Search

Article begins with an analysis of general civil liability provisions regarding compensation of pecuniary damage caused by market abuse activity: insider trading and market manipulation. Further an assessment of two damage compensation mechanisms are being presented: the appropriateness of restitution and the expedience of class action when the pecuniary damage is being caused by market abuse activity. Determination of aggrieved financial market participants and calculation of pecuniary damage is being analyzed. In the end of the article the main findings are presented.

The aim of this article is to identify the legal nature of classical investment services provided by the investment advisors and to characterize these services in the light of Lithuanian private law. In order to do this, author analyzed sources of public and private law, which led to the conclusion that the legal relations of investment advice in the Lithuanian private law should be characterized as the contract for the supply of services. When financial intermediary manages investor’s portfolio on a discretionary basis, depending on the particular will of the parties, two contractual models are possible. First, parties may opt to structure portfolio management as the agency relations, either in direct form, i.e. based of mandate contract or in indirect form, i.e. based on commission agency contract. Second, instead of agency agreement, parties may choose to base portfolio management on the trust contract. However, Lithuanian trust law has little in common with real common law trust, because in essence it is just widened form of indirect agency. In any case general rules on the supply of services and if necessary – rules on the administration of the property of others are applicable for the portfolio management.

The paper is mainly devoted to the bankruptcy prediction models and their ability to assess a bankruptcy probability for Lithuanian companies. The study showed that the most common type of companies in Lithuania is a private limited company, therefore, the main objective was to analyse such companies’ financial information and by using these results, create a new bankruptcy prediction model, which would allow to predict the bankruptcy probability as accurately as possible. 145 companies (73 already bankrupt and 72 still operating) were chosen as a primary sample and by using multivariate discriminant analysis stepwise method a linear function ZGS has been created. To achieve that, 156 different financial ratios were selected as a primary input data by using correlation calculation between bankruptcy and still operating companies and Mann – Whitney U test techniques. The results showed that 89% of companies were classified correctly, which states that the model is strong enough to predict bankruptcy probability for private limited companies operating in Lithuania in a sufficient accuracy.

It is generally acknowledged that viable companies should have an opportunity to get a fresh start or a second chance. Governments are increasingly reforming the regulation in force with a view to giving priority to company rescue and preservation of companies (but not to involuntary liquidation of a company); the new approach of the European Union towards company failures and insolvency is also based on this idea. However, certain regulatory aspects of the judicial procedures of company rescue in a number of countries remain problematic and constitute obstacles to rescue even viable companies. One of such problematic aspects is regulation related to preserving contracts during the judicial procedures of company rescue. The success of company rescue process greatly depends on ensuring continuity of contracts. However, the regulation existing in most of the countries that are analyzed in this article (i.e. Great Britain, Germany and Lithuania, except for France) does not create appropriate conditions for ensuring stability of contractual relationship and therefore requires improvement. It needs to be noted that the greatest threat to the stability of the contractual relationship during the rescue procedure is posed by ipso facto provisions. Ipso facto provisions can prejudice the interests of both a company being rescued and stakeholders who are interested in rescue of the company because these provisions may become an obstacle to rescue even viable companies. Therefore, in order to avoid this and to facilitate the preservation of viable companies, legislation governing company rescue should provide for the prohibition of ipso facto provisions. In addition to this, such legislation should also provide for adequate protection of the legitimate interests of the contractors who will be forced to continue to fulfil their obligations, which they assumed before the beginning of the rescue procedure, during the rescue procedure.

The article analyzes the most problematic conditions of choosing negotiated procedure without publication of a contract notice and features of their execution. The focus is on the main conditions of negotiated procedure without publication of a contract notice, providing relevant court practice. It covers the following cases of choosing negotiated procedure without publication of a contract notice: when such manner of procurement is chosen due to emergency or unforeseen events; due to the fact that there were no suitable offers; also, to analyze the purpose of ex-ante publication, etc. The main focus of the article is on the analysis of relevant problems in practice in choosing negotiated procedure without publication of a contract notice, in order to understand certain legal norms that regulate the choice of negotiated procedure without publication of a contract notice, as a manner of procurement. The Law on Public Procurement contains very strict conditions for conducting negotiated procedure without publication of a contract notice. Due to specifity of conducting negotiated procedure without publication of a contract notice, it is important to assess the validity of choosing a procerement procedure in each individual case, and conduct the procedure very carefully by the following requirements of confidentiality, equality and transperancy, in order to prevent patronage cases of suppliers. While conducting a procurement in accordance with the Law on Public Procurement Article 56 part 1 paragraph 4, it is very important that the urgency would be actually real and reasonable, caused by unforeseen event, and would be not declared, for example, as a misconduct of contracting authority in planning a need of procurement or inaction. The article also analyzes the concept of “improper offer” and explains that the offer is considered to be inappropriate if it is irrelevant to the contract, because without substantive changes, it cannot meet the needs and requirements provided in procurement documents of the contracting authority. Straipsnyje analizuojamos problemiškiausios neskelbiamų derybų, kaip pirkimo būdo, pasirinkimo sąlygos ir jų vykdymo ypatumai. Daugiausia dėmesio skiriama pagrindinėms neskelbiamų derybų sąlygoms aptarti, pristatant aktualią teismų praktiką. Aptariami šie neskelbiamų derybų pasirinkimo atvejai: kai pirkimo būdas pasirenkamas dėl ypatingos skubos ir nenumatytų įvykių, taip pat dėl to, kad nebuvo gauta tinkamų pasiūlymų. Be to, siekiama išnagrinėti ex ante skelbimo tikslą. Straipsnyje taip pat nagrinėjama neskelbiamų derybų samprata, aptariami atvejai, kai reikalingas Viešųjų pirkimų tarnybos sutikimas atlikti pirkimą neskelbiamų derybų būdu. Straipsnyje pagrindinis dėmesys sutelktas į praktikoje aktualių problemų, pasirenkant neskelbiamų derybų būdą, nagrinėjimą, siekiant išaiškinti atitinkamas teisės normas, reguliuojančias neskelbiamų derybų, kaip pirkimo būdo, pasirinkimą. Ketinama pateikti pasiūlymų, kaip sklandžiai ir tinkamai taikyti Lietuvos Respublikos viešųjų pirkimų įstatymo normas, reguliuojančias neskelbiamų derybų, kaip pirkimo būdo, pasirinkimą ir jų vykdymą.

