Search

Author analyzed efficiency of bankruptcy procedures in Russia for the period from 2003 to 2015 and studied the bankruptcy models. It is defined, that the efficiency of bankruptcy procedures is to maintain the business of debtor with the change of ownership regardless of the liquidation of the debtor as a legal entity. Author offered measures to improve the effectiveness of rehabilitation potential bankruptcy procedures: developing of instruments of financial and economic feasibility of decisions and changes in the concept of rehabilitation of bankruptcy procedures.

The thesis deals with the analysis of the management of the Dalešice brewery. The thesis is focused on the financial aspect of the company, which is analyzed by using financial analysis tools and the non-financial factors that influence the existence of the brewery. The results of the financial indicators are compared with the results of the whole brewing industry. Based on the analyzes, solutions are proposed to eliminate possible inefficiencies and recommendations for the future development of the brewery.

The aim of the thesis is to assess the predictive ability of financial health indicators to predict future business development. Analyze the weaknesses and strengths of individual components of aggregate indicators. The thesis examines the possibilities of prediction in the engineering sector. It evaluates existing creditworthy and bankruptcy models, examines their reliability, specificity and sensitivity. Furthermore, it analyzes individual components of prediction indices. The thesis also creates own multi-criteria prediction models.

This thesis discusses the concept of bankruptcy, or default, for Swedish companies. The actual distribution over time is considered both on aggregate level and within different industries. Several models are constructed to best possible describe the default frequency. Mainly logistic regression models are designed for this purpose, but various other models are considered. Some of these are constructed for comparison and for the ambition to produce the most accurate model possible. A large data set of nearly 30 million quarterly observations is used in the analysis. Taking into account micro and macro economic data. The derived models cover different time periods, considering different variables and display varying levels of accuracy. The most exact model is a logistic regression model considering both micro and macro data. It is tested both in sample and out of sample and perform very well in both areas. This model is estimated on first a subset of the data set to be able to compare with a real scenario. Then an equivalent model is constructed from the whole data set to best possibly describe future scenarios. Here Vector Auto-Regressive (VAR) models, and empirical models constructed by OLS regression estimating the firm values, are used in combination with the logistic regression model to predict the future. All three models are used to describe the most likely scenarios, as well as the worst case scenarios. From the worst case scenarios risk measures, such as the empirical value at risk, can be derived. From all this analysis the most significant results are compiled. Namely, that the Logistic regression model performs remarkably well both in-sample and out-of-sample, if macro variables are taken into account. Further, the future results are harder to interpret. Yet, the analysis has arguments for prediction accuracy and interesting results of a continued low default frequency within the next year. Den här uppsatsen avhandlar konceptet konkurs, för svenska företag. Den faktiska konkursfördelningen över tid analyseras, både på en sammanlagd nivå och inom olika industrier. Flera modeller konstrueras i syfte att bäst beskriva konkursfördelningen. Huvudsakligen är logistiska regressions modeller utformade för detta syfte, men andra typer av modeller är inkluderade i analysen. Några av dessa modeller är skapade för jämförelse, men också för att kunna producera en så exakt modell som möjligt. Ett stort data set med nästan 30 miljoner kvartalsvisa observationer används i analysen. Mikro- och makroekonomiska faktorer är inkluderade i detta data set. De framtagna modellerna omfattar olika tidsperioder mellan 1990–2018, tar in olika faktorer i analysen och visar på olika nivåer av noggrannhet. Modellen som har högst förklaringsgrad är en logistisk regressionsmodell som tar hänsyn till både mikro- och makroekonomiska faktorer. Denna modell analyseras både i och utanför sitt samplingsintervall, och visar på goda resultat i båda områdena. Modellen är först skattad på en delmängd av tidsperioden, för att kunna jämföra den förutspådda fördelningen med en faktisk fördelning. Sedan är en ekvivalent modell skattad på hela intervallet, för att bäst möjligt förutspå framtida scenarion. För detta syfte är Logistiska regressionsmodellen kombinerad med Vektor Autoregressiva (VAR)-modeller som förutspår makroekonomiska faktorer, och empiriska regressionsmodeller som förutspår mikroekonomiska faktorer. Alla tre modelltyper används för att kunna beskriva det mest sannolika scenariot, samt de värsta tänkbara scenariona. Från de värsta tänkbara scenariona kan riskmått, så som empiriska Value at Risk, tas fram. All analys producerar resultat och de viktigaste sammanställs. Dessa är att den logistiska regression modell som tar hänsyn till makroekonomiska faktorer ger bra resultat både i och utanför samplingsintervallet. Vidare är de framtida simulerade resultaten svårare att tolka, men den genomförda analysen har argument för exakthet i förutsägelserna. Därmed presenteras ett troligt framtida scenario med fortsatt låg konkurs frekvens inom det närmaste året.

