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Diplomová práce se věnuje specifikům rodinného podnikání, charakterizuje podnikové zdroje a metody pro vyhodnocení strategické pozice podniku a následně provádí analýzu podnikových zdrojů v návaznosti na zhodnocení strategie vybraného podniku a zhodnocuje jeho strategickou pozici. V závěru si dává za cíl provést shrnutí stávající situace a doporučit kroky pro její zlepšení., The diploma thesis deals with the specifics of family business. Then it characterizes company resources, methods for evaluation of the strategic position of the company and performs the analysis of company resources in connection with the evaluation of the corporate strategy. The thesis also valorizes its strategic position. Finally, the aim is to summarize the current situation and recommend steps for its improvement., Fakulta ekonomicko-správní, Studentce byly položeny tyto otázky: Kterou z cílových hodnot ukazatelů navržených v rámci BSC považujete z hlediska podniku za nejvíce problémovou z hlediska jejího dosažení a proč? Jaké další metody, kromě uvedených v diplomové práci, by bylo možné použít pro posouzení konkurence? V nedávné době byly nově definovány pojmy týkající se rodinného podnikání - rodinná firma, rodinná životnost. Charakterizujte je. V diplomové práci používáte v rámci BSC strategickou mapu. V čem vidíte největší úskalí při její tvorbě v praxi rodinného podniku? Studentka reagovala a úspěšně odpovídala na otázky komise a obhájila tak diplomovou práci., Dokončená práce s úspěšnou obhajobou

We use a panel of over 600,000 Chinese firms (1998–2009) to investigate the effects of credit constraints on firm productivity. We find that both internal finance through a firms own cash flow and external credit supply significantly promote firm productivity and productivity growth rates. Specially, there is a substitution effect between internal finance and external credit supply: the marginal effect of internal finance on firm productivity is weaker when firms have sufficient external credit. Also, internal finance is more important for firms in those financially vulnerable industries. Finally, we observe that marginal effect of both external credit supply and internal finance on firm's productivity is weaker for SOEs than non-SOEs.

We use a panel of over 600,000 Chinese firms (1998–2009) to investigate the effects of credit constraints on firm productivity. We find that both internal finance through a firms own cash flow and external credit supply significantly promote firm productivity and productivity growth rates. Specially, there is a substitution effect between internal finance and external credit supply: the marginal effect of internal finance on firm productivity is weaker when firms have sufficient external credit. Also, internal finance is more important for firms in those financially vulnerable industries. Finally, we observe that marginal effect of both external credit supply and internal finance on firm's productivity is weaker for SOEs than non-SOEs.

We use a panel of over 600,000 Chinese firms (1998–2009) to investigate the effects of credit constraints on firm productivity. We find that both internal finance through a firms own cash flow and external credit supply significantly promote firm productivity and productivity growth rates. Specially, there is a substitution effect between internal finance and external credit supply: the marginal effect of internal finance on firm productivity is weaker when firms have sufficient external credit. Also, internal finance is more important for firms in those financially vulnerable industries. Finally, we observe that marginal effect of both external credit supply and internal finance on firm's productivity is weaker for SOEs than non-SOEs.

Small firms often have inadequate access to the capital necessary for sucessful management. The Swedish Government introduced in the mid-1990s allowance rules that facilitate retention of profit for sole proprietorships and partnership firms. The tax credits arising from the allowances give certain benefits as a source of financing compared to traditional forms of credits. Among the more essential benefits are that the payment for some parts of the tax credit can be put on hold almost indefinitely, or alternatively never be paid. The firms are free to use these means, and the responsibility of future payment of the postponed tax debt stays with the individual firms. The comprehensive purpose of the dissertation may be stated as to increase the understanding of small Swedish firms, especially sole proprietorships, utilizing possibilities for allowances for income smoothing and internal financing. At the beginning the dissertation describes case studies, comprising a smaller selection of microfirms. With a starting-point from the accounted and reported income-tax returns, alternative calculations are made where additional positive tax and finance effects appear possible to obtain. One purpose of these studies is to increase the insight regarding the possibilities of income smoothing and internal financing that arise from utilizing these allowances. These studies also illuminate, to what extent and in what way they are being used in reality. Another objective of these studies is to give a more substantive insight into the technics behind the different allowances, appropriation to positive or negative interest rate allocation appropriation or dissolving of tax allocation reserve appropriation or dissolving of “expansion fund” Theories regarding the creation of resources, through building of capital, and theories on financial planning and strategy are studied. The purpose is to find support for the choice of theoretical grounded underlying independent variables that can

