Pohľad na doterajší proces reštrukturalizácie podnikovej sféry v Slovenskej republike
VIEW AT THE PROCESS OF ENTERPRISING SPHERE RESTRUCTURING IN THE SLOVAK REPUBLIC UP TO NOW

Summary/Abstract: Slovak Republic reached the end of the twentieth century with an unfinished reform of the national economy, which is witnessed by chronic problems of enterprising sector and significant banks. Volume of unsettled credits (insolvencies) as of the end of 1999 amounted to 135.7 billion Sk. The volume of arrears of taxes and outstanding payments to social welfare is large too. There are no reliable data on mutual inter-company liabili-ties, estimates of those, however, are significant too. These big bank, tax and business arrears are caused in principle by meagre perform-ance of the enterprising sector and affect many enterprises – the number of lossy enter-prises as of the end of 1999 is estimated up to some 45 %. Liquidity of an average Slovak enterprise is very low and significantly exceeds the upper limit of the share of for-eign resources, which is accepted in the EU countries (foreign sources share 2/3, own resources 1/3). Indicators of profitability too (cost profitability, net production profit-ability and revenue profitability) show the misbalance of enterprising sphere. During the monitored years 1995–1999 for instance net production profitability developed very unfavourably while decreasing by some 10.7 statistical points. Main reasons for the dissatisfactory economic performance of the enterprising sphere consist in the weak internal and external mechanisms of corporate governance. Weak internal mechanisms of corporate governance originated in the mass coupon privatisation, which has taken place in the beginning of the nineties, and subsequently in the absence of the strong control of the capital market. These factors facilitated „tun-nelling” of enterprise assets in significant number of enterprises, and as the banks were not yet privatised, these banks exerted no pressure at delinquent debtors. In spite of the fact that for the bad classified credits one created specialised banks and institutions, and then transferred these classified credits to them, original aims were not fulfilled, as the intents of restructuring and revitalisation were not linked with sophisticated strategy of the solution of questionable assets (treatment of bad credits granted by banks and solv-ing financial problems of enterprises through various means such as settlement, capi-talisation of liabilities, selling assets etc.). Situation in the enterprising sphere is partially linked with a weak legal system, which unfavourably influences Slovak economy. This legal system contributed on the one side towards the deterioration of the problem of outstanding credits in the banks and towards the insufficient rate of enterprise restructuring, on the other side it in-creased the risk of creditors and thus influenced negatively granting new credits by the banks.

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