Veronika Bučková, Svend Reuse - CREDIT RISK RESULTING FROM BANK GUARANTEES – DEVELOPMENT OF A RISK ADJUSTED PRICING (Úverové riziko z bankových záruk – vývoj oceňovania podľa rizika)
Abstract/Abstrakt: This paper focuses on the credit risk of bank guarantees from the perspective of banks. Bank guarantees represent a specific type of credit instruments. Issuance of a bank guarantee means a potential asset for a bank. So, the bank guarantees are treated as an off-balance sheet transaction. After the agreed event occurs, the potential receivable becomes a real receivable – a balance sheet asset. As the bank guarantee is a credit instrument, it is joined with a credit risk. The bank faces the risk that the customer will not meet his obligations (default). This fact can lead to negative impact to banking business and so it is important to pay sufficient attention to this risk and implement an effective risk management. The level of the credit risk is determined by the quality of the customer’s business or the bonity of the customer. The goal of the paper is to calculate the credit risk of bank guarantees given by the banks. The calculation is based on the classical spread analysis (as done in [8] pp. 17) and the migration matrix of S&P. The first part of the paper contains the definition of the bank guarantees and their characteristic features. The next part is devoted to the credit risk resulting from bank guarantees. There is stated a basic formula of the risk premium and the method for calculation of the costs of guarantee. After that, the calculation of the credit risk is done. A final conclusion sums up the main results of the article.
Keywords: Bank guarantee, credit risk, risk premium, risk adjusted pricing, spread
JEL : G 21, G 24, G 32
str./p. 309-314
Rudolf Sivák, Kristína Jančovičová Bognárová - PRISPEVOK UKAZOVATEĽA EVA MOMENTUM K MERANIU FINANČNEJ VYKONNOSTI PODNIKOV (Contribution of Metric EVA Momentum to Financial Performance Measurement of Companies)
Abstract/Abstrakt: Stewart, G. B., a principal creator of the EVA (economic value added) framework for performance measurement and business valuation has introduced a new performance metric that represents a true innovation in financial management and analysis and takes EVA a step further. The metric is called EVA Momentum and it is the ratio of the change in a company’s economic profit in one period to its sales in the prior period. Yet, this simple concept is remarkably powerful. For one thing, it is the only financial ratio for which a higher value is always better than a lower one. That cannot be said about any other performance ratios, including return on assets, return on equity, or even earnings per share. The focus of the paper is on introducing this new financial metric and describing its main attributes and decontraction. The aim of the authors is also the practical application of EVA Momentum in the process of financial performance measurement of a selected company.
Keywords: EVA Momentum, performance measurement, early warning system, decontraction of EVA Momentum, EVA margin, profitable growth, market implied value
JEL: G 32, G 3
str./p. 315-323
Katarína Belanová - „FINANCIAL GAP“ IN SMALL AND MEDIUM-SIZED ENTERPRISES FINANCE (Podkapitalizácia v malých a stredne veľkých podnikoch)
Abstract/Abstrakt: Small and medium-sized enterprises (SMEs) are the backbone of all economies, as well as a key source of economic growth, dynamism and flexibility in advanced industrialised countries, emerging and developing economies. SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country. They are responsible for between 60 – 70 % net job creation in OECD countries. Small businesses are particularly important for bringing innovative products or techniques to the market. Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities. Due to the fact that a substantial portion of the SME sector neither has sufficient collateral required for collateral based lending, nor high enough returns to justify the risks taken by venture capitalists, these enterprises cannot obtain finance from the formal financial system, which leads to the SME financial gap. The paper deals with the reasons of the SME financial gap, its differences among the countries, discusses if it is possible to measure it and provides the proposals how to overcome it.
Keywords: financial gap, SME, collateral based lending, venture capital
JEL : G 32
str./p. 324-333
Elena Vasilievna Ponomarenko - CRISIS LESSONS: THE REVIEW OF RUSSIAN AND INTERNATIONAL EXPERIENCE (Poučenie z krízy: prehľad ruských a medzinárodných skúseností)
Abstract/Abstrakt: In this article the author provides the analytical review of the governments’ measures for overcoming the consequences of the world financial and economic crisis with describing some successful and inefficient economic tools of monetary and fiscal policy, which were used for supporting financial and real sectors in the developed economies and Russia. The contemporary economic theory – economics of the public sector, institutional economy – gives a new impulse for studying the increasing role of the government in the modern world and the strengthening of positive effects of its interaction with market structures, taking into consideration the process of economic recovery from the world financial crisis. Issues on the optimum and efficient government, scales of its economic activity, effective institutes are not only becoming the subject of sharp scientific discussions, but mainly indicate the practical needs for estimating the existing tools and institutes and working out of new ones on the national and international levels.
Keywords: socio-economic crisis, government policy, economics of public sector, institutional economics
JEL: P 16, P 35
str./p. 334-345
Alena Kucková - REACTION OF SLOVAK AND CZECH PUBLIC TO THE PROPOSED FINANCIAL STATEMENTS PRESENTATION MODEL (Reakcia slovenskej a českej verejnosti na navrhovaný model prezentácie účtovnej závierky)
Abstract/Abstrakt: The IASB and FASB are currently working on a joint project about financial statement presentation. Recent outcome of the cooperation was the publishing of the staff draft of exposure draft IFRS X – Financial statement presentation in July 2010. To receive as much feedback as possible on the proposed model and the most significant changes there were prepared questionnaires by the IASB and EFRAG, as well as organized other outreach activities. The paper presents the feedback and comments on the proposals from the side of Slovak and Czech public, for which a similar questionnaire was prepared to participate in this discussion even though they were omitted from direct involvement on the EFARG’s event. The results could contribute to the general debate about the topic and bring the ideas from Slovak and Czech national standard setters, analysts and future users. The new standard for financial statement presentation is going to be accepted worldwide and it is necessary for the IASB and FASB to respond to all relevant opinions.