Akcentuojant darnaus ekonominio vystymosi prielaidas Lietuvoje ir siekiant tyrimų pagrindu kurti regioninę politiką, atliktas Lietuvoje veikiančių draudimo bendrovių parduodamų ne gyvybės draudimo produktų kainų palyginimas, apibendrinti pagrindiniai veiksniai, lemiantys skirtingas kainas, išryškinami draudimo produktų įsigijimą skatinantys veiksniai. Konstatuojama, kad dėl draudimo produktų specifiškumo vartotojams sudėtinga nustatyti konkretaus pasiūlymo vertę ir išsirinkti rinkoje kainos ir kokybės požiūriais geriausią pasiūlymą. Atkreiptinas dėmesys, kad vertinant draudimo produkto kainą (vertę) ypač svarbu išanalizuoti papildomas pasiūlymo sąlygas kuriose numatomos draudimo rizikos ir draudimo sumos, kurių pagrindu ir suformuojama galutinė draudimo įmoka. Ieškant geriausio rinkoje pasiūlymo negalima apsiriboti tik kainos aspektu. the same risk, insurance price gains a high importance. Most of the clients are sensitive to the insurance prices level, however, for the consumers to choose desired insurance product according to its price between different insurance companies is very difficult. Therefore, using research methodology to form regional policy, made in Lithuania market operating insurance companies non-life insurance products prices comparative analysis. This study highlight non-life insurance types, i.e., insurance against accidents (in the same structure and insurance against sickness), transport insurance, property insurance, travel insurance, third party liability insurance rates. It should be emphasized that different types of non-life insurance prices can be influenced by different factors. The Compulsory motor third party liability insurance (further CMTPL) price of the insurance affects the value of the vehicle, first registration, the gender of the vehicle driver, age, place of residence, driving experience, recurrence of insured events, the insurance contract signature period (which is important because insurance companies in this case applies price discounts), the vehicle’s engine power. Insurance against accidences and travel insurance prices are determined by user’s gender, age, work type. Property insurance price depends on the value of the property. In order to be able to compare with each other different insurance companies, operating in Lithuania, insurance prices, was formed for different nonlife insurance type’s model and used in all cases in representative Lithuania major city. After systemizing in Lithuania sold non-life insurance product prices observed that in different insurance companies they are significantly different. The most varies vehicle insurance the same insurance types the scale of premiums in different companies. Insurance against accidents prices in different insurance companies can vary up to five times. Collected insurance prices data analysis revealed differences in prices reaching up to 5 times of various insurance products in Lithuania operating different non-life insurance companies. Insurance companies may have several priority insurance products which they are trying to sell in the market for even lower than the lowest market price. At the same time the incurred losses may transfer to the other types of insurance therefore other types of insurance price may be much higher that the competitors in the same market. The most important of insurance proposal is not a price, but risk indemnity insurance amount and refunds. Therefore, once again, it should be mentioned that on the basis of price analyse insurance products offerings appropriate. Very often to compare with each other different companies presented insurance product prices for the average consumer is impossible. For the consumer the content (conditions) and the price structure of the insurance product must be clear, in order that the consumer purchasing insurance would feel calm and safe. It should be noted that the consumer hardly realizing the value of the insurance product, i.e., price, insurance companies require a new approach to pricing strategy formation importance and the same pricing in general.

Straipsnyje analizuojami investicinių fondų veiklos vertinimo metodai, grąžos ir rizikos rodikliai. Remiantis metinėmis Lietuvoje veikiančių investicinių fondų finansinėmis ataskaitomis apskaičiuojami rodikliai ir, atsižvelgiant į ekspertų nustatytų kriterijų ir jiems priskirtų reikšmingumo svorių vertinimus, sudaromas modelis, padedantis įvertinti kiekvieno investicinio fondo finansinę būklę atskirai. Pritaikius daugiakriterinį SAW vertinimo metodą atliktas visapusiškas Lietuvoje veikiančių didžiausių investicinių fondų 2008–2012 m. veiklos vertinimas pagal valdomo turto dydį ir dalyvių skaičių. This paper analyzes evaluation methods of mutual funds performance, return and risk characteristics. Appropriate ratios are computed based on annual financial reports of investment funds and a model is made with an aim to evaluate financial situation of each investment fund separately considering assessments made by selected experts. The experts defined criteria and put certain significance weights and value estimations. The assessment of activities of the largest investment funds in terms of assets and participants, operating in 2008–2012 in Lithuania, is accomplished applying SAW assessment method.

Businesses are constantly accompanied by uncertainty and risky decisions in dynamic and competitive market economy. In this context, corporate bankruptcies have become an unavoidable phenomenon the consequence of which is not only a problem of the companies themselves, but also determine the overall development of the country“™s economy. This process plays an important role in the economy because challenges companies to look for new ways to improve their performance and naturally remove inefficient participants from the market, promote competition. Various scientists have suggested many different bankrupt likelihood prediction models, but researches confirm that they are not entirely suitable for Lithuanian companies. In order to ensure business continuity it is important to prepare a model which could precisely predict bankrupt likelihood in Lithuanian companies. Both Lithuanian and foreign scientific studies focus on new specific bankrupt likelihood prediction models, but their application needs specific information. Scientific research results shows that most suitable models to predict bankrupt likelihood in Lithuanian companies are based on logistics and the multiple logistic regression. In this context, the new bankrupt likelihood prediction model is formed on the basis of logistic regression. Scientists developed various bankrupt likelihood prediction models at different times and in countries which differ in terms of development level, competitive conditions, and other characteristics. They are created using different financial data and different indicators. Country and activity specific models reduce the precision level at which they predict bankrupt likelihood in Lithuanian companies, so there is a practical problem ““ these models are not enough accurate for prediction. Solution to this problem, and thus the purpose of the research ““ to develop a model which allows accurately predict bankrupt likelihood in Lithuanian companies. The article is divided into three main parts: firstly we present analysis of bankruptcy diagnostic system; secondly, on the basis of theoretical analysis, we motivate logistic regression technique which will be employed to create bankrupt likelihood model for Lithuanian companies; thirdly, on the basis of empirical research, we present bankrupt likelihood model for Lithuanian companies also its activity and size specific variations and perform model quality and reliability assessment. In order to identify critical situations in Lithuanian companies at the earliest possible stage, it is recommended to apply in practice prepared bankrupt likelihood prediction model and its variations for companies operating in construction, industry, trade, service and other branch specific business and also models for size specific micro-small and medium-sized companies. Each of these models compatibility with the data and their quality are evaluated with statistical tests. The pattern of variation in predicting bankrupt likelihood of Lithuanian companies suggests using several models at once (industry specific and company size specific). For Lithuanian companies, depending on their branch or the size, to predict bankrupt likelihood, we can give such Z functions: Z construction branch = -1,094 ““ 5,330 (GAK/T) ““ 0,769 (PP/T) ““ 1,263 (TT/Tc®) + 9,059 (NK/c®) Z trade branch = -0,938 ““ 13,047 (GAK/T) + 0,064 (PP/GAK) ““ 2,368 (PP/T) + 12,772 (NK/c®) Z industry branch = -3,062 ““ 3,448 (GAK/T) ““ 1,234 (TT/Tc®) + 8,954 (NK/c®) Z service and other branches = -0,075 ““ 2,023 (GAK/T) ““ 2,176 (TT/Tc®) + 11,334 (NK/c®) Z micro-small sized = -2,191 ““ 2,504 (GAK/T) ““ 0,861 (TT/Tc®) + 6,425 (NK/c®) Z average sized = -4,025 ““ 8,956 (GAK/T) ““ 0,984 (PP/T) + 12,331 (NK/c®) ­­­­ These Z functions include financial coefficients, which can be calculated on the bases of information received from companies“™ financial data. According to the received Z value, bankrupt likelihood is calculated by the following formula: ; PN” [0;1] The resulting estimate of P indicates the probability for the company not to go bankrupt. According to the analyzed bankrupt likelihood prediction models based on logistic regression and received bankruptcy probability estimates form analyzed companies, we can provide such criteria for interpretation of analysis results: If P 0.75, the company will not go bankrupt. A composed model and its variations provide more accurate bankrupt likelihood prediction for Lithuanian companies than classic ones.

