Kako finančno zdravje podjetja vpliva na njegovo uspešnost poslovanja

V pravkar objavljenem članku, ki sicer temelji na raziskavi za EBRD iz leta 2014 za vsa slovenska podjetja v obdobju pred in med zadnjo krizo, ugotavljam, da je finančno zdravje podjetja ključno za njegovo uspešnost. Medtem ko je presežna zadolženost manj pomembna v dobrih časih (pred krizo), pa postane pomemben zaviralni dejavnik v slabih časih. V času krize banke – ob sicer isti stopnji zadolženosti – zaostrijo kreditne standarde in so manj voljne refinancirati kredite, kar zadolženost podjetja še poslabša in ga omeji pri kratkoročnem poslovanju in naložbah. To ima seveda negativen vpliv na rast produktivnosti, izvoz, zaposlenost in investicije. Majhna in srednja podjetja so še posebej ranljiva.

This article studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4, accounting for almost 80% of total outstanding debt. Moreover, a good quarter of all firms experience debt-to-EBITDA ratios exceeding 10 and hold almost half of total aggregate net debt. We then examine how this financial distress affects firm performance in terms of productivity, employment, exports, investment and survival. We find that, while less important during the good times (pre-recession period), lack of firms’ financial soundness during the period of financial distress becomes a critical factor constraining firm performance. The extent of financial leverage and ability to service the outstanding debt are shown to inhibit firms’ productivity growth as well as the dynamics of exports, employment and investment. Micro and small firms are found to suffer relatively more than larger firms from high leverage in terms of export and employment performance during the recession period.

Celoten članek je dostopen v Post – Communist Economies (objava marec 2018); WP verzija.

Ta članek je sicer šele uvod, v drugi raziskavi za EBRD leta 2016 smo preučevali še širši aspekt vpliva zadolženosti podjetij na njihovo poslovanje. In sicer smo za podjetja v vzhodni in jugovzhodni Evropi ugotavljali, kakšne učinke ima lastna zadolženost ter spillover učinki najbolj zadolženih podjetij med njihovimi kupci in dobavitelji. Ugotovili smo, da po začetku krize na zadolžena podjetja vpliva tako njihov lasten presežni dolg kot presežni dolg 100 ali 300 največjih kupcev in dobaviteljev v njihovi panogi. Iz tega sledi, da je hitra razrešitev največjih dolžnikov ključnega pomena za okrevanje v celotni panogi oziroma gospodarstvu.

Private growth and investment in most of central, eastern and south-eastern Europe (CESEE) is still hampered by persistent financial distress in the corporate sector, resulting from the excessive debt taken on before the 2008 crisis. This paper looks at how this excess leverage affects firm performance in these countries. Apart from the negative impact of a firm’s own financial distress on employment and investment, we find that the most indebted companies negatively affect other firms too, and that these effects worsen during the financial crisis and are more severe for small and medium-sized firms. Therefore, resolving the issue of corporate non-performing loans can have far more widespread benefits than previously believed, with SMEs as the main beneficiaries.

Celoten članek je dostopen kot EBRD Working paper (avgust 2016)

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