Keywords: financial statement presentation, staff draft, disaggregation and cohesiveness principles, structure of financial statements, direct method of cash-fl ow statement presentation, remeasurements, analysis of changes in assets and liabilities
JEL: M 41, M 48
str./p. 346-364
Štefan Majtán, Martina Špilová - ANALÝZA SPOTREBITEĽSKÉHO SPRÁVANIA NA GLOBALIZOVANOM TRHU S CUKROM (Analyses of Consumer Behaviour on Globalised Sugar Market)
Abstract/Abstrakt: Globalisation affects consumer behaviour, therefore marketing strategies have to be adapted to it as well. This paper confirms this finding by the specific research in the practice of selected European Union countries on the example of the sugar market. Due to limited space, there are in particular presented the results of findings related to consumer behaviour on monitored national markets. The introductory section presents the basic assumptions of how the marketplace globalisation is perceived. The next section introduces the results of the review of the product portfolio of sugars and subsequently consumer preferences, as well as specific characteristics of consumers on surveyed national markets. These findings should be used in the marketing strategies of firms operating on the sugar market.
Keywords: globalisation, marketing, sugar, consumer
JEL: M 31, F 23
str./p. 365-376
Tatiana Varcholová, Lenka Dubovická - PRÍSTUPY K HODNOTENIU VPLYVU PROGRAMOV SPOLOČENSKEJ ZODPOVEDNOSTI PODNIKOV NA FINANČNÚ VÝKONNOSŤ (Approaches to Evaluating the Influence of Programmes of Corporate Social Responsibility for Firm´s Financial Performance)
Abstract/Abstrakt: The Corporate Social Responsibility (CSR) is an essential condition for firms and community sustainable development. The presented article gives a different view of this problem as inspiration for possible proposals for its solution. Concrete solutions consist of two alternatives: 1) integration of CSR initiatives according to their infl uence on enterprise performance into basic four perspectives of Balanced Scorecard (BSC); 2) adding the fifth perspective into BSC the CSR concept. By adding CSR into the strategic management of enterprise there are created requirements for global ecologic and social issues. We assume that CSR acts in this process as an integrating element of global cooperation of corporations.
Keywords: corporate social responsibility (CSR), sustainable development, stakeholders, financial performance, CSR performance, balanced scorecard (BSC)
JEL: M 14
str./p. 377-386
Gabriela Dováľová - EFEKTÍVNOSŤ INVESTÍCIÍ DO ZDRAVOTNÍCTVA A JEJ DETERMINANTY (Efficiency of Investments in Health Care and its Determinants)
Abstract/Abstrakt: The aim of this paper is based on acquired knowledge to explore and explain whether the efficiency of public spending with a focus on health and economic growth are related and to identify the determinants which infl uence this efficiency. At a time when the EU Member States must deal with growing pressure on budgetary balance, whether because of current demographic trends or because of the financial crisis, the question of improving effectiveness and efficiency of using public resources becomes more important. Efficiency is defined as the extent to which an entity can maximize outputs which are produced from given inputs or minimize costs in achieving given output.
Keywords: economic growth, efficiency, health care, DEA analysis, public expenditures
JEL: H 00, I 18, H 51
str./p. 387-395
Anton Čiernik - SOCIO-EKONOMICKÉ DOPADY MODERNIZÁCIE CESTNEJ A ŽELEZNIČNEJ INFRAŠTRUKTÚRY V SLOVENSKEJ REPUBLIKE (Socio-economic Impacts of Modernisation of Road and Railway Infrastructure in the Slovak Republic)
Abstract/Abstrakt: The paper analyses socio-economic impacts of modernisation transport infrastructure in the Slovak Republic, which is largely financed from the funds of the European Union. One of the most important aims of this financial support is achieving sustainable mobility by means of developing transport in EU member countries. In this connection, the analysis contains a practical application of the methodology of pricing of external transport costs. Results of this analysis show that in comparison with advanced European countries the Slovak Republic does not achieve adequate benefits from the modernisation of transport infrastructure. This situation largely results from an inadequate support of kinds of transport that are not a burden to the environment.
Keywords: transport infrastructure, transport system, external costs, financial support by the European Union, cost and benefit analysis, freight transport, personal transport, operational programme “Transport”, permanently sustainable development, public transport
JEL: Q 51, R 41, R 42
str./p. 396-408
Jaroslav Husár - NA ČO NÁM JE EKONOMETRIA (What is Econometrics Good for)
Abstract/Abstrakt: In this paper the author discusses the usefulnes of econometrics. The author shows that econometrics is indispensable for getting the best out of the subject. It is also shown that an econometric model is a tool for more systematic tracing of theoretical relationship. To stress this aspect, the author uses the Keynesian model and studied the effects of taxation and spending by the government. The author also discusses the deficit of trade and achieves significant theoretical conclusions. Econometrics makes economics more thorough.
Keywords: epistemiological tool, econometric model, effects of taxes and spending by government, deficit of trade
JEL: E 1, C 01, E 61
str./p. 409-418
RECENZIE/REVIEWS
SUNTINGEROVÁ, Ľ.: Kreativita v manažmente. Bratislava: Sprint dva, 2010, 296 s. ISBN 978-80-89393-21-3
JEL: Y 30
str./p.419-420
