Pregledni rad
The Problem of Financing Capital Economic and Urban Infrastructure - On the Financing of Public Companies
Nataša Žunić Kovačević
orcid.org/0000-0001-6923-5658
; Pravni fakultet Sveučilišta u Rijeci
Sažetak
The system of fi nan ci ng pub lic com pa nies, par ti cu lar ly tho se dea li ng wi th economic and communal infrastructure, is largely determined by the main cha racteris ti cs of the se en ter pri ses that sig ni fi can tly in fluen ce the choi ce of fi nan ci ng in stru men ts. Fi nan ci ng in stru men ts of pub lic com pa nies may ran ge from mar ket pri ces of their pro duc ts and ser vi ces, uti li ty ra tes and taxes, com pen sa tio ns from the central bud get, loa ns to domes tic and fo rei gn in ves tmen ts and ot her sour ces. The prin ci pal ro le in the fi nan ci ng of pub lic com pa nies be lon gs to uti li ty ra tes. However, finan cial theo ry sti ll has not in clu ded uti li ty ra tes in to fis cal re ve nues, whi le
the prac ti ce has shown that the re is a lar ge num ber and dif fe re nt types of ra tes. It has al so shown that the ob li ga tion of payi ng uti li ty ra tes is not re gu la ted clear ly enou gh. If we ag ree wi th the opi nion that uti li ty ra tes are a spe cial fo rm of public re ve nue that has au to no mous cha rac te ris ti cs and prin cip les, fi nan cial theo ry
and prac ti ce mu st gi ve a fi nal de fi ni tion of uti li ty ra tes.
Alo ng wi th mar ket pri ces, uti li ty ra tes, taxes, and tran sfe rs from the cen tral bud get, we now fi nd bor rowi ng from the ban ks and ot her fi nan cial in sti tu tio ns as a rat her freque nt in stru me nt of finan ci ng pub lic com pa nies. The tre nd of increased bor rowi ng by pub lic com pa nies cal ls for cer tain li mi ta tion of usa ge of that par ti cu lar fi nan cial in stru me nt. The rea son is di re ct re la tion ship be tween
the bor rowin gs of pub lic (mos tly uti li ty) com pa nies and in cur ri ng deb ts in lo cal se lf-go ver nme nt uni ts. Sin ce pub lic com pa nies are im por ta nt for so cie ty in general, the su per vi sion over their fi nan cial ope ra tio ns shou ld pri ma ri ly be lo ng to the cen tral le vel.
Ključne riječi
public companies; financing instruments; utility rates; financial supervision
Hrčak ID:
135598
URI
Datum izdavanja:
5.3.2008.
Posjeta: 1.872 *