magistrsko delo
Metka Čretnik Zavec (Author), Dušan Zbašnik (Mentor)

Abstract

Razsežnosti svetovne gospodarske krize, ki je sledila finančni krize konec leta 2008, je opaziti v močnem zniževanju gospodarske rasti v vseh panogah in v pretežno v vseh svetovnih gospodarstvih. Učinek zniževanja gospodarske aktivnosti je razviden v zniževanju kreditnega potenciala bank, na omejevanju investicijskih vlaganj ter na povečevanju števila družb v insolvečnih postopkih. Oslabitve slabih terjatev bank v Sloveniji so po stanju 31.12.2011 znašale 1,16 mrd EUR kar je predstavljalo 81,5 % bruto dohodka bank. Tako imenovani slabi krediti bank ali neplačniki (NPL) se povečujejo, s tem pa tudi oslabitve terjatev bank. Slednje ima negativen vpliv tudi na kapital bank, kapitalsko ustreznost in potrebo po novih in novih dokapitalizacijah. Oslabitve terjatev bank so v obdobju od 2009 do 2011 porasle pretežno v sektorju finančnih holdingov, sektorju gradbeništva, prometa z nepremičninami in v sektorju predelovalne dejavnosti. V času konjukture in velike razpoložljivosti finančnih sredstev z nizko ceno denarja, so banke financirale projekte brez lastne udeležbe investitorjev. Tako kot projekti so bili tudi prevzemi financirani pretežno z dolžniškimi viri. Pri financiranju prevzemov v Sloveniji je imela veliko vlogo tudi vladajoča politična opcija. Porast prevzemnih aktivnosti je opazen še posebej v času visoke gospodarske rasti in višjih donosov. Odplačilo kreditnih obveznosti za prevzem je, predvsem pri managerskih prevzemih, temeljilo na denarnem toku ciljne tarče, saj so bili običajno prevzemniki projektne družbe, ustanovljene z minimalnim kapitalom in v lasti managerjev ciljne tarče. Vrednost zavarovanj je bila zaradi nepremičninskega balona in/ali precenjenih vrednostnih papirjev prenizka, da bi v primeru nastanka kritičnega dogodka krila izgube banke. Slednje so ob dodatnem zniževanju vrednosti zavarovanj zahtevale odplačila kreditov ali dodatna zavarovanja, ki jih prevzemniki niso mogli zagotoviti. Ob nižanju gospodarske aktivnosti ter posledično zniževanje prihodkov od prodaje in donosnosti, prevzemniki oziroma ciljna družba ni več zagotavljala odplačilne sposobnosti. Posledica prenizke vrednosti zavarovanj in nezmožnosti odplačevanja kreditnih obveznosti za prevzem so visoko oblikovane oslabitve terjatev bank, ki so financirale prevzem. Omejitve pri ustanavljanju zavarovanj pred izvedbo prevzema določa Zakon o prevzemih z dopolnitvami. Po izvedenem prevzemu so zavarovanja temeljila le na zastavi delnic, ki jih je izdala ciljna tarča in ne tudi na zastavi nepremičnega premoženja prevzete družbe. Zakon o prevzemih z dopolnitvami prevzemnike omejuje pri izvajanju prevzemnih aktivnosti ko določa najnižji prevzemni prag pri katerem morajo prevzemniki objaviti prevzemno ponudbo. Kršenje določil prevzemne zakonodaje je odvzem glasovalnih pravic, s čimer zakonodajalec posega v upravljalske aktivnosti v prevzeti družbi ter posledično na oblikovanje dividendne politike. Pogoje za statusne spremembe akterjev prevzemnih aktivnosti določa Zakon o gospodarskih družbah z dopolnitvami. Prevzemne aktivnosti se odvijajo v vseh gospodarskih okoljih in tudi ob zniževanju gospodarske aktivnosti. Odločitev poslovne banke o financiranju prevzema bi morala bila odvisna od poslovnega programa ciljne tarče, uspešnosti panoge v kateri deluje, od prodajnih trgov ter predvsem od dovolj visoke lastne udeležbe prevzemnika pri financiranju prevzemnih aktivnosti, ob zagotovitvi ustreznih zavarovanj za kreditne obveznosti. Manjše tveganje neuspešnega prevzema pa nosijo prevzemniki, katerih cilj je prevzem ciljne tarče s proizvodnim programom visoke dodane vrednosti in z diverzificiranim obsegom naročnikov. Znanstveno delo je sestavljeno iz dveh sklopov: teoretičnega in empiričnega. V teoretičnem delu smo proučili vrste prevzemov, zgodovino prevzemov in značilnosti prevzemnih aktivnosti v Sloveniji in način financiranja prevzemov s predstavljenim modelom prevzema. Teoretični del, ki se nanaša na proučevanje prevzemnih aktivnosti je dopolnjen s prakti

