Číslo 17 (Speciální), ročník VII
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- ItemŘízení projektů a financí ve výrobních podnicích České republiky(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Zvejšková, MichaelaPurpose of the article: The purpose of submitted paper is to introduce expert public to the partial part of the dissertation thesis in the field of project management. The purpose of the work is to propose a model of financial flows in selected fields of processing industry specified in the classification of economic activities CZ-NACE. The finance management plays an important role in the project management – in the stage of preparation, implementation and subsequent evaluation of particular project. Methodology/Methods: Methods and techniques of both quantitative and qualitative research have been applied for the research. Questionnaire method has been used as the key method within the framework of quantitative research. After the secondary data collection the questionnaire form has been prepared, later distributed among selected companies, which have promised to participate in this particular project. Both closed and open questions have been formulated in the questionnaire. The specialised literature states that the questionnaire method is not quite appropriate as the return-rate of questionnaires and reliability of acquired data are not guaranteed. In this particular case the return rate of questionnaires has overreached 50%. Partially structured interview has been applied as an optimal method within the framework of qualitative research. This method has been used both to acquire primary data and to acquire more detailed specification of already received responses. All collected data have been fully utilized, already partially statistically evaluated. Submitted paper describes descriptive statistics and proposition of further methods of statistical evaluation, especially for the verification of formulated hypothesis. Scientific aim: The scientific contribution is the interaction of project and financial management as by means of this mutual link positive influences take place in the company. Moreover, the research is further involved in the optimization of financing of projects, observance and optimal planning and project budget allocation, its control and feedback. Findings: The findings in the particular issue, following the research, is the fact that companies in the Czech Republic are starting, or already actively use, the project management in their company activities. The companies educate themselves as well as their employees, and participate in the overall development of this field. The fact should be stressed that such companies are only a few; therefore, it is essential to introduce not only professional public to such activities. Conclusions: Finally, the statement may be made that mutual cooperation between project and financial management shall not end in near future. Such cooperation should be further developed among organizations, among individuals as well as work teams. Furthermore, another fact should be added that also factually well prepared projects can be overdrawn from budget point of view.
- ItemRizikovost tržní pozice a její vliv na hodnotu beta koeficientu(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Zinecker, Marek; Konečný, ZdeněkPurpose of the article: This study tackles the questions, whether the betas of companies, that are in a riskier market position, are higher, lower or approximately the same compared to companies in a less risky position and whether the values of beta of companies in riskier and in less risky positions are over 1, within the interval 〈0; 1〉, or negative. Methodology/methods: There are used secondary data from financial statements of selected companies acting in the Czech automotive industry from the period 2002–2010. The corporate- and market life cycle is identified according to the model by Reiners (2004) and the beta coefficient is calculated by an alternative way using the accounting earnings. Scientific aim: The research should answer the question, whether the betas of companies, that are in a riskier market position, are higher, lower or approximately the same compared to companies in a less risky position and whether the values of beta of companies in riskier and in less risky positions are over 1, within the interval 〈0; 1〉, or negative. Findings: The beta coefficient reaches by market drivers mostly values over 1 and by two other positions mostly the values within the interval 〈0; 1〉. Among market pioneers, beta of one company reaches an extreme value –22.89 and so the average value of beta for this position is much lower than for market drivers. According to the median value, the beta for market pioneers is lower than for market drivers, too. Only one company within the sample holds the position of market follower and its beta reaches the value 0.41. All companies are in market positions with a high level of risk in most periods. The positions with a low risk are held maximally in 3 periods, which is typical especially for companies with a value of beta over 1. Conclusions: From these findings about betas can be derived, that cost of equity, which is the expected return of owners, will be higher for market drivers than for market pioneers because of a higher risk. But there are some limits, deriving from characteristics of secondary (accounting) data.
