ЕКОНОМСКИ ЕФЕКТИ ЗАШТИТЕ ПРАВА КРЕДИТОРА
Ključne reči:
кредитори, заштита права кредитора, дужници, колатерал, ковенанте, валутна клаузула, осигурање кредитног потраживања
Sažetak
Спремност кредитора да задовоље кредитну тражњу становништва и привреде под обострано прихватљивим условима директно зависи од степена правне заштите коју кредитори уживају. У овом раду бавимо се питањем заштите права кредитора и инструментима који се за ту сврху користе. Циљ рада је да се сагледају економски ефекти који настају као последица примене инструмената заштите права кредитора, а који утичу како на финансијски положај кредитора, тако и на финансијски положај дужника, и стабилност и ефикасност финансијског и привредног система у целини. Резултати истраживања показују да постојање адекватног нивоа заштите права кредитора има снажан позитиван утицај на величину и активност кредитног тржишта, да примена различитих инструмената заштите права кредитора може изазвати како позитивне, тако и негативне ефекте по саме кредиторе, и да претерано висок ниво заштите кредитора може значајно погоршати положај дужника, а последично, у дугом року, и положај самих кредитора.
Reference
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Allen, L., Gottesman, A., Saunders, A., Tang, Y. (2012). The role of banks in dividend policy. Financial Management. 41 (3). 591-613.
Arping, S. (2014). Credit protection and lending relationships. Journal of Financial Stability. 10. 7-19.
Bebczuk, N. R. (2003). Asymmetric information in financial markets: introduction and applications. Cambridge, UK: Cambridge University Press.
Begović, B., Ilić, N. (2017). Poreklo zablude o svrsi valutne klauzule. Anali Pravnog fakulteta u Beogradu. 65 (2). 26-42.
Беговић, Б. (2016). Валутна клаузула: сврха, дилеме и могући исходи. Право и привреда. 54 (10-12). 24-53.
Beneish, M. D., Press, E. (1993). Costs of technical violation of accounting-based debt covenants. Accounting Review. 68. 233-257.
Benmelech, E., Bergman, N. K. (2009). Collateral pricing. Journal of financial Economics. 91 (3). 339-360.
Berger, A. N., Udell, G. F. (1990). Collateral, loan quality and bank risk. Journal of Monetary Economics. 25 (1). 21-42.
Bharath, S. T., Dahiya, S., Saunders, A., Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies. 24 (4). 1141-1203.
Bharath, S., Dahiya, S., Saunders, A., Srinivasan, A. (2007). So what do I get? The bank's view of lending relationships. Journal of Financial Economics. 85 (2). 368-419.
Binks, M. R., Ennew, C. T. (1996). Growing firms and the credit constraint. Small Business Economics. 8 (1). 17-25.
Brockman, P., Unlu, E. (2009). Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics. 92 (2). 276-299.
Cen, L., Dasgupta, S., Elkamhi, R., Pungaliya, R. S. (2016). Reputation and loan contract terms: The role of principal customers. Review of Finance. 20 (2). 501-533.
Chava, S., Livdan, D., Purnanandam, A. (2009). Do shareholder rights affect the cost of bank loans?. The Review of Financial Studies. 22 (8). 2973-3004.
Chava, S., Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance. 63 (5). 2085-2121.
Chen, Y. (2006). Collateral, loan guarantees, and the lenders’ incentives to resolve financial distress. The Quarterly Review of Economics and Finance. 46 (1). 1-15.
Christensen, H. B., Nikolaev, V. V. (2012). Capital versus performance covenants in debt contracts. Journal of Accounting Research. 50 (1). 75-116.
Clipici, E. V. (2013). Credit insurance during the financial crisis. SEA–Practical Application of Science. 1 (1). 38-45.
Coco, G. (2000). On the use of collateral. Journal of Economic Surveys. 14 (2). 191-214.
Coleman, A. D., Sharpe, I. G., Esho, N. (2002). Do bank characteristics influence loan contract terms? Australian Prudential Regulation AuthorityWorking Paper 2002-01.
Ćirović, M. (2007). Bankarstvo. Beograd: Naučno društvo Srbije.
DellʼAriccia, G., Friedman, E., Marquez, R. (1999). Adverse selection as a barrier to entry in the banking industry. The RAND Journal of Economics. 30 (3). 515-534.
Demerjian, P. R. (2017). Uncertainty and debt covenants. Review of Accounting Studies. 22 (3). 1156-1197.
