| | SLO | ENG | Cookies and privacy

Bigger font | Smaller font

Show document

Title:Obveznice kot vir financiranja samoupravnih lokalnih skupnosti
Authors:Pulko, Nina (Author)
Brezovnik, Boštjan (Mentor) More about this mentor... New window
Oplotnik, Žan Jan (Co-mentor)
Files:.pdf MAG_Pulko_Nina_2016.pdf (2,05 MB)
MD5: 2FB0294C57031278C029F2FC2CA2D888
 
Language:Slovenian
Work type:Master's thesis/paper (mb22)
Organization:PF - Faculty of Law
Abstract:Lokalna samouprava predstavlja pomemben element demokratične ureditve sodobnih držav. Temeljna izhodišča za ureditev sistema lokalne samouprave v Sloveniji so podana že v ustavi, ki je uvedla lokalno samoupravo kot pravno sistemsko institucijo in jo opredelila za eno svojih temeljnih demokratičnih načel. Kot temeljne samoupravne lokalne skupnosti so opredeljene občine, ki samostojno urejajo in opravljajo svoje zadeve ter izvršujejo naloge, katere so nanje prenesene z zakoni. V Sloveniji deluje 212 občin. Bistven pogoj uresničevanja lokalne samouprave predstavljajo zadostna finančna sredstva, saj finančna neodvisnost pomeni enega ključnih elementov samoupravnosti. Občine se financirajo iz lastnih virov, sredstev države in z zadolžitvijo, ki naj bi se uporabljala predvsem za financiranje naložb. Z uporabo dolžniških virov financiranja se lahko poveča obseg razpoložljivih finančnih sredstev, s tem pa tudi možnost izvedbe večjih investicij. Dodatno omogoča porazdelitev bremena izgradnje določene infrastrukture na več generacij, ki bo le-to koristila. V prid zadolževanja govori tudi podatek, da pomeni popolnoma lastno financiranje najdražjo obliko financiranja naložb, saj je cena tovrstnega kapitala praviloma višja, kot če so vključeni tudi zunanji viri financiranja. Najbolj razširjen način zadolževanja je najem bančnega kredita. V drugih, sodobnih, gospodarstvih se občine vedno pogosteje odločajo za alternativne oblike zadolževanja, kot je zadolževanje z izdajo obveznic na kapitalskem trgu. Obveznice, katerih izdajatelji so organi nižjih oblasti, so imenovane občinske obveznice. To delo obravnava značilnosti in vlogo občinskih obveznic kot alternativnega vira zadolževanja samoupravnih lokalnih skupnosti ter razširjenost uporabe instrumenta v nekaterih državah Evropske unije. Proučuje dejavnike, ki vplivajo na vzpostavitev in razvoj trga občinskih obveznic. Analizira slovenski sistem financiranja občin in zakonske okvire možnosti zadolževanja ter primerja zadolženosti nižjih nivojev upravljanja v Sloveniji z državami EU. Obravnava slovenski trg kapitala in vlagatelje. Izračunani so hipotetični prihranki, ki bi jih bili deležni izdajatelji, v kolikor bi se, namesto s klasičnim bančnim kreditom, zadolžili z izdajo občinskih obveznic. Delo proučuje, v kakšnem obsegu so v Sloveniji izpolnjeni pogoji za izdajo občinskih obveznic in podaja oceno potenciala razvoja instrumenta. Občinske obveznice se izdajajo predvsem za financiranje naložb v lokalno infrastrukturo. Praviloma so to obsežni projekti, kot so izgradnja komunalne infrastrukture, izobraževalnih in zdravstvenih ustanov ter podobnih infrastrukturnih projektov, ki so v splošnem interesu lokalne skupnosti. Izdaja obveznic običajno pomeni cenovno ugodnejši vir financiranja v primerjavi z bančnim kreditiranjem. Potencial obsega zadolžitve je praviloma večji in ima daljši rok odplačil. Obenem pomeni dodatno diverzifikacijo virov financiranja in zmanjšuje odvisnost od ostalih kreditodajalcev. Z izdajo občinskih obveznic se dodatno poveča obseg razpoložljivih finančnih sredstev, in s tem tudi možnost izvedbe večjih investicij. Uporaba cenejšega vira financiranja lahko pozitivno vpliva na finančni položaj občin, ki morebitne prihranke lahko uporabijo za druge investicijske projekte. Kljub razširjenosti uporabe instrumenta v tujini, pregled obstoječega pravnega okvira pokaže, da v Sloveniji zadolževanje občin z izdajo obveznic ni možno.
Keywords:Občinske obveznice, samoupravne lokalne skupnosti, financiranje občin, zadolževanje občin
Year of publishing:2016
Source:Maribor
NUK URN:URN:SI:UM:DK:G8M4Z9X7
Views:977
Downloads:117
Metadata:XML RDF-CHPDL DC-XML DC-RDF
Categories:PF
:
  
