TRŽIŠTE KAPITALA U FUNKCIJI FINANCIRANJA PODUZEĆA : završni rad

Izvori financiranja ključ su rasta poduzeća jer osiguravaju realizaciju investicija i projekata ključnih za razvoj. Izvori financiranja mogu biti unutarnji i vanjski. Unutarnji izvori jesu zadržana dobit i rezerve te dionički kapital. Vanjski izvori je dug koji se može dobiti kod banaka u vidu kredit ili kod dobavljača te na tržištu kapitala u vidu emisije obveznica Velika poduzeća imaju pristup tržištu kapitala stoga i više mogućnosti kod prikupljanja sredstava financiranja. Upravo to ograničava razvoj mnogim malim poduzećima. Stoga je Zagrebačka burza u suradnji s EBRD započela projekt otvaranja tržišta malim i srednjim poduzećima. Analiza poduzeća koja kotiraju na ZSE uočeno je da se ista uglavnom financiraju dugom i to s udjelom od 60% u strukturi izvora. Uočeno je da se poduzeća financiraju u razdoblju prosperiteta malo više dugom, dok se u razdoblju krize financiraju vlastitim sredstvima. Usprkos tome financiranje putem tržišta kapitala u nas nije dovoljno razvijeno zbog nedovoljnog povjerenja investitora što je narušila kriza. Poduzeća nisu sklona izdavanju obveznica također.Sources of funding are the key to the growth of the company by ensuring the implementation of investments and projects that are crucial for development. Sources of funding can be internal and external. Internal sources are retained gains, reserves and shareholders' equity. External sources is debt that can be obtained from banks in the form of a loan or the suppliers and through the capital market in the form of bond issues. Large companies have access to capital markets and therefore more opportunities in collecting funds. This is what limits the development of many small businesses. Therefore, the Zagreb Stock Exchange in cooperation with the EBRD launched the project of opening the market to SMEs. The analysis of the companies listed on the ZSE noted that the they have in their balance sheets a share of 60% of debt. It was noted that the companies financed in the period of prosperity a little more with debt, while in times of crisis fund its own funds. Nevertheless financing through the capital market in our country is underdeveloped due to a lack of confidence of investors for violating the crisis. Companies are not prone to issuing bonds