Small firms often have inadequate access to the capital necessary for sucessful management. The Swedish Government introduced in the mid-1990s allowance rules that facilitate retention of profit for sole proprietorships and partnership firms. The tax credits arising from the allowances give certain benefits as a source of financing compared to traditional forms of credits. Among the more essential benefits are that the payment for some parts of the tax credit can be put on hold almost indefinitely, or alternatively never be paid. The firms are free to use these means, and the responsibility of future payment of the postponed tax debt stays with the individual firms. The comprehensive purpose of the dissertation may be stated as to increase the understanding of small Swedish firms, especially sole proprietorships, utilizing possibilities for allowances for income smoothing and internal financing. At the beginning the dissertation describes case studies, comprising a smaller selection of microfirms. With a starting-point from the accounted and reported income-tax returns, alternative calculations are made where additional positive tax and finance effects appear possible to obtain. One purpose of these studies is to increase the insight regarding the possibilities of income smoothing and internal financing that arise from utilizing these allowances. These studies also illuminate, to what extent and in what way they are being used in reality. Another objective of these studies is to give a more substantive insight into the technics behind the different allowances, appropriation to positive or negative interest rate allocation appropriation or dissolving of tax allocation reserve appropriation or dissolving of “expansion fund” Theories regarding the creation of resources, through building of capital, and theories on financial planning and strategy are studied. The purpose is to find support for the choice of theoretical grounded underlying independent variables that can

Small firms often have inadequate access to the capital necessary for sucessful management. The Swedish Government introduced in the mid-1990s allowance rules that facilitate retention of profit for sole proprietorships and partnership firms. The tax credits arising from the allowances give certain benefits as a source of financing compared to traditional forms of credits. Among the more essential benefits are that the payment for some parts of the tax credit can be put on hold almost indefinitely, or alternatively never be paid. The firms are free to use these means, and the responsibility of future payment of the postponed tax debt stays with the individual firms. The comprehensive purpose of the dissertation may be stated as to increase the understanding of small Swedish firms, especially sole proprietorships, utilizing possibilities for allowances for income smoothing and internal financing. At the beginning the dissertation describes case studies, comprising a smaller selection of microfirms. With a starting-point from the accounted and reported income-tax returns, alternative calculations are made where additional positive tax and finance effects appear possible to obtain. One purpose of these studies is to increase the insight regarding the possibilities of income smoothing and internal financing that arise from utilizing these allowances. These studies also illuminate, to what extent and in what way they are being used in reality. Another objective of these studies is to give a more substantive insight into the technics behind the different allowances, appropriation to positive or negative interest rate allocation appropriation or dissolving of tax allocation reserve appropriation or dissolving of “expansion fund” Theories regarding the creation of resources, through building of capital, and theories on financial planning and strategy are studied. The purpose is to find support for the choice of theoretical grounded underlying independent variables that can

Small firms often have inadequate access to the capital necessary for sucessful management. The Swedish Government introduced in the mid-1990s allowance rules that facilitate retention of profit for sole proprietorships and partnership firms. The tax credits arising from the allowances give certain benefits as a source of financing compared to traditional forms of credits. Among the more essential benefits are that the payment for some parts of the tax credit can be put on hold almost indefinitely, or alternatively never be paid. The firms are free to use these means, and the responsibility of future payment of the postponed tax debt stays with the individual firms. The comprehensive purpose of the dissertation may be stated as to increase the understanding of small Swedish firms, especially sole proprietorships, utilizing possibilities for allowances for income smoothing and internal financing. At the beginning the dissertation describes case studies, comprising a smaller selection of microfirms. With a starting-point from the accounted and reported income-tax returns, alternative calculations are made where additional positive tax and finance effects appear possible to obtain. One purpose of these studies is to increase the insight regarding the possibilities of income smoothing and internal financing that arise from utilizing these allowances. These studies also illuminate, to what extent and in what way they are being used in reality. Another objective of these studies is to give a more substantive insight into the technics behind the different allowances, appropriation to positive or negative interest rate allocation appropriation or dissolving of tax allocation reserve appropriation or dissolving of “expansion fund” Theories regarding the creation of resources, through building of capital, and theories on financial planning and strategy are studied. The purpose is to find support for the choice of theoretical grounded underlying independent variables that can