- ItemUžití vybraných nástrojů k naplnění zásad oceňování a opatrnosti(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Pernica, Martin; Hanušová, HelenaPurpose of the article: Organizations implementing economic activity in the Czech Republic are obliged to follow the binding written and unwritten legislation. Accounting entities are required to keep accounting records in accordance with the valid Czech accounting legislation while respecting a number of unwritten, but globally accepted standards. Among the important standards by which accounting is regulated we can count accounting policies and principles. This paper deals with the issue of valuation and correction mechanisms of valuation, which enable us to fulfill the accounting rules and principles, especially the principle of prudence. Methodology/methods: Contribution use general scientific methods, especially analysis, synthesis, comparison, induction and deduction. The research project was done by means of questionnaires. To evaluate the results specific statistical method was used, especially Kruskal-Wallis test. Scientific aim: Using specific examples, the paper describes different ways of application of selected tools aiming to fulfill the principle of valuation and the principle of prudence, especially in the case of residual values of property and in the use of provisions. Different, but allowable possibilities of application of selected tools of the principle of valuation and the principle of prudence affect the reported amounts of assets, liabilities, expenses, yields and economy results in the financial statements. Findings: For statistical evaluation Kruskall-Wallis test was used. Obtained values were first assigned to the order, row sums were made and test statistic Q [Q=7.94318] was calculated. The obtained value was compared with the value of tables of critical values of X2 test [X2=2,17] and it was found that the distribution functions differ significantly from each other. Conclusions: It can be concluded that the attitude of various organizations in the application of the principle of valuation and the principle of prudence is significantly different. The research pointed to the problems organizations have to face in connection with the constantly changing accounting legislation. Organizations have difficulties with capturing these changes and with rapid response to them. The research also showed that different ways of using the tools of the principle of valuation and the principle of prudence are connected to different height, assets, liabilities, expenses and yields in the financial statements of organizations.
- ItemStrukturované produkty na bázi komodit a jejich ekonomický význam(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Rejnuš, OldřichPurpose of the article: The article deals with issues of contemporary interconnecting of commodities market with financial investment instrument markets, with special regards to the influence of contemporary changes in commodities trading and creating individual sorts of structured products based on commodities. Considering the fact that mutual interconnections between commodities and financial investment instruments are not random, where, beside its theoretical interestingness, they have their insignificant economic importance, the aim of the article is to analyse contemporary utilization of individual sorts of commodity structured products both from the point of view of theoretical nature and, before all, their economic importance. In connection with it, reasons of contemporary spreading of synthetic financial derivative instruments derived from commodities, commodity stock exchange indexes or individually constructed, so called commodity baskets, are explored. And last but not least, it deals with a question whether this is just a temporary situation or continuation of the phenomenon can be supposed. Methodology/methods: The article deals with system analysis of relations between commodity underlying assets and individual sorts of structured products and analysis contemporary changes in ways how commodities are traded in stock exchanges; it is focused on how they influence creating structured products. Scientific aim: The aim of the research is to specify both positive and negative aspects of mutual interconnection of commodity instruments with individual structured products and to predict future development in this field with regards to possible influences on world economy. Findings: The article explains contemporary changes in the way how commodities are traded at world stock exchanges and it specifies both positive and negative influences of these changes on world economy. Conclusions: Based on accomplished analysis of connections between underlying commodity assets and individual sorts of structured products as well as contemporary changes of ways of commodities trading at stock exchange, internationally coordinated state regulation is recommended as well as stricter supervision of institutions working in this area.
- ItemIdentifikace faktorů ovlivňujících výkonnost podniku na bázi ROE v období 2003–2012(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Strnadová, Michala; Karas, MichalPurpose of the article: Článek se zabývá identifikací kvantitativních faktorů majících vliv na výkonnost podniku měřenou ukazatelem ROE. Cílem článku je vysvětlit změny prostřednictvím změn dalších faktorů, které nastaly v rámci výkonnosti podniků zpracovatelského průmyslu v období 2003 až 2012 a to prostřednictvím změny dílčích faktorů (tzv. value drivers). Methodology/methods: Zvolenou metodou identifikace faktorů ovlivňujících rentabilitu vlastního kapitálu je dynamická faktorová analýza tohoto ukazatele (dynamický pyramidální rozklad), a to logaritmickou metodou. Scientific aim: Cílem článku je identifikovat faktory, které významným způsobem ovlivňovaly výkonnost českých průmyslových podniků v období 2003–2012 měřenou ukazatelem ROE. Findings: Dosažené výsledky vysvětlují, které faktory měly největší vliv na to, že v letech 2004–2007 se český průmysl nacházel v období nejsilnějšího ekonomického růstu v novodobé historii ČR. V roce 2008 se potom projevil silný pokles ukazatele ROE v důsledku globálního vývoje, finanční krize a následující hluboké recese. To se projevilo především negativním dopadem rentability aktiv. Jde o interní činitel, který dokazuje, že propad českého průmyslu byl způsobený vnitřními impulzy. Conclusions: Vývoj ROE ve sledovaném období byl determinován zejména výkonností aktiv (měřeno prostřednictvím ROA) a dále vývojem zadlužení podniků (finanční páka), zatímco vliv změny daňového a úrokového břemena nebyl významný. Hodnoty rentability aktiv byly ovlivňovány spíše přístupem k řízení majetku (tj. obratem aktiv) než rentabilitou aktiv.