magistrsko delo
Alenka Urnaut Ropoša (Author), Dušan Zbašnik (Mentor)

Abstract

Po sesutju nepremičninskega trga v Združenih državah Amerike v letu 2007, propadu investicijske banke Lehman Brothers, je po začetnem zanikanju tla pod nogami spodneslo veliki večini finančnega sektorja v Evropi, z manjšim zamikom pa tudi v državah JV Evrope. Ni bilo dovolj, da je Srbija komaj zlezla iz recesije in okusila sadove zahodnega kapitalizma, že je bila v novi recesiji. Banke so tako rekoč čez noč prenehale posojati denar, veliki bančni sistemi so se znašli v hudih težavah in tako projekti niso imeli prihodnosti. Veliko podjetij, ki so se ukvarjala z razvojem nepremičninskih projektov (angl. Developer), in investitorjev je bilo pred velikim izzivom, tj. kako nadaljevati projekte. Klasični načini izvajanja projekta z dolžniškim virom financiranja in le majhno lastno udeležbo niso dobili več podpore v bankah. Veliko projektov je bilo že pripravljenih na izvedbo, vendar jih zaradi težav s financiranjem niso mogli nadaljevati. Velike trgovske verige so ravno v času pred nastopom finančne krize preoblikovale svoje modele financiranja naložb iz lastnih v dolgoročne, najemne. Ker je padec povpraševanja v trgovskem sektorju nastopil nekoliko pozneje in v bistveno blažji obliki, so velike trgovske verige pritiskale na investitorje in podjetja za razvoj projektov. Tako so se razvili in oblikovali novi modeli financiranja investicijskih/nepremičninskih projektov, ki jih predstavljamo v magistrskem delu. V teoretičnem delu se osredinjamo na mednarodne finance in vzroke mednarodnega gibanja kapitala, v raziskavi oblikujemo modele financiranja v času globalne finančne krize. Na novo opredeljujemo dejavnike tveganja in preverjamo, kaj se je v času od leta 2009 do leta 2014 dogajalo na srbskem trgu trgovskih nepremičnin. Raziskovalni problem, ki se ga lotevamo v magistrskem delu, je, kako in na kak način zagotoviti vire financiranja za mednarodne investicijske/nepremičninske projekte v času globalne finančne krize s poudarkom na komercialnih projektih (trgovine, trgovska središča) na trgu Republike Srbije, ki spada v območje trgov JV Evrope. Raziskavo smo začeli izvajati v letu 2010 in potem več let spremljali gospodarsko okolje, v katerem so se razvijali nepremičninski projekti. Ugotovili smo, da je po nastopu finančne krize zaradi zmanjšanja kreditiranja bank in novih pogojev, ki jih te postavljajo kreditojemalcem, nastal primanjkljaj pri financiranju projektov. Zaradi tega se je okrepilo sodelovanje med investitorji, kamor sodijo skladi, kot so: pokojninski skladi, nepremičninski skladi ali večja nepremičninska podjetja in podjetja, ki se ukvarjajo z razvojem nepremičninskih projektov. Tako so se zadnji izognili oziroma v veliki meri zmanjšali potrebo po dolžniških virih financiranja, saj novi modeli sodelovanja temeljijo na vnaprejšnjem financiranju, vnaprejšnji prodaji ali na soinvestitorstvu. Prav zaradi tega razvoj projektov ni zastal, nasprotno, v državah, ki so od trgovskega sektorja precej podhranjene, se je nadaljeval, sicer v nekoliko zmanjšanem obsegu, pa vendar precej nadpovprečno v primerjavi z zahodno Evropo. Velik motiv zahodnih investitorjev so tudi – predvsem zaradi visoke stopnje tveganja – razmeroma visoki donosi. Prav tveganje pa je tisto, ki je v zadnjem obdobju doživelo popolno prenovo in nove poglede. Investitorji se navadno za vnaprejšnji nakup ali vnaprejšnje financiranje ne odločajo, če tveganja ne znižajo na najnižjo mogočo raven, kar pomeni, da zahtevajo pravnomočno gradbeno dovoljenje in pretežno oddane površine, in to še pred začetkom projekta. Prav zaradi spremenjenih modelov financiranja, pri katerih podjetja za razvoj projektov že vnaprej sklepajo pogodbe o prodaji nepremičnin, sicer projekta sploh ne začnejo izvajati, so stroški financiranja izgubili svojo težo pri vplivu na vrednost nepremičnine. Na vrednost nepremičnine v največji meri vplivata stopnja donosa (mera kapitalizacije) in povprečna najemnina, ki jo lahko doseže investitor pri oddaji objekta ob predpostavki, da gre za dolgoroč

