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The optimal capital structure is a key precondition for business, even though the task of defining the optimal capital structure can be difficult. Previous studies present many different and mutually contradictory factors that should be considered with respect to managerial strategic financial decisions. The first part of the presented contribution summarises the effects of the most frequent capital structure determinants and reviews the world’s most important theories about the behaviour of enterprises when deciding on capital structure. The aim of our contribution is the analysis of capital structure behaviour in the Czech environment. Fundamental capital structure theory is revealed by statistical hypotheses testing. Moreover, we are mainly targeting significant determinants of capital structure. The results help us to create general recommendations for the financial management of Czech companies. In the scope of our study, there are approximately a thousand national financial statements of Czech companies from the most important sectors of economic activity for the period 2016–2019. The correlation analysis with partial correlation coefficient and multiple linear regression analysis was utilised to determine the effects and significance of the individual determinants. Data show that Czech companies do not prefer debt financing recommended by some capital structure theories. Their financial management behaviour corresponds to pecking order theory with insufficient utilisation of tax shield. Sectorwise analyses prove only one exception; motor vehicles wholesale, retail trade, repair and maintenance sector generally prefers financing by debt. Based on the literature review, we selected six significant determinants of capital structure: size, return on assets (ROA), return on equity (ROE), tangibility, asset growth and duration. Advanced statistical analyses show the power and influence of each determinant on capital structure and their mutual relations. Autocorrelations can negatively affect the results of regression analyses. We can conclude that the capital structure of Czech companies is mainly influenced by tangibility and ROA.

The aim of this paper is to evaluate the capital structure and its determinants in consumer co- operatives in the Czech Republic. Consumer co-operatives are associated in the COOP Group, which is the largest retail network of food stores in the country. This analysis uses quantitative data from the financial statements for the years 2014 to 2018 from the database of information on Czech economic entities Albertina. Financial indicators, regression as well as correlation analysis are all used to analyse the data. This paper reveals that the leverage of the entire group is low, as more than two- thirds of the assets are financed by equity. Internal financing from retained profits is prevalent. From the results of multiple linear regression analysis is apparent that tangibility and total assets turnover both have a positive effect on leverage while liquidity and retained profits negative.

In my bachelor thesis, I deal with the optimal capital structure. In the theoretical part, I characterize what is the capital structure, the theories that deal with its optimization, and the factors that affect it. In the practical part, the state of the capital structure of the selected company is determined using numerical operations, as well as the evaluation of the given theories and the subsequent enumeration of possibilities on how to approach the optimal capital structure in the given circumstances. The conclusions resulting from the final work are that the selected company has a healthy capital structure, but not optimal.

1 Company financing analysis Abstract The aim of this thesis is to analyse the forms of financing a company, describe it, not only from a theoretical economic and legal point of view but also from a practical point of view, compare the advantages and disadvantages of various forms of financing and describe the economic and legal context and consequences of using different methods of financing. To fulfil this goal, the author used methods of analysis, comparison, induction and synthesis. The first chapter deals with the various ways of dividing the forms of financing the company, where the various types of capital are defined, which are concepts that are subsequently worked with in the following chapters. The second part of the first chapter then deals with a general description of the company's capital structure and then the basis for setting the optimal capital structure so as to achieve an ideal composition of debt and equity, especially in terms of minimizing the cost of capital and minimizing the risk resulting from the use of different types of capital. The second chapter then deals with the analysis of individual methods of financing the company from the equity and focuses mainly on financing from the company's share capital, shareholders' additional payments, depreciation, retained earnings and also...

The fi nancing decisions adopted by firms in financial distress are very important because most of the strategy decisions such as investments, market entry, or product diversification are considerably affected by the financial constraints faced by them. However, these decisions are still not well known and empirical evidence about firms in financial distress is controversial. Previous studies do not find support for either the trade-off theory or the pecking order theory, which explain the financial decisions of healthy firms. Distressed firms frequently have to use all of their available financial resources to cover their financing deficit. This could give rise to a concave quadratic relationship between financing deficit and net debt issued, which might well explain the ambivalent results about the financial decisions of these firms. To analyze this quadratic relationship, which has not been studied previously, we perform an empirical analysis on a sample of 3,337 listed firms from Germany, Canada, the United States, France, Italy and the United Kingdom. Our results show that the pecking order theory does not appear to have a higher explanatory power in healthy firms. Moreover, the hierarchy suggested by the pecking order theory is not totally applicable in firms in financial distress. Our results show that as financing deficit grows, these firms use debt decreasingly, which gives rise to a concave quadratic relationship between financing deficit and net debt issued. This suggests that firms in financial distress have difficulty issuing new debt. Our results also show that firms in financial distress have a greater probability of issuing equity. Therefore, these firms can use equity Financing as an alternative to debt issuance.