The work is focused on using bankruptcy models and appropriate selected indicators on the data set used, and it identifies how crucial it can be for an enterprise to use an inappropriate model or indicators to decide whether to enter into liquidation or insolvency, and how these business aid indicators can prevent larger business damages that would occur if the risk was ignored. It adds value to controlling activities and can influence the possible prediction of the development of financial problems in the enterprise. Selected models and indicators are tested on a database of companies, which is divided into two groups - bankruptcy and non-bankruptcy. It compares the results of the model evaluation by including the gray zone intervals in the calculation with the results when these intervals are removed. The individual models' reliability is tested both on individual groups and in individual years 2013 to 2017. Selected indicators are tested on the bankruptcy group, which best correlates with reality and confirms the correct selection of indicators for possible prediction of bankruptcy

The aim of this work is to evaluate the financial situation of a chosen company based on the data from the financial statements. The theoretical part is focused on an over-view of professional literature in the field of financial analysis and its methods. The practical part deals with the analysis of financial statement data by vertical and horizontal analysis of the selected company, analysis of ratio indicators and bankruptcy models. It also compares some of the indicators' values with competitors in the sector.

The main purpose of this bachelor thesis is to find out the financial situation of the company Centropen, a. s. based in Dačice and engaged in the production of writing and office supplies. The theoretical part is focused on familiarization with used methods, mainly horizontal analysis of absolute and relative indicators (ratios of profitability, activity, costs, liquidity and debt). Creditworthiness and bankruptcy models were used to assess financial health, mainly the IN05 index and the Taffler model. The practical part focuses on the company Centropen, its financial situation identified using selected methods. Furthermore, the company Centropen is compared with competing companies Faber-Castell, KOH-I-NOOR and Stabilo, and finally the results are evaluated.

There is no doubt that the issue of making a good prediction about a company&rsquo, s possible failure is very important, as well as complicated. A number of models have been created for this very purpose, of which one, the long short-term memory (LSTM) model, holds a unique position in that it generates very good results. The objective of this contribution is to create a methodology for the identification of a company failure (bankruptcy) using artificial neural networks (hereinafter referred to as &ldquo, NN&rdquo, ) with at least one long short-term memory (LSTM) layer. A bankruptcy model was created using deep learning, for which at least one layer of LSTM was used for the construction of the NN. For the purposes of this contribution, Wolfram&rsquo, s Mathematica 13 (Wolfram Research, Champaign, Illinois) software was used. The research results show that LSTM NN can be used as a tool for predicting company failure. The objective of the contribution was achieved, since the model of a NN was developed, which is able to predict the future development of a company operating in the manufacturing sector in the Czech Republic. It can be applied to small, medium-sized and manufacturing companies alike, as well as used by financial institutions, investors, or auditors as an alternative for evaluating the financial health of companies in a given field. The model is flexible and can therefore be trained according to a different dataset or environment.

Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs. Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO. Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful. Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future. Ozadje in namen:. Na področju managerskih prevzemov (MBO) je bilo v Sloveniji opravljenih malo raziskav. Ra­ziskave so se osredotočale predvsem na motive prevzemov družb ter stopnjo uspešnosti prevzemov. Namen prispe­vka je analizirati indikatorje, ki napovedujejo stečaj ali finančno prestrukturiranje družb, ter preveriti, kako se le-ti razlikujejo pri uspešnih in neuspešnih družbah. Metodologija: V raziskavo smo vključili 23 MBO v Sloveniji v obdobju od 2005 do 2008, uporabili pa smo sledeče finančne in nefinančne indikatorje: dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, pri čemer smo uporabili metodo analitičnega hierarhičnega procesa. Glavni cilj raziskave je s pomočjo izbranih finančnih in nefi­nančnih indikatorjev raziskati, ali imajo ciljne družbe, kjer se stečaj ali finančno prestrukturirane nista pričela, v večini primerov višje agregirane vrednosti, kot tiste, nad katerimi se je pričel stečaj ali finančno prestrukturiranje. Tako smo s pomočjo izbranih indikatorjev prikazali enega izmed možnih načinov, kako ugotoviti, da bo posamezen MBO uspešen oz. neuspešen. Rezultati: Ugotovili smo, da se slabši rezultati večinoma pojavljajo pri ciljnih družbah na področjih dobičkonosnosti, poslovanja, plačilne sposobnosti in likvidnosti, kadar gre za neuspešne MBO, kakor pa v primerih uspešnih MBO. Nadalje smo glede na izbrane indikatorje rezultate razdelili v štiri kvartale. Ugotovili smo, da je večina ciljnih družb, kjer so bili MBO neuspešni, uvrščena v slabši kvartal od večine ciljnih družb, kjer so bili MBO uspešni. Zaključek: Glavni prispevek je v ugotovitvi, da se izbrani finančni in nefinančni kazalniki razlikujejo, kadar gre za uspešne in neuspešne MBO. To znanje bo pripomoglo k preprečevanju podobnih dogodkov v prihodnosti.

Credit risk management is a key element in bank management. For credit risk management, statistical models are used, the so‑called scoring and rating models. For enterprise risk assessment, rating models are used. Rating models consist of quantitative models (based on financial ratios) and qualitative models (based on a questionnaire). For estimation of quantitative models, econometric and statistical models are used, mainly logistic regression models. In this paper, statistical models for quantitative assessment are presented, including an empirical example based on the sample of data for SMEs made available by one of Polish banks. A logistic regression model with a nominal variable – the region of activity, including territorial differences, was used. The construction of rating model was presented, including the sector and region of activity. Zarządzanie ryzykiem kredytowym stanowi kluczowy element w zarządzaniu bankiem. Do zarządzania ryzykiem kredytowym wykorzystywane są modele statystyczne tzw. Modele scoringowe i ratingowe. Do oceny ryzyka kredytowego przedsiębiorstw wykorzystuje się modele ratingowe. Składową modeli ratingowych są modele ilościowe (oparte na wskaźnikach finansowych) oraz modele jakościowe (oparte na ankiecie jakościowej). Do budowy modeli ilościowych wykorzystuje się modele statystyczne i ekonometryczne, głównie modele regresji logistycznej. W artykule omówione zostały modele statystyczne do oceny ilościowej wraz z przykładem empirycznym opartym na danych dla próby MŚP udostępnionej przez jeden z polskich banków. Wykorzystano model regresji logistycznej ze zmienną nominalną – region działalności, uwzględniający zróżnicowanie terytorialne. Pokazana została konstrukcja modelu uwzględniającego zarówno branże działalności, jak i region działalności.

The aim of this diploma thesis is to evaluate individual approaches to performance measurement connected to historical development with emphasis on Value Management and Corporate Performance Management (CPM). Last but not least, it is necessary to analyse the performance of the company, including proposing measures for its growth. The practical part evaluates individual performance indicators and points to software tools supporting CPM in the enterprise.