Keywords

mednarodne finance;investicije;naložbe;financiranje projektov;finančna kriza;projektni management;tveganje;donos;vrednotenje;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: [A. Urnaut Ropoša]
UDC: 339.7(043.2)
COBISS: 12388636 Link will open in a new window
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Other data

Secondary language: English
Secondary title: Financial funding of investment projects during the global financial crisis
Secondary abstract: Despite the initial denial following the 2007 real estate market crash in the United States and the collapse of the Lehman Brothers investment bank, most parts of the European financial markets were hit hard and suffered serious consequences. South Eastern countries were no exception, although the aftermath of the crash took longer to make itself evident in those areas. The country of Serbia, which barely recovered from the previous recession and was only just starting to enjoy the benefits of western capitalism, found itself in a new recession. Consequently, the banks suddenly stopped handing out loans and large financial systems found themselves in extreme difficulties, with future projects were being jeopardised. Many companies dealing with real estate project development along with investors, found themselves facing an enormous challenge in keeping their projects alive and further pursuing them. Most common ways of running projects through debt source funding and minimal personal financial involvement were no longer backed by the banks. Many of the projects about to be realised, grinded to a halt and were suddenly left unpursued, due to difficulties and the lack of financial backing. Not long before the crisis, large corporate retailers revamped their investment funding models and went from personal to long term renting. As the drop of consumer demand within the retail sector took longer to become evident and at the same time wasn't as harsh, the big retailers began pressuring investors and companies dealing with project development. All of that contributed to a development and design of the new models for funding investment/real estate projects, which we shall introduce in this dissertation. In the theoretical part we focus on international finances and the reasons behind the international flow of capital, through research we develop financial models in the period of global financial crisis. We determine new risk factors and monitor changes that occurred between the years 2009 and 2014 in the Serbian real estate retail market. The issue of our research addressed in this master's thesis is how and in what way to ensure sources of financial funding for international investment/real estate projects during the period of financial crisis in the Republic of Serbia, a member of the South Eastern European market. Our emphasis focused on commercial projects (stores, shopping centres). We began this research in 2010 and have since then been monitoring the economic environment in which these real estate projects are being developed. We concluded that following the financial crisis, which brought limited bank loan crediting along with their newly set requirements for any potential borrowers, a big funding deficit was created for financial funding of projects. This led to an increase in cooperation between investors dealing with money market funds, such as pension funds, real estate funds and other big real estate companies involved with real estate developments. This allowed the real estate companies to limit their demand for funding using debt sources, with their new models now based on advance funding, advance sale, or co-investment instead. For that reason, the development of projects in countries with underdeveloped retail sectors did not come to a halt, despite slowing down. It continued on and was remarkable when compared to the Western European markets. A big motivation for western developers was also the fairly high revenue, a result of high risks involved. It is the risk factor itself that in recent years got revolutionised in completely revamped. Investors choose against advanced funding or purchasing, if the risks are not brought to a minimum. This means they more often than not, demand a legal building permit and generally rented premises before even commencing with a project. The changes of financial funding models are forcing companies in concluding advance real estate contracts of sale, to be able to comme
Secondary keywords: international business finance;business investments;project investments;financing companies;investment projects;financial crisis;project management;risk assessment;investment decision making criteria;real estate funds;investment revenue.;
URN: URN:SI:UM:
Type (COBISS): Master's thesis
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: V, 112 str., 16 f. pril.
ID: 9133249