Small firms often have inadequate access to the capital necessary for sucessful management. The Swedish Government introduced in the mid-1990s allowance rules that facilitate retention of profit for sole proprietorships and partnership firms. The tax credits arising from the allowances give certain benefits as a source of financing compared to traditional forms of credits. Among the more essential benefits are that the payment for some parts of the tax credit can be put on hold almost indefinitely, or alternatively never be paid. The firms are free to use these means, and the responsibility of future payment of the postponed tax debt stays with the individual firms. The comprehensive purpose of the dissertation may be stated as to increase the understanding of small Swedish firms, especially sole proprietorships, utilizing possibilities for allowances for income smoothing and internal financing. At the beginning the dissertation describes case studies, comprising a smaller selection of microfirms. With a starting-point from the accounted and reported income-tax returns, alternative calculations are made where additional positive tax and finance effects appear possible to obtain. One purpose of these studies is to increase the insight regarding the possibilities of income smoothing and internal financing that arise from utilizing these allowances. These studies also illuminate, to what extent and in what way they are being used in reality. Another objective of these studies is to give a more substantive insight into the technics behind the different allowances, appropriation to positive or negative interest rate allocation appropriation or dissolving of tax allocation reserve appropriation or dissolving of “expansion fund” Theories regarding the creation of resources, through building of capital, and theories on financial planning and strategy are studied. The purpose is to find support for the choice of theoretical grounded underlying independent variables that can

V diplomové práci strategie financování podniku vysvětluji pojem finance podniku, struktura financí podniku optimální finanční struktura podniku, krátkodobé a dlouhodobé financování podniku, externí a interní zdroje financování a jejich náklady. Cílem mé práce je posoudit jaký zdroj financování je pro nás nejvýhodnější. Toto vše aplikuji v případové studii, kde posuzuji finanční strukturu a financování skutečného podniku. Analyzuji způsoby zajišťování a solventnosti podniku, zajišťování finančního zdraví pomocí finanční analýzy činnosti a výsledků společnosti., In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.

Tato diplomová práce se zabývá výběrem vhodné formy externího financování podniku. Jednotlivé bankovní produkty a služby jsou v teoretické části práce obecně definovány a následně jsou v praktické části mezi sebou porovnány. Po provedení výpočetních operací je doporučena nejvhodnější metoda financování pro vybranou společnost., This diploma thesis deals with the choice of a suitable form of an external financing for the selected company. Individual banking products and services are generally defined in the theoretical part. Defined banking products are then compared within the analytical part of this work. Analytical part of this work contains also some calculations. The most suitable financing method for the selected company is recommended within the last part of this work.

Diplomová práce řeší otázku, prostřednictvím jakých zdrojů je nejoptimálnější financovat zamýšlenou opravu nemovitosti pro danou společnost. Jedná se především o analýzu a vzájemné porovnání bankovních úvěrů, leasingu nemovitostí, zvolených dotačních programů a rezerv na opravu hmotného majetku. Podstatou diplomové práce je nalezení několika výstupů, které reprezentují vždy nejvýhodnější variantu z jednotlivých možností financování, a to jak z externích, tak z interních zdrojů., The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.

Tato diplomová práce se zabývá výběrem vhodné formy externího financování podniku. Jednotlivé bankovní produkty a služby jsou v teoretické části práce obecně definovány a následně jsou v praktické části mezi sebou porovnány. Po provedení výpočetních operací je doporučena nejvhodnější metoda financování pro vybranou společnost., This diploma thesis deals with the choice of a suitable form of an external financing for the selected company. Individual banking products and services are generally defined in the theoretical part. Defined banking products are then compared within the analytical part of this work. Analytical part of this work contains also some calculations. The most suitable financing method for the selected company is recommended within the last part of this work.

Diplomová práce řeší otázku, prostřednictvím jakých zdrojů je nejoptimálnější financovat zamýšlenou opravu nemovitosti pro danou společnost. Jedná se především o analýzu a vzájemné porovnání bankovních úvěrů, leasingu nemovitostí, zvolených dotačních programů a rezerv na opravu hmotného majetku. Podstatou diplomové práce je nalezení několika výstupů, které reprezentují vždy nejvýhodnější variantu z jednotlivých možností financování, a to jak z externích, tak z interních zdrojů., The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.