The aim of this article was to reveal attitude of businesses in the Czech Republic towards capital structure optimization and the use of industry standards a s benchmarks for their level of leverage. Despite several decades of capital structure theories deve lopment and refinement, none of the theories indicating how managers should act seem to be ready to determine the definite ratio of debt and equity used in corporate capital structure yet. The use of debt offers a company both pluses by creating more investment opportunities, and minuses associated with the higher risk for investors. Most capital structure models assume vigorous approach o f companies towards capital structure optimization. Companies may, however, exert rather a passive approach towards their capital structure. The questionnaire survey indicated that majority of respondents had no target value of the debt ratio. This contrib ution was focused on the sense and availability of sectoral recommendations concerning corporate indebtedness that might serve as a useful benchmark for companies. By comparing financial ratios to other businesses in the same industry, it is possible to ma ke judgements about a company’s basic financial health. The sense of the use of industry standards for the debt ratio is that the ratio appropriate for other firms in a similar branch should be appropriate for the company as well. Availability of industry standards in countries with highly developed capital markets is extensive. Availability and accessibility of industry standards for companies in the Czech Republic proofed to be requiring more effort and knowledge. The questionnaire survey indicated that m ost respondents don't use industry standards for the debt ratio as they have no interest in comparison with the indebtedness in the sector. However, there was a noticeable group of respondents which stated that they don’t use any industry standards for ind ebtedness at present, but they would appreciate if such standards were more accessible.

The specific corporate capital structure is fundamentally a complex process dependent on a large variety of determinants; and the chosen financial strategy therefore depends on the particular decisions of individual firms. The aim of this contribution is to capture the most important determinants of the corporate capital structure from the perspective of entrepreneurs on the basis of an empirical inquiry. Although the number of respondents was limited, inquiry results still can be considered as relevant to formulate conclusions for small and medium-sized enterprises operating in the manufacturing and processing sectors with the legal form of the limited liability company. To identify the most important factors affecting corporate decisions concerning the sources of financing, the statistical methods and procedures were used for the research evaluation. With the help of factor analysis, the three key external factors, brought in by the entrepreneurs, were derived: the economic and political development of the country, the market environment of the country, and the levels of tax and interest rates. The effect of internal factors determining the corporate capital structure was perceived by respondents as more important. The inquiry revealed that the most important internal factors were supposed to be: the corporate philosophy, the cost of the capital, and the financial health and indebtedness of a business. The answer to the essential question of this article, whether the final capital structure of a company is the result of its own decision-making, or rather a result of various external factors, thus tends rather to the predominance of the internal factors.

The main aim of this bachelor thesis is the analysis of the capital structute in terms of country of ownership. The foundation of the analysis is the sample of companies which are devided into two groups. While in the first group there are 100 companies with foreign ownership, the second group contains 100 companies with czech ownership. The main focus of the analysis is an examination of debt indicators, structure of own and foreign capital and other factors which affect the capital structure are being examined. Results of the analysis showed, that despite differences in some indicators, no essentian differences in capital structure were observed.

The aim of this thesis is to process spatial and timely survey of profitability ratios and then namely debt ratios in individual sectors of selected European companies, in the time period from 2011 to 2015. Financial ratios such as return on assets, return on equity, debt ratio, long-term debt to total assets ratio, short-term debt to total assets ratio and interest coverage are used. Based on the results of the investigation, the most successful sectors and states, including the Czech Republic, are evaluated. The correlation analysis and following testing of mutual dependence between debt ratio and return ratio, as well as mutual relationship between the business sector debt, household sector debt and public sector debt are included.

The diploma thesis focuses on evaluating bankruptcy models and provides appro-priate optimization for engineering companies to minimize bankruptcy risks. The first part includes model construction via neural networks. The model is consecu-tively compared to Z-score and index IN05. Based on the results of the comparison, factors that could highly increase bankruptcy risks will be identified.

The aim of diploma thesis is to determine the impact of the capital structure on the market value of business entities in the engineering sector. The secondary objective is to estimate the value of analyzed enterprises. In the enterprise valu-ation, strategic and financial analysis, the division of assets into operationally ne-cessary and operationally unnecessary and the analysis and prognosis of value generators is executed. The valuation itself is done using the discounted cash flow methods DCF Entity and DCF APV. In the end of the thesis the influence of the ca-pital structure on the market value of the company at different levels of debt is modeled.