Demerjian, P. R. (2007). Financial Ratios and Credit Risk: The Selection of Financial Ratio Covenants in Debt Contracts. AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Paper, https://ssrn.com/abstract=929907
Demiroglu, C., James, C. M. (2010). The information content of bank loan covenants. The Review of Financial Studies. 23 (10). 3700-3737.
Djankov, S., McLiesh, C., Shleifer, A. (2007). Private credit in 129 countries. Journal of financial Economics. 84 (2). 299-329.
Domazet, I., Vuković, V. (2015). Kreditno tržište Srbije: posustajanje ili kolaps. Poslovna ekonomija: časopis za poslovnu ekonomiju, preduzetništvo i finansije. 9 (1). 159-176.
Дудаш, А. И. (2016). Допуштеност једностраног повећања камате у уговорима о кредиту у праву Србије. Зборник радова Правног факултета у Новом Саду. 50 (2). 549–567.
Falato, A., Liang, N. (2016). Do creditor rights increase employment risk? Evidence from loan covenants. The Journal of Finance. 71 (6). 2545-2590.
Fan, H., Sundaresan, S. M. (2000). Debt valuation, renegotiation, and optimal dividend policy. The Review of Financial Studies. 13 (4). 1057-1099.
Galindo, A. J., Micco, A. (2007а). Creditor protection and credit response to shocks. The World Bank Economic Review. 21 (3). 413-438.
Galindo, A. J., Micco, A. (2007b). Bank Credit to small and medium Sized Enterprises: the role of creditor protection. https://ssrn.com/abstract=669583
Galindo, A. J. (2001). Creditor rights and the credit market: where do we stand? https://ssrn.com/abstract=1817246
Gorton, G., Ordonez, G. (2014). Collateral crises. American Economic Review. 104 (2). 343-378.
Graham, J. R., Li, S., Qiu, J. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics. 89 (1). 44-61.
Harvey, C. R., Lins, K. V., Roper, A. H. (2004). The effect of capital structure when expected agency costs are extreme. Journal of Financial Economics. 74 (1). 3-30.
Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial management. 31 (2). 33-45.
Хибер, Д., Живковић, М. (2015). Заштита корисника кредита од једностране измене висине уговорене камате. Зборник радова Правног факултета у Нишу. 54 (70). 573-586.
Homer, S., Sylla, R. E. (2005). A History of Interest Rates. Fourth edition. Hoboken, New Jersey: John Wiley & Sons, Inc.
Jimenez, G., Salas, V., Saurina, J. (2006). Determinants of collateral. Journal of financial economics. 81 (2). 255-281.
Jensen, G. R., Solberg, D. P., Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative analysis. 27 (2). 247-263.
Jensen, Michael C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review. 76 (2). 323-329.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., Vishny, R. W. (1997). Legal determinants of external finance. The Journal Of Finance. 52 (3). 1131-1150.
Лазић, M. (2016). Заштита потрошача у кредитном односу. Зборник радова Правног факултета у Нишу. 55 (74). 53-70.
Лекпек, А. (2016). Ризични капитал и препреке за његово улагање. Економски погледи. 18 (4). 37-51.
Levine, C. B., Hughes, J. S. (2005). Management compensation and earnings-based covenants as signaling devices in credit markets. Journal of Corporate Finance. 11 (5). 832-850.
Lin, C., Ma, Y., Malatesta, P., Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics. 100 (1). 1-23.
Marković-Bajalović, D. (2020). Još jednom o kreditima indeksiranim u švajcarskim francima. Pravo i privreda. 58 (1). 64-113.
Murfin, J. (2012). The supply‐side determinants of loan contract strictness. The Journal of Finance. 67 (5). 1565-1601.
Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of accounting research. 48 (1). 137-176.
Padilla, J., Requejo, A. (2000). The Cost and Benefits of the Strict Protection of Creditor Rights: Theory and Evidence. https://ssrn.com/abstract=1814659
Passalacqua, L. (2006). A pricing model for credit insurance. Giornale dell’Istituto Italiano degli Attuari. 69 (4). 87-123.
Pecchenino, R. A. (1988). The loan contract: mechanism of financial control. The Economic Journal. 98 (389). 126-137.
Petrović-Tomić, N. (2017). Ugovor o osiguranju sposobnosti vraćanja kredita. Anali Pravnog fakulteta u Beogradu. 65 (2). 91-112.