The aim of this paper is to examine discrimination performance of three bankruptcy prediction models in environments and periods different from the ones utilized by deriving the models. We compared selected models’ accuracy in the original setting and present conditions. Secondary aim was to examine a way of possible increasing of the discrimination performance of models by the recalculation of the classification functions. Discrimination performance of the models and financial ratios was tested on companies operating in manufacturing business. Results conclusively demonstrate that the discrimination accuracy of bankruptcy models deteriorates significantly in different environments. The classification function of each model was recalculated using the data from Czech manufacturing companies. For the adjustment of models’ coefficients the same methods, as used originally by theirs authors, were applied, i.e. the probit method, the linear discrimination analysis and the logit method. The results shown, that the re-estimation of model coefficient could lead to its higher classification accuracy in alternative conditions. We can dedicate that recalculating of the classification rules is one of the ways to increase discrimination performance of the bankruptcy prediction models in different environment.

The aim of this bachelor thesis is focused on financial analysis of the company REFIL s.r.o. for the monitored period 2011-2015. The thesis is divided into 2 fundamental parts, methodical and practical. In methodical part is described the subject and importance of financial analysis, its users and the main ratio analysis and also complex models assessing financial health of the company, which are creditworthy and bankruptcy models. Practical part is focusing on company REFIL s.r.o., especially on history and development. Then is executed practical part of financial analysis based on the main ratio analysis. In the end there will be evaluation of financial health with complex models.

This bachelor thesis is focused on financial analysis of the company Tescoma, s. r. o. for the period from 2013 to 2015. The thesis is divided into two main parts: theoretical and practical part. The theoretical part introduce the company Tescoma s. r. o. and also its financial analyses based on the specific indicators.

This bachelor thesis focuses on the financial analysis of the company MARLENKA international, s. r. o. from 2011 to 2015. The thesis is divided into theoretical and practical parts. The first part is focused on a description of horizontal and vertical analysis, ratios, bankruptcy and credit scoring models. The second part contains a presentation of the analyzed company and then a perfomance of the financial analysis, where were used the indicators calculated from the theoretical part according to data from the annual reports of the company. In conclusion, there is a final evaluation of the financial state of the selected company by means of bankruptcy and credit scoring models.

This disertation is focused on financial analysis of economic activities of joint-stock company MAVE Jičín for accounting period 2011 - 2015. The goal of the financial analysis is an assessment of the company financial state. The disertation incorporates overview of financial analysis methods and describes financial statements, which are a source of informations for analysis. Selected elementary methods of financial analysis are used in the practical part of analysis. These are particularly horizontal analysis and vertical analysis, Net working capital, profitability ratios, liquidity, activity and leverage ratios, Du Pont equation, Altman Z-score, bankruptcy model IN95, the IN99 index and Rudolf Doucha Balance analysis II. The financial analysis results give an overview of developments in the financial situation of the joint-stock company MAVE Jičín and thereby provide information for company financial management.

The aim of this thesis is to evaluate economic position of company Sportisimo, Ltd for the period from 2012 to 2015 and forecast of future years. This thesis is divided into theoretical and practical part. Theoretical part deals with selected methods of financial analysis and practical part applies them on a concrete example. Outcomes of this thesis are to evaluate economic position and its future development. Conclusion summarizes the results from practical part defining strengths and weaknesses.

The topic of this bachelor thesis is financial analysis of Letňany Lagoon, s. r. o. The thesis is divided into the theoretical and practical part. The theoretical part is focused on individual components of financial analysis, where vertical and horizontal analysis, difference indicators, ratios of profitability, debt, activity and liquidity, and credit and bankruptcy models as Altman's Z-Score, Kralicek Quick Test, and Index of Credit are presented. In the practical part of the thesis these indicators and models are applied and their values are compared with the values of the competing company Plavecký bazén, s. r. o. At the end of the thesis are summarized the acquired knowledge, supplemented by recommendations for optimization.

