POPULARNOST OTKUPA AKCIJA – TEORETSKI ASPEKT

 Peti naučni skup „Računovodstvena znanja kao činilac ekonomskog i društvenog napretka“ (2025) [493-506 str.]  

AUTHOR(S) / АУТОР(И): Vesna Pašić Tomić

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DOI: 10.46793/RZ25.493PT

ABSTRACT / САЖЕТАК:

Otkup akcija je proces kada kompanija kupuje sopstvene akcije sa tržišta. Ova praksa je postala veoma popularna posebno u poslednjim decenijama, kao jedan od glavnih alata za upravljanje kapitalom. Praksa otkupa akcija je najpre dozvoljena i popularizovana u anglosaksonskim zemljama poput SAD-a i Velike Britanije, gde tržišno orijentisani ekonomski modeli favorizuju fleksibilnost korporativnog upravljanja. U mnogim drugim zemljama, naročito u Evropi i Aziji, otkupi su postali legalni znatno kasnije, uz strožu regulaciju kako bi se sprečile zloupotrebe i zaštitili mali investitori. Danas je, praksa otkupa akcija dozvoljena u većini zemalja i predstavlja sastavi deo finansijske strategije kompanije, ali se regulativa značajno razlikuje u zavisnosti od pravnog okvira i ekonomske politike svake zemlje. Osnovni razlozi popularnosti koji se najčešće u literaturi navode, a u praksi analiziraju, su povećanje cene akcija, povrat kapitala akcionarima, signal poverenja i fleksibilnost otkupa. Međutim, iako je otkup akcija moćan alat za upravljanje kapitalom, njegova upotreba zahteva pažljivo balansiranje između interesa akcionara i dugoročnog razvoja kompanije. Cilj rada jeste analiza popularnosti otkupa akcija uz kritički analizu uticaja na dugoročne ciljeve kompanije i posrednog uticaju na širu ekonomiju.

KEYWORDS / КЉУЧНЕ РЕЧИ:

otkup akcija, regulativa otkupa akcija, signaliziranje, potcenjenost akcija, višak gotovine

ACKNOWLEDGEMENT / ПРОЈЕКАТ:

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