Попов, Ђ. (2012). Утицај валутне клаузуле и девизног курса на стање привреде Србије. Зборник радова Правног факултета у Новом Саду. 46 (3). 19-37.
Radović, M. (2021). Punovažnost valutne klauzule nakon stupanja na snagu Zakona o konverziji. Anali Pravnog fakulteta u Beogradu. 69 (1). 179-192.
Radović, V., Tesić, N. (2015). On creditor's supplemental rights. Anali Pravnog fakulteta u Beogradu. 63 (3). 141-169.
Rajan, R., Winton, A. (1995). Covenants and collateral as incentives to monitor. The Journal of Finance. 50 (4). 1113-1146.
Rampini, A. A., Viswanathan, S. (2013). Collateral and capital structure. Journal of Financial Economics. 109 (2). 466-492.
Roberts, M. R., Sufi, A. (2009). Control rights and capital structure: An empirical investigation. The Journal of Finance. 64 (4). 1657-1695.
Rose, P. S., Hudgins, S. C. (2005). Bankarski menadžment i finansijske usluge. Beograd: Data status.
Slawson, W. D. (1971). Standard form contracts and democratic control of lawmaking power. Harvard law review. 84 (3). 529-566.
Слијепчевић, Д. (2016). Примена валутне клаузуле и променљиве каматне стопе у уговору о кредиту. Привредни саветник. 16.
Soumaré, I. (2010). Credit insurance and investment: A contingent claims analysis approach. International Review of Financial Analysis. 19 (2). 98-107.
Stiglitz, J. E., Weiss, A. (1981). Credit rationing in markets with imperfect information. The American economic review. 71 (3). 393-410.
Strahan, P. E. (1999). Borrower risk and the price and nonprice terms of bank loans. FRB of New York Staff Report No. 90. https://ssrn.com/abstract=192769
Sweeney, A. P. (1994). Debt-covenant violations and managers' accounting responses. Journal of accounting and Economics. 17 (3). 281-308.
Šoškić, D. (2020). Valutna klauzula: ekonomsko-finansijske posledice. Revija Kopaoničke škole prirodnog prava. 2 (1). 69-81.
Qian, J., Strahan, P. E. (2007). How laws and institutions shape financial contracts: The case of bank loans. The Journal of Finance. 62 (6). 2803-2834.
Васиљевић, З. (2015). Права и обавезе из уговора о кредиту. Правни факултет Универзитета у Бањој Луци.
Whitehead, C. K. (2008). The evolution of debt: Covenants, the credit market, and corporate governance. Journal of Corporation Law. 34 (3). 641-677.
Закон о девизном пословању. Службени гласник РС. Бр. 62/2006, 31/2011, 119/2012, 139/2014 и 30/2018.
Allen, L., Gottesman, A., Saunders, A., Tang, Y. (2012). The role of banks in dividend policy. Financial Management. 41 (3). 591-613.
Arping, S. (2014). Credit protection and lending relationships. Journal of Financial Stability. 10. 7-19.
Bebczuk, N. R. (2003). Asymmetric information in financial markets: introduction and applications. Cambridge, UK: Cambridge University Press.
Begović, B., Ilić, N. (2017). Poreklo zablude o svrsi valutne klauzule. Anali Pravnog fakulteta u Beogradu. 65 (2). 26-42.
Беговић, Б. (2016). Валутна клаузула: сврха, дилеме и могући исходи. Право и привреда. 54 (10-12). 24-53.
Beneish, M. D., Press, E. (1993). Costs of technical violation of accounting-based debt covenants. Accounting Review. 68. 233-257.
Benmelech, E., Bergman, N. K. (2009). Collateral pricing. Journal of financial Economics. 91 (3). 339-360.
Berger, A. N., Udell, G. F. (1990). Collateral, loan quality and bank risk. Journal of Monetary Economics. 25 (1). 21-42.
Bharath, S. T., Dahiya, S., Saunders, A., Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies. 24 (4). 1141-1203.
Bharath, S., Dahiya, S., Saunders, A., Srinivasan, A. (2007). So what do I get? The bank's view of lending relationships. Journal of Financial Economics. 85 (2). 368-419.
Binks, M. R., Ennew, C. T. (1996). Growing firms and the credit constraint. Small Business Economics. 8 (1). 17-25.
Brockman, P., Unlu, E. (2009). Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics. 92 (2). 276-299.
