Miroslav Todorović, Đorđe Kaličanin i Aleksandra Nojković
Danas je u upotrebi veliki broj akronima poput EBIT (poslovni dobitak pre kamate i poreza), EBITDA (poslovni dobitak pre kamate, poreza i amortizacije), ROIC (stopa prinosa na investirani kapital), NPV (neto sadašnja vrednost), EVA (dodata ekonomska vrednost), IRR (interna stopa prinosa), ROE (stopa prinosa na sopstveni kapital), ROA (stopa prinosa na ukupna sredstva) i drugi, koji označavaju različita merila performansi. U praksi, menadžeri ne mogu i ne žele da primenjuju sva moguća merila, a izbor merila ne počiva nužno na njihovim teorijskim prednostima i nedostacima. U cilju istraživanja prakse u Republici Srbiji anketirali smo fi nansijske menadžere 64 preduzeća. Značajno više se koriste merila zasnovana na diskontovanim novčanim tokovima, nego tradicionalna merila investicionog odlučivanja, i to najviše indeks rentabilnosti, praćen sa IRR i NPV. Period povraćaja se i dalje često koristi. Merila performansi preduzeća zasnovana na računovodstvenom dobitku i dalje su ubedljivo najzastupljenija. Ipak, prisustvo EVA i Balanced Scorecard (BSC) nije zanemarljivo, a velika preduzeća ih koriste značajno više od malih. Orijentacija ka tim merilima raste i sa stepenom internacionalizacije preduzeća. Na kraju, preduzeća koja koriste sofi sticirana merila investicionog odlučivanja sklonija su da istovremeno koriste i sofi sticirana merila performansi preduzeća.
Fang Ying1 and Zhao Wen-ping2
In recent years, the worsening of the quality of the air has urged more people to att ach great importance to circular economy. Shaanxi, abundant in natural resources, maintained the GDP growth rate of 14.9% during the period of the twelfth fi ve-year plan. However, the fast economic growth under the extensive traditional economic growth mode renders Shaanxi inadequate in resources supply and noticeably worse in ecological environment issues. With the method of the IPAT equation, this paper quantitatively analyzes the developmental stage and the developmental level of the circular economy of Shaanxi to cover the shortage of the previous studies having only been focused on the policy study and the practice mode. The result shows that Shaanxi is in the intermediate stage of circular economy and the advanced stage has an apparent advantage over the intermediate one by comparing their energy consumption and solid pollutant discharge. The development experience of Shaanxi, a typical province of China, has guidance and reference signifi cance to China and other developing countries.
Vladimir Mićić
U radu se analiziraju industrijalizacija i strukturne promene koje ona izaziva, a koje su glavni pokretači i nosioci održivog ekonomskog razvoja. Ukazuje se da je industrija Republike Srbije (RS) devastirana, usled nagle i prevremene tercijarizacije, kao i neadekvatnih reformi. Postojeća struktura privrede i industrije nisu u stanju da obezbede održiv ekonomski razvoj. Shodno tome, cilj istraživanja je da se ukaže na značaj sprovođenja ponovne industrijalizacije i strukturnih promena u RS. Polazeći od stava da je industrija pokretač i nosilac ekonomskog rasta i razvoja, u radu se ukazuje na to da je u RS neophodno sprovesti ponovnu industrijalizaciju i strukturne promene industrije, s obzirom na to da su nivo razvoja i konkurentnost industrije u korelaciji sa intenzitetom industrijalizacije. Rezultati istraživanja ukazuju na to da razvijenije industrijske zemlje imaju efi kasnije strukturne promene i propulzivniju proizvodnju, koja stvara veću dodatu vrednost. Pored nivoa industrijskog razvoja, to se odražava na dostignuti nivo konkurentnosti, obim i kvalitet izvoza.
Fan Xiufeng, Liu Bolong and Liu Qiong
This article is based on the years from 1991 to 2012 of the nine categories of the provincial pollutant discharge indexes of China, uses the „vertical and horizontal method“ to calculate the comprehensive indexes that can fully measure the provincial pollutant discharge situation of China, establishes a dynamic inter-provincial panel data regression model and makes an empirical test on the relationship among foreign direct investments, foreign trade and pollutant discharge these three factors. The results show that foreign direct investment and foreign trade in diff erent regions have a diff erent impact on pollutant discharge. Therefore, local governments should at all levels be based on local conditions to att ract foreign investment and develop foreign trade for the targeted optimization of the structure of introducing foreign investment and improving the quality of foreign trade growth, thus improving the overall situation of China’s pollutant discharge.
Fatih Burak Gümüş1 and Feyyaz Zeren2
The efficient market hypothesis is one of most important theories in finance and one of the most important research areas for both developed and developing stock markets. In this study, the random-walk hypothesis is tested for the main stock markets of the G-20 countries. The linearity of the series is determined in the first stage. In this context, 16 of 17 markets have a linear structure; therefore, the Fourier ADF unit root test that uses trigonometric functions in order to capture deviations greater than the average of the dependent variable and takes into account multiple structural breaks, is applied to these series. Furthermore, the Fourier KSS unit root test that has the same functions as the Fourier ADF unit root test is used for the Japanese stock market, being the only one market with a non-linear structure. As the result of these analyses, while the markets of the nine countries are observed as effective in the weak form, this hypothesis is not valid for the remaining eight countries. While the prediction of the future price of all of these nine markets will be impossible through a technical analysis, investors in the remaining eight markets can provide returns by carrying out the same analysis.
