Analiza finančne uspešnosti izbranih podjetij iz panoge upravljanja večstanovanjskih stavb

magistrsko delo

Luka Ščančar (Author), Vita Jagrič (Mentor)

Abstract

Pomemben del finančnega upravljanja podjetja predstavlja finančna analiza. Zaradi številnih analitičnih metod igra pomembno vlogo pri vrednotenju finančnega položaja podjetja, podjetju samemu pa omogoča razumeti preteklost, oceniti sedanji položaj in zagotavlja natančne informacije, da lahko sprejme prave poslovne odločitve. Uporaba finančne analize pri poslovnem odločanju spodbuja standardizacijo finančnega upravljanja in izboljšuje poslovno učinkovitost. Z uporabo finančne analize dobimo odgovore na vprašanji, kako različni dejavniki vplivajo na poslovanje podjetja ter kakšen je njegov finančni položaj. Omenjeni vprašanji postaneta aktualnejši predvsem v obdobju gospodarskih kriz, pozornost pa jima je smiselno posvetiti tudi drugače, saj lahko sfinančno analizo učinkovito odkrijemo in napovemo finančne težave v podjetju. V praksi jo pri sprejemanju svojih odločitev uporabljajo analitiki, investicijski svetovalci, upravljalci skladov, investicijski in korporativni bankirji, kreditni ocenjevalci, prav tako pa tudi posamezni vlagatelji, finančni managerji v podjetju, regulatorji in bonitetne agencije. Osnovo za izdelavo finančne analize predstavljajo računovodski izkazi, ki sicer temeljijo na preteklih podatkih, ampak so ključni vir finančnih informacij o podjetju in osnova za planiranje poslovanja v prihodnosti. V okviru analize računovodskih izkazov poudarjamo dve temeljni pravili financiranja, pravilo horizontalne finančne strukture, ali tako imenovano zlato bilančno pravilo, ki pravi, da mora biti vsaka vrsta premoženja oziroma sredstev financirana z ustrezno oziroma sorazmerno enako dobo zapadlostjo virov, ki jo financirajo, in pravilo vertikalne finančne strukture, ki ocenjuje ustreznost razmerja med lastniškimi in dolžniškimi viri financiranja oziroma kapitalsko ustreznost podjetja. Finančna analiza lahko temelji na finančnih kazalnikih ali na konkretnejših modelih, pozornost pa posveča tudi različnim finančnim tveganjem, ki so specifična za posamezno panogo. V empiričnem sklopu magistrskega dela smo na izbranem vzorcu podjetij iz panoge upravljanja večstanovanjskih stavb opredelili tveganja, ki so jim ta podjetja izpostavljena, s pomočjo ključnih kazalnikov in osnovnega Altmanovega modela ter Kraličkove metode smo analizirali finančni položaj teh podjetij. V okviru analize s kazalniki smo ugotovili, da so vrednosti pri večjih dveh izmed analiziranih podjetij predvsem bolj stabilne, podjetji prav tako upoštevata navedena pravila finančne strukture, pri treh manjših podjetjih pa so vrednosti kazalnikov skozi opazovano obdobje precej bolj nestabilne, pravila finančne strukture pa so nekoliko manj uspešno upoštevana. V okviru analize z navedenima modeloma smo ugotovili, da nobeno izmed podjetij ni popolnoma varno pred tveganjem nastanka finančnih težav, po uspešnosti pa jih lahko razvrstimo med podpovprečne do zelo dobre.

Keywords

finančna analiza;finančna uspešnost;računovodski izkazi;likvidnost;plačilna sposobnost;upravljanje večstanovanjskih stavb;

Data

Language:	Slovenian
Year of publishing:	2023
Typology:	2.09 - Master's Thesis
Organization:	UM EPF - Faculty of Economics and Business
Publisher:	L. Ščančar
UDC:	658.14/.17
COBISS:	152598787
Views:	27
Downloads:	0
Average score:	0 (0 votes)
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Other data

Secondary language:	English
Secondary title:	Analysis of financial performance of selected companies in sector of the management of multi-apartments buildings
Secondary abstract:	Financial analysis is an important part of a company's financial management. It plays an important role in evaluating the financial position of a company, thanks to its many analytical methods, and it enables the company itself to understand the past, assess the current situation and provide accurate information to make the right business decisions. The use of financial analysis in business decision-making promotes the standardization of financial management and improves business efficiency. The use of financial analysis provides answers to the questions of how different factors affect a company's performance and what its financial position is. These two questions become more relevant especially in times of economic crises, but it makes sense to pay attention to them in other ways as well, as financial analysis can effectively detect and predict financial problems in a company. In practice, it is used by analysts, investment advisers, fund managers, investment and corporate bankers, credit assessors, as well as by individual investors, corporate finance managers, regulators, and credit rating agencies. The basis for financial analysis is the financial statements, which, although based on historical data, are a key source of financial information about the company and the basis for future business planning. In the context of the analysis of the financial statements, we emphasize two fundamental financing rules, the horizontal financial structure rule, or the so-called golden balance sheet rule, which states that each type of asses must be financed by a corresponding or relatively equal maturity of the resources that finance it, and the vertical financial structure rule, which assesses the adequacy of the ratio of equity to debt financing, or the capital adequacy of the company. The financial analysis may be based on financial ratios or on more specific models, but also pays attention to the various financial risks specific to each industry. In the empirical part of the Master’s thesis, a selected sample of companies in the multi-apartment building management industry was used to identify the risks to which these companies are exposed, and the financial position of these companies was analysed using key ratios, the basic Altman model and the Kralicek method. In the indicator analysis, we found that the values of the two larger companies in the analysis are mainly more stable and that they also comply with the financial structure rules, while the three smaller companies show much more instability in the indicator values over the period considered and slightly less successful compliance with the financial structure rules. The analysis using these two models shows that none of the companies are completely safe from the risk of financial distress and their performance can be classified as below average to very good.
Secondary keywords:	Financial analysis;accounting statements;liquidity;solvency.;
Type (COBISS):	Master's thesis/paper
Thesis comment:	Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages:	III, 74 str.
ID:	17616898