Žemės ūkio produktų gamintojai susiduria su daugeliu rizikos veiksnių. Dėl didelės Lietuvos žemės ūkio gamintojų gyvybingumo priklausomybės nuo gaunamos paramos svarbu tirti, kokie rizikos veiksniai jiems ypač aktualūs. Tokie tyrimai anksčiau nebuvo atliekami. Šiuo tyrimu siekta nustatyti rizikos veiksnių svarbą šalies žemės ūkio produktų gamintojams ir siūlyti žemės ūkio gamybos palaikymo priemones, kurios galėtų mažinti patiriamą riziką. Išanalizavus dažniausiai tyrinėtus rizikos veiksnius ir jų grupavimo metodikas, parengtas klausimynas ir pasirinktas rizikos veiksnių grupavimo būdas. Rizikos veiksnių svarba vertinta gautoms reikšmėms priskiriant rangus. Tyrimu patvirtinta hipotezė, kad ypač aukštas žemės ūkio veiklos rizikingumas visų pirma kyla dėl priklausomybės nuo gamtos jėgų. Nustatyta, kad svarbiausias rizikos veiksnys yra žemės išteklių tinkamumas, pakankamumas ir pasiekiamumas. Kitas veiksnys pagal svarbą – įstatymų ir norminių aktų tinkamumas, jų kaita. Vidinės aplinkos rizikos veiksniai yra mažiausiai svarbūs. Įvairaus dydžio ir veiklos ūkiai sprendžia skirtingas problemas. Ūkininkų mokymuose svarbu daugiau dėmesio skirti prognozavimui, starteginiam valdymui ir veiklos planavimui. Agriculture is a high-risk proposing sector. Scientists are doing multiple surveys aiming to identify ways in which agricultural producers tend to manage their risks. The opinion of the Lithuanian agricultural producers on the risks incurred and risk management methods used has not yet been investigated. Due to Lithuanian agricultural entities’ high dependence on the viability of deriving support it is important to investigate what risk factors are relevant to them. All of the threats cannot be managed due to various limitations. Ranking of risk factors according to their importance for country agricultural producers will enable more effective risk management techniques, which will allow the increase of competitiveness and the viability of the holdings as well as reduction of their dependence on support. The goal of this study is to evaluate the importance of the risk factors for agricultural producers in the country and to propose support measures for agricultural production in order to avoid or reduce the negative effects of risk factors. The object of this study is the opinion of Lithuanian agricultural producers about their risks. In order to perform an analysis of the risk factors disclosed in the literature a questionnaire was prepared, as well as grouping model of risk factors. A questionnaire-based survey resulted ranking of the risk factors faced by country agricultural producers. Results of the study confirmed the hypothesis that the most important risk factors for the Lithuanian agricultural producers were unpredictability of natural phenomena and the use of natural resources. The average rank importance of these factors is the highest – group’s average rank is 20.2. The biggest concern for agricultural producers is the suitability, availability and accessibility of the land resources (the rank of importance is 23.7). While many economists refer to the unpredictability of the weather as the most important risk factor, according to the respondents, the importance of this risk factor, although high, but scored lower (the rank of importance of a 19.5) than the risk on land resources. Respondents expressed opinion suggested that the agricultural land market must be strictly regulated by the State. Land drainage schemes and other measures to improve the quality of the support mechanism have not been effective. The importance of the external risk factors related to human activities is also high – the group’s average rank is 15.7. The legal environment (rank of importance – 22.0) – second in importance among all analyzed risk factors. This shows that the existing laws and regulations, although continuously improved, are not accurate enough to reflect the interests of agriculture producers. The lowest risk arises from the internal environmental risk factors (average rank of 10.7). It can be concluded that farmers rely on their own ability to farm. It is important to install a more differentiated approach to the farm in forming of the support policy of agricultural production and the provision of financing or insurance, because farms of varying size and activity are faced with different challenges. Most respondents expressed positive attitude towards risk management options. This states that the support (training, guidelines) to farmers in the field of risk management is important and relevant. Since the respondents discern a serious threat on the external risk factors, it is important to focus on the risk management methods, such as forecasting, strategic management and operational planning, in the training of farmers.

Straipsnyje privalomas Lietuvos buhalterių kvalifikacijos egzaminavimas vertinamas trimis aspektais: kiek privalomas buhalterių egzaminavimas yra paplitęs kitose ES šalyse, ar rinkoje egzistuoja kitos kvalifikacijos patvirtinimo alternatyvos bei kaip esamą reikalavimą vertina Lietuvos apskaitos rinkos ekspertai. Tyrimo rezultatai rodo, kad privalomas Lietuvos buhalterių kvalifikacijos egzaminavimas nėra pagrįstas nei vienu iš analizuotų aspektų. Lietuvos apskaitos rinkai labiau tinkama būtų rinkos savireguliacijos alternatyva. Due to the rapid pace of globalization and business relationships management of companies become more and more complex and provoke many changes in the way business is run. It also increases the need for true and fair accounting information as the main source of information about an entity. Therefore the role of reliable and honest accountants in management of companies and worldwide economy is important as never. Therefore, knowledge, skill and qualification of accountants are important topics of discussion among researchers and professionals. According to the national Law of Accounting as of 2016 Lithuania introduces new requirements regarding qualification of chief accountants. According to these requirements all the accountants who sign financial statements of an entity have to pass two compulsory exams and have to comply with the requirements of Code of Professional accountants. However, despite the fact that provisions of the law come in force in less than two years, accountants’ qualification examination system is not yet clear. It raises many questions to the participants of Lithuanian accounting market, such as what will be the content of the exam, should such exams be specialized based on size and sector of entities, etc. Analysis of Lithuanian and foreign scientific literature revealed a lack of up to date scientific research on qualifying examination for accountants. However, as such Lithuanian requirement sets many discussions among practitioners and as it will... [to full text]

Lietuvoje pacientų mokėjimai už sveikatos priežiūros paslaugas periodiškai tampa viešų diskusijų dalyku. Tyrimo tikslas – išanalizuoti vartotojų charakteristikas, kurios turi įtakos tiesioginiams mokėjimams bei sutikimui mokėti, taip pat nelygybės tiesiogiai mokant už sveikatos paslaugas pasireiškimus. Tyrimas atliktas taikant suaugusių Lietuvos gyventojų (N=1012) 2010 m. apklausos duomenų statistinės analizės metodus. Įvertinti faktinių mokėjimų dydžiai ir juos mokėjusių gyventojų charakteristikos. Pateikti nelygybių, mokant už sveikatos priežiūros paslaugas, įrodymai. Nagrinėjami veiksniai, turintys įtakos sprendimams naudotis mokamomis paslaugomis. In Lithuania, out-of-pocket patient payments (OOP) in health sector have been the focus of political debates for many years. Pharmaceutical costs constitute a major share of private expenditure on health. However, the OOPs for services both official and unofficial (including quasi official) are significant. The aim of the paper is to present the outcomes of the analysis addressed to patient’s characteristics influencing the OOPs for health services and individual willingness to pay (WTP) as well as inequality dimensions of the OOPs in Lithuania. It is the first outcome of the analysis of the data collected in July, 2010, within the international collaborative project "Assessment of patient payment policies and projection of their efficiency, equity and quality effects. The case of Central and Eastern Europe". The study was financed by the European Commission under FP7 Theme 8 Socio-economic Sciences and Humanities, Project ASSPRO CEE 2007 (GA no. 217431). The content of the publication is the sole responsibility of the author and it in no way represents the views of the Commission or its services. The data on the OOPs were collected through a nationally representative survey (N=1012) in July, 2010, using face-to-face interviews based on a standardized questionnaire. The questionnaire was discussed with external experts and pre-tested in a pilot study. During the period of July, 2009 – June, 2010, patients spent on average 146 litas for health services or, recalculated for those, who actually paid for the services (about 37% of adult population), 325 litas. Official average payment for outpatient consultation equals 64.6 litas, unofficial one – 72.8 litas. Despite negligible private provision of inpatient services and the declared "all included" hospital services, official average payment in hospital was about 246 (7–200) litas; unofficial payments for inpatient services were the most frequent within the corresponding patients’ group, when almost a half of the patients paid 158 (0.5–1600) litas per hospitalization. Males and the poorest population paid for healthcare less frequently in opposite to more frequent payments among those, who were not satisfied with the quality of the services. Moreover, almost 58 percent of the population agreed to pay officially for better quality services in a case of facing serious threat to their health. In less severe cases, the WTP was even higher when 82 percent, and 71 percent of the respondents agreed to pay officially on average 42 litas and 355 litas for outpatient and inpatient services, respectively. The WTP for the outpatient services was the lowest among the poorest and country-side citizens, as well as those, who had a lower education level. At the same time, living in cities, single persons and those, who had not paid for inpatient services, were determinants for reducing the WTP for the inpatient services. Unemployed and single persons with 10 times higher probability would not agree to pay officially for the outpatient services. About 21.8 percent of the respondents (N=980) said that they needed but could not afford and did not use the outpatient services at least once a year. Regarding the inpatient services, a share of the patients rejecting the services was much less – 3.3 percent. In 2010, the actual (and in less degree accepted) OOPs in Lithuania were regressive (Kakwani index -0.279 and -0.223 correspondingly).