Mikica Drenovak i Vladimir Ranković
Upravljanje portfolijom hartija od vrednosti podrazumeva periodični rebalans portfolija, tj. promenu strukture portfolija sa ciljem prilagođavanja okolnostima na tržištu. Svrha rebalansa jeste da se poprave performanse portfolija prema zadatom kriterijumu. Cilj ovog istraživanja je testiranje dva nova pristupa rebalansu portfolija hartija od vrednosti, jednog zasnovanog na optimalnoj vrednosti tržišnog rizika, a drugog na optimalnom odnosu rizika i prinosa. Za inicijalnu alokaciju i rebalans u radu koristimo optimalnu volatilnost ili Sharpe-ov količnik. Kako bi ponuđena rešenja bila primenljiva u praksi, uvodimo okidače za rebalans i na taj način kontrolišemo obim rebalansa portfolija i, posredno, ukupne transakcione troškove. Rezultati ukazuju na to da je strategija periodične minimizacije volatilnosti portfolija odgovarajuća alternativa za investitore netolerantne na rizik jer, uz umereni obim i nisku dinamiku rebalansa, obezbeđuje portfolio sa boljim vrednostima rizika u poređenju sa referentnim S&P 100 tržišnim indeksom i 1/n portfolijom.
Jarosław Kaczmarek
The paper focuses on the phenomenon of a business failure and the assessment of the degree of the financial security of Polish companies, mainly industrial entities, during the period of the economic transformation (1990-2013), with special attention paid to the last economic crisis (2007-2013). With regard to the theoretical and cognitive aspects of the presented issues, attention is paid to corporate crises, the types of crises and their causes as well as the identification and quantification of the symptoms of deteriorating financial conditions. In its empirical dimension, the paper aims to measure the degree of the financial security of Polish industrial companies as well as the trends and dynamics of changes and the corresponding interdependencies. Additionally, the author presents the characteristics of industrial mezzo-structures from the perspective of their stability and the frequency of the movement of objects (changes to ranging positions). Finally, the paper confirms that the degree of financial security can be seen as a symptom of changes to macroeconomic business cycles.
Srđan M. Đinđić
U ovom radu valorizujemo efekte osnovnih instrumenata međunarodnog poreskog planiranja, koji se odnose na efekte odlaganja repatrijacije međunarodnog dohotka, efekte realokacije međunarodnog dohotka i efekte tekućih i perspektivnih reformskih tendencija u zemljama članicama Evropske unije (EU) na domete međunarodnog poreskog planiranja u Republici Srbiji (RS). Transnacionalna korporacija (TNK) može da, osmišljenim restrukturiranjem globalnih poslovnih transakcija, ostvari „ekstra” smanjenje efektivnog poreskog tereta, u komparaciji sa nivoom poreskog tereta koji je standardno predviđen u okviru oficijelno ustanovljene procedure međunarodnog oporezivanja (OECD). Sve dok postoje razlike u stopama poreza na dohodak korporacije između zemalja, postoji realan podsticaj za TNK da lociraju svoj dohodak u zemljama sa niskim porezima, a svoje troškove u zemljama sa visokim porezima. Aktuelne reformske tendencije u EU dvostrano utiču na domete poreskog planiranja u RS, u formi atraktiviziranja neporeskih instrumenata za unapređenje konkurentnosti privrede RS, i u formi prolongiranja međunarodnog pritiska na budžet RS.
Tran Quang Tuyen
This paper has reviewed recent empirical evidence on the link between nonfarm employment, land and rural livelihoods in the context of increasing a land loss to urbanization and industrialization in some developing countries and Vietnam. It was found that while land is of great importance to a number of countries, it seems to be less important to others. Land shortage can be a positive factor encouraging rural households’ participation in nonfarm activities and improving their welfare in countries in which non-farm job opportunities are available to a large part of the population. Nevertheless, this can negatively affect rural household livelihoods in countries lacking such nonfarm jobs. In Vietnam, nonfarm employment has gained increasing importance to rural livelihoods. In addition, in peri-urban areas where more and more farmland has been lost to rapid urbanization and industrialization, nonfarm employment was found to help households reduce their dependence on farmland and improve their welfare.
Jatinder P. Singh
This article provides an evaluation of translation accounting through a logical and deductive analysis of the concepts. The relationship between the inflation of constituent countries and the methods of translation is explored. It is established that only the Current Value (Purchasing Power Parity) (PPP) Method correctly reports the effects of the inflation of both countries. The Current Rate Method fails to correctly report the effect of the subsidiary country’s inflation and the temporal method does not correctly report the parent country’s inflation. The efficacy of FAS 52 (USA) and the functional currency concept is examined. Under FAS 52, the functional currency determines the method to be adopted for translation and hence the accounts of the subsidiary that are subject to an exchange rate risk. It is, however, argued that the exchange rate risk is related to violations of Purchasing Power Parity. The degree of such violations should, therefore, form the premise on which the functional currency and translation method should be selected.