Potencijali ulaganja mirovinskih fondova u Republici Hrvatskoj u nekretnine

master's thesis

• Title (english): Pension fund investment potentials in Republic of Croatia in real estate
• Author: Nives Arežina
• Mentor: Jakša Krišto (mentor)
• Committee member: Branka Tuškan Sjauš (predsjednik povjerenstva)
• Committee member: Maja Mihelja Žaja (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-09-14, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

U današnje vrijeme mirovinski fondovi predstavljaju neizbježne sudionike na cjelokupnom financijskom tržištu. Njihov se značaj očituje u osiguranju primjerenog životnog standarda pojedinaca na kraju njihovog radnog vijeka, odnosno za vrijeme umirovljenja. Navedeno postižu prikupljanjem sredstava od pojedinaca koja zatim dalje ulažu s ciljem povećanja vrijednosti fonda, kako bi imali dostatna financijska sredstva za isplatu mirovina i profit. U pravilu, mirovinski fondovi predstavljaju ulagače izrazito osjetljive na rizik, kojima je očuvanje kapitala na prvom mjestu. Osim toga, isti imaju veliku potražnju za gotovinom i likvidnošću, kao i ciljanu stopu povrata zbog velikih izdataka za pripadne obveze. Budući da su u posljednjih nekoliko godina, prinosi na obveznice znatno pali i to na globalnoj razini, mirovinski se fondovi okreću alternativnim oblicima ulaganja, uključujući nekretninama. Međutim, isti u Republici Hrvatskoj podliježu snažnim regulatornim ograničenjima za direktna ulaganja u nekretnine, stoga svoju imovinu ulažu na druge zakonski dopuštene načine. Primjerice, indirektno ulažu u nekretnine ulaganjima u investicijske fondove koji u svojim portfeljima imaju nekretnine kao oblik investicija.

Abstract (english)

Nowadays, pension funds represent inevitable participants in the entire financial market. Their importance is manifested in ensuring an adequate standard of living for individuals at the end of their working life, that is, during retirement. They achieve the above by collecting funds from individuals who then further invest with the aim of increasing the value of the fund, in order to have sufficient financial resources for the payment of pensions and profits. As a rule, pension funds represent investors who are extremely sensitive to risk, for whom the preservation of capital comes first. In addition, they have a high demand for cash and liquidity, as well as a target rate of return due to high outlays for contingent liabilities. Since in the last few years, the yields on bonds have fallen significantly on a global level, pension funds are turning to alternative forms of investment, including real estate. However, in the Republic of Croatia, they are subject to strong regulatory restrictions for direct investments in real estate, so they invest their assets in other legally permitted ways. For example, they indirectly invest in real estate by investing in investment funds that have real estate as a form of investment in their portfolios.

• Keywords: mirovinski fondovi; struktura ulaganja; regulatorna ograničenja ulaganja; nekretnine; investicijski fond za nekretnine
• Keywords (english): pension funds; investment structure; regulatory investment restrictions; real estate; real estate investment trust
• Language: croatian
• URN:NBN: urn:nbn:hr:148:798508
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2022-09-16 10:46:20