The aim of this bachelor thesis is financial analysis of Avon Cosmetics, s. r. o. for the period 2011-2015. The work is divided into two main parts: theoretical and practical. The first one is focused on the theory of financial analysis. It describes the subject of financial analysis, users, resources and methodology used by the financial analysis. The subject of the second part is the presentation of the selected company and the financial analysis itself. The first is the horizontal and vertical analysis, the ratios are calculated and the conclusion is the forecast of financial distress. Keywords: Avon, financial analysis, horizonal and vertical analysis, financial ratios, bankruptcy models, credit scoring models

The aim of the diploma thesis is to introduce suitable instruments for measuring the market position of the company based on multi-criteria decision-making. To introduce regular rankings of companies in professional journals and on the Internet. The main aim was to make comparison of five companies in the Czech Republic and build their resulting ranking based on financial and non-financial indicators. Selected companies have the same subject of business, form and size. For comparison there was set a model which included four financial and two non-financial indicators. Financial indicators have been selected from the area of profitability, liquidity, aktivity and indebtedness. Afterwards, the market positions of companies were calculated by mathematical-static method. The financial situation was identified also by profit and bankruptcy models.

This bachelor thesis aims to evaluate the financial health of a business activity and financial health of the company Porsche Inter Auto CZ spol. s r. o. for the years from 2010 to 2015 using the methods of financial analysis. The content of this thesis is divided into two parts, that are depended on each other. The first of them will explain the procedure and evaluation methods, together with an important theoretical basis. The second part is focused on mentioned company, its current financial status is going to be evaluated, and compares Porsche Inter Auto CZ with the sector of the automotive industry in the Czech Republic where it will be useful. In conclusion, there are summarized results of the analysis, and a formulated SWOT analysis for Porsche Inter Auto CZ spol. s r. o. in which were emphasized new opportunities and economic threats for the enterprise.

The thesis is on indicators of financial distress prediction. The first part explains important terms, such as financial distress or crisis, the company and its phases. Then the financial analysis is briefly described and lastly bancruptcy and creditworthy models are described too. The practical part deals with application of selected bankruptcy and creditworthy models for two water companies. Based on the results, the explanatory power of these indicators for selected companies is evaluated. The power is then compared with the explanatory power in conducted professional studies.

У статті розглянуто сутність та основні аспекти банкрутства на прикладі підприємства ПАТ «ЗАЗ». Автором розглянуто та запропоновано чотири основні методи аналізу банкрутства та за допомогою фінансової звітності підприємства розраховані фактори, які відповідно впливають на рівень банкрутства. Визначено, що для різних типів підприємства необхідно керуватись різними моделями банкрутства відповідно до специфіки самого підприємства. Доведено, що для підприємства ПАТ «ЗАЗ» необхідно використовувати декілька методів аналізу одночасно, оскільки всі наведені автором моделі не в повному обсязі можуть відобразити ситуацію на підприємстві. Необхідно зазначити, що три з чотирьох методів відобразили фінансову кризу на підприємстві, яка розпочалась ще у 2013 році. Тому для продовження аналізу кризи на підприємстві слід використовувати такі моделі: Альтмана, Терещенко та Матвійчука. Криза, яка виникла на досліджуваному підприємстві розвивалась поступово, про це свідчать всі аналізовані моделі. Відповідно до цього можна зазначити, що дані моделі дають можливість передбачити кризу, а не лише констатувати факти вже присутності її на підприємстві. Також автором наведений ряд рекомендацій, щодо діагностики ймовірності банкрутства на підприємстві на основі аналізу вищезазначених моделей та перечисленні фактори впливу по кожній. The essence and main aspects of bankruptcy are considered in the article on the example of PJSC «ZAZ» enterprise. The author examines and proposes four basic methods of bankruptcy analysis and, with the help of the financial reporting of the enterprise, factors are considered which respectively affect the level of bankruptcy. It is determined that different types of enterprises need to be guided by different models of bankruptcy in accordance with the specifics of the enterprise itself. It is proved that for the enterprise of PJSC «ZAZ» it is necessary to use several methods of analysis simultaneously, since all the models given by the author do not fully reflect the situation at the enterprise. It should be noted that three out of four methodologies reflected the financial crisis in the company, which began in 2013. Therefore, the following models should be used to continue analysis of the crisis at the enterprise: Altman, Tereshchenko and Matviychuk. The crisis that arose on the investigated enterprise was gradually evolving, as evidenced by all the models analyzed. Accordingly, it can be noted that these models provide an opportunity to predict the crisis, and not only to establish the facts of its presence in the enterprise. Also, the author has a number of recommendations for diagnosing the probability of bankruptcy in the enterprise based on the analysis of the above models and listing the factors of influence on each. В статье рассмотрены сущность и основные аспекты банкротства на примере ЗАО «ЗАЗ». Автором рассмотрены и предложенных лишь четыре основных метода анализа банкротства и с помощью финансовой отчетности предприятия рассчитаны факторы, которые в соответствии влияют на уровень банкротства. Определено, что для разных типов предприятия необходимо руководствоваться различными моделями банкротства в соответствии с спецификой самого предприятия. Доказано, что для предприятия ПАО «ЗАЗ» необходимо использовать несколько методов анализа одновременно, поскольку все приведенные автором модели не в полном объеме могут отразить ситуацию на предприятии. Необходимо отметить, что три из четырех методов отразили финансовый кризис на предприятии, которая началась еще в 2013 году. Поэтому для продолжения анализа кризиса на предприятии следует использовать такие модели: Альтмана, Терещенко и Матвийчука. Кризис, который возник на исследуемом предприятии развивалась постепенно, об этом свидетельствуют все рассматриваемые модели. В соответствии с этим можно отметить, что данные модели позволяют предсказать кризис, а не только констатировать факты уже присутствии ее на предприятии. Также автором наведённый ряд рекомендаций, по диагностике вероятности банкротства на предприятии на основе анализа вышеупомянутых моделей и перечислены факторы воздействия по каждой.