This thesis investigates the relation between capital structure and company value. The theoretical part of the thesis discusses different approaches to finding the optimal and most efficient capital structure for the company. Even though a broad theoretical basis related to the topic of capital structure exists, quantifying the theoretical background can lead to a variety of problems. Until now, no clear approach to optimizing the capital structure has been identified. In the practical part of the thesis, theoretical knowledge is applied on a real company COOP Jednota in Jindřichuv Hradec and an optimal capital structure is proposed.

The aim of this study is to indicate the influence of macroeconomic factors on corporate capital structure in different European countries. The recent Global Financial Crisis and the following European debt crisis show the significance of the country financial stability, consequently the efficiency of fiscal and monetary policies, and their impact on the private sector. The macroeconomic policies of a country affect the financial performances of the companies and their future sustainable development and growth. We analyze the influence of external determinants on the corporate capital structure of non-financial manufactured companies based on the evidence from European developed countries and emerging markets for the period 2006–2010, in order to compare the level of the impact on the capital structure according to the countries specifics. The managers make their financial decisions according to the source of financing and capital structure based on the company's advantages and disadvantages, i.e. its internal characteristics, and doubtless on the macroeconomic conditions and country specifics, i.e. external factors. For the purpose of this study the macroeconomic factors are divided into two groups represented fiscal and monetary policies of a country. The correlation and regression techniques are used to identify the relations between these external determinants and capital structure. The findings show the significance of macroeconomic factors in the decision making process regarding capital structure and the source of financing. Cílem studie je zhodnotit vliv makroekonomických faktorů na kapitálovou strukturu výrobních podniků ve vybraných evropských zemích za období 2006-2010. Vliv fiskální a monetární politiky je zkoumán prostřednictvím korelační a regresní analýzy, přičemž výsledky naznačují míru významnosti vybraných faktorů na rozhodování podniků v otázce kapitálové struktury a zdrojů financování.

Assess the capital structure of the company, including influencing factors. Further evaluate various concepts cost of capital, cost of analyzing individual components of equity in a particular company and assess their impact on business performance.

The aim of this thesis is to perform an analysis of capital structure of joint stock companies based in the Czech Republic. The first part of the thesis introduces modern theories and main determinants of capital structure. Further it stakes out basic models used for testing the validity of mentioned theories and the methodology used. The second part of the thesis focuses on practical results of the analysis. The first chapter summarises descriptive analysis of the passive structure, the level of leverage, the composition of equity and liabilities of the joint stock companies. These ratios are judged mainly according to industry classification and the type of ownership. In the next step, the relationship between leverage and profitability is closely explored since it is thought to be one of the main determinants. In the last chapter, the models are applied to the sample of Czech companies with the effort to judge the validity of capital structure theories and to evaluate the effect of determinants on capital structure.

The aim of this thesis is to analyze and evaluate the current business financing options, to describe the theory, to show the practical processing of financial analysis for the selected company and to propose measures that should ensure the prosperity of the company in coming years. The work is divided in two parts. The first, theoretical part, defines the basic terminology by describing corporate financing instruments and comparing different funding types. The second part focuses on brief characteristics of the enterprise itself and performs financial analysis of the company, pointing out the currently selected financial analysis methods. The conclusion evaluates the financial health of the company and predicts developments, including the proposal of possible measures to undertake.

The thesis examines the relationship between performance (measured by return on assets, return on equity and profit margin) and capital structure (measured by indebtedness) in Czech manufacturing companies and how this relationship has changed with respect to the world financial crisis. In order to address the issue of heterogeneous sectors present in manufacturing industry and to provide a universally applicable conclusion, the key variables were transformed according to the percentile rank within a given manufacturing sector in a given year. The general conclusion is that the examined relationship is not the same for all levels of indebtedness. The relationship is positive until it reaches a certain level of indebtedness and above this threshold the relationship is negative. This threshold differs across different industry sectors, time and with the usage of different performance measures. The only exception is a model using time period before the financial crisis and profit margin as a performance measure, which predicts the relationship to be negative for all levels of indebtedness. Regarding the development of the examined relationship over time, the optimal indebtedness decreased during and after the financial crisis when the performance was measured by return on assets or return on equity....