Cen, L., Dasgupta, S., Elkamhi, R., Pungaliya, R. S. (2016). Reputation and loan contract terms: The role of principal customers. Review of Finance. 20 (2). 501-533.
Chava, S., Livdan, D., Purnanandam, A. (2009). Do shareholder rights affect the cost of bank loans?. The Review of Financial Studies. 22 (8). 2973-3004.
Chava, S., Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance. 63 (5). 2085-2121.
Chen, Y. (2006). Collateral, loan guarantees, and the lenders’ incentives to resolve financial distress. The Quarterly Review of Economics and Finance. 46 (1). 1-15.
Christensen, H. B., Nikolaev, V. V. (2012). Capital versus performance covenants in debt contracts. Journal of Accounting Research. 50 (1). 75-116.
Clipici, E. V. (2013). Credit insurance during the financial crisis. SEA–Practical Application of Science. 1 (1). 38-45.
Coco, G. (2000). On the use of collateral. Journal of Economic Surveys. 14 (2). 191-214.
Coleman, A. D., Sharpe, I. G., Esho, N. (2002). Do bank characteristics influence loan contract terms? Australian Prudential Regulation AuthorityWorking Paper 2002-01.
Ćirović, M. (2007). Bankarstvo. Beograd: Naučno društvo Srbije.
DellʼAriccia, G., Friedman, E., Marquez, R. (1999). Adverse selection as a barrier to entry in the banking industry. The RAND Journal of Economics. 30 (3). 515-534.
Demerjian, P. R. (2017). Uncertainty and debt covenants. Review of Accounting Studies. 22 (3). 1156-1197.
Demerjian, P. R. (2007). Financial Ratios and Credit Risk: The Selection of Financial Ratio Covenants in Debt Contracts. AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Paper, https://ssrn.com/abstract=929907
Demiroglu, C., James, C. M. (2010). The information content of bank loan covenants. The Review of Financial Studies. 23 (10). 3700-3737.
Djankov, S., McLiesh, C., Shleifer, A. (2007). Private credit in 129 countries. Journal of financial Economics. 84 (2). 299-329.
Domazet, I., Vuković, V. (2015). Kreditno tržište Srbije: posustajanje ili kolaps. Poslovna ekonomija: časopis za poslovnu ekonomiju, preduzetništvo i finansije. 9 (1). 159-176.
Дудаш, А. И. (2016). Допуштеност једностраног повећања камате у уговорима о кредиту у праву Србије. Зборник радова Правног факултета у Новом Саду. 50 (2). 549–567.
Falato, A., Liang, N. (2016). Do creditor rights increase employment risk? Evidence from loan covenants. The Journal of Finance. 71 (6). 2545-2590.
Fan, H., Sundaresan, S. M. (2000). Debt valuation, renegotiation, and optimal dividend policy. The Review of Financial Studies. 13 (4). 1057-1099.
Galindo, A. J., Micco, A. (2007а). Creditor protection and credit response to shocks. The World Bank Economic Review. 21 (3). 413-438.
Galindo, A. J., Micco, A. (2007b). Bank Credit to small and medium Sized Enterprises: the role of creditor protection. https://ssrn.com/abstract=669583
Galindo, A. J. (2001). Creditor rights and the credit market: where do we stand? https://ssrn.com/abstract=1817246
Gorton, G., Ordonez, G. (2014). Collateral crises. American Economic Review. 104 (2). 343-378.
Graham, J. R., Li, S., Qiu, J. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics. 89 (1). 44-61.
Harvey, C. R., Lins, K. V., Roper, A. H. (2004). The effect of capital structure when expected agency costs are extreme. Journal of Financial Economics. 74 (1). 3-30.
Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial management. 31 (2). 33-45.
Хибер, Д., Живковић, М. (2015). Заштита корисника кредита од једностране измене висине уговорене камате. Зборник радова Правног факултета у Нишу. 54 (70). 573-586.
Homer, S., Sylla, R. E. (2005). A History of Interest Rates. Fourth edition. Hoboken, New Jersey: John Wiley & Sons, Inc.
Jimenez, G., Salas, V., Saurina, J. (2006). Determinants of collateral. Journal of financial economics. 81 (2). 255-281.
Jensen, G. R., Solberg, D. P., Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative analysis. 27 (2). 247-263.