Straipsnyje nagrinėjama muitinės audito reiksmė, tikslai ir jo vieta audito sistemoje. Muitinės auditas apibūdinamas kaip procesas, kurio metu muitinės pareigūnai atlieka ūkio subjekto veiklos vertinimą, tikrindami muitinės deklaracijose esancios informacijos teisingumą. Pabrėžiami muitinės audito bendri bruožai ir esminiai skirtumai, palyginti su finansinių ataskaitų, valdymo, veiklos ir kitomis audito rūsimis. Tiriamos muitinės audito sritys: importo, eksporto, tranzito ir kitos muitinės procedūros. Akcentuojamas audito proceso nuoseklumas; nagrinėjami pagrindiniai muitinės audito etapai: 1) planavimo ir atrankos, 2) pasirengimo, 3) vykdymo, 4) rezultatų įforminimo, 5) peržiūros. Nagrinėjant muitinės audito tobulinimo galimybes ypac pabrėžiamas strateginio audito taikymas vertinant verslo įmonių rizikas. Reiksminiai žodžiai: muitinė, muitinės auditas, audito sritys, audito atlikimo etapai, tobulinimo galimybės. Organization of Customs Audit and Possibilities of Development Danutė Adomaviciūtė, Jonas Mackevicius Summary The main strategic objective of Lithuanian customs is the defence of the market and society in the field of the foreign trade while implementing the policy of the European Community’s taxes and trade. To achieve this objective, one of the main challenges is to imple­ment measures related to the safety and security of the international trade supply and to prevent terrorism, smuggling, organised crime and other criminalities. The focus is placed on the application of the audit-based control measures in order to overcome the lo­gistical barriers that inevitably arise in the process of international trade. The customs audit is of a great importance in the process of the customs inspection. The control based on the methods of the customs audit assures better op­portunities of anti-breaches. Moreover, a faster flow of goods traffic at the external border of the European Union is assured while carrying out most inspections at the companies’ residences. Therefore, it is important to improve the customs audit, combining this process with the changing business environment. This also has to do with the ongoing market processes. Recently, the customs of the EUcountries have begun appreciating the activities of the business enterprises, seeking to gain the status of the authorised economic operator (AEO). The customs audit is a highly effective tool ensuring the business enterprise activities’ assessment in the financial, legal and security aspects. The main objectives of the customs audit are the following: 1) to check the data accuracy and compre­hensiveness indicated in the customs declarations, 2) to define the breaches on the basis of which duties and other taxes are being counted, and errors of the data in the documents provided by the importers and exporters as well as other persons accepting the cus­toms obligations, 3) to evaluate the entities’ activities and compliance with the requirements. A comparison of all types of the audit shows that the customs audit has many features in common with the other types of the audit. There is a special correla­tion between the customs audit and financial, opera­tional and management audit. The customs audit, hav­ing common features with other types of the audit, has also some differences. Its different goal has its own special features. Customs procedures, goods’ customs value, goods’ classification, origin and other things can become the inspected areas of business enterpris­es’ activities and the items to be assessed. Customs’ conducted process of the business enterprise activities assessment has a number of procedural aspects aris­ing from the activity’s particularity. The assessment of business enterprises’ activities in Lithuanian customs is carried out taking into consideration the issuing/non-issuing of the AEO status when the customs au­dit assesses the activities of the economic operator and its compliance with the established criteria.

Straipsnyje analizuojami galimi intelektinio kapitalo vertinimo aspektai Lietuvos įmonėse. Pirmoje straipsnio dalyje pateikiama intelektinio kapitalo definicijos interpretacija. Ši sąvoka analizuojama pagal jos apibūdinimo pagrindą ir galimus valdymo būdus. Taip pat pateikiama intelektinio kapitalo struktūra, atskleidžiant pagrindinius intelektinio kapitalo vertinimo aspektus. Antroje dalyje itin daug dėmesio skiriama intelektinio kapitalo vertinimo aspektams, identifikuojant pagrindines problemas ir pateikiant galimus jų sprendimo būdus. Pateikiant bendrus intelektinio kapitalo matavimo ir vertinimo modelius bei rodiklius, siekiama juos pritaikyti Lietuvos įmonių intelektiniam kapitalui vertinti. Atliekant tyrimą remtasi anketinės apklausos duomenimis, ekspertiniu (intelektinio kapitalo rodiklių rangavimo) vertinimo metodu. Tyrimo rezultatai parodė, kad intelektinio kapitalo indeksas tirtose mažoje (dirba 9 darbuotojai) ir vidutinėje (dirba 90 darbuotojų) įmonėse skiriasi. Mažoje įmonėje gauta koeficiento reikšmė lygi 0,398, t. y. žemas vertinimas, atitinkamai vidutinėje įmonėje - 0,704, t. y. vidutinis vertinimas. Tokiu atveju galima teigti, kad intelektinio kapitalo vertinimo rezultatų lemia įmonės dydis, veiklos pobūdis bei pačių vadovų požiūris į intelektinio kapitalo matavimo poreikį. Intelektinio kapitalo matavimo ir vertinimo tikslingumą galėtų lemti nuostata, kad jis tiesiogiai susijęs su konkurencinio pranašumo įgijimu ir išlaikymu. Article analyses possible aspects of intellectual capital evaluation in Lithuanian companies. The first part of the article presents interpretation of the definition of an intellectual capital. The latter concept is analysed according to its description basis and possible control methods.Also, it presents the structure of intellectual capital disclosing the main aspects of intellectual capital evaluation. In the second part notably great attention is paid to the intellectual capital evaluation aspects identifying main problems and presenting possible ways for their solution. By presenting general intellectual capital measuring and evaluation models and indices, it is aimed to apply the latter for evaluation of the intellectual capital of Lithuanian companies. While carrying out the research, the data of questionnaire inquiry, expert (ranging of indices of intellectual capital) evaluation and multi-criteria method were referred to. The results of the research have revealed that the index of the intellectual capital in the investigated small (9 employees) and medium (90 employees) companies differs. The received rate value in the small company equals to 0.398, i.e. low evaluation and respectively in the medium company it is 0.704, i.e. medium evaluation. In such case it can be stated that the result of intellectual capital evaluation is conditioned by the size of the company, its activity and view of the managers themselves on the demand for intellectual capital measuring. Expedience of intellectual capital measuring and evaluation could be determined by the attitude that the latter is directly related to acquiring and maintaining the competitive advantage.

