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Title:ANALIZA VPLIVA TANKE KAPITALIZACIJE NA KAPITALSKO STRUKTURO IZBRANIH PODJETIJ
Authors:ID Tič, Sašo (Author)
ID Hauptman, Lidija (Mentor) More about this mentor... New window
Files:.pdf UNI_Tic_Saso_2013.pdf (1,72 MB)
MD5: F732D8C981250637FC61F0384BC399D1
 
Language:Slovenian
Work type:Undergraduate thesis
Typology:2.11 - Undergraduate Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Pri odločanju o ustanovitvi podjetja kot kasneje pri investicijah, so lastniki pogosto v dilemi ali za financiranje uporabiti dražji, lastniški kapital ali posojilo. Zaostrovanje kreditnih pogojev ter gospodarska stagnacija silita podjetja k povečanemu zadolževanju s strani družbenikov, ki je neke vrste alternativa zadolževanja. Tovrstno financiranje s posojili med povezanimi osebami je zaradi zakonskih pomanjkljivosti in davčne konkurence med državami tudi ugodnejše, saj so obresti davčno priznan odhodek, ki znižuje davčno osnovo, dividende pa ne. Pri tem so davčni organi pozorni predvsem na to, po kakšni obrestni meri se posojilo odobri. Le-ta mora biti primerljiva tržni. S pravili tanke kapitalizacije skušajo zaščititi državni prihodek, ki se zmanjšuje zaradi prenašanja dobičkov med podjetji. Evropska Unija glede tanke kapitalizacije definira samo smernice, ostalo pa je v rokah nacionalnih organov. Slovenska pravila so se skozi zgodovino ZDDPO le malo spremenila, model pa ostaja enostaven, temelječ na fiksnem razmerju med kapitalom in dolgom. Ob tem moramo preveriti, ali ima oseba, ki se smatra za povezano, vsaj 25 % delež v kapitalu. Določbe o tanki kapitalizaciji v veliki meri ne dosegajo namena, kar se tiče omejevanja dolga in lupljenja dobička. Zlasti vnaprej predpisano, fiksno razmerje omogoča podjetjem, da že vnaprej planirajo optimalno sestavo sredstev in obveznosti. Z analizo rezultatov smo prišlo do spoznanj, da slovenska davčna zakonodaja z ukrepi tanke kapitalizacije ni dosegla boljše kapitalske strukture podjetij. Notranja zadolženost podjetij od leta 1997 se je povečevala, kar gre pripisati gospodarskemu stanju, povečanju odprtih terjatev in manjšemu zanimanju imetnikov kapitala za vlaganje.
Keywords:lastniško financiranje, dolžniško financiranje, davčna optimizacija, ukrepi za preprečevanje izogibanja plačilu davkov, povezane osebe, davčni ščit, tanka kapitalizacija, kapitalska struktura
Place of publishing:Maribor
Publisher:[S. Tič]
Year of publishing:2013
PID:20.500.12556/DKUM-41550 New window
UDC:658.14/.17
COBISS.SI-ID:11499804 New window
NUK URN:URN:SI:UM:DK:GDY59WMX
Publication date in DKUM:11.10.2013
Views:1934
Downloads:284
Metadata:XML DC-XML DC-RDF
Categories:EPF
:
TIČ, Sašo, 2013, ANALIZA VPLIVA TANKE KAPITALIZACIJE NA KAPITALSKO STRUKTURO IZBRANIH PODJETIJ [online]. Bachelor’s thesis. Maribor : S. Tič. [Accessed 14 March 2025]. Retrieved from: https://dk.um.si/IzpisGradiva.php?lang=eng&id=41550
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Secondary language

Language:English
Title:ANALYSIS OF THIN CAPITALISATION EFFECTS ON CAPITAL STRUCTURE IN SELECTED COMPANIES
Abstract:While establishing a company and later in investment decisions, the owners are often in a dilemma whether to use a more expensive type of financing – equity, or loan. Tightening bank’s credit conditions and economic stagnation force companies to increased borrowing by the shareholders, which is a kind of alternative to bank loans. Loans, received from shareholders and related parties, are becoming more favorable due to legal defects and tax competition between countries. The reason is that interests are a tax deductible expense, which reduces the tax base, while dividends do not. This is why tax authorities pay more attention to the fact at what interest rate the loan is approved. Loan rate must be comparable with market rate. Thin capitalization rules seek to protect state revenue decreases due to the transfer of profits between enterprises. The European Union defines thin capitalization guidelines only but the rest is in the hands of national authorities. Slovenian rules have changed little throughout the history of “CPTA” - Corporate Profit Tax Act (“ZDDPO”), the model remains simple, based on a fixed ratio between equity and debt. At the same time we need to check whether a person is considered to be related, which means he owns at least 25 % of the capital. The provisions of thin capitalization have proved not to meet the purpose in terms of limiting debt and earning stripping. In particular, pre-specified, fixed ratio allows companies to have a pre-planned optimal composition of assets and liabilities. By analyzing the results we have proven that Slovenian tax legislation and our thin capitalization rules did not help companies to build a better capital structure. Since 1997 internal corporate debt has increased, which reflects the economic situation, an increase in outstanding receivables and less interest of capital holders to invest in business.
Keywords:equity financing, debt financing, tax optimization, anti-avoidance rules, related party, tax shield, thin capitalization, capital structure


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