This bachelor thesis focuses on an assessment of the financial health of ROSSMANN, spol. s r. o. in the years 2010-2015. Its aim is to conduct a comprehensive financial analysis, evaluate financial situation and prepare forecasts of future development of the company. After a short introduction to company's history, I describe specifics of performance of the company and its main competitors on the Czech market: dm drogerie mark, spol. s r. o. and TETA drogerie a lékárny ČR, spol. s r. o. According to the results of analysis I can judge that the financial health of the company is not significantly threatened. My suggestion is to improve the liquidity ratios and indebtedness indexes, as they have the biggest impact on the company's financial situation. In addition to the analysis a short-term plan for the year 2016 is created, where the company's profit for the next year is estimated at 23,178 thousand CZK.

This study analyzes whether Altman Z-score can accurately classify manufacturing companies operating in Lebanon. The empirical analysis examines eleven manufacturing companies over a period of 3 years from 2009 till 2011. Firms are classified according to Altman Z-score models and then compared to their actual classification. The study found that the Altman Z’ Score (1983) can serve as a barometer for classifying Lebanese manufacturing companies within the same sub-business sector. This finding can be used by banks for classifying their clients, by companies for evaluating their performance, and by investors for selecting stocks. First, small banks that cannot afford buying those expensive rating systems can employ the Z’ score to quantify the risk of the customers applying for a loan. Second, companies can set up for a manufacturing industry benchmark, make self- evaluation to track their ranking, and take necessary corrective actions ahead of time. Third, investors can employ the Z’ Score as a valuation tool to compare different companies.

This diploma thesis deals with credibility models and bankruptcy models as tools for evaluating financial health of company. The aim of this work is an evaluation of credibility models and bankruptcy models. The evaluation is focused on suitability, reliability and predictive ability for use the models in Czech environment. The main body of work constitutes a case study containing an application of eight models on Czech engineering company.The case study is supplemented with professional studies evaluating explanatory power of some models. On the basis of studies' results, the comparison of models was done and were identified their strengths and weaknesses.

The paper deals with payment discipline in the building industry in the Czech Republic. The aim of this paper is to identify, compare and evaluate the financial situation of building companies with different payment practices in the Czech Republic in the period 2010 - 2014. The paper uses enterprise and statistical methods. The payment discipline of companies is expressed by a payment index, which is constructed by Bisnode. The results are based on analysis of 1374 companies which are operated in the building industry. The analysis shows that payment habits increase with higher index IN05, Taffler's model, index IN99 and with larger size of the firms. Payment habits of building companies are very good. However, about 2 % of solvent companies have poor payments habits.