Straipsnyje nagrinėjamas mokestinės paskolos sutarties institutas, sistemiškai analizuojant šios sutarties sudarymo, jos sąlygų nustatymo teisinį reglamentavimą bei jos santykį su mokesčių administratoriaus sprendimu dėl mokestinės nepriemokos atidėjimo / išdėstymo. Remiantis šia analize siekiama atskleisti, ar mokestinės paskolos sutartis atitinka dvišalio sandorio esmę, įvertinti jos reikšmę mokestinės nepriemokos atidėjimo / išdėstymo santykiams reguliuoti esamo teisinio reguliavimo ir perspektyviniu požiūriu. The contracting procedure of payment agreement of tax arrears (the so called a “tax loan agreement”) is not regulated and described by (legal acts). This agreement results directly from the tax administrator’s decision on granting time to pay tax arrears, and (or) permitting to pay it in installment. The main conditions of tax arrears’ deferment, which are also the essential conditions of a tax loan agreement, once and for all are constituted in the latter decision – the individual administrative act, which itself has the binding effect to the tax payer. A tax loan agreement is neither a novation of tax payment obligation, nor it sets a new legal obligatory relationship. The commitments of a tax payer under a tax loan agreement should not be regarded as autonomous, they are determined by the conditions of tax payment and tax liability obligations, which arise directly from administrative acts, including a tax administrator’s administrative decisions. Under the existing legal regulation a tax payer as a party of a tax loan agreement has no possibilities to negotiate its conditions with a tax administrator. This agreement can hardly be considered as constituting a bilateral arrangement between the mentioned parties. Contrary to the nature of a bilateral arrangement, a tax loan agreement does not set, change or revoke any substantive rights and obligations of a tax administrator and a tax payer in tax arrears’ deferment relations. Therefore this agreement should be considered rather as a formalistic element in the regulation of the latter relations, while a tax administrator’s individual administrative decision on granting time to pay tax arrears, and (or) permitting to pay it in installment should be considered as a substantial one. A tax loan agreement might be substantial to the legal regulation of the relations mentioned, if it embodied a true novation of a tax payment obligation or, at least, if its conditions were stipulated on the basis of negotiating between a tax payer and a tax administrator.

Siekiant objektyviai įvertinti dabartinę įmonės vietą rinkoje ir jos konkurencines galimybes ateityje, labai svarbi informacija apie finansinę įmonės būklę ir veiklos rezultatus. Tokią informaciją suteikia finansinė atskaitomybė. Svarbu tinkamai panaudoti šią informaciją, mokėti ją ištirti. Straipsnyje rekomenduojama integruota finansinės įmonių būklės ir veiklos rezultatų analizės metodika. Ją sudaro trys elementai: 1) absoliučiųjų finansinių rodiklių pokyčių tyrimas; 2) santykinių finansinių rodiklių skaičiavimas ir vertinimas (tai tradicinės finansinių rodiklių analizės elementai); 3) rodiklių standartizavimas ir jų analizė. Taikant šią metodiką finansinės mažų ir vidutinių įmonių būklės bei veiklos rezultatams įvertinti pakanka 8–10 , o didelių įmonių – 15–20 rodiklių. Integruota finansinės įmonių būklės bei veiklos rezultatų analizės metodika leidžia apskaičiuoti absoliučiųjų rodiklių pokyčius ir atskleisti jų priežastis, o apskaičiavus santykinius rodiklius nustatyti jų gerą ar blogą „būseną“ (skaitinę reikšmę), pasiūlyti vadovybei, kokius derėtų priimti sprendimus padėčiai ištaisyti. Trečiojo analizės elemento – rodiklių standartizavimo procedūros naudojimas padeda atskleisti komercinės ir ūkinės veiklos puses, kurių gerinimas padeda pasiekti optimalius finansinės būklės ir veiklos rezultatus. Visi trys integruotos analizės elementai padės įmonės vadovybei objektyviai įvertinti dabartinę finansinę įmonės būklę ir veiklos rezultatus, priimti teisingus valdymo sprendimus, užtikrinančius įmonės konkurencingumą rinkoje, veiklos tęstinumą ir gerus finansinius rodiklius ateityje. Information about company's financial status and its performance results is very important for the objective evaluation of company's position in the market and competitive possibilities in the future. Such information is provided in the financial statement. It is important to apply and investigate this information properly. The methodology of company's financial status and performance results integrated analysis is recommended in this article. This methodology consists of these three elements: 1) research of absolute financial indicators variation; 2) calculation and estimation of relative financial indicators (these are the elements of a traditional finance analysis); 3) standardization and analysis of indicators. Applying this methodology it is enough to use 8 –10 indicators to estimate financial status and performance results of small and medium entities and 15–20 indicators to estimate financial status and performance results of large entities. The methodology of company's financial status and performance results integrated analysis allows calculating variations of absolute financial indicators and to reveal the grounds of these variations and to suggest the decisions to improve the current situation for the management of the company. The third element of this analysis – standardization and analysis of indicators, allows revealing the aspects of commercial – industrial activities. Application of all three elements of integrated analysis will help company's management to evaluate current financial status of the company and its performance results and to make proper management decisions that will guarantee the succession of company's activity and good financial results in the future.

The paper examines one of the most widespread methods of evaluating effectiveness of investment projects – the net present value (NPV) method. The author presents main NPV characteristics and assumptions for calculation. The focus is on the analysis of specific cases of NPV calculation. The analysis forms the basis for the development of a consistent technique of objective evaluation of investment projects. The proposed NPV calculation technique is based on the assessment of the effect of three main variables on the final result. The variables include 1) net cash flow; 2) length of the period considered and the interval of analysis; and 3) discount rate.

Straipsnyje atlikta portfelio teorijų analizė. Trumpai aprašyta H. Markowitz optimalaus portfelio sudarymo teorija, aptartas portfelio pasirinkimo procesas, įvardytos pagrindinės mokslininkų siūlomos teorijos korekcijos, patobulinimai, vystymo ir taikymo kryptys. Remiantis literatūros analize, pasirinkta tinkamiausia portfelio teorija tolesnei plėtrai, siekiant ją taikyti aktyviam portfelio valdymui naudojant finansinį svertą. Įvertinti pagrindiniai pasirinktos teorijos netikslumai ir ribotumai siekiant ją pritaikyti tyrimo objektui, pasiūlyti konkretūs teorijos tobulinimo sprendimai ir, remiantis jais, pateikta patikslinta efektyvioji portfelių riba. Atliktas empirinis tyrimas, pagrindžiantis finansinio sverto naudojimo tikslingumą aktyviai valdant investicijų portfelį ir įvertinantis finansinio sverto naudojimo intensyvumą. Remiantis tyrimo rezultatais patikslinta efektyvioji riba, pasiūlyta teorinėje hipotetinėje darbo dalyje The analysis of the portfolio theories was carried out in the article. H. Markowitz theory of an optimal portfolio formation was briefly described, the process of the portfolio selection was discussed, the basic corrections, improvements, development and application of the theory suggested by the scientists were named. With reference to the literature analysis the most suitable portfolio theory was chosen for further development, aiming at the application of the theory to active portfolio management using the financial leverage. The basic limitations of the chosen theory were evaluated in order to apply it to the subject of research, specific development solutions were suggested and, on the grounds of them, the adjusted efficient set was proposed. An empirical research was carried out, validating the expedience of the financial leverage usage when actively managing the investment portfolio, and evaluating the intensity of the financial leverage usage. Built on the results of the research, the efficient set which was suggested in the theoretical-hypothetical part of the study was adjusted

Straipsnyje apžvelgiami akcijų opcionų, kaip bendrovių vadovų motyvavimo priemonės privataus kapitalo sandoriuose, teisiniai aspektai. Pateikiama su akcijomis siejamo atlyginimo samprata, pagrindimas, detaliau analizuojamos akcijų opcionų, kaip tokio atlyginimo rūšies, efektyvumo ir apmokestinimo problemos. Incentivisation of the target management is one of the main characteristics of a private equity transaction. Proper legal framework of such incentivisation is important for development of the private equity industry. The use of equity-based compensation as a motivational tool has been shown to increase company performance; to align the interests of shareholders and managers; to allow for the manager's tax saving; to serve as a convenient form of consideration for cashlow companies, as well as to help to select, monitor and retain managers. Equity-based compensation is more efficient where it is performance-contingent. Efficiency of performance targets increases if they are generalised, multiple, sustained, relative to peer performance, exclude uncontrolled investment and windfall gains, and, where necessary, divisional. The article is limited in its scope to the analysis of share options as a type of equity-based compensation. The options may be issued with an exercise price equal to, below or above the market value of the issuer's stock on the date of the grant (referred to as at-the-money, in-the-money and out-of-the-money options, respectively). At-the-money and in-the money options weaken the link between option pay and managerial performance. However, out-of-themoney options may carry negative incentives due to psychological concerns. The current taxation of equity-based compensation under Lithuanian law, especially after the 2009 tax reform, has been found to be unclear and not conducive to the private equity market. The article is concerned with summarizing the main points and arguments to be addressed when building a legal regime of taxing equity-based compensation that could be optimum for the private equity industry. Equitybased compensation should be taxed as capital gains, provided it is non-transferable. All the tax should be payable at the sale of underlying shares, when the seller receives funds to pay the tax.

