Beograd : [S. Mali]

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Tehničke nauke / Organizacione nauke Technical sciences / Organizational sciences

Proces privatizacije društvene i državne svojine se nametnuo kao preduslov uspešnog završetka procesa tranzicije u zemljama Istočne i Centralne Evrope, uključujući i Srbiju. Iskustva u restrukturiranju preduzeća u tranziciji otkrila su da postoji potreba za restrukturiranjem preduzeća kako pre, tako i posle privatizacije. Aktivnosti restrukturiranja su mnogobrojne a cilj ovog procesa je da preduzeće unapredi svoje poslovanje, poboljša efikasnost poslovanja i kreira vrednost za svoje vlasnike. Predmet analize ovog rada je metodologija restrukturiranja koja se zasniva na upravljanju osnovnim faktorima vrednosti. U radu se analizira pojam vrednosti, metodologija njenog izračunavanja kao i modeli kreiranja vrednosti. Cilj analize je da se u upravljanju preduzećem primeni takav koncept poslovanja, investiranja i finansiranja koji će biti u funkciji restrukturiranja preduzeća, a u cilju kreiranja dodatne vrednosti za vlasnike kapitala. Pri tome, pojam stvaranja vrednosti odnosi se na poboljšanje stope prinosa na investirani kapital kombinacijom povećanja novčanih priliva i smanjenja rizika poslovanja. Uspešno restrukturiranje podrazumeva aktivnosti u procesu poslovanja, finansiranja i investiranja. Pri tome, uspešnost procesa restrukturiranja se meri visinom kreirane vrednosti kapitala, odnosno razlikom u vrednosti kapitala pre i nakon restrukturiranja. Vrednost kapitala u ovom slučaju je jednaka diskontovanoj vrednosti očekivanih budućih slobodnih novčanih tokova. Kako visina ostvarene vrednosti direktno zavisi od vrednosti novčanih tokova i cene kapitala, u cilju kreiranja vrednosti jedne kompanije neophodno je definisati i sprovesti strategije koje su usmerene na povećanje neto novčanog toka kroz kombinaciju povećanja prihoda, smanjenja troškova i poboljšanja u koeficijentu obrta ukupne aktive s jedne, i smanjenja rizika poslovanja i cene kapitala, s druge strane. Definisanje odgovarajućeg modela prodaje kapitala na tržištu doprinosi valorizaciji aktivnosti restrukturiranja u smislu da izbor odgovarajućeg modela utiče na nivo ostvarene cene za kapital prilikom njegove prodaje zainteresovanim finansijskim ili strateškim investitorima. Upravo zbog toga, predmet istraživanja ovog rada je i model prodaje kapitala putem javnih tendera i javnih aukcija kako bi se, kroz njihovu analizu, utvrdilo da li su oni odgovarajući metodi prodaje kapitala društvenih preduzeća koja prolaze kroz proces privatizacije.

Privatization of state and socially owned enterprises is a prerequisite for a successful completion of the transition process in Central and Eastern Europe, including Serbia. The experience shows that there is a need for the restructuring of these enterprises prior to their privatization. In that respect, there are various restructuring activities and their objective is make companies improve their performance, efficiency and create value for their shareholders. Subject of this disertation is the restructuring methodology which is based on key value drivers. Definition of value, measuring value creation and value creation models are also presented. The objective is make the management understand how to create value through restructuring activities and decisions regarding operations, financing and investments. In that respect, in order to create value, management needs to pursue strategies that raise the return on invested capital, reduce the risk, or are a combination of the two. The success of the restructuring effort is measured by the level of created value, i.e. the difference between the value of equity before and after the restructuring activities. The value of equity of a company equals the present value of its discounted future cash flows and depends on both the value of future cash flows and the weighted average cost of capital. In that respect, in order to increase the equity value, it is necessary to increase cash flows – through the increase in revenues, decrease in costs and increase in the asset turnover as well as to decrease the risk of doing business and, consequently, the cost of capital. Definition of the appropriate method of sale of equity contributes to the realized price of equity of the companies that are subject to the restructuring activities when their equity is offered for sale to strategic and financial investors. In that respect, one of the topics in this paper relates to the analysis of public tenders and public auctions as method of sale of equity of socially and state owned enterprises which are in the process of being restructured and privatized. Through the reseach findings and analyses presented, this disertation confirms a hypothesis that restructuring of the companies is the process through which their value can be increased and they can prepare for the sale to potential investors. Based on the presented restructuring methodology, this disertation also confirms that it is feasible to construct a restructuing model that is based on key value drivers and can be implemented in any company.

Restrukturiranje, stvaranje vrednosti, faktori vrednosti, procena vrednosti kapitala, privatizacija, tenderi, aukcije

Restructuring, value creation, value drivers, business valuation, privatization, enders, auctions

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