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Julijana Siljanoska
Teaching asistant
Faculty of administration and management of information system-Bitola
Republic of Macedonia
j.siljanoska@yahoo.com
Minika Angeloska
Teaching assistant
Faculty of administration and management of information system-Bitola
Republic of Macedonia
Nikolce Marinovski
Master of business administration-Prilep
Republic of Macedonia
Abstract
Long period of financial politics of economy’s subjects, in current circumstances of
market rules and mechanisms are functioning, must provide conditions for realization
of extended, developed, strategic and ongoing objectives. In the circumstances where
company’s determinations is to reach objectives, as segment Macedonian companies’
current politic, more and more is present the needs of definition of capital assets
structure and sources for their financing, and results are maximizing the final financial
effects.
Financial balance is precondition for secure companies functioning. But, achieving
and maintaining is complex problems which has to be completing thorough analyze
and prognosis of the significant factors that generate with different intensity and
direction.
Key words: financial structure, financial balance, rules of financing, financing
standards and capital assets, companies.
Introduction
Long period of financial politics of economy’s subjects, in current circumstances of
market rules and mechanisms are functioning, must provide conditions for realization
of extended, developed, strategic and ongoing objectives. In the circumstances where
company’s determinations is to reach objectives, as segment Macedonian companies’
current politic, more and more is present the needs of definition of capital assets
structure and sources for their financing, and results are maximizing the final financial
effects. It will show the course financial balance, like short-term and long-term
financial balance.
Financial balance is precondition for secure company’s functioning. But, achieving
and maintaining is complex problem which has to be complete thorough analyze and
prognosis of significant factors. These factors generate with different intensity and
direction, when is necessary to complete business and financial decisions, very
important to respect certain principals to maintain financial balance.
The starting basis for financial balanced determination has to present balance
condition, through its relevant indicators for:
- Level of capital assets immobilization
- Capital assets sources, i.e. the financial resources
- Capital assets apportionment use, determinate by cutting the balance of
account’s principals in separate parts (sub balance), as well have to be in
equilibrium
Creativity of company financial politics is not only to identify and make definition
of short-time and long-time financing resources and capital assets immobilisations.
Also, it is important to discover causes and problems in business subjects functioning
that produce certain relationship’s disturbances and difficulties to finalize financial
equilibrium.
The idea is necessary to build certain agreement standards and rules of dealing and it
will make harmonious relationships of two mentioned relations:
1. Short-time immobilised capital assets, short-time capital assets resources
2. Long-time immobilised capital assets, long-time capital assets resources
Working capital fund has to be equal with permanent working capital assets. In this
case, with financial equilibrium there are possibilities for payment capacity, or is
lessening the adjusting of flow and outflow of financial assets. This proves that state
of liquidness is possible only when exist equilibrium among permanent working
capital assets and working capital fund, but can be complete only when of flow and
outflow adjustment exists.
The prove of relationship between some property parts, i.e. company assets also
represent golden (bank) financing rule. This rule is unwritten law for credit (bank)
institutions.
Implementation of this rule generate from of needs to secure state of liquidness. It can
be achieve through balancing of deadlines between active and passive activities.
According this rule, acquired foreign capital must not use disadvantageous in certain
time, than it is achieved. But, this rule from the bank organizations do not respects,
but anyway they secure state of liquidness. They would achieve it because have
ability of existing long-terms bank credits against passive credit works. Through
permanent revolving of short-term capital it can transform to long-term, respectively
make substitution of one short-term to other. In this way, disrespecting of golden bank
rule of financing does not make danger of state of nonisliquidness.
The rules of financing 1:1 and 2;1 have similarities and differentiates. The similarities
consist of they use measuring of state of liquidness by means of the balance account
situation, i.e. through placing of relations between assets and company resources.
According the rule 1:1 balance has to exist between financial assets and demands,
from one side, and short-term resources from other side.
The rule 2:1 is using for measuring of state of liquidness of second degree, on the
basis of request of working capital assets to be twice bigger from short-term
obligations.
Implementing of rules can be very useful for assessment of company’s state of
liquidness only when can make and additional assessment with mediation of some
other indicators.
The process of financing of working capital assets can be realized on quality way if
business subjects develop rules of behaviour in the financial area and it can be placed
standards of assessment of capital structure. It can be done with implementing of
vertical rules.
From the previously example arise that company is going to achieve financing with
maxima use of possibilities for external loan. But, we have to have the fact to much
loan is latent danger for breaking the principals of independent flexibility, as very
important principal of company’s financial politic.
From the aspect of principal’s confident it is very important relation between short-
term and long-term capital. In the conditions when possibilities for financing of
private resources are restricted, the best alternative is using long-term resources for
financing. Namely, short-term credits are returned in short time period, but the rule is,
interest is higher than interest of long-term credits. But, in the process of creating final
decision for using credits on the basis of two alternatives (short-term and long-term
credits), necessary is to present the following moments:
- What is the difference between form and the contents of the short-term
credits, and
- How to complete pay off long-term credits
Nevertheless, according these short-term credits type, because their prolonged and
permanent upgrading, by the contents they are presented as long-term credits.
From the other side, it can happened the company to use higher sum of long-term
credits, and according the previously conclusions it’s confident is bigger. However, if
the long-term credits appeared for pay off in short future, they are treated as short-
term credits with all characteristics associated with the price of the capital that is
forming while using the following credits.
Conclusion
The fact that basic and working capital assets are engaged in the process of
reproduction that can develop conditions for realization of business activities,
however, after achieving the business objectives, they have different functions. These
assets are not only different by the physical characteristics, but with degree and speed
of the flexibility. The differences in the functions of basic and working capital assets
in the process of realization of the business’ objectives create needs of different
approach in the management.
In the process of managing of assets, that has to determinate their optimal volume and
structure, the very important fact is instrument’s financing.
In he context of the questions connected with the way of basic assets financing has to
point to build concrete rules. These rules HAVE to present common accepted
standards that will be basic criteria for assessment of the optimal resource’s choice for
financing of these assets.
With the help of these rules is enables following up the realization of financial politic
principals. On the other side, implementing of these rules will make conditions for
building the optimal structure of the capital and for permanent control of the
creditworthiness of the business subjects.
Literature:
1. Д- р Милоје Кањевац (2006): „Пословне финансије“, Економика, Београд,
2. D-r J. Rodič, d-r I. Markovič (2004) : “Poslovne finansije”, Ekonomika, Beograd,
3. D-r Ivan Markovič (3/06): “Racionalno upravljanje obrtnim sredstvima i izvorima
obrtnih sredstava”, Računovodstvo i finansiranje, Savez računovodstvenih I
finansijskih radnika Hrvatske,
4. D-r Jovan M. Rankovič (2002) : “Upravljanje finansijama preduzeča”, šesto
izdanje, Ekonomski fakultet- Beograd.