Modeliranje osiguranja likvidnosti pomoću kreditnih linija

master's thesis

• Author: Ana Kovačić
• Mentor: Ilko Vrankić (mentor)
• Committee member: Ilko Vrankić (predsjednik povjerenstva)
• Committee member: Sonja Štimac (član povjerenstva)
• Committee member: Snježana Lubura Strunjak (član povjerenstva)
• Committee member: Željka Milin Šipuš (član povjerenstva)
• Granter: University of Zagreb; Faculty of Science; (Department of Mathematics); Zagreb
• Defense date and country: 2020-02-28, Croatia
• Scientific / art field, discipline and subdiscipline: NATURAL SCIENCES; Mathematics

Abstract

Održavanje i osiguravanje likvidnosti važan je aspekt u vođenju svakog uspješnog poslovanja. Kako bi određeno poduzeće bilo sposobno da pravovremeno podmiruje sve svoje financijske obveze po dospijeću, da svakodnevne aktivnosti izvršava bez financijskih teškoća i da neometano može planirati svoj budući rast i razvoj, nužno je da uspješno upravlja svojom likvidnošću. U ovom radu proučava se teorija korporativnog upravljanja likvidnošću putem kreditnih linija. Kreditne linije poduzeću omogućuju da koristi sredstva na zahtjev, odnosno onda kada i u kojoj mjeri su mu potrebna, a takva fleksibilnost uvelike doprinosi osiguranju likvidnosti poduzeća. Kreditne linije za banke su način na koji banka može pratiti i nadzirati osiguranje likvidnosti poduzeća. Nadgledanje banke a potom i rezultirajući opozivi kreditnih linija pomažu u kontroli poslovanja pogotovo kada poduzeće ima poticaje uložiti u projekte koji uvelike mogu ugroziti njegovu likvidnost. Teorija u radu pokazuje da će poduzeća s visokim rizikom likvidnosti vjerojatnije koristiti novčana sredstva umjesto kreditnih linija za upravljanje likvidnošću, jer se troškovi nadgledanog osiguranja likvidnosti povećavaju s rizikom likvidnosti. Također poduzeća s malim potrebama za osiguranjem od rizika vjerojatnije će koristiti kreditne linije u odnosu na novčana sredstva, a ta se poduzeća s manjom vjerojatnošću suočavaju s raznim ugovornim ograničenjima prilikom implementiranje kreditne linije, te zbog toga i s manjom vjerojatnošću opoziva od strane banke.

Abstract (english)

Maintaining and providing liquidity is an important aspect in running any successful business. In order for a company to be able to timely meet all of its financial obligations, to carry out its everyday activities without financial difficulties and to be able to plan its future growth and development undisturbedly, it is necessary for a company to successfully manage its liquidity. This paper examines the theory of corporate liquidity management through credit lines. Credit lines allow the company to use funds on demand, that is, when and to what extent they need it, and such flexibility greatly contributes to ensuring the liquidity of the company. Credit lines for banks are a way for a bank to monitor and control the liquidity of a business. Bank supervision and the resulting credit line revocations help in controlling the business, especially when the company has incentives to invest in projects that can greatly impair its liquidity. The theory in the paper shows that companies with high liquidity risk are more likely to use cash instead of credit lines to manage liquidity, as the cost of monitored liquidity insurance increase with liquidity risk. Also, companies with low hedging needs are more likely to use credit lines relative to cash, and these companies are less likely to face various contractual constraints when implementing a line of credit and therefore they are less likely to face revocations from the bank.

• Keywords: likvidnost; korporativno upravljanje; kreditne linije
• Keywords (english): liquidity; corporate liquidity management; credit lines
• Language: croatian
• URN:NBN: urn:nbn:hr:217:301912
• Study programme: Title: Finance and Business Mathematics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra matematike (magistar/magistra matematike)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access; Embargo expiration date: 2021-09-15
• Created on: 2020-09-15 10:57:11