magistrsko delo
Povzetek
Poslovanje družbe oziroma podjetja je podvrženo raznovrstnim izzivom. Kadar so izzivi oziroma težave tako veliki, da sta ogrožena poslovanje in posledično obstoj družbe, pa je treba izbrati sistematični pristop k njihovemu reševanju. Ta proces imenujemo restrukturiranje. Gre za nabor ukrepov, ki bodo omogočili, da bo družba spet normalno poslovala in da se bodo odstranili vzroki, ki so povzročili insolventnost družbe.
Družba mora za normalno poslovanje in razvoj generirati zadostna likvidna sredstva že iz rednega poslovanja, ki morajo zadostovati za poplačilo vseh obveznosti ob njihovi zapadlosti. Družba mora ustvarjati pozitiven denarni tok. Prav tako mora nenehno skrbeti za kapitalsko ustreznost. Ob navedenem pa mora biti nenehno pozorna na zadolženost, saj praviloma težave v poslovanju in negativen rezultat spremljajo prezadolžene družbe.
Finančna analiza poslovanja je nujna za pregledno in v prihodnost usmerjeno poslovanje. Finančne kazalnike je treba spremljati in jih primerjati z zastavljenimi, saj lahko le tako dovolj zgodaj ugotovimo odstopanja in ustrezno ukrepamo. Pogosto uporabljeni so kazalniki uspešnosti poslovanja, kazalniki ugotavljanja finančne varnosti in kazalniki zadolženosti. Kadar s finančno analizo ugotovimo, da stanje precej odstopa od načrtovanega, moramo začeti z analizo stanja in pripravo ukrepov za restrukturiranje poslovanja.
Družba v težavah mora nemudoma začeti tako s finančnim kot poslovnim procesom restrukturiranja. Finančni proces zajema predvsem ureditev odnosov s finančnimi upniki (predvsem bankami). Čeprav sta oba procesa prepletena, pa mora družba v okviru poslovnega restrukturiranja dogovoriti odnose z dobavitelji (običajno takšna družba podaljšuje plačilne roke), prevetriti odnose s kupci, izvesti kadrovsko optimizacijo, pripraviti seznam poslovno nepotrebnega premoženja in ga začeti čim prej prodajati ipd. Navedeno pomeni, da mora znati odkriti vzroke neuspešnega poslovanja in začeti z drugačnim poslovnim modelom. Prav tako pa mora razmisliti, ali trenutno vodstvo, s katerim je družba zašla v težave, uživa dovolj zaupanja, da vodi družbo še naprej.
Insolventna zakonodaja predvideva več oblik finančnega restrukturiranja, od »običajne« do poenostavljene prisilne poravnave, primerne za mikro in male družbe, prisilne poravnave za srednje in velike družbe ter preventivnega prestrukturiranje (ki se ga uporabi v primeru, ko obstaja velika verjetnost, da bo družba šele zašla v težave).
Eden izmed ukrepov sanacije poslovanja je konverzija dolga v kapital. Izvede se pri družbah, ki so prezadolžene, običajno pa so tudi kapitalsko neustrezne. Z navedenim ukrepov se prezadolžena družba pomembno razdolži (zniža obseg obveznosti do upnikov), hkrati pa se navedene terjatve konvertirajo v kapital družbe, s čimer se družba kapitalsko sanira in predvidoma ponovno doseže kapitalsko ustreznost.
Pri hipotezi 1 smo preverjali, ali so ukrepi restrukturiranja skozi proces prisilne poravnave zagotovili izboljšanje kazalnikov uspešnosti poslovanja in ali bo prisilna poravnava zagotovila višje znesek poplačila. Prav tako smo preverjali, ali izvedba ukrepa konverzije terjatev v kapital v finančnem prestrukturiranju zagotavlja doseganje vzdržne zadolženosti prezadolžene družbe.
