Upotreba finansijskih derivata u upravljanju finansijskim rizicima nefinansijskih kompanija u Srbiji
Sažetak
U ovom radu analiziramo rezultate istraživanja prakse upravljanja rizicima u privrednim društvima, naročito u svetlu korišćenja derivata u velikim srpskim nefinansijskim kompanijama. Glavni cilj ovog rada je da istraži da li kompanije u Srbiji koriste derivate u svrhe upravljanja rizicima i u kojoj meri, da ispita glavne razloge zašto srpske kompanije koriste derivatne instrumente, i da predloži moguća unapređenja njihove prakse upravljanja finansijskim rizicima. Pored toga, ispitivali smo ključne razloge zašto su finansijski derivati veoma korisni za srpske kompanije za zaštitu od finansijskih rizika. Takođe, u radu je dat komparativan pregled upotrebe derivata između srpskih kompanija i kompanija u Hrvatskoj i Sloveniji, kako bi se ispitalo da li kompanije u Srbiji koriste derivate u svrhe upravljanja rizicima u istoj meri kao i hrvatske i slovenačke kompanije. Rad sadrži nalaze i pruža dokaze da su devizni kurs i referentne kamatne stope (kao što su jednonedeljna–dvonedljna repo kamatna stopa, Beonia i Belibor) izrazito volatilni, što otvara široke mogućnosti za upotrebu finansijskih derivata, s obzirom na to da ti finansijski parametri utvrđuju cenu kreditnog aranžmana za kompanije i kvalitet uvoznih i izvoznih novčanih tokova.
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