The main goal of this thesis is to find out whether is within individual industries preferred as the main source of financing debt financing for the period from 2011 to 2015. Then determine an industry that prefers foreign capital the most and select three representatives from that industry and analyze them in detail. Materials that are used for this work have the character of available public resources. The thesis is divided into three main parts. The theoretical part explains the indicators of the debt, theories to determine the optimal debt and other terms that are used in the third part. In the second part are described individual industries using the classification CZ NACE. Work is finished by the summary, which sums the findings

This bachelor thesis deals with an analysis of property and capital structure of selected company through chosen methods and indicators. The analysis provides a review about company´s debt, acquired profit, capability to pay liability and the effectiveness of the company´s property. Annual reports contain all necessary information, mostly in a balance sheet and profit and loss report. The theoretical part is focused on general characteristics of property and capital. Next part describes selected company, which is called Apoly s.r.o. The company is specialized in processing and packaging materials. The practical part is focused on property and capital structure. The result of this work is to evaluate the current state of managing all the aspects of the company. In conclusion some recommendations for improvement are suggested.

This thesis is focuses on debt financing, its effect on capital structure. In the thesis there are applied the theoretical knowledge of debt financing and its impact on the MARLENKA international Ltd. The aim of the Bachelor thesis is to determine the impact of the implementation of the investment plan of the company for the development of the financial situation of the company. The thesis is divided into a theoretical and analytical part. The analytical part of the thesis focuses on the investment project of the company and its evaluation. In conclusion there are the findings evaluated.

The goal of bachelor thesis is to find relationship between the capital structure and the company productivity depending on the company size and depending on their debt ratio. Theoretical part of the thesis, based on the literature, defines terms relating to capital structure and productivity. It includes usage of electronic resources to define company size according to directives of European Union. In practical part of the thesis is the analysis of the labor productivity, capital productivity and debt ratio done, both absolutely and relatively. This is followed by the regression analysis finding out relationship between productivity and debt ratio depending and not depending on the company size and depending on the debt ratio. The relationships, those have been found, are interpreted with correlation coefficient and with equation.

Assess the importance and role of capital in the company. Focus on the factors that affect the capital structure of the company and the possibility of their analysis. Furthermore, to evaluate the effect of different sources of finance to business performance. In particular company to apply selected methods of analysis, capital structure, or propose measures to improve corporate performance.

This work describes liquidity of specific Czech company in terms of its capital structure. In the theoretical part of this thesis is explained liquidity and its impact on company operations. The practical part of this thesis is oriented on analysis of liquidity and description of the current situation in the company. In the final part is described the current situation of the company. The end of this work is focused on comments and recommendations for improvement.

Diploma thesis deals with optimal capital structure of enterprise operating in food industry. Optimal capital structure is suggested in relation with long term planned investments. Thesis provides evaluation of financial situation of the enterprise. Than strategical analysis is done, in which investment project is evaluate. The output of strategical analysis is prognosis of revenues. On basis of it is complied long term financial plan of the enterprise followed by proposal optimal financial structure.

Theme of this thesis is capital structure of the company and capital productivity. The aim is evaluation of relationship between capital structure of the company and capital productivity followed by recommended suggestions to optimize capital structure of the company from the perspective of increasing the capital productivity. The first part of this thesis clarifies theoretical knowledge from Czech and foreign literature. In the practical part, the analyzed company is presented and the analysis evaluating capital structure of the company are made. Afterwards capital produktivity and its relationship to capital structure is evaluated. Bases for practical part were gained from financial statements of selected company. In conclusion, there are presented recommendations to optimize the capital structure in terms of capital productivity for analyzed company.

The aim of this study is to indicate the influence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union. Nowadays there are a lot of debates according the future of the European Union. The recent global financial crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 32 European countries divided into three groups as (1) old EU members (15 countries), (2) new EU members (12 countries) and (3) EU candidates (4 candidate countries and 1 acceding country). The managers make their financial decisions according to the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on companys advantages and disadvantages, i.e. its internal characteristics. Based on the analysis of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and size of the company. The findings show that the countrys specifics, EU membership and corporate debt structure influence the relation between capital structure and its internal characteristics. The old members rely more on debt then candidates or new members. There is no doubt that the majority of countries support Pecking Order Theory then Trade off Theory regarding investigated relations. In most countries the profitability and size have negative and significant influence on corporate capital structure. At the same time tangibility, growth opportunities and non-debt tax shields split up: selected countries experience positive impact, another part negative, supporting different theories. Cílem studie je zhodnotit vliv vybraných interních faktorů ovlivňujících kapitálovou strukturu v podmínkách 32 evropských zemí. Výzkumu byly podrobeny následující interní faktory: rentabilita, růstové příležitosti, nedluhový daňový štít a velikost podniku. Výsledky naznačují existenci statistiky významného vztahu mezi interními faktory a kapitálovou strukturou: ve většině evropských je vztah mezi velikostí podniku a jeho kapitálovou strukturou negativní. To stejné platí o vztahu mezi rentabilitou podniku a kapitálovou strukturou. Na druhou stranu, v případě růstových příležitostí a nedluhového daňového štítu jsou výsledky nejednoznačné. V části sledovaných zemí existuje pozitivní statisticky významný vztah, ve druhé části zemí pak negativní statisticky významný vztah.

