Proces svojinske transformacije u privredi Srbije i problem njegovog sagledavanja[Ownership Transformation Process in Serbian Economy and the Problem of Its Observations]

English. This paper offers an analysis of the financial results of the 113 and 122 Serbian enterprises that were privatized in 1992 and the first half of 1993, in comparison with those enterprises which did not go through an ownership transformation process. Based on the balances from 1992 and periodical balances from the first half of 1993, a list was formed with 15 accounting and financial indicators for the two mentioned groups of enterprises as well as for a group of the most successful enterprises of the Republic of Serbia according to their profit before tax. The comparison of the financial results of these groups of enterprises was done on the basis of the general results of their balance sheets and income statements, including an insight into the structure of their balances. Comparative analysis was then carried out of their financial results, having divided the groups into sub-groups according to their ownership type and the industries they operate in. The last part of the paper gives an analysis of the general business factors for the industry as a whole as well for the transformed enterprises, considered in total and considered by industry. This analysis is based on the factor analysis of the mentioned indicators. The results of the analysis show that the transformed and non-transformed parts of industry cannot be clearly distinguished, i.e. the transformed ones have not suffered any qualitative changes in doing business, but have only had their form changed instead (workers’ shareholding now being present instead of worker self-management). Serbian. U radu je data analiza finansijskih rezultata poslovanja preduzeća u privredi Srbije privatizovanih tokom 1992. (113) i prve polovine 1993. (122 preduzeća) u odnosu na preduzeća koja nisu izvršila svojinsku transformaciju. Na osnovu podataka iz završnih računa za 1992. i periodičnih obračuna za prvo polugodište 1993. formirana je lista od 15 knjigovodstveno-finansijskih pokazatelja za navedena dva skupa preduzeća i grupu najuspešnijih preduzeća u privredi Republike prema ostvarenoj dobiti pre oporezivanja. Poređenje finansijskih rezultata poslovanja preduzeća iz navedenih skupova, kao i ukupne privrede, vršeno je prema opštim rezultatima iz njihovih bilansa stanja i bilansa uspeha, uključujući uvid u strukturu tih bilansa. Zatim je data uporedna analiza finansijskih rezultata poslovanja, pri čemu su ovi skupovi raščlanjeni na podgrupe po sektorima svojine i po privrednim delatnostima. U poslednjem delu rada data je analiza opštih faktora poslovanja za ukupnu privredu i za transformisana preduzeća, ukupno i raščlanjeno na delatnosti, zasnovana na faktorskoj analizi pomenutih pokazatelja. Rezultati analize pokazuju da se transformisani i netransformisani delovi privrede ne mogu jasno razdvojiti, odnosno da kod transformisanih nije došlo do kvalitativnih promena u poslovanju, već je promenjena samo forma (radničko akcionarstvo umesto radničkog samoupravljanja).