Keywords

bančništvo;poslovne banke;prevzemi podjetij;kapital;viri financiranja;kreditiranje;finančni vzvod;tveganje;modeli;obvladovanje;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: M. Čretnik Zavec
UDC: 336.717
COBISS: 11400988 Link will open in a new window
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Other data

Secondary language: English
Secondary title: ǂThe ǂrisks a commercial bank is exposed to when financing takeovers through leverage
Secondary abstract: From its beginning at the end of 2008, one could hardly have imagined that the financial crisis would have such an enormous negative impact on the global economy. A slowdown of economic growth across all industries and across almost all world economies has had a significant effect not only on the lending potential of banks and investment activity of companies, but also on the increasing insolvency levels. According to the data for the Slovene banking system as of 31 December 2011, the total amount of impairment losses on non-performing loans (NPLs) reached €1.16 billion, which accounted for 81.5 percent of the gross income of all Slovene banks. The volume of NPLs and the number of defaulting customers are increasing, as a result of which banks need to make additional loan loss provisions. This has an adverse effect on banks’ capital position and capital ratios, leading to banks being in constant need of fresh equity. In the period from 2009 to 2011, the largest proportion of impairment losses incurred by banks related to companies engaged in the following industries: the financial holding industry, the construction industry, the real estate agency industry, and the manufacturing industry. This situation has its roots in a time of economic boom and sufficient availability of funding at favourable borrowing rates, when banks were prepared to finance the projects without investors’ participation. Both investment projects and takeovers were financed mainly by debt, and it should be mentioned that the ruling political parties played an important role in the financing of takeovers in Slovenia. Takeover activities are usually more intense during periods of economic growth and higher returns. The repayment of loans taken to finance takeovers, especially management buyouts, was in the past based on the cash flow of the target company. This was due to the fact that, in most cases, the acquirers were special purpose entities, set up with a minimum capital and owned by managers of the target company. Once the real estate and/or stock price bubble burst, the value of collateral provided as security for loans granted to finance takeovers was too low to cover the losses banks would incur in the case of the occurrence of a critical event. To protect themselves, banks required the loans be repaid or additional collateral be offered, which acquirers were unable to provide. As a result of their reduced economic activity and a drop in their sales revenues and return, the acquirers or target companies failed to meet their repayment obligations. Because the value of collateral fell to below the level required and as the acquirers were not able to repay the loans they had taken to finance takeovers, the banks that granted these loans had to record high loan impairment losses. The restrictions with respect to establishing collateral prior to a takeover are regulated by the Takeover Act, as amended. Following a takeover, the collateral provided as security for loans consisted only of the pledge of shares issued by the target company instead of also including the pledge of immovable property owned by the company being taken over. The Takeover Act, as amended, imposes restrictions with respect to takeover activities by determining the takeover threshold at which acquirers are obliged to announce a takeover bid. If acquirers violate the provisions of legislation governing takeovers, the regulator may deprive them of their voting rights, thereby intervening in the governance of the acquired company and, consequently, in the formulation of its dividend policy. The conditions regulating status changes of the parties involved in takeover activities are set out in the Companies Act, as amended. Takeover activities take place in all economic environments, even in the times of economic slowdown. The decision of a commercial bank to finance a takeover should depend on numerous factors, including the business plan of the takeover target, the performance of the industry in which it operates, its sales markets and, in particular, on a high
Secondary keywords: takeover;takeover bid;takeover threshold;successful bid threshold;target company/takeover target;leverage;credit risk;Basel II;collateral;critical event;defaulted obligor;impairment losses;credit risk losses;credit risk mitigation;repayment capability;dividends;net cash flow;EBITDA;long-term indebtedness;financial indebtedness;indebtedness ratios;individual impairments.;
URN: URN:SI:UM:
Type (COBISS): Master's thesis
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: 128 str.
ID: 8725626