بحران مالی و اقتصادی و ارزش سرمایه صاحبان سهام: یک مطالعه موردی از شرکت محدود دولتی اسلوونی 2006–2011

The purpose of this paper is to discuss the effect of financial-economic crisis on the equity value of companies, as well as present the importance of fair and honest company valuations. The fundamental value of equity capital of a company is important for both management and external shareholders. The wide disparity between market and fundamental values can lead to high value adjustments, which reduces investors confidence in the capital market. This has had a negative impact on the operations of financial institutions, and individual as well as company investment; especially on developing financial markets during a financial-economic crisis

In recent years a number of companies have closed down (see Janeš & Dolinšek, 2010), the level of unemployment has drastically risen (see Laporšek & Dolenc, 2012), equity indices have been overthrown and some countries are on the verge of bankruptcy due to incorrect monetary policies of central banks. The consequences of this financial crisis could paralyse the global economic system (Norberg, 2009). The market value of equity capital of the majority of Slovenian public limited companies on the stock exchange has therefore decreased. In times of economic boom the market value of companies was incredibly high. The large difference between the market value and fundamental value of equity capital was proven by Stubelj (2010) who in his research stated that market values can be higher due to: (a) investors who have “insider” information about the company increasing share prices; (b) expected high acquisition value of the company;

The market value of equity capital of Slovenian public limited companies has fallen sharply since the financial-economic crisis began. We assumed that the market values of the Slovenian public limited companies before the crisis were exaggerated and did not reflect the company’s fundamental value of equity capital. We wanted to confirm our basic theory that the fundamental value of equity capital better reflects the market value of equity capital in today’s times of crisis than before the crisis. We tested the validity of our theory with the hypothesis that the fundamental values of Slovenian public limited companies are closer to their market values now (2011) than before the crisis (2006).