Kredito rizikos valdymas nefinansinio verslo įmonėse Lietuvoje yra nauja ir menkai tyrinėta tema, ją nagrinėjančių mokslinių ir analitinių straipsnių yra nedaug. Daugiausia dėmesio, kalbant apie kredito riziką, tenka bankams, o nefinansinio verslo įmonės paliekamos nuošaly. Šių įmonių kredito rizikos analizė reikšmingai papildytų ir praturtintų kredito rizikos valdymo teoriją ir praktiką, kurios šiuo metu daugiausia sukoncentruotos į bankinės rizikos valdymą. Efektyvesnis kredito rizikos valdymas leistų sumažinti dėl pirkėjų nemokumo atsirandančius finansinius nuostolius, o kartu ir įmonės bankroto tikimybę. Straipsnyje tyrinėjamos kredito rizikos valdymo nefinansinio verslo įmonėse problemos ir galimi būdai šią riziką mažinti. Tyrimo tikslas – nustatyti kredito riziką didinančius ir mažinančius veiksnius, riziką mažinančias priemones, įvertinti jų efektyvumą; uždaviniai: apibrėžti nefinansinio verslo įmonių kredito rizikos ir jos valdymo problematiką; atlikti kredito rizikos valdymo problemų tyrimą; remiantis gautais rezultatais identifikuoti mažesnei rizikos grupei priskiriamas įmones, kurios galėtų būti pavyzdžiu kitoms; pateikti rekomendacijų, kaip užtikrinti veiksmingesnį rizikos valdymą; tyrimo objektas – Lietuvos statybinių medžiagų prekybos įmonės. Straipsnyje suformuluotos išvados ir pasiūlymai galėtų būti naudingi ir panašią veiklą plėtojančioms įmonėms The paper analyses credit risk management problems in non-financial companies and possible methods for reducing the risk. The research aims at determining the factors influencing the credit risk, establishes the measures reducing the risk and evaluates their effectiveness. A supplier credit is the principal short-term financing source of small and medium-size companies given the insufficient credibility and collaterals of these companies in order to obtain a credit in financial markets. Meanwhile, supplier credit means that suppliers not only finance their customers providing them with cheap resources, but also assume all the credit risk related to financing. In order to find out the ways companies assess this risk, what measures they use to manage it and the effectiveness of these measures, we carried out a research on credit risk management in building materials trading companies in Lithuania. In the course of the research, two major problems the companies confront with were identified, namely the delay of payments and losses related to so-called "bad debts". Delays of payments may be related to limited capacities of credit managers to ensure timely recovery of debts. Long delays may also be determined by longer payment terms. This conclusion denies the attitude prevalent in practice that upon giving longer payment terms for customers, they will reduce their delays. In fact, when solving the problem of delays the companies should act in the opposite way and shorten payment terms, or deal with this problem in other ways, for example, by choosing certain measures of settlement management. Delays, in turn, directly influence the magnitude of losses related to bad debts. Therefore, in order to minimize the losses, it is necessary first of all to reduce the delays of payments. And the measures of credit risk management - as the results of the conducted research indicate - help to deal with both payment delays and losses related to bad debts. The best way to minimize delays is the use of credit insurance, suretyship and factoring because those measures involve third party into the settlement process. Thus, the "settlement discipline", when the debtor knows that the creditor, having not received the payment in due time, may apply for the settlement to the third party, namely to the insurer, surety or factor, is created. The results of the research on credit risk management in Lithuanian building materials trading companies allow to identify the companies attributed to the lower risk group that could be held as an example to other companies and produce recommendations how to ensure a more effective risk management

Pasitelkus teorinę literatūrą, statistiką ir atlikus analizę bei lyginimus, straipsnyje analizuojama pagrindinė komercinių bankų veikla, kylančios rizikos rūšys, aptariami pagrindinės veiklos pinigų srautai. Taip pat apibrėžiamos rizikos ir operacijų rizikos sampratos. Vėliau detaliai analizuojamas vienos rūšies pinigų srautas – aprašomas procesas, nustatomos proceso rizikos ir veiksniai, galintys daryti įtaką proceso patikimumui, nurodomos priemonės, leidžiančios valdyti procese kylančias rizikas. Straipsnio pabaigoje nagrinėjamas diegimo ir taikymo tikslingumas operacijų rizikos valdymo priemonių pasirinktos veiklos rūšies patikimumui užtikrinti. Atsižvelgiant į gautus tyrimų rezultatus, daroma išvada, kad operacijų rizikos valdymo priemonė turi būti pasirenkama tik atlikus ekspertinę jų taikymo tikslingumo analizę Using theoretical material, statistics and having done analysis and comparisons, commercial banks' main activity, its risks and cash flows are discussed in the article. Further, one typical cash flow - the process, identified risk and risk factors having influence on the process reliability as well as mitigating measures have been analysed. At the end of the article evaluation of operational risk management tools to ensure reliability of selected activity implementation significancy is presented. Taking into consideration investigation results on the analysed issue, opinion presented in the article is that there are two factor groups influencing reliability and risk of time deposits, i.e. internal factors - bank employees and information technologies, and external factors - customers. Measures to manage process risks arising due to both factors groups are proposed in the article

