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| Author: | Kordez, B. |
| Title: | Return on capital and return on joint resources |
| Journal: | Bancni vestnik
1995 : VOL. 44:5, p. 23-28 |
| Index terms: | |
| Freeterms: | enterprises, business efficiency, capital, assets, return, profit, indebtedness, simulation, Slovenia |
| Language: | slv |
| Abstract: | In Slovenia we have had very high real interest rates for the last three years.High interest rates have often been quoted (and often unjustifiedly) as a reason for all the difficulties in the economy.The reason lies also in the shortage of instruments which could be used to analyze the performance of a company regardless of its indebtedness or the level of interest rate.In the first part of my treatise I have in some detail defined the rarely used indicator - basic earning power, which shows the return on all the invested financial resources.My attention has been devoted to the use of a basis for the calculation of the indicator and elimination of inflationary effects.This indicator is needed for the calculation of the return on capital and the effect of interest rate on indebtedness.The second part brings a calculation of these effects on the actual data, separately for the period of real negative interest rates till 1991 and positive ones for the last three years. |
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