1. Vladislav Zekic, Armenia
AP Vojvodina is the area with the most convenient conditions for development of the intensive agricultural production in the Republic of Serbia. Available agricultural areas in Vojvodina make roughly 40 % of the total areas of the Republic of Serbia. The majority of large commodity producers of Serbia is situated in Vojvodina. These producers are mainly organized as agricultural enterprises and make 57 % of the market realization of agricultural products, thus presenting the base for intensive agricultural production in Serbia. Transitional changes, which started after the year 2000, included intensified process of privatization as one of the measures of transition. Privatization process included changes in ownership structure and the way of doing business. Agricultural enterprises are required to function under the same conditions as other business branches, regardless the specific features of agricultural production. Changes in the area of ownership structures of agricultural enterprises were completed by the end of the year 2007. Such changes were not monitored with appropriate measures in other areas of transition, and which would enable adequate functioning and development of agricultural production.
The research elaborated probability of bankruptcy and was executed by means of application of altman Z-score model. We used the data from collective balance sheet for the sector of agriculture and total economy of Vojvodina. The research observed the period of 9 years (2001-2009) which, in its longest part, presents the period of transition. Previously performed research activities indicate to extreme deterioration of all parameters of financial position of agricultural enterprises. The obtained data, apart from confirming deterioration in financial position in the sector of agriculture, also show a very dynamic change in relations of the sector of agriculture and total economy of Vojvodina. The results indicate that during the whole period of transition, financial position of agriculture was worsening, and/or the probability of bankruptcy of enterprises in the sector of agriculture was continuously increasing. On the other hand, the value of Z-function for total economy started to worsen only with the beginning of the world economy crisis.
Apart from the quoted tendencies, the work was researching the causes and/or changes in financial indicators which had the greatest influence on the obtained results. As a primary cause of such condition, we identified constant increase of indebtedness in the sector of agriculture in Vojvodina. Increased indebtedness, which is quite similar to conditions of other economy sectors, proved to be the bad strategy for development of the agriculture itself. Agricultural enterprises were very successful economy subjects before dissolution of Yugoslavia and the crisis of the 90ties, which characterized the Republic of Serbia. They had leading role in application of new technologies, and represented the holders
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Датум:
20.05.2011.
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