DAVLAT ULUSHI MAVJUD TRANSPORT KORXONALARIDA KORPORATIV BOSHQARUVNING MOLIYAVIY BARQARORLIKKA TAʼSIR ETUVCHI OMILLARI
Ключевые слова:
korporativ boshqaruv, davlat ishtirokidagi korxona, transport korxonasi, moliyaviy barqarorlik, Altman Z″-modeli, kapital tuzilmasi, kuzatuv kengashi, MHXS.Аннотация
Maqolada davlat ulushi mavjud transport korxonalarida korporativ boshqaruv sifati va moliyaviy barqarorlik oʻrtasidagi bogʻliqlik oʻrganildi. Nazariy asos sifatida bankrotlikni bashorat qilish modellari, boshqaruv indekslari va kapital tuzilmasi nazariyasi umumlashtirilgan. “Uzbekistan Airways” AJning 2023-2024-yillarga oid MHXS boʻyicha konsolidatsiyalangan hisobotlari asosida kapital koeffitsiyenti, likvidlik, qarz yuklamasi va Altmanning rivojlanayotgan bozorlar uchun Z″-modeli hisoblandi. Tahlil daromadlilik va xususiy kapital tez surʼatda mustahkamlanganini, jamgʻarilgan zarar qisqarganini, aylanma kapital esa boshqaruv eʼtiborini talab etuvchi asosiy boʻgʻin ekanini koʻrsatdi. Integral Z″-koʻrsatkichning 0,91 dan 0,47 ga pasayishi deyarli toʻliq aylanma kapital omili hisobiga yuz bergani aniqlandi. Muallif institutsional omillar boshqaruv amaliyotlari orqali moliyaviy barqarorlikka taʼsir etishini tavsiflovchi uch pogʻonali omillar piramidasini taklif qildi. Kuzatuv kengashida moliyaviy barqarorlik qoʻmitasini tashkil etish, aylanma kapital meʼyorlarini korxona strategiyasiga kiritish va davlat oldidagi hisob-kitoblarni shartnomaviy asosga oʻtkazish boʻyicha takliflar asoslandi.
Библиографические ссылки
1. Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
2. Altman, E. I. (2005). An emerging market credit scoring system for corporate bonds. Emerging Markets Review, 6(4), 311-323. https://doi.org/10.1016/j.ememar.2005.09.007
3. Altman, E. I., Iwanicz-Drozdowska, M., Laitinen, E. K., & Suvas, A. (2017). Financial distress prediction in an international context: A review and empirical analysis of Altmanʼs Z-score model. Journal of International Financial Management & Accounting, 28(2), 131-171. https://doi.org/10.1111/jifm.12053
4. Borisova, G., Brockman, P., Salas, J. M., & Zagorchev, A. (2012). Government ownership and corporate governance: Evidence from the EU. Journal of Banking & Finance, 36(11), 2917-2934. https://doi.org/10.1016/j.jbankfin.2012.01.008
5. Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409-434. https://doi.org/10.1016/j.jaccpubpol.2006.05.005
6. Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1-33. https://doi.org/10.1016/j.ememar.2012.03.002
7. Daily, C. M., & Dalton, D. R. (1994). Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37(6), 1603-1617. https://doi.org/10.5465/256801
8. Faccio, M., McConnell, J. J., & Masulis, R. W. (2006). Political connections and corporate bailouts. The Journal of Finance, 61(6), 2597-2635. https://doi.org/10.1111/j.1540-6261.2006.01000.x
9. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-155. https://doi.org/10.1162/00335530360535162
10. Kornai, J. (1986). The soft budget constraint. Kyklos, 39(1), 3-30. https://doi.org/10.1111/j.1467-6435.1986.tb01252.x
11. Megginson, W. L., & Netter, J. M. (2001). From state to market: A survey of empirical studies on privatization. Journal of Economic Literature, 39(2), 321-389. https://doi.org/10.1257/jel.39.2.321
12. Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
13. OECD. (2024). OECD Guidelines on Corporate Governance of State-Owned Enterprises 2024. Paris: OECD Publishing. https://doi.org/10.1787/18a24f43-en
14. Shleifer, A., & Vishny, R. W. (1994). Politicians and firms. The Quarterly Journal of Economics, 109(4), 995-1025. https://doi.org/10.2307/2118354
15. Uzbekistan Airways JSC. (2024). Consolidated financial statements for the year ended 31 December 2023 and independent auditorsʼ report. Tashkent: KPMG Audit LLC. https://corp.uzairways.com/sites/default/files/inline-files/cfs/cfs_en_23.pdf
16. Uzbekistan Airways JSC. (2025a). Consolidated financial statements for the year ended 31 December 2024 prepared in accordance with IFRS. Tashkent. https://corp.uzairways.com/sites/default/files/inline-files/cfs/cfs_en_24.pdf
17. Uzbekistan Airways JSC. (2025b). IFRS consolidated financial statements 2024: Statement of financial position and notes (version published on the company website). https://www.uzairways.com/sites/default/files/inline-files/DRAFT%20IFRS_FS_UAW_2024_ENG_editable.pdf
18. Oʻzbekiston Respublikasi Prezidentining 2020-yil 27-oktabrdagi PF-6096-son “Davlat ishtirokidagi korxonalarni isloh qilishni jadallashtirish hamda davlat aktivlarini xususiylashtirishga oid chora-tadbirlar toʻgʻrisida”gi Farmoni. https://lex.uz/docs/5068824
Загрузки
Опубликован
Выпуск
Раздел
Лицензия

Это произведение доступно по лицензии Creative Commons «Attribution» («Атрибуция») 4.0 Всемирная.