Ključne besede
gospodarske družbe;prisilna poravnava;restrukturiranje;finančno prestrukturiranje;insolventnost;konverzija dolga;konverzija terjatev;kapital;
Podatki
Jezik: |
Slovenski jezik |
Leto izida: |
2017 |
Tipologija: |
2.09 - Magistrsko delo |
Organizacija: |
UM EPF - Ekonomsko-poslovna fakulteta |
Založnik: |
[V. Draškovič] |
UDK: |
658.14:347.7(043.2) |
COBISS: |
12833052
|
Št. ogledov: |
1801 |
Št. prenosov: |
226 |
Ocena: |
0 (0 glasov) |
Metapodatki: |
|
Ostali podatki
Sekundarni jezik: |
Angleški jezik |
Sekundarni naslov: |
ǂThe ǂconversion of debt to equity as a successful financial restructuring measurement of indebted companies within the frameworks of compulsory settlement proceedings |
Sekundarni povzetek: |
The company has to generate sufficient liquid assets for normal operations and development, from already ordinary business, which should be sufficient for the payment of all obligations upon expiration. The company has to generate a positive cash flow. Likewise, it has to constantly be concerned with capital adequacy. It also has to constantly be cautious of indebtedness, since as a rule, difficulties in business and a negative result are accompanied by over-indebtedness of companies.
A financial analysis of business is essential for a transparent and forward-looking business. It is necessary to monitor financial indicators and compare them with set indicators, as this is the only way to establish deviations and take appropriate actions. Commonly used are performance indicators, indicators for financial security and debt indicators. When we establish that the condition significantly deviates from the planned one, by using the financial analysis, we need to begin with the analysis of the situation and the preparation of measures for business restructuring.
The company, experiencing difficulties, has to begin with the financial as well as business restructuring processes immediately. The financial process mostly encompasses the regulations with financial creditors (banks). Even though both processes are extremely intertwined, the company has to discuss the relations with suppliers within the framework of business restructuring (usually such a company extends payment deadlines), revise customer relations, optimize personnel, prepare a list of unnecessary assets and begin selling them as soon as possible. Above listed means, it has to know how to uncover the causes of unsuccessful business and begin with a different business model. It also needs to consider whether the leadership, with which the company experienced difficulties, enjoys enough credibility to continue leading the company.
Insolvency legislation predicts several forms of financial restructuring, from the "ordinary" forced settlement, to a simplified forced settlement (suitable for micro and small companies), a forced settlement for medium and large companies and preventive restructuring (which is used in the case of a high probability of a company beginning to experience difficulties).
One of the business restoration measures is the conversion of debt into capital. It is carried out within companies, which are over-indebted and usually also capital inadequate. With the listed measure, the over-indebted company importantly settles (reduces the scope of obligations to the creditors), at the same time, however, the listed claims are converted into the company's capital with which the company is financially rehabilitated and expectantly restores capital adequacy.
With the first hypothesis we analyzed whether the measures of restructuring through the process of forced settlement ensures the improvement of business performance indicators and if the forced settlement expectantly ensures a higher amount of repayment. The research shows that with the first company, which has been the subject of the analysis, all indicators improved, however, with the second company the set measures for restructuring did not show the expected improvements. In the case of both companies, however, the provided repayment by the means of forced settlement is higher than in the case of bankruptcy. The set hypothesis has not been confirmed, as particularly the mentioned measures did not improve the business of the two studied companies.
The conclusion states that the measures of forced settlement partly improved the business, and partly not. Nonetheless, the debt-to-equity conversion measures undoubtedly achieved the desired effect. |
Sekundarne ključne besede: |
Restructuring;forced settlement;debt-to-equity;insolvency;capital adequacy; |
URN: |
URN:SI:UM: |
Vrsta dela (COBISS): |
Magistrsko delo/naloga |
Komentar na gradivo: |
Univ. v Mariboru, Ekonomsko-poslovna fak. |
Strani: |
84 str. |
ID: |
10838005 |