| Sažetak | Da bi hotelska poduzeća mogla uspješno poslovati, važno je reagirati na promjene koje se događaju na tržištu. Način i oblik vrednovanja poduzeća u okruženju tržišne ekonomije implicira temeljito poznavanje ne samo financijske situacije ovih poduzeća nego i sredstava za njihovo vrednovanje.
Specifični istraživački ciljevi ovog rada temeljeni na teorijskim i empirijskim spoznajama jesu:
prikazati važnost turizma za gospodarski razvoj i napraviti komparativnu analizu s konkurentskim zemljama;
istražiti i analizirati poslovanje hotelskih poduzeća u konkurentskom okruženju i prikazati položaj hrvatskog hotelijerstva u odnosu na konkurente;
analizirati poslovanje hotelskih poduzeća kroz temeljne financijske pokazatelje poslovanja poduzeća te kroz pokazatelje specifične za hotelska poduzeća;
utvrditi kako i koliko odabrane sastavnice ekonomske politike utječu na poslovanje hotelskih poduzeća;
produbiti postojeće spoznaje o važnosti poslovnog okruženja za poslovanje hotelskih poduzeća;
prikazati poslovni model poslovanja hotelskih poduzeća;
objasniti djelovanje monetarne i fiskalne politike;
sustavno formulirati rezultate istraživanja i stvoriti pretpostavke za daljnja istraživanja.
Budući da je istraživanje provedeno na uzorku od 208 hotelskih društava, glavni izvor podataka o poslovanju društava iz skupine „Hoteli i sličan smještaj” (NKD 55.10) bila je Financijska agencija (FINA). Razdoblje analize obuhvaća razdoblje od 2002. do 2018. godine. U radu je implementirano pet modela s različitim zavisnim varijablama koje pokazuju uspješnost poslovanja poduzeća: dobit, zaposlenost, prihod, imovina i investicije. Nezavisne varijable korištene u modelu jesu: porez na dobit, tečaj, doprinosi, porez i prirez, stopa PDV-a na usluge smještaja, prosječna kamatna stopa na kredite, dok su kontrolne varijable bile veličina poduzeća i bruto domaći proizvod. Radi transparentnosti u dokazivanju postavljenih hipoteza, sve hipoteze testirane su kroz pet modela uz primjenu ekonometrijske metode panel analize pomoću programskog paketa STATA. Rezultati pokazuju da postoji međuovisnost između poslovanja odabranih pokazatelja poslovanja hotela i rezultata poslovanja hotela, no hipoteze su samo djelomično prihvaćene. Porast poreza na dobit smanjiti će prihode, dobit, zaposlenost i imovinu hotelskih poduzeća, ali ne i investicije. Druga porezna opterećenja (porez na dohodak, doprinosi iz plaće i prirez; stopa PDV-a na usluge smještaja) nisu potvrdila očekivani utjecaj na poslovanje poduzeća. Deprecijacija tečaja pozitivno će djelovati na prihod i dobit poduzeća, dok će biti u inverznom odnosu s investicijama. Promjena tečaja statistički je nesignifikantna kada je riječ o zavisnoj varijabli zaposlenost. Prosječna kamatna stopa pokazala se negativnom i statistički značajnom za sve odabrane pokazatelje poslovanja poduzeća.
Znanstveni doprinos ove doktorske disertacije proizlazi iz rezultata provedenoga empirijskog istraživanja. Doprinosi se ogledaju u sljedećemu:
U analizi temeljnih obilježja i trendova u turizmu i njihova utjecaja na gospodarski razvoj te komparativnoj analizi s konkurentskim zemljama.
U analizi poslovanja hotelskih poduzeća u konkurentskom okruženju te sistematizaciji dobivenih rezultata.
U analizi poslovanja hotelskih poduzeća kroz temeljne financijske pokazatelje poslovanja poduzeća te kroz pokazatelje specifične za hotelska poduzeća.
U kvantifikaciji (procjeni) osjetljivosti rezultata poslovanja hotelskih poduzeća na donesene mjere ekonomske politike.
Aplikativni doprinos rada počiva u provedenom empirijskom istraživanju koje modeliranjem mjera ekonomske politike može značajno utjecati na konkurentnost hotelskih poduzeća na svjetskom tržištu. |
| Sažetak (engleski) | In order for hotel companies to be able to operate successfully, it is important to react to the changes taking place on the market. The method and form of company valuation in a market economy environment implies thorough knowledge, not only of the financial situation of these companies but also of the means for their valuation.
The specific research goals of this paper, based on theoretical and empirical knowledge, are as follows:
to show the importance of tourism for economic development and make a comparative analysis with competing countries;
to research and analyze the business of hotel companies in a competitive environment and present the position of the Croatian hotel industry in relation to its competitors;
to analyze the operations of hotel companies through the basic financial indicators of the company's operations and through indicators specific to hotel companies;
to determine how and to what extent the selected economic policy components affect the operations of hotel companies;
to deepen the existing knowledge about the importance of the business environment for the operation of hotel companies;
to show the business model of hotel companies;
to explain the operation of monetary and fiscal policy;
to systematically formulate research results and create assumptions for further research.
Since the research was conducted on a sample of 208 hotel companies, the main source of data on the operations of companies from the group "Hotels and similar accommodation" (NKD 55.10) was the Financial Agency (FINA). The period of analysis spans from 2002 to 2018. Five models with different dependent variables that show the success of the company's operations were implemented in the paper: profit, employment, income, assets, and investments. The independent variables were profit tax, exchange rate, contributions, tax and surcharge, VAT rate on accommodation services, average interest rate on loans, while the control variables were company size and Gross Domestic Product. Instead of the company size variable, four additional dummy variables were introduced for micro-enterprises, small enterprises, medium-sized enterprises, and large enterprises. For the sake of transparency in proving the set hypotheses, all hypotheses were tested through five models with the application of the econometric method of panel analysis using the STATA program package. The paper proved that there is an interdependence between the operations of selected hotel business indicators and hotel business results; however, the hypotheses were only partially accepted. A rise in corporate taxes will reduce revenues, profits, employment and assets of hotel companies, but not investment. Other tax burdens (income tax, salary contributions and surtax; VAT rate on accommodation services) did not confirm the expected impact on the company's operations. The depreciation of the exchange rate will have a positive effect on the income and profit of the company, while it will have an inverse relationship with investments. The exchange rate change is statistically insignificant when it comes to the dependent variable employment. The average interest rate turned out to be negative and statistically significant for all selected indicators of the company's operations.
The scientific contribution of this doctoral dissertation results from the results of empirical research. The contributions are reflected in the following:
In the analysis of the fundamental features and trends in tourism and their impact on economic development, as well as a comparative analysis with competing countries.
In the analysis of business operations of hotel companies in a competitive environment and the systematization of the obtained results.
In the analysis of the operations of hotel companies through the basic financial indicators of the company's operations and through indicators specific to hotel companies.
In the quantification (estimation) of the sensitivity of hotel business results to adopted economic policy measures. The applied contribution of the paper is based on the conducted empirical research, which, by modeling economic policy measures, can significantly influence the competitiveness of hotel companies on the world market. |
