{"id":2786,"date":"2021-06-01T08:48:49","date_gmt":"2021-06-01T06:48:49","guid":{"rendered":"https:\/\/alpha-credo.com\/?p=2786"},"modified":"2021-07-20T16:33:26","modified_gmt":"2021-07-20T14:33:26","slug":"pregled-financne-stabilnosti-v-evroobmocju","status":"publish","type":"post","link":"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/","title":{"rendered":"Pregled finan\u010dne stabilnosti v Evroobmo\u010dju"},"content":{"rendered":"<p><strong><em>Tretji val koronavirusa je upo\u010dasnil gospodarsko okrevanje Evroobmo\u010dja. Trgovina, transport, hotelirstvo in gostinstvo so bile med vsemi panogami najbolj prizadete zaradi Covid ukrepov posameznih dr\u017eav. Industrijski sektor je okreval bolj kot pri\u010dakovano zaradi pove\u010danega povpra\u0161evnja iz tujine. Mediana razmerja med dolgom in lastni\u0161kim kapitalom (debt-to-equity ratio) v regiji je bila 85%, medtem ko so nekatere dru\u017ebe, v repu porazdelitve, dosegale debt-to-equity ratio nad 270% v zadnjem \u010detrtletju 2020. Potencialni dvig obrestnih mer \u2013 upo\u0161tevajo\u010d neravnovesja v dobavnih verigah, ki so vzrok inflatornih pritiskov &#8211; bi impliciral vi\u0161je stro\u0161ke servisiranja dolgov, kar bi lahko privedlo do kolapsa t.i. zombie podjetij. V regiji se bodo zelo verjetno materializirala kreditna tveganja, kar bo pove\u010dalo ranljivost bilanc bank in podjetij.<\/em><\/strong><\/p>\n<p>Gospodarsko okrevanje v Evroobmo\u010dju je zaradi tretjega vala oku\u017eb s koronavirusom po\u010dasnej\u0161e od pri\u010dakovanega. V nasprotju z vplivom prvega in drugega vala je imel tretji val izrazit vpliv le na dolo\u010dene sektorje &#8211; trgovina, transport, hotelirstvo, umetnost in zabava. V teh sektorjih se je v primerjavi z lanskim, agregat zmanj\u0161al za faktor 2 ali celo 4 bruto dodane vrednosti. Hkrati regija okreva po\u010dasneje zaradi izrazitih te\u017eav s cepilnimi strategijami dr\u017eav v za\u010detku leto\u0161njega leta. Upad oku\u017eb in izbolj\u0161anje politike cepljenja bo pozitivno vplivalo na gospodarsko okrevanje Evroobmo\u010dja. V nasprotju s prej omenjenimi sektorji, industrijski sektor, zaradi pove\u010danega tujega povpra\u0161evanja, okreva hitreje kot pri\u010dakovano. Te\u017eave, ki pestijo industrijski sektor, so zamude v dobavah in vrtoglavi porasti cen osnovnih surovin.<\/p>\n<p>Prihodki podjetij so upadli bolj, kot je zna\u0161ala bruto dodana vrednost v letu 2020, kar je pomembno vplivalo na korporativno solventnost. Bruto dobi\u010dki so bili ni\u017eji za 8,1% glede na leto prej, kar je oklestilo prenesene dobi\u010dke in rezerve. Oster in vztrajen padec prihrankov podjetij bo pomembno vplival na prihodnje nalo\u017ebene politike, kar bo pove\u010dalo pritisk na krivuljo okrevanja gospodarstva.<\/p>\n<p>Zadol\u017eenost podjetij se je skozi pandemijo mo\u010dno povi\u0161ala, saj so podjetja zaradi upada gospodarske aktivnosti potrebovala dodatna likvidnostna sredstva. V nasprotju z velikimi delni\u0161kimi dru\u017ebami, so mala in srednje velika podjetja, zaradi nedostopnosti do finan\u010dnih trgov, s te\u017eavo pridobila posojila po po\u0161teni ceni. Mediana razmerja med dolgom in lastni\u0161kim kapitalom (debt-to-equity ratio) v regiji je bila 85%, medtem ko so nekatere dru\u017ebe, v repu porazdelitve (90 percentil), dosegale debt-to-equity ratio nad 270% v zadnjem \u010detrtletju 2020. Morebitni dvig obrestnih mer, ki bo morda potreben za bla\u017eitev inflatornih pritiskov, ki so posledica neravnovesij v dobavnih verigah, bi povi\u0161al stro\u0161ke servisiranja dolgov in tako <em>zombie <\/em>podjetja potisnil v prepad. V zadnjih dveh \u010detrtletjih leta 2020 je povpra\u0161evanje po posojilih upadlo zaradi ostrej\u0161ih pogojev zadol\u017eevanja.<\/p>\n<p>Bilance bank in korporacij so zaradi visokega kreditnega tveganja po vsej regiji izjemno ranljive. Izgube je pri\u010dakovati s strani podjetij, ki jih je pandemija trajno prizadela in zato ne bodo zmo\u017ena servisati obveznosti do bank in dobaviteljev. Hitrost okrevanja bo odvisna tudi od tega, kako uspe\u0161no bodo banke upravljale s slabimi nalo\u017ebami in tako ohranjale vitalnost za potrebe financiranja novih nalo\u017eb. Da podjetja prepre\u010dijo dodatne \u0161oke v oskrbovalnih verigah, morajo biti pri upravljanju kreditnih tveganj enako u\u010dinkovita kot banke in ostale finan\u010dne instituicje. Spremljanje izpostavljenosti in redna analiza bonitetnih poro\u010dil je zato obvezna. Podjetja morajo zato izbolj\u0161ati svoje police za zavarovanje terjatev, ki je eno naju\u010dinkovitej\u0161ih orodij za obvladovanje kreditnih tveganj in podjetje \u0161\u010diti pred nepla\u010dili in potencialnimi insolvencami.