Title: The implications of bankruptcy and creditworthy business models for sports clubs Goals: On the basis of bankruptcy and creditworthy business models to determine from the two following football clubs AC Sparta Prague Football, Inc. and FC Viktoria Pilsen, Inc. the danger of bankruptcy or teak creditworthiness and to prove or disprove whether the poor financial structuring of the clubs affects its results in league standings. In the case of a looming bankruptcy or of weak creditworthiness to suggest workable solutions to reverse these effects. Methods: For the prediction of a possible bankruptcy, three bankruptcy models were used - the Altman Model, the Taffler Model and the Springate Model. For determining the financial status of the business, concretely its creditworthiness, two creditworthy business models were used - the Kralick quick test and the Index of creditworthiness. Suggestions for these proposed solutions to the problems are presented in the technical literature. Results: The implications of using the bankruptcy models demonstrated that AC Sparta Prague Football, Inc. is threatened by a bankruptcy as opposed to FC Victoria Pilsen, Inc. which is rated as a stable business. Creditworthy models proved the results of the bankruptcy models, when they determined that AC Sparta Prague...

The main aim of this study was to evaluate the financial health of a selected group of compa-nies from the construction sector in 2014. The evaluation was conducted on a sample of 500 companies. This sample was initially evaluated through selected bankruptcy models. Followed by a comprehensive evaluation of the sample with using the factor and cluster analysis. Its out-come was the distribution of a sample of companies in the recommended number of clusters on the basis of similarities. For individual clusters of firms they were then created their character-istics and their assistance as well as an overall assessment of a sample of companies.

The subject of this bachelor thesis is financial analysis of the company Petrof, spol. s.r.o. The main aim of thesis is to evaluate economic performance and financial health of the company in years 2011-2014. The thesis is devided into two main parts- theoretical part and a practical part. The theoretical part focuses on the methods and financial ratios used by financial analysis. In the practical part of the thesis, the analysed company is introduced and financial analysis is carried out by application of the financial ratios described in the theoretical part. In conclusion there are summarized findings and presents final evaluation of the company.

La importancia de las micro-entities como generadoras de empleo y propulsoras de la actividad económica conlleva, unida a sus mayores tasas de quiebra y a su dificultad para acceder a las fuentes de financiación, la necesidad de dise~nar métodos apropiados que anticipen sus quiebras. Con este fin, en este trabajo se desarrolla un modelo híbrido mediante la combinación de enfoques paramétricos y no paramétricos para la detección de sus quiebras. Para ello, se seleccionan las variables con mayor poder predictivo para detectar la quiebra mediante un modelo híbrido de regresión logística (LR) y árboles de regresión y clasificación (CART). Nuestros resultados muestran que este modelo híbrido obtiene una mejor performance que aquellos modelos implementados de forma aislada, además de tener una más fácil interpretación y una convergencia más rápida. Por otra parte, se constata la conveniencia de la introducció de variables no financieras y macroeconómicas que complementen a la información proporcionada por los ratios financieros para la predicción de la quiebra de las micro-entities, lo cual está en línea con las características propias e idiosincrasia de este tama~no empresarial recientemente definido por la Comisión Europea. The importance of micro-entities due to their generation of employment and propelling economic activity, together with the fact of their particularities, implies the need to design appropriate methods that anticipate their bankruptcies. For that purpose, a hybrid model by combining parametric and nonparametric approaches is developed in this paper. First, the variables with the highest predictive power to detect bankruptcy are selected using logistic regression (LR). Subsequently, a non-parametric method, namely regression trees and classification (CART), is then applied to companies classified as \bankruptcy" or \non-bankruptcy". Our results show that this model provides a better result than when it is implemented in isolation, which joins its easier interpretation and faster convergence. Moreover, we demonstrate that the introduction of non-financial and macroeconomic variables complement the financial ratios for bankruptcy prediction. Findings are based on a data set of micro-entities (MEs), as recently defined by the European Union.

The aim of this bachelor´s thesis is in phase one to test which of the well-established financial standing or bankruptcy models is able to predict most reliably insolvency for firms safeguarding vehicles. Secondary task is to apply chosen models onto data from company, that doesn´t show signs of financial crisis at glance.