Jensen, Michael C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review. 76 (2). 323-329.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., Vishny, R. W. (1997). Legal determinants of external finance. The Journal Of Finance. 52 (3). 1131-1150.
Лазић, M. (2016). Заштита потрошача у кредитном односу. Зборник радова Правног факултета у Нишу. 55 (74). 53-70.
Лекпек, А. (2016). Ризични капитал и препреке за његово улагање. Економски погледи. 18 (4). 37-51.
Levine, C. B., Hughes, J. S. (2005). Management compensation and earnings-based covenants as signaling devices in credit markets. Journal of Corporate Finance. 11 (5). 832-850.
Lin, C., Ma, Y., Malatesta, P., Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics. 100 (1). 1-23.
Marković-Bajalović, D. (2020). Još jednom o kreditima indeksiranim u švajcarskim francima. Pravo i privreda. 58 (1). 64-113.
Murfin, J. (2012). The supply‐side determinants of loan contract strictness. The Journal of Finance. 67 (5). 1565-1601.
Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of accounting research. 48 (1). 137-176.
Padilla, J., Requejo, A. (2000). The Cost and Benefits of the Strict Protection of Creditor Rights: Theory and Evidence. https://ssrn.com/abstract=1814659
Passalacqua, L. (2006). A pricing model for credit insurance. Giornale dell’Istituto Italiano degli Attuari. 69 (4). 87-123.
Pecchenino, R. A. (1988). The loan contract: mechanism of financial control. The Economic Journal. 98 (389). 126-137.
Petrović-Tomić, N. (2017). Ugovor o osiguranju sposobnosti vraćanja kredita. Anali Pravnog fakulteta u Beogradu. 65 (2). 91-112.
Попов, Ђ. (2012). Утицај валутне клаузуле и девизног курса на стање привреде Србије. Зборник радова Правног факултета у Новом Саду. 46 (3). 19-37.
Radović, M. (2021). Punovažnost valutne klauzule nakon stupanja na snagu Zakona o konverziji. Anali Pravnog fakulteta u Beogradu. 69 (1). 179-192.
Radović, V., Tesić, N. (2015). On creditor's supplemental rights. Anali Pravnog fakulteta u Beogradu. 63 (3). 141-169.
Rajan, R., Winton, A. (1995). Covenants and collateral as incentives to monitor. The Journal of Finance. 50 (4). 1113-1146.
Rampini, A. A., Viswanathan, S. (2013). Collateral and capital structure. Journal of Financial Economics. 109 (2). 466-492.
Roberts, M. R., Sufi, A. (2009). Control rights and capital structure: An empirical investigation. The Journal of Finance. 64 (4). 1657-1695.
Rose, P. S., Hudgins, S. C. (2005). Bankarski menadžment i finansijske usluge. Beograd: Data status.
Slawson, W. D. (1971). Standard form contracts and democratic control of lawmaking power. Harvard law review. 84 (3). 529-566.
Слијепчевић, Д. (2016). Примена валутне клаузуле и променљиве каматне стопе у уговору о кредиту. Привредни саветник. 16.
Soumaré, I. (2010). Credit insurance and investment: A contingent claims analysis approach. International Review of Financial Analysis. 19 (2). 98-107.
Stiglitz, J. E., Weiss, A. (1981). Credit rationing in markets with imperfect information. The American economic review. 71 (3). 393-410.
Strahan, P. E. (1999). Borrower risk and the price and nonprice terms of bank loans. FRB of New York Staff Report No. 90. https://ssrn.com/abstract=192769
Sweeney, A. P. (1994). Debt-covenant violations and managers' accounting responses. Journal of accounting and Economics. 17 (3). 281-308.
Šoškić, D. (2020). Valutna klauzula: ekonomsko-finansijske posledice. Revija Kopaoničke škole prirodnog prava. 2 (1). 69-81.
Qian, J., Strahan, P. E. (2007). How laws and institutions shape financial contracts: The case of bank loans. The Journal of Finance. 62 (6). 2803-2834.
Васиљевић, З. (2015). Права и обавезе из уговора о кредиту. Правни факултет Универзитета у Бањој Луци.
Whitehead, C. K. (2008). The evolution of debt: Covenants, the credit market, and corporate governance. Journal of Corporation Law. 34 (3). 641-677.
Закон о девизном пословању. Службени гласник РС. Бр. 62/2006, 31/2011, 119/2012, 139/2014 и 30/2018.
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2021/10/28
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