Vol. 10, No 2, 2013 pp. 205 - 215
UDC 336.76(497+4-191.2)
DEVELOPMENT PROCESS OF CAPITAL MARKETS - THE EXAMPLE OF CENTRAL EUROPEAN AND BALKAN COUNTRIES
Nada Vignjević1, Safet Kurtović2, Borislav Radević1
1State University of Novi Pazar, Serbia
2Alfa University Belgrade, Serbia
Privatization processes, which marked the last quarter of the last century, are an effective method of improving the performance of state business enterprises and they were driven by government decisions in the developed and developing countries. With privatization processes, governments generally seek to achieve the same goals: 1) increase government revenues, 2) reduce government interference in economic trends, 3) strengthen economic efficiency, 4) increase competition, and 5) ensure the development of domestic capital markets. Numerous studies have confirmed that after privatization has been carried out, increased production, improved efficiency, increased investment in capital and dividend payments are recorded. The roots of corporate governance in developing countries and transition economies lie in the initiatives for privatization that have strengthened since the end of the seventies and eighties of the twentieth century. A healthy corporate structure is a fundamental prerequisite for the success of privatization, both from the standpoint of the government, which wants to sell a company, and in terms of potential investors. In addition, scandals associated with corporations put the improvement of corporate governance issues in the foreground, both in developing countries and transition economies and developed economies. This put corporate control into the center of interest of the international business community and international financial institutions.
Key Words: Privatization, state, competition, stock exchanges, securities
PROCES RAZVOJA TRŽIŠTA KAPITALA NA PRIMERU SREDNJOEVROPSKIH I BALKANSKIH ZEMALJA
Privatizacioni procesi, koji su obeležili poslednju četvrtinu prošlog veka, predstavljaju efikasan metod unapređenja performansi poslovanja državnih preduzeća i pokretani su odlukama vlada u razvijenim i zemljama u razvoju. Procesima privatizacije vlade zemalja uglavnom teže da ostvare iste ciljeve: 1) povećanje državnih prihoda, 2) smanjenje uplitanja države u privredna kretanja, 3) jačanje ekonomske efikasnosti poslovanja, 4) povećanje konkurencije i 5) obezbeđenje razvoja domaćeg tržišta kapitala. Brojna istraživanja su potvrdila da nakon sprovedene privatizacije dolazi do povećanja proizvodnje, poboljšanja efikasnosti poslovanja, porasta investicija u kapital i isplata dividendi. Koreni korporativne vladavine u zemljama u razvoju i tranziciji leže u inicijativama za privatizaciju, koje su jačale od kraja sedamdesetih i tokom osamdesetih godina XX veka. Zdrava korporativna struktura je bila osnovni preduslov za uspeh privatizacije, kako sa stanovišta vlade koja želi da proda neku kompaniju, tako i sa stanovišta potencijalnih investitora. Pored toga, skandali koji se vezuju za korporacije nametnuli su pitanja unapređenja korporativnog upravljanja u prvi plan, kako u zemljama u razvoju i tranziciji, tako i u razvijenim privredama. Ovim je korporativna kontrola dospela u centar interesovanja međunarodne poslovne zajednice i međunarodnih finansijskih institucija.
Ključne reči: privatizacija, država, konkurencija, berze, hartije od vrednosti.