Nuo informacijos apie įmonę kokybės ir patikimumo priklauso ūkio subjektų, ūkio šakų ir net ekonominių regionų raida. Svarbiausias informacijos apie įmonės turtą ir veiklos rezultatus šaltinis yra finansinės ataskaitos. Tačiau dėl objektyvių ir subjektyvių veiksnių įtakos bei vidaus priežasčių finansinių ataskaitų informacija gali būti netiksli. Iš objektyvių veiksnių didžiausią įtaką daro infliacija, rinkos konjunktūra. Šie veiksniai, nors ir iškraipo informaciją apie įmonę, bet nesukelia didesnio pavojaus informacijos vartotojams, nes jie yra žinomi, o jų įtaką galima pastebėti ir apskaičiuoti.Kur kas didesnį pavojų kelia subjektyvūs veiksniai ir vidaus priežastys, nes dėl jų įtakos informacija sąmoningai iškraipoma ir parodoma tokia, kokios tikisi informacijos vartotojai. Atskleisti tokius iškraipymus yra labai sunku, nes tai daro labai išsilavinę asmenys, kurie turi nemažą pasirinkimo galimybę, sprendimų priėmimo teisę ir didžiulį visuomenės pasitikėjimą Siekiant nustatyti ekonominės informacijos, pateikiamos įmonės finansinėse ataskaitose, iškraipymo būdus ir galimus šio reiškinio padarinius, straipsnyje tiriama informacija apie Lietuvoje išnagrinėtas baudžiamąsias apgaulingo ir aplaidaus buhalterinės apskaitos tvarkymo bylas, Finansinių nusikaltimų tyrimo tarnybos (FNTT), Lietuvos Respublikos prokuratūros ataskaitos, teismo ekonominės ekspertizės, atliktos Lietuvoje, LR ūkio ministerijos ir Statistikos departamento informacija apie bankrotus, Eeuropos kovos su sukčiavimu tarnybos (OLAF) ataskaita. Taip pat panaudoti užsienio auditorių ir kitų institucijų tyrimų rezultatai. In today's global world, every legal entity is entitled to get a reliable information about other companies if their relationship is based on finance, production, cooperation, trade, etc. Usually, everybody believes that the situation in the company they are interested in will be under constant improvement and will never get worse. However, in the real world, a company's financial status and its performance results for different reasons can fluctuate. In turn, such negative consequences can influence a company's performance and make a negative impact on managers, because investors, creditors and partners hardly tolerate them. Companies experiencing a constant pressure try in permissible ways to depict the company's activity as being stable and reliable. This is done using permissible standards but an inappropriate combination of means which distort the company's performance and financial state. Moreover, sometimes information is mispresented and distorted to such extent that a correct information about the company's assets and activity is impossible. Conscious distortions are most dangerous for legal entities when documents are a fraud, the enterprise's performance and activities undergo distortion too, and registered data presented in financial statements and accountancy do not depict the real situation. The value of a company's assets and liabilities provides good possibilities to cover all the debts owed to creditors and to continue the company's performance. The value of fixed assets can be distorted, if the depreciation was not estimated at all or the calculation was done wrongly. In accountancy, if the depreciation value is presented as being smaller, it means that the cost price decreases and the profit increases. Sometimes, because of the maintenance and reconstruction of the fixed assets, their quality did not improve, or the usage did not prolong; it means that the expenses increase the cost price of the current period. In order to improve the company's image, the value of fixed assets is increased by the amount of incurred expenses. It means that in a certain period of time the profit increases and in other periods decreases without a real ground because of the increased depreciation of assets. There are cases when fixed assets must be adjusted. If this is not done, the information about the company's performance is incorrect. Company's liabilities can be concealed if the classification does not correspond to a true picture, if the invoices and guarantees are not provided, if the real debt value is not given and can increase because of interest or fine. The amount of revenue and expenditure makes an impact on the company's profit, so the company tries to show an increase of revenues and a decrease of expenditure. Consequently, if the company wants to show a decrease of profit, the situation is inverse. The amount of revenues can be distorted by manipulating with the company's transactions. The amount of expenditure is decreased intentionally either directly or indirectly changing the terms of time. Moreover, profit can be distorted too, if transactions with other companies do not depict the real picture; as a result, the price of fixed and current assets is much bigger than the market price. The assets acquired by the third party are sold at the market price, i.e. experiencing great losses. If the financial statements depicting the value of assets which are bought and sold are consolidated, the following step is elimination of transactions from the consolidated financial statements of different enterprises. Using the distorted information about a company, other legal and physical entities make erroneous decisions. Losses due to such decisions made on the basis of distorted financial statements are very big. Very often such distortions lead to bankruptcies. In the period from 1993 to 2007, the value of the companies that underwent or were on the verge of bankruptcy was 6421,42 million Lt and the debt to creditors 9216,80 million Lt.

Pardavimo pelningumo rodikliai yra vieni iš svarbiausių įmonių finansinę būklę ir veiklos rezultatus apibūdinančių rodiklių. Straipsnio tikslas – parengti bendrojo pardavimo pelningumo kompleksinės analizės metodiką, kurią naudodami įmonės vadovai galėtų nustatyti bendrojo pardavimo pelningumo pokyčius, juos lemiančius veiksnius ir priežastis. Rekomenduojama pardavimo pelningumo kompleksinės analizės schema apima: bendrojo pardavimo pelningumo veiksnių analizę; bendrojo ir grynojo pardavimo pelningumo ryšio analizę; bendrojo ir grynojo pardavimo pelningumo ir mokumo rodiklių ryšio analizę; bendrojo ir grynojo pardavimo pelningumo rodiklių vertinimą. Pagrindiniai veiksniai, darantys įtaką bendrajam pardavimo pelningumui ir jo pokyčiui, yra: a) pardavimo fizinė apimtis ir jos pasikeitimas, b) pardavimo asortimento struktūra ir jos pasikeitimas, c) parduotos produkcijos kainos ir jų pasikeitimas, d) parduotos produkcijos savikaina ir jos pasikeitimas. Atlikus bendrojo ir grynojo pardavimo pelningumo ryšio analizę nustatyta, kad tikslinga skaičiuoti šių rodiklių skirtumą, kuris gali rodyti įmonių vadovų neūkiškumą ir dideles valdymo išlaidas. Daugelio Lietuvos ekonominės veiklos įmonių bendrojo ir grynojo pardavimo pelningumo rodiklių skirtumai labai dideli, tai rodo esant nepanaudotų galimybių mažinti administracines valdymo išlaidas. Pardavimo pelningumo rodiklių vertinimo tyrimu buvo nustatyta, kad daugelio Lietuvos ekonominės veiklos įmonių labai maži grynojo pardavimo pelningumo rodikliai, tai rodo mažą konkurencingumą ir dideles administracines valdymo išlaidas. The sales profitability ratios are one of the most important ratios that determine the financial state and results of a company. The aim of the article is to make the complex analysis method for the gross profitability of sales that would allow the managers to determine the changes of the gross profitability of sales, its factors and reasons. The recommended analysis scheme for the gross profitability contains: the analysis of the factors of the gross profitability of sales; the analysis of the relationship between the gross and net profitability of sales; the analysis of the relationship between the gross and net profitability of sales and the solvency ratios; the evaluation of the ratios of the gross and net profitability of sales. The main factors that influence the gross profitability of sales and its changes are the following: a) physical extent of sales and its changes, b) the structure of stock range and its changes, c) the price of the sold production and its changes, d) the cost price of the production and its changes. After the analysis of the gross and net profitability of sales was performed, it was determined that the difference between ratios may reveal the mismanagement of the managers of companies and high management costs. The majority of Lithuanian economic companies shows big differences between gross and net profitability ratios that reveal the existing high administrative costs that may be lowered. The evaluation of profitability ratios of sales had revealed low net profitability rations in many Lithuanian economic companies; it explains low competitive ability and high administrative costs.

Sampling is one of the most important audit procedures. However, data research on how to use sampling methods in auditing are scarre. In the literature on audit, the same as in the international and national audit standards, sampling methods and their use in the process of auditing are analysed very closely, without differentiating among the cases and circumstances when to use them, what is the effectiveness of method, the level of risk, etc.The purpose of the article was to perform an analysis of the statistical and nonstatistical usage of the sampling methods in the Lithuanian audit system and to prepare a methodology of the statistical use of the method.The analysis allowed to formulate the following conclusions:1. The nonstatistical sampling method is usually used in auditing small enterprises unable to check the large amount of household operations which usually are the most difficult and the most significant.2. The nonstatistical sampling method is the most effective when the audit in the company is performed not in the first year and the auditor uses information gathered earlier.3. The advantages of the statistical sampling method are more significant than of the nonstatistical method. The statistical sampling method accurately describes the size of a sample, the evaluation of the test results is more accurate, it determines the size of tolerable mistakes, guarantees a more objective evaluation of sample risk. The method of statistical sampling guarantees a high quality of results and there fore is more often used in the audit practice all over the world.4. Which - statistical and nonstatistical sampling method to use depends on several reasons: auditor’s professional competence, practice, the size of the company and its activity, the size of audited objects and the in complexity, the circumstances during audit, etc. International audit practice confirmed that the auditor, before choosing the statistical or nonstatistical sampling method, first should evaluate certain circumstances, and whether these methods will bring reliable and sufficient evidence, and to evaluate the cost of these methods.5. The use of the statistical sampling method is limited by absence of audit methodology. Auditors know not enough about the statistical sampling methods and how to use them during auditing certain objects.It is recommended in audit processes to use three steps of the statistical sampling method: 1) preparation for research, 2) control performed sampling and obtained results, 3) analysis and usage of the results. 10 each step, certain tasks are performed. These tasks allow obtaining a sufficient and reliable audit evidence.Scientific research of the use of sampling methods should be continued. It is most important to evaluate the auditor’s opinion depending on his I her qualification and age: it is important to determine whether unqualified and young auditors use the statistical method and more qualified and older auditors prefer the nonstatistical method.

