SUSTAINABLE CAPITAL STRUCTURE OF SMALL ENTERPRISES IN TIMES OF CRISIS

Optimalna kapitalska struktura je kapitalska struktura, pri kateri je razmerje med lastniškim in dolžniškim kapitalom takšno, da minimizira strošek kapitala za podjetje in maksimira njegovo vrednost. Trendi kapitalske strukture slovenskih trgovcev kažejo da so omenjena podjetja bolj zadolžena od drugih dejavnosti v Sloveniji. V strukturi zadolženosti prevladujejo kratkoročni viri financiranja, kratkoročna sredstva financirajo z kratkoročnimi finančnimi viri, izrazito dolžniško financiranje pri dobaviteljih jim omogoča, da se izognejo finančnim obremenitvam in tveganjem. Plačilno sposobnost podjetjem zagotavljajo vsakodnevni maloprodajni pritoki denarnih sredstev. (AJPES, poslovna poročila trgovskih družb, 2014). Podjetje je bilo analizirano s pomočjo kazalnikov donosnosti, likvidnosti, financiranja in dnevi vezave. V Sloveniji imajo podjetja otežen dostop do zunanjega lastniškega kapitala, kadar potrebujejo zunanje financiranje, se poslužujejo predvsem dolgov, uporabo trgovinskih kreditov, kot nadomestilo bančnega posojila za izboljšanje svoje plačilne sposobnosti in znižanje stroškov finančnega vira. Dejavnost v podjetju določa potrebno premoženje, za trgovsko dejavnost je značilna prezadolženost (72 odstotna), zaradi krize in tveganj pa značilno kopičenje denarnih sredstev na računih, od leta 2008 zvišanje okoli 41 odstotkov. Rezultati so pokazali intenzivno odplačevanje bančnih obveznosti (v letu 2015 zmanjšanje za 16,3 odstotka) in upad prihodkov zaradi učinkov dolgotrajne krize, ki je porabo široke potrošnje močno oklestila. Analizirano podjetje ima nad povprečjem panoge vrednost kazalnika EBITDA marža in za leto 2015 znaša 4,71 odstotka, podjetju je uspelo zadržati več kot ostalim konkurentom. V podjetju dajejo premajhen poudarek na optimiziranju sredstev, z odprodaja nepotrebnih sredstev, bi zmanjšali potrebo po virih financiranja in izboljša kazalnik obračanja sredstev.The optimal capital structure is established when the ration between proprietorial and debt capital is such that it minimizes the costs of capital for the company and maximizes its value. The capital structure of Slovenian trading companies shows that the companies in question are more in debt that companies in other economic activities. The debt structure is in most cases constituted form shortterm financial sources and shortterm means are mostly financed through shortterm financial sources. The distinctive debt financing when it comes to suppliers enables the trading companies to avoid financial loads and risks. Quotidian retail trade influx of financial resources enables such companies to be solvent (AJPES, business reports 2014). The enterprise was analyzed through indicators of profitability, liquidity, financing and the days of tying. Companies in Slovenia have difficulties obtaining exterior proprietorial capital and therefore are using other sources, such as debts and trade credits, in order to improve their solvency and reduce the costs of their financial resources. The economic activity of the company determines the amount of needed funds and trading companies are usually insolvent. However, due to the financial crisis and different risks another characteristic of trading companies is accumulation of their money on bank accounts. Since 2008 the percentage of such activities has risen up to 41 percent. The results have shown an intense clearing of bank debts (in 2015 16.3 percent lower) and a decrease in income due to the effects of the financial crisis, which has severely reduced the consumption of consumer goods. The analyzed enterprise has an above average value of the EBITDA indicator for the year 2015, which is 4.71 percent and was capable of retain more than its competitors. The analyzed company does not put enough attention towards optimization of means and selling dispensable means would decrease the need for other financial resources and improved the indicator of asset turnover ratio