Utjecaj financijskog rezultata kotirajućih dioničkih društava na tržišnu cijenu dionica

master's thesis

• Title (english): The impact of the financial result of listed joint stock companies on shares' market price
• Author: Marcela Samodol
• Mentor: Hrvoje Perčević (mentor)
• Committee member: Danimir Gulin (predsjednik povjerenstva)
• Committee member: Mirjana Hladika (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2015-09-22, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Osnovni cilj rada je istražiti utjecaj financijskog rezultata kotirajućih dioničkih društava na Zagrebačkoj burzi na tržišnu cijenu dionica, odnosno utvrditi smjer i veličinu statističke veze između ovih dviju veličina.
U teorijskom dijelu prikazan je regulatorni okvir financijskog izvještavanja u Republici Hrvatskoj, što uključuje relevantne odredbe Zakona o trgovačkim društvima i Zakona o tržištu kapitala, ali i Međunarodnih računovodstvenih standarda 32 i 33. Pritom je posebno značajan MRS 33 koji uređuje metodologiju izračuna zarada po dionici, budući da su iste jedna od jedinica analize.
Empirijski dio rada sastoji se od tri poglavlja, pri čemu su u dva poglavlja iskazani podaci iz dijela bilanci deset kotirajućih društava koji se odnose na kapital i rezerve i pojedine stavke izvještaja o promjenama kapitala te je analizirano kretanje redovnog prometa i cijena dionica izabranih društava na Zagrebačkoj burzi. Iz navedenih podataka dobivene su jedinice analize koje su poslužile u provođenju empirijskog istraživanja, odnosno analizi metodama deskriptivne i inferencijalne statistike.
U konačnici, prva hipoteza koja pretpostavlja da postoji pozitivna statistička veza između financijskog rezultata mjerenog zaradom po dionici i cijene dionica sastavnica indeksa Crobex sa Zagrebačke burze potvrđena je kod svih izuzev jednog društva. Prvi provjeri druge hipoteze koja pretpostavlja postojanje pozitivne statističke veze između omjera cijene i zarade po dionici (P/E) i ostvarenog redovnog prometa dionica na Zagrebačkoj burzi utvrđeno je da se djelomično potvrdila.

Abstract (english)

The main purpose of the paper is to analyse the impact of the financial result of listed joint stock companies on Zagreb Stock Exchange on shares' market price and to determine the direction and size of statistical relationship between these two variables.
The regulatory framework of financial reporting in the Republic of Croatia is presented in theoretical part of the paper, which includes relevant regulations of the Company Law and Capital Market Act, but also International Accounting Standards 32 and 33. IAS 33 is significant because it regulates the methodology of calculating earnings per share, which are one of the units of analysis.
The empirical part of the paper consists of three chapters, while data from balance sheets of ten listed companies regarding capital and reserves and some parts of the statement of changes in equity, as well as the analysis of shares traded and market prices of shares of the chosen companies on Zagreb Stock Exchange are shown in two chapters. The units of analysis were extracted from the mentioned data and were included in the empirical research, that is, the analysis with the methods of descriptive and inferential statistics.
Finally, the first hypotheses which assumes that there is positive statistical relationship between financial result measured by earnings per share and prices of shares included in Zagreb Stock Exchange index Crobex, was confirmed by all except one company. While verifying the second hypotheses which assumes the existence of positive statistical relationship between price-earnings ratio and the value of shares traded on Zagreb Stock Exchange, it was found that it is confirmed partially.

• Keywords: financijsko izvještavanje; kotirajuća dionička društva; zarade po dionici; omjer cijene i zarade po dionici; tržišna cijena dionica
• Keywords (english): financial reporting; listed joint stock companies; earnings per share; price-earnings ratio; shares' market price
• Language: croatian
• URN:NBN: urn:nbn:hr:148:318240
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2016-10-21 12:21:07