TFL Vsebine / Revija Poslovodno računovodstvo

Avtor v svojem prispevku obravnava problem kapitalske neustreznosti gospodarskih subjektov, ki je zaradi njihovega pretiranega preteklega zadolževanja postal rakava rana in jim preprečuje nadaljnjo rast. Avtor si postavlja preprosto vprašanje: kako se izvleči iz takega neugodnega ekonomskega položaja, ki je že marsikaterega blagovnega producenta privedel do brezizhodnosti? Avtor najprej s povsem teoretičnega vidika poskuša pojasniti pojem kapitalske neustreznosti oziroma jo z relevantnimi kazalniki ustrezno definirati, da bi lahko nato v tretjem delu s hipotetičnim primerom na delniški družbi X podkrepil svoje teoretične opredelitve. V drugem delu obravnava genezo nastanka kapitalske neustreznosti z orisom njenih posledic na tekoče in prihodnje poslovanje blagovnega producenta, v sklepnem delu pa razgrne in podrobneje predstavi mogoče ukrepe za izboljšanje njegove kapitalske strukture. Med njimi podrobneje obravnava rekapitalizacijo večjih blagovnih producentov, ki lahko zaradi svoje jasno opredeljene vizije, definirane strategije, perspektivnosti proizvodnih programov in svoje dobre umeščenosti na tržišču ter ne nazadnje zaradi uspešnega menedžmenta postanejo zanimiva tarča predvsem finančnih investitorjev. Avtor se pri tem osredini na problem vrednotenja podjetja, na določitev njegove vrednosti (enterprise value) in na izračun premije in pravice vpisa in dodelitve.

The author treats in his paper a problem of the capital inadequacy of the commodity producers which has become a real cancer wound owing to their excessive borrowing in the past. The author of this paper poses himself a simple question: how can a commodity producer drag himself out of this unpleasant economic situation, which has already pushed a lot of commodity producers into a cleft stick? The author of this paper tries, firstly, to clarify from a fully theoretical perspective a notion of capital inadequacy, and to define it properly with the relevant financial ratios, as he can later in the third part support his theoretical thesis with a hypothetical case of the stock company X. In the second part of the paper, the author deals with the genesis of the occurrence of capital inadequacy with description of its consequences and impact on current and future business operations of a commodity producer. In the last part of his paper, the author lays open and represents more in detail a set of possible measures for improving its capital structure. Among these measures he pays special attention to the recapitalization of bigger commodity producers who can become an interesting target mainly for the financial investors for the sake of their clearly defined vision, strategy, perceptiveness of their products and because of their good market position, and last not least owing to their successful management. The author focuses on the problems how to determine the enterprise value, how to calculate a share premium and a subscription right.