTpYKTYPHpaJ-he ceKTopa npelY3eha 614 11 DecjlaH3HBHo H cTpaTewKo peCTpYKTypHpatbe 618 12 YHYTapceKTopcKe pa3nHKc Y npoBot)eJ-hy pecTpyKTyplfpaFba 620 13 CaAP)l(aj nporpaMa pecTpyKTypHPafba 621
_ M OAeJl H pecTpyKTypHpaJ-ha npeAY3cna 622 21 I1poMeHa npaBHe cpopMe npeAY3ena 622 22 ltpy3Hja npeAY3ena 629 23 K opnopaTHBHa peoprUHI13311Hja 639
231 I1pHpOla npoAaje KailllTaJl a 639 232 KynoBHH a KOHTponHor naKeTa aKlJHja
OA cTpaHe ~leHallMeHTa 641 233 IIIeMe peKoHcTpYKIHje KamlTana 648 234 EKOHOMCKO II cjJlIHaHclljcKo CaHl1paJ-he npeAY3ena 655
