Faktoring kao finansijski izbor predzeća: stanje u Srbiji

The paper develops and tests the hypotheses that explain the choice of factoring as a financing alternative and the profile of companies using it in the Republic of Serbia. The analysis is based on firm's demographic and financial characteristics such as age, turnover, industry, type of legal form and level of indebtedness. The analysis refers to a survey of 60 companies using factoring services. This research shows that the segmentation of firms using factoring is concentrated more on bigger firms, more than ten years old, limited liability companies in manufacturing and trade. We extend the research to the characteristics and prospects of the factoring industry in Serbia. We offer evidence that: (a) factoring is becoming more and more important as an instrument of short-term financing and cash-flow enhancement, (b) the legal environment is not favorable for factoring realization, and (c) this financial opportunity is not universally accessible among Serbian companies.