SHORT-TERM FINANCING AND ITS IMPLICATIONS ON SOLVENCY AND PROFITABILITY OF COMPANY

Svrha i ciljevi istraživanja jesu istražiti značajke kratkoročnog financiranja poduzeća, njegov utjecaj na solventnost i profitabilnost, istražiti odabir kratkoročnih izvora financiranja s aspekta troškova financiranja i dokazati važnost znanstveno utemeljenog upravljanja kratkoročnim izvorima financiranja. Poduzeće treba razmotriti troškove svih raspoloživih izvora financiranja i izvršiti odabir optimalne kombinacije kratkoročnih izvora financiranja s aspekta troškova financiranja prema stvarnoj kamatnoj stopi nakon oporezivanja. Pri odabiru kratkoročnih izvora financiranja financijski menadžer treba razmotriti troškove izvora financiranja, utjecaj kratkoročnog financiranja na solventnost i profitabilnost poduzeća i odabrati optimalnu kombinaciju kratkoročnih izvora financiranja s aspekta ekonomičnosti, solventnosti i profitabilnosti. Na temelju dobivenih rezultata istraživanja izrađen je model optimalnog kratkoročnog financiranja poduzeća koji omogućava odabir optimalne kombinacije kratkoročnih izvora financiranja s aspekta troškova financiranja, solventnosti i profitabilnosti.The purpose and aims of this paper are to explore short-term financing of companies, its impact on profitability and solvency, then to determine which sources of short-term financing to employ, based on the lowest cost criteria, and lastly, to prove the importance of scientifically-based management of short-term financing. The company should bear in mind the cost of available sources expressed as a comparable Effective Interest Rate After Tax (EIRAT) and decide on the optimal composition of the company\u27s short-term sources from a cost-effective point of view with regard to EIRAT. To determine what sources of short-term financing to employ, a firm should take into consideration the cost of the sources, the impact of short-term sources on solvency and profitability and decide on the optimal composition of the firm\u27s short-term liabilities from an economic, solvency and profitability aspect. On the basis of research results, a model of optimal short-term financing has been developed whereby a company can select the optimal composition of short-term sources from a cost-financing, solvency and profitability standpoint