The insurance calculation could be based on the logistic limit model of the population evolution. The investigation has shown that a newly invented logistic theory could be applied to the calculation of interest or the estimation of investment projects, as well as to discount of value expressions, determination of the present monetary values, and management of money currents, that means it could be adapted to calculation of insurance annuities either. There are concrete examples in the article which state that a new principle calculation system is possible based on the logistic discount. Although calculations are more complicated and completely possible only using information technologies, yet the results achieved on the basis of the logistic theory are more accurate and more reliable. To say more, the application of the logistic theory offers qualitatively new results. The main target of this article is to present modern method of calculating annuity insurance tariffs and to compare usual and logistic methods of calculating annuities insurance tariffs. The tasks of the article are: a) to discuss about insurance on living to a certain age peculiarity and b) to analyse and to compare usual and logistic annuities insurance tariffs accounting. Modernus draudimo tarifų skaičiavimo metodas – naujovė draudimo rinkoje Santrauka Draudimo tarifų skaičiavimas gali būti paremtas nauju – logistiniu (ribiniu) kapitalo vystymosi modeliu. Tyrimais įrodyta, kad naujai sukurtoji logistinė vystymosi teorija gali būti pritaikyta ne tik palūkanoms apskaičiuoti ar investiciniams projektams vertinti, bet ir diskontuoti vertinėms išraiškoms, dabartinėms pinigų vertėms nustatyti, pinigų srautams valdyti, o tai reiškia, kad ji gali būti taikoma ir draudimo anuitetams skaičiuoti. Straipsnyje konkrečiais pavyzdžiais parodoma, kad galima naujo principo aktuarinių skaičiavimų sistema, paremta logistiniu diskontavimu. Nors skaičiavimai yra sudėtingesni ir visiškai įmanomi tik naudojant informacines technologijas, rezultatai, gauti remiantis logistine teorija, dažniausia yra tikslesni ir patikimesni. Dar daugiau, logistinės teorijos taikymas duoda kokybiškai naujų rezultatų. Pagrindinis šio straipsnio tikslas – pristatyti naujausią draudimo tarifų skaičiavimo metodą ir palyginti paprastųjų bei logistinių anuitetinių draudimo tarifų skaičiavimo metodus. Straipsnio uždaviniai: a) aptarti tam tikro amžiaus sulaukimo draudimo ypatumus; b) išnagrinėti ir palyginti paprastųjų ir logistinių anuitetinių draudimo tarifų skaičiavimus. First Published Online: 21 Oct 2010 Reikšminiai žodžiai: draudimo rinka, draudimo tarifai, paprastieji ir logistiniai anuitetai, logistinis kapitalas, kapitalo ištekliai.

Atsiskaitymų mokėjimo kortelėmis saugumas – aktuali problema visame pasaulyje, ne išimtis ir Lietuva. Straipsnyje nagrinėjama atsiskaitymų mokėjimo kortelėmis sistema įvairiose Europos valstybėse, neskaidant jos į bankų grupes. Tyrimo rezultatai apibūdina esminius atsiskaitymų mokėjimo kortelėmis sistemos saugumo trūkumus Europos ir pasauliniu mastu. Pagrindinėmis nusikaltimų su kortelėmis problemomis Europoje išlieka kortelių klastotės (34 proc. visų nusikaltimų), pamesta ar pavogta kortelė (28 proc. visų nusikaltimų) ir niekada negauta kortelė (27 proc. visų nusikaltimų su kortelėmis). In the article the payment card problems are connected with a gap and damage in the security system. The main purpose of the article is to evaluate security level of the payment card system and find its security gap and damage.Tasks of the article are as follows: to evaluate the damage level of the payment card system for the card system members, to measure the payment card security features, security of the work organization and systems, to examine and evaluate the merits and demerits of security models used in European Banks, to propose the solution how to minimize the damage in payment card system. The Method of research: analysis of nonfiction, continuous census of fraud cases, information analysis using statistical methods, comparative analysis, experts opinion, analysis of material of case investigation and reports, analysis according to the dominating fraud types and indicators, document process analysis.The article’s research shows the weakness of physical card security features, nonsecure customer financial - credit possibility and card parameters management, outworn equipment and methods of system analysis and monitoring, the lack of co-operation between the members of the payment card system. The big part of indicated demerits could be covered by migrating to the new card system and equipment. In addition, it was proposed to create the co-operation schemes between system members and third party service providers, to set the loyalty programme for the merchants and... [to full text]

Straipsnyje daugiausia dėmesio skiriama atskleisti gyvybės draudimo paslaugų sampratą. Jame įvairiais aspektais gvildenama gyvybės draudimo paslaugų klasifikavimo problema, išskiriami šio klasifikavimo požymiai. Siekiant parodyti analizuotų teorinių gyvybės draudimo paslaugų problemų ir padarytų išvadų praktinio pritaikymo galimybę, nagrinėjamos Lietuvos draudimo bendrovių teikiamos gyvybės draudimo paslaugos bei kai kurios šių paslaugų rinkos situacijos ir tendencijos In this article there is a study of life insurance services business as an independent insurance branch, reasons and circumstances of its origin. Author formulates the main life insurance services. There is analysis of other authors' presented life insurance conception (essence) versions. The original life insurance service definition is presented in this article. The author shows what role life insurance services development plays from the individual and society point of view. A lott attention is paid to life insurance services classification. Different authors attitudes are show on this question. Lithuanian life insurance services grouping in organization practice is presented here. In author's opinion, when classifying life insurance services it is purposive to base on these criteria: insurance object, insurance subject, insurance premium payment procedure, validation of insurance contract, form of insurance protection, method of insurance contract conclusion. In Lithuania life insurance services business as independent branch of insurance business started to form 1997. At the moment Lithuanian life insurance companies offer for clients' life insurance services products similar to Western countries life insurance companies services products. In Lithuania there are seven life insurance companies with foreign capital out of nine active. Lithuanian life insurance services market development tendencies are similar to this kind of markets primary development stages tendencies in Western countries. Life insurance services development practice confirms theoretical propositions formulated in an article about life insurance services necessity, essence and role

Straipsnyje nagrinėjami kapitalo pelningumo rodiklių skaičiavimo ir analizės klausimai. Lietuvos įmonės dažniausiai skaičiuoja tik vieną kapitalo pelningumo rodiklį, kuris išreiškiamas grynojo pelno ir nuosavo kapitalo santykiu. Tačiau šis pelningumo rodiklis negali patenkinti daugelio analitinės informacijos vartotojų poreikių. Įvairūs informacijos vartotojai - investuotojai, tiekėjai, pirkėjai, bankai, teisės ir finansų institucijos pelningumą vertina ne abstrakčiai, o tam tikru aspektu, atsižvelgdami į savo tikslus ir poreikius. Straipsnyje yra siūlomi kapitalo pelningumo rodiklių skaičiavimo ir jų analizės metodai, kurie patenkintų įvairių informacijos vartotojų poreikius.

The main purposes of this article are to introduce the notion of benefit’s targeting and evaluate it for Lithuanian social assistance benefit scheme. Targeting has two aspects. First is concerned with avoiding leakage, i. e. benefits should go only to those who need them. Second aspect of targeting is concerned with avoiding gaps, i. e. benefit should go to all of poor. Failure can arise either because eligibility rules prevent some needy groups from applying, or because take-up is less than 100 per cent. In the latter case, on the demand side, eligible claimants may not apply, either for lack of information or because of complicated bureaucratic procedure or stigma. On the supply side an eligible person may apply, but be refused, either in error or because of discrimination.