Average score:(0 votes)
Your score:Voting is allowed only for logged in users.
Share:AddThis
AddThis uses cookies that require your consent. Edit consent...

Hover the mouse pointer over a document title to show the abstract or click on the title to get all document metadata.

Secondary language

Language:English
Title:Bonds as a source of financing local government entities
Abstract:Local self-government is an integral part of the democratic systems of governments of modern states. The essential basis for the system of local self-government in Slovenia is set out in the constitution where local self-government has been introduced as a legal institution, and it defines it as one of its fundamental democratic principles. Municipalities are defined as the basic local self-government communities. They manage their affairs independently, and carry out tasks, which have been delegated to them by law. In Slovenia there are 212 municipalities. An essential prerequisite for the functioning of local self-government is sufficient financial capacity, since financial independence is one of the key elements of self-government. Municipalities are financed from their own resources, from public funds of the state, and from debt, which ought to be used, in the first place, for financing investments. By using debt as source of financing the amount of financial sources available is increased, and hence the possibility to realize larger investment projects. Besides this, it allows to share the burden of building certain infrastructure among generations. There is another detail supporting borrowing: self-financing is the most expensive form of financing investments, since the price of own capital is, as a general rule, higher than in the case that external financing is involved. The most popular form of public borrowing is getting a loan from a bank. In other modern economies municipalities consider, increasingly, alternative forms of borrowing, such as issuing bonds on the capital market. Bonds whose issuers are lower level authorities are called municipal bonds. This thesis deals with the characteristics and the role of municipal bonds as an alternative source of borrowing of self-governing local communities, and the prevalence of use of this instrument in some member states of the European Union. The thesis examines factors influencing the creation and development of the market of municipal bonds. It analyses the Slovenian system of financing municipalities, and the legal framework for public debt. It compares debt of lower level authorities in Slovenia to those of EU member states. It takes a look at the Slovenian capital market, and the investors. Hypothetical savings, which would have been achieved in case that the issuers had issued municipal bonds instead of getting ordinary bank loans, have been calculated. The thesis examines to which extent conditions for issuing municipal bonds in Slovenia are fulfilled, and it assesses the potential for development of this instrument. Municipal bonds are issued, in the first place, to finance investments in infrastructure. As a general rule, these comprise comprehensive projects, such as building local infrastructure, schools, health centers, and similar infrastructure projects being in the general interest of local communities. Issuing bonds usually represents a more favourable source of financing compared to loans from banks. The possible volume of borrowing is normally higher, and the repayment period longer. At the same time it means further diversification of financing, and a decrease in the dependence on other creditors. By issuing municipal bonds the volume of financial sources available can additionally be increased, and hence the possibility of executing larger investments. The use of cheaper sources of financing can have a positive impact on the financial situation of municipalities that, in turn, can use possible savings for other investment projects. Despite the wide-spread use of this instrument abroad, a look at the existing legal framework reveals that in Slovenia municipal borrowing in the form of issuing bonds is not possible.
Keywords:Municipal bonds, self-governing local communities, municipal financing, municipal borrowing


Comments

Leave comment

You have to log in to leave a comment.

Comments (0)
0 - 0 / 0
 
There are no comments!

Back
Logos of partners University of Maribor University of Ljubljana University of Primorska University of Nova Gorica