<\/p>\n<hr \/>\n<p>Avtor prispevka je ekipa ALPHA CREDO<\/p>\n<p>Viri:<\/p>\n<div><span lang=\"EN-GB\">ECB (2021). <i>Financial Stability Review.\u00a0<\/i>Dostopno <a href=\"https:\/\/www.ecb.europa.eu\/pub\/financial-stability\/fsr\/html\/index.en.html\">tukaj<\/a><\/span><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tretji val koronavirusa je upo\u010dasnil gospodarsko okrevanje Evroobmo\u010dja. Trgovina, transport, hotelirstvo in gostinstvo so bile med vsemi panogami najbolj prizadete zaradi Covid ukrepov posameznih dr\u017eav. Industrijski sektor je okreval bolj kot pri\u010dakovano zaradi pove\u010danega povpra\u0161evnja iz tujine. Mediana razmerja med dolgom in lastni\u0161kim kapitalom (debt-to-equity ratio) v regiji je bila 85%, medtem ko so nekatere [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":2787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pregled finan\u010dne stabilnosti v Evroobmo\u010dju - Alpha Credo<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/\" \/>\n<meta property=\"og:locale\" content=\"sl_SI\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pregled finan\u010dne stabilnosti v Evroobmo\u010dju - Alpha Credo\" \/>\n<meta property=\"og:description\" content=\"Tretji val koronavirusa je upo\u010dasnil gospodarsko okrevanje Evroobmo\u010dja. Trgovina, transport, hotelirstvo in gostinstvo so bile med vsemi panogami najbolj prizadete zaradi Covid ukrepov posameznih dr\u017eav. Industrijski sektor je okreval bolj kot pri\u010dakovano zaradi pove\u010danega povpra\u0161evnja iz tujine. Mediana razmerja med dolgom in lastni\u0161kim kapitalom (debt-to-equity ratio) v regiji je bila 85%, medtem ko so nekatere [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/\" \/>\n<meta property=\"og:site_name\" content=\"Alpha Credo\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-01T06:48:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-20T14:33:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alpha-credo.com\/wp-content\/uploads\/2021\/05\/PFS_SLO-01.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"aljaz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"aljaz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/\",\"url\":\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/\",\"name\":\"Pregled finan\u010dne stabilnosti v Evroobmo\u010dju - Alpha Credo\",\"isPartOf\":{\"@id\":\"https:\/\/alpha-credo.com\/sl\/#website\"},\"datePublished\":\"2021-06-01T06:48:49+00:00\",\"dateModified\":\"2021-07-20T14:33:26+00:00\",\"author\":{\"@id\":\"https:\/\/alpha-credo.com\/sl\/#\/schema\/person\/de48150be544a3ffc619d9ebc0bb0450\"},\"breadcrumb\":{\"@id\":\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/#breadcrumb\"},\"inLanguage\":\"sl-SI\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/alpha-credo.com\/sl\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pregled finan\u010dne stabilnosti v Evroobmo\u010dju\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/alpha-credo.com\/sl\/#website\",\"url\":\"https:\/\/alpha-credo.com\/sl\/\",\"name\":\"Alpha Credo\",\"description\":\"Zavarovalno posredni\u0161ka dru\u017eba\/Insurance Brokerage\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/alpha-credo.com\/sl\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"sl-SI\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/alpha-credo.com\/sl\/#\/schema\/person\/de48150be544a3ffc619d9ebc0bb0450\",\"name\":\"aljaz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"sl-SI\",\"@id\":\"https:\/\/alpha-credo.com\/sl\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4d5e247c9d88cce44443592f9313a057?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4d5e247c9d88cce44443592f9313a057?s=96&d=mm&r=g\",\"caption\":\"aljaz\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pregled finan\u010dne stabilnosti v Evroobmo\u010dju - Alpha Credo","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alpha-credo.com\/sl\/pregled-financne-stabilnosti-v-evroobmocju\/","og_locale":"sl_SI","og_type":"article","og_title":"Pregled finan\u010dne stabilnosti v Evroobmo\u010dju - Alpha Credo","og_description":"Tretji val koronavirusa je upo\u010dasnil gospodarsko okrevanje Evroobmo\u010dja. 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