TFL Vsebine / Revija SIR*IUS

Concepts of value, price and capital market in light of the global financial crisis

V prispevku prikažemo opredelitve temeljnih pojmov, povezanih s kapitalskim trgom (likvidnost, aktivnost in učinkovitost), vrednostjo in ceno. Analiziramo delovanje kapitalskih trgov v Sloveniji in tujini med globalno finančno krizo ter izpostavimo razloge, ki so vplivali na drugačen odziv slovenskega kapitalskega trga na krizo, kot ga lahko opazujemo na tujih kapitalskih trgih in kot smo ga bili na slovenskem kapitalskem trgu vajeni pred globalno finančno krizo. Nadalje razpravljamo o uporabni vrednosti računovodskih informacij med krizo. Globalna finančna kriza je razgalila pomanjkljivosti opredelitev in zahtev, ki so jih vključevali standardi (računovodski, ocenjevanja vrednosti) in regulatorne zahteve. Ker na vrsto vprašanj, s katerimi so se srečevali razni udeleženci kapitalskih trgov, niso imeli odgovorov ne standardi ne regulativa, je globalna finančna kriza povzročila obsežne spremembe na teh področjih. V prispevku prikažemo spremembe v opre- delitvah nekaterih ključnih kategorij (v MSOV-jih npr. opredelitev vrednosti, trga, tržne in poštene vrednosti) ter opredelitev novih kategorij (npr. pravična vrednost). Ob koncu predstavimo vlogo in delovanje finančnih analitikov na trgu kapitala ter povzamemo ključne ugotovitve analize.

In this paper, we present the definitions of the fundamental concepts related to capital market (liquidity, activity and efficiency), value and price. We analyze the functioning of capital markets in Slovenia and abroad during the global finan- cial crisis and point out the reasons that influenced the different response of the Slovenian capital market to the crisis compared to that we can observe in foreign capital markets and as we were used to in the Slovenian capital market before the global financial crisis. We further discuss the practical value of accounting information during a crisis. The global financial crisis exposed the shortcomings of definitions and requirements included in the standards (accounting, valuation) and regulatory requirements. Since neither standards nor regulations provided answers to a range of questions faced by various participants in the capital markets, the global financial crisis brought about extensive changes in these areas. In the paper, we show changes in the definitions of some key categories (e.g. definition of value, market, market value and fair value in the IVS,) and the definition of new categories (e.g. fair value). In conclusion, we present the role and perfor- mance of financial analysts in the capital market and summarize the key findings of the analysis.