Izvleček / Abstract

PRIVATIZATION INVESTMENT FUNDS IN BOSNIA AND HERZEGOVINA

PRIVATIZACIJSKI INVESTICIJSKI SKLADI V BOSNI IN HERCEGOVINI

Adnan Rovčanin, Ph.D.

Muamer Halilbašić, M.Sc.

Faculty of Economics, University of Sarajevo

Abstract

UDC 336.763.268:338.246.025.88(497.6)

In this work, the authors research the role of PIFs in the process of privatization and the establishment of a stable capital market as a whole. Among numerous problems, the authors especially emphasize a great disparity between certificates collected by PIFs and offered (bought) real assets (property) of companies, non-marketable assets of PIFs, difficulties in estimating the real value of PIFs, poor activities of PIFs in the stock exchange, and permanent decreasing net value of assets of PIFs. The authors suggest concrete solutions based on the results of the research

Key words: privatization, investment funds, share, stock exchange, certificate, assets.

Izvleček

UDK 336.763.268:338.246.025.88(497.6)

V tem prispevku avtorja raziskujeta vlogo privatizacijskih investicijskih skladov (PIS) v procesu privatizacije in vzpostavitev stabilnega trga kapitala kot celote. Med številnimi problemi avtorja izpostavita zlasti velike razlike med zbranimi certifikati in ponudbo sredstev (lastnino) družb, "netržna" sredstva privatizacijskih investicijskih skladov, težave pri ocenjevanju realne vrednosti teh skladov, šibko dejavnost PIS-ov na borzi in vztrajno padanje neto vrednosti sredstev teh skladov. Na osnovi rezultatov raziskave avtorja predlagata konkretne rešitve.

Ključne besede: privatizacija, investicijski skladi, delnice, borza, certifikat, sredstva

JEL: G23