STATE AND PERSPECTIVES OF THE CORPORATE BOND MARKET IN THE REPUBLIC OF SRPSKA
DOI:
https://doi.org/10.7251/ACE1727281RKeywords:
corporate bonds, corporate bond market, corporate bond marketinstitutional investors, issuers, investorsAbstract
From a small number of corporate bonds issued since the founding of the Banja Luka Stock Exchange to date, it is obvious that the domestic corporate bond market is in the initial stage of its development. The subject of this paper is to define the assumptions and limitations, i.e. possibilities of the development of the corporate bond market in the Republic of Srpska. The successful development of the bond market, in addition to the institutional and legal assumptions, is largely conditioned by the willingness of companies to emit bonds. On the other hand, it is the obligation and commitment of investors to invest in these securities.
The aim of the research is to examine the potential supply and (potential) demand in next three years. The research was conducted using a two-part sur-vey. In the first part, managers in institutional investors in the domestic market were interviewed: investment funds, insurance companies and banks, 42 of them. In the second part, we examined the most significant joint-stock companies on the Banja Luka Stock Exchange, those that were part of the BIRS index and those that paid dividend, 66 of them.
The results of the survey show the number of companies willing to finance their operations by issuing bonds and the number of investors willing to invest in these instruments. In addition, we will point to obstacles to the development and deepening of the market and the actual number of institutional investors willing to invest in corporate bonds.
References
Anderson, C. W. and Makhija, A. K. (1999). Deregulation, disintermediation, and agency costs of debt: evidence from Japan. Journal of Financial Economics, 51(2), 309-339.
Foley, B. (1998). Tržišta kapitala. Zagreb: Mate.
Bolton, P. and Scharfstein, D. S. (1996). Optimal debt structure and the number of creditors. Journal of Political Economy, 1-25.
Hoshi, T., Kashyap, A. and Scharfstein, D. (1993). The choice between public and private debt: An analysis of post-deregulation corporate financing in Japan (No. w4421). National Bureau of Economic Research.
Fama, E. F. (1985). What’s different about banks? Journal of monetary economics, 15(1), 29-39.
Hakansson, N. H. (1999). Te Role of a Corporate Bond Market in an Economy-and in Avoiding Crises. IBER RPF-287. Доступно на: http://repositories.cdlib.org/iber/fnance/RPF-287
Harwood, A. (2000). Building local bond markets: Some issues and actions. Building Local Bond Markets: An Asian Perspective, IFC, 1-38. Доступно на: http://www2.ifc.org/publications/pubs/bond
Hege, U. (2003). Workouts, court-supervised reorganization and the choice between private and public debt. Journal of Corporate Finance, 9(2), 233-269.
Houston, J. and James, C. (1996). Bank information monopolies and the mix of private and public debt claims. The Journal of Finance, 51(5), 1863-1889.
Johnson, S. A. (1997). An empirical analysis of the determinants of corporate debt ownership structure. Journal of Financial and Quantitative Analysis, 32(01), 47-69.
Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of money, credit and banking. 596-613. Доступно на: http://econpapers.repec.org/article/mcbjmoncb/v_3a30_3ay_3a1998_3ai_3a3_3ap_3a596-613.htm
Miller, R. L. R., Van Hoose, D. (1997). Moderni novac i bankarstvo. Zagreb: Mate.
Miloš, D. (2004). Perspektive razvoja hrvatskog tržišta korporacijskih obveznica. Financijska teorija i praksa, 28(4), 417-434.
Petersen, M. A., Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The journal of finance, 49(1), 3-37.
Стевановић, С. и Грујић, М. (2014). Ограничења и могућности развоја дужничких инструмената у Републици Српској – обвезница као алтернатива кредиту. У Зборник радова Економског факултета у Источном Сарајеву (стр. 264). Источно Сарајево: Економски факултет.
Радивојац, Г. и Грујић, М. (2016). Ограничења оптимизације портфолија aкциja на Бaњaлучкој бeрзи. Acta Economica, 14(25).
Sharma, K. (2001). Te underlying constraints on corporate bond market development in Southeast Asia, World Development, 29(8), 1405-1419.
Titman, S. and Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19. www.blberza.com
Прaвилник o o висини и нaчину улaгaњa срeдстaвa зa пoкрићe тeхничких рeзeрви и минимaлнoг гaрaнтнoг фoндa друштaвa зa oсигурaњe. Службени гласник Републике Српске, 56/12.
Бањалучка берза (2017). Подаци о трговању. Доступно на: www.blberza.com
Инвестиционо развојна банка Републике Српске. (2016). Извјештај од нето вриједности средстава Акцијског фонда. Доступно на: http://www.irbrs.org/azuro3/a3/?id=471
Инвестиционо развојна банка Републике Српске. (2016). Извјештај од нето вриједности средстава Фонда за реституцију Републике Српске. Доступно на: http://www.irbrs.org/azuro3/a3/?id=472
Online Банка и Кредит. (2016). Листа банака у Републици Српској. Доступно на: http://www.online-banka-kredit.com/lista-banaka-u-republici-srpskoj.html
Пензијски резервни фонд Републике Српске. (2016). Мјесечни извјештај - новембар 2016. Доступно на: http://www.pref.rs.ba/nav/report/2818
Профитирај. (2016). Осигуравајућа друштва у БиХ комплетна. Доступно на: http://www.profitiraj.ba/20111005408/osiguranja-osiguravajuca-drustva-u-bihkompletna.php