La importancia de las micro-entities como generadoras de empleo y propulsoras de la actividad económica conlleva, unida a sus mayores tasas de quiebra y a su dificultad para acceder a las fuentes de financiación, la necesidad de diseñar métodos apropiados que anticipen sus quiebras. Con este fin, en este trabajo se desarrolla un modelo híbrido mediante la combinación de enfoques paramétricos y no paramétricos para la detección de sus quiebras. Para ello, se seleccionan las variables con mayor poder predictivo para detectar la quiebra mediante un modelo híbrido de regresión logística (LR) y árboles de regresión y clasificación (CART). Nuestros resultados muestran que este modelo híbrido obtiene una mejor performance que aquellos modelos implementados de forma aislada, además de tener una más fácil interpretación y una convergencia más rápida. Por otra parte, se constata la conveniencia de la introducción de variables no financieras y macroeconómicas que complementen a la información proporcionada por los ratios financieros para la predicción de la quiebra de las micro-entities, lo cual está en línea con las características propias e idiosincrasia de este tamaño empresarial recientemente definido por la Comisión Europea.------------------------------------The importance of micro-entities due to their generation of employment and propelling economic activity, together with the fact of their particularities, implies the need to design appropriate methods that anticipate their bankruptcies. For that purpose, a hybrid model by combining parametric and nonparametric approaches is developed in this paper. First, the variables with the highest predictive power to detect bankruptcy are selected using logistic regression (LR). Subsequently, a non-parametric method, namely regression trees and classification (CART), is then applied to companies classified as "bankruptcy" or "non-bankruptcy". Our results show that this model provides a better result than when it is implemented in isolation, which joins its easier interpretation and faster convergence. Moreover, we demonstrate that the introduction of non-financial and macroeconomic variables complement the financial ratios for bankruptcy prediction. Findings are based on a data set of micro-entities (MEs), as recently defined by the European Union., Artículo revisado por pares

Following the calls from literature on bankruptcy, a parsimonious hybrid bankruptcy model is developed in this paper by combining parametric and non-parametric approaches.To this end, the variables with the highest predictive power to detect bankruptcy are selected using logistic regression (LR). Subsequently, alternative non-parametric methods (Multilayer Perceptron, Rough Set, and Classification-Regression Trees) are applied, in turn, to firms classified as either “bankrupt” or “not bankrupt”. Our findings show that hybrid models, particularly those combining LR and Multilayer Perceptron, offer better accuracy performance and interpretability and converge faster than each method implemented in isolation. Moreover, the authors demonstrate that the introduction of non-financial and macroeconomic variables complement financial ratios for bankruptcy prediction.

This thesis deals with selected credit scoring and bankruptcy models and their ability to pre-dict financial problems in a company. Among the models included in the paper are the Altman bankruptcy model Z - Score, Index of credibility of the Neumaier (IN95, IN05) Taffler mod-el, Kralicek Quick test, Grünwald creditworthiness model. The methodological part focuses on the detailed description of each individual model. The practical part includes a customised application of the models on the selected breweries and subsequent assessment of the ability of the models to predict financial distress.

Title: The ice- hockey teams financial comparison Targets: The aim of this thesis is to compare the financial results of the Czech ice-hockey professional clubs during time period. Methods There were applied the basic financial and analytical tools - bankruptcy and credibility models which are able to show the current financial power of the monitored clubs. Results: Results of the used bankruptcy and credibility models shows that a lot of the top Czech ice-hockey professional clubs are facing the serious financial issues, even some of them are threatened of the bankruptcy. Key words: comparison, ice hockey, ELH, bankruptcy models, creditworthy models

The aim of this master thesis is a financial analysis of Audi Group. Audi is one of the most popular brand of premium car manufacturers, which has a long history and which is a part of one of the biggest world groups in automotive industry -- Volkswagen Group. In this paper we will look into its financial reports in order to analyze its financial performance and make the conclusion in the end -- is Audi Group successful?