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Kriza trgovačkog društva Agrokor d.d. nenadano je stvorila značajne probleme za Republiku Hrvatsku te je predstavljala velik rizik za stabilnost gospodarstva. Navedena kriza ostavila je dubok trag na mnogo aspekte društva i gospodarstva koji će se biti prisutan još mnogi niz godina. Jedno od aspekata gospodarstva na koje je kriza ostvarila izniman utjecaj je tržište kapitala. Cilj ovog diplomskog rada bio je utvrditi kakav i koliki utjecaj je navedena kriza ostavila na tržište kapitala u Republici Hrvatskoj. U radu je prvenstveno izvršen pregled razvoja koncerna Agrokor kroz povijest što je dalo dobar uvid u nastalu krizu. Nadalje, u empirijskom dijelu rada testirane su 3 hipoteze postavljene u uvodu. Prvo je promatran utjecaj krize na tržišnu vrijednost dionica trgovačkih društava u vlasništvu Agrokora kroz prizmu kretanja cijena, ali i prometa dionica tih društava u razdoblju koje je prethodilo krizi, a zatim i za vrijeme same krize. Također, primjenom moderne teorije portfelja, sastavljene su efikasne granice za sva tri promatrana razdoblja. U nastavku rada su promatrani dionički indeksi Zagrebačke burze kao pokazatelji cjelokupnog tržišta. Također, promatran je i utjecaj tržišnu vrijednost dionica trgovačkih društava koja su imala značajnu operativnu izloženošču Agrokoru. Provedenim istraživanjem dokazano je da je kriza Agrokora ostavila iznimno negativan utjecaj na tržište kapitala Republike Hrvatske. The crisis of public company Agrokor d.d. suddenly created significant problems for the Republic of Croatia and represented a high risk for the stability of the economy. This crisis has left a deep mark on many aspects of society and economy that will be present for many years. One of the aspects of economy that the crisis has had an extraordinary impact is the capital market. The goal of this graduate thesis was to determine the impact of the said crisis on the capital market in the Republic of Croatia. In the paper, an overview of Agrokor's development through history was historically carried out, giving a good insight into the crisis that emerged. Furthermore, in the empirical part of the paper three hypotheses were tested that were introduced in the introduction. Firstly, the impact of the crisis on the market value of shares of the companies owned by Agrokor was analyzed through the price movements, but also through th stock turnover of these companies in the period preceding the crisis and then during the crisis itself. Also, applying the modern portfolio theory, efficient frontiers have been created for all three observed periods. The stock indexes of the Zagreb Stock Exchange have been observed as the indicators of the overall market. Also, the market value of shares of the companies that had a significant operating exposure to Agrokor was also observed. The research carried out has shown that the crisis of Agrokor left an extremely negative impact on the Croatian capital market. |