TFL Vsebine / Revija Poslovodno računovodstvo

Avtor v svojem prispevku prikazuje, kako podjetja v realnem (nefinančnem) sektorju gospodarstva izvajajo svojo investicijsko dejavnost, predvsem kako investirajo v dolgoročna sredstva (v fizični kapital) tako v pogledu dinamike investiranja kot v pogledu financiranja investicij, pri čimer je poudarek na strateških investicijah. To je tudi osnovni namen raziskave. V teoretičnem delu avtor predstavi določene zakonitosti, ki veljajo na področju investicijske dejavnosti. Tako se ukvarja z vprašanjem intenzivnosti investiranja podjetij v času (dinamika investiranja) in z vprašanjem zagotavljanja potrebnih finančnih virov za izvedbo strateških investicij. Pri slednjem ga zanima vprašanje dostopa podjetij do dolgoročnih finančnih virov na finančnih oziroma kapitalskih trgih. V empiričnem delu prispevka, kjer avtor izbere vzorec slovenskih velikih in srednje velikih podjetij v gospodarskem (nefinančnem) sektorju, je prikazana investicijska dejavnost podjetij v času 2010 – 2017, to je po veliki finančni krizi in gospodarski recesiji. Avtor prikaže skozi prizmo različnih dejavnikov, kako le-ti vplivajo tako na investicijsko sposobnost v smislu izkoriščanja investicijskih priložnosti, financiranja investicij oziroma kreditne sposobnosti kot na samo izvedbo investicij glede na njihove investicijske načrte in ne nazadnje v smislu doseganja ekonomskih učinkov izvedenih investicij. Avtor postavi več raziskovalnih hipotez (9), ki jih s svojo raziskavo tudi v celoti potrdi.

In research the author shows how companies in the real (non-financial) sector of the economy carry out their investment activities, especially how they invest in long-term assets (in physical capital) both in terms of investment dynamics and in terms of investment financing, with an emphasis on strategic investments. This is also the basic purpose of his research. In the theoretical part of this paper, the author presents certain laws that apply in the field of investment activity. Thus, it deals with the issue of the intensity of investment by companies over time (dynamics of investment), and with the issue of providing the necessary financial resources for the implementation of strategic investments. In the latter, he is also interested in the issue of companies' access to long-term financial resources on the financial and capital markets. In the empirical part of the paper, where the author selects a sample of Slovenian large and medium-sized companies in the real (non-financial) sector of the economy, the investment activity of companies in the period 2010 - 2017 is shown, i.e. after the great financial crisis and economic recession. It is shown through the prism of various factors how they affect their investment ability in terms of exploiting investment opportunities, financing investments or their creditworthiness, the actual implementation of investments in relation to their investment plans and last but not least in terms of achieving the economic effects of the investments made. The author puts forward several research hypotheses (9), which he fully confirms with his research.