This master thesis deals with financial resources of company. I explain terms such as enterprise financing, capital structure, structure of company assets, long and short-term financing, shareholder's capital, liabilities and their costs. For the qualification purpose I have divided the financial resources into shareholder 0s equity and liabilities. They are separately described in the third and the fourth parts. They are the most importatnt and the widest parts of the whole thesis. The last part is devoted to alternative resources, that companies can use for financing of their business plans. The thesis concentrates on the possibilities of financing for large business companies. The aim of my thesis is to provide its readers with a variety of knowledge on the topic, which should enable them to make thier own financial decision. KEY WORDS: enterprise financing, financial management, resources of financing, structure of assets, capital structure, cost of capital

The thesis is focused on the assessment of the investment in the transport company by a variety of funding and its impact on capital structure. The operational objective is to evaluate the effect of financial leverage and impact of investments on the financial situation of the company. The investment is viewed from the perspective of market demand capital.

The main target of this thesis was to create an analysis of financial and capital structure of selected company. Selected company works in a transporting sector.

The aim of this thesis is to introduce the basic terminology used in the financial management, to characterize the development of financing business field and the availability of various funding sources. To elaborate particularly the area of bank credit products and tools for their comparison. To analyze the current condition of funding sources and suggest prospective measures in the financing structure considering the requirements of corporate strategy in selected unnamed company. The thesis is divided into two parts, a theoretical and practical part. The theoretical part includes basic terms and relations between them. In the practical part there is an analysis of funding sources of the company from 2008 to 2010 and there is determined the most optimal funding source for the investment project, which is the purchase of recycling and sorting line.

Determinants of capital structure of companies have been studied since Miller’s and Modigliani’s work was published in 1958. There was researched impact of various determinants as taxes, asymmetric information, return on assets and others on capital structure. With this issue are associated theories of capital structure which validity has been tested. There are two basic theories, the trade-off theory and the pecking order theory. Interesting is, that results often differ in various researches. This paper deals with determinants of capital structure within czech companies and also tries to verify the validity of capital structure theories. Specifity is, that this paper is also industry- oriented, there were researched 299 companies from 6 industries. First, there was performed a background research among works of economists who are related with this topic. The research of czech companies was performed by means of multiple regression. There was surveyd impact of proportion of fixed assets, retained earnings, interest rate, return on assets, size of company, proportion of tangible assets and company age on capital structure or on long-term debt and on total debt of company, and level of cross-sectional impact of these determinants. Relevant results were found for one industry: the Information and communication activities. There was found a negative impact of company size and a positive impact of retained earnings on total debt. This acknowledges the trade-off theory, which was stressed by studying of standard deviations. But when is accepted a cross-sectional negative impact of return on assets on total debt, it highlights the validity of the pecking order theory. With consideration of all results and their relevance, there could be declared that both theories explain something of capital structure decisions. There could be stated the impossibility of searching any unified rule for financial decisions of companies.

The aim of this thesis was to classify the proprietary structure of the selected company in the South Bohemian Region. Furthermore to evaluate the sources of funding individual components of assets and quantify the impacts of the extensity of the long-term assets on the economic results of the company.

The goal of this thesis is the analysis of indebtedness in czech industrial companies. I try to describe the situation in particular sectors during years 2001 - 2008. The important part of this thesis is statistical chapter. There I look for relations among economic factors and also create the simple regression model. I found out the positive change of ratios, however in the year 2008 the financial crisis influenced the czech economy, which had the impact on particular sectors. I proved that the correlation between return on assets and debt ratio exists and also the model for the estimated interest rate works.

Thesis is about the company's financial balance. The aim is to assess the capital structure in selected existing businesses. The analysis focuses on identifying the main factors that affect decisions about the use of financial resources.