V diplomové práci strategie financování podniku vysvětluji pojem finance podniku, struktura financí podniku optimální finanční struktura podniku, krátkodobé a dlouhodobé financování podniku, externí a interní zdroje financování a jejich náklady. Cílem mé práce je posoudit jaký zdroj financování je pro nás nejvýhodnější. Toto vše aplikuji v případové studii, kde posuzuji finanční strukturu a financování skutečného podniku. Analyzuji způsoby zajišťování a solventnosti podniku, zajišťování finančního zdraví pomocí finanční analýzy činnosti a výsledků společnosti., In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.

Diplomová práce řeší otázku, prostřednictvím jakých zdrojů je nejoptimálnější financovat zamýšlenou opravu nemovitosti pro danou společnost. Jedná se především o analýzu a vzájemné porovnání bankovních úvěrů, leasingu nemovitostí, zvolených dotačních programů a rezerv na opravu hmotného majetku. Podstatou diplomové práce je nalezení několika výstupů, které reprezentují vždy nejvýhodnější variantu z jednotlivých možností financování, a to jak z externích, tak z interních zdrojů., The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.

Tato diplomová práce se zabývá výběrem vhodné formy externího financování podniku. Jednotlivé bankovní produkty a služby jsou v teoretické části práce obecně definovány a následně jsou v praktické části mezi sebou porovnány. Po provedení výpočetních operací je doporučena nejvhodnější metoda financování pro vybranou společnost., This diploma thesis deals with the choice of a suitable form of an external financing for the selected company. Individual banking products and services are generally defined in the theoretical part. Defined banking products are then compared within the analytical part of this work. Analytical part of this work contains also some calculations. The most suitable financing method for the selected company is recommended within the last part of this work.

Tato diplomová práce se zabývá výběrem vhodné formy externího financování podniku. Jednotlivé bankovní produkty a služby jsou v teoretické části práce obecně definovány a následně jsou v praktické části mezi sebou porovnány. Po provedení výpočetních operací je doporučena nejvhodnější metoda financování pro vybranou společnost., This diploma thesis deals with the choice of a suitable form of an external financing for the selected company. Individual banking products and services are generally defined in the theoretical part. Defined banking products are then compared within the analytical part of this work. Analytical part of this work contains also some calculations. The most suitable financing method for the selected company is recommended within the last part of this work.

V diplomové práci strategie financování podniku vysvětluji pojem finance podniku, struktura financí podniku optimální finanční struktura podniku, krátkodobé a dlouhodobé financování podniku, externí a interní zdroje financování a jejich náklady. Cílem mé práce je posoudit jaký zdroj financování je pro nás nejvýhodnější. Toto vše aplikuji v případové studii, kde posuzuji finanční strukturu a financování skutečného podniku. Analyzuji způsoby zajišťování a solventnosti podniku, zajišťování finančního zdraví pomocí finanční analýzy činnosti a výsledků společnosti., In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.

Diplomová práce řeší otázku, prostřednictvím jakých zdrojů je nejoptimálnější financovat zamýšlenou opravu nemovitosti pro danou společnost. Jedná se především o analýzu a vzájemné porovnání bankovních úvěrů, leasingu nemovitostí, zvolených dotačních programů a rezerv na opravu hmotného majetku. Podstatou diplomové práce je nalezení několika výstupů, které reprezentují vždy nejvýhodnější variantu z jednotlivých možností financování, a to jak z externích, tak z interních zdrojů., The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.

V diplomové práci strategie financování podniku vysvětluji pojem finance podniku, struktura financí podniku optimální finanční struktura podniku, krátkodobé a dlouhodobé financování podniku, externí a interní zdroje financování a jejich náklady. Cílem mé práce je posoudit jaký zdroj financování je pro nás nejvýhodnější. Toto vše aplikuji v případové studii, kde posuzuji finanční strukturu a financování skutečného podniku. Analyzuji způsoby zajišťování a solventnosti podniku, zajišťování finančního zdraví pomocí finanční analýzy činnosti a výsledků společnosti., In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.

Diplomová práce řeší otázku, prostřednictvím jakých zdrojů je nejoptimálnější financovat zamýšlenou opravu nemovitosti pro danou společnost. Jedná se především o analýzu a vzájemné porovnání bankovních úvěrů, leasingu nemovitostí, zvolených dotačních programů a rezerv na opravu hmotného majetku. Podstatou diplomové práce je nalezení několika výstupů, které reprezentují vždy nejvýhodnější variantu z jednotlivých možností financování, a to jak z externích, tak z interních zdrojů., The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.

V diplomové práci strategie financování podniku vysvětluji pojem finance podniku, struktura financí podniku optimální finanční struktura podniku, krátkodobé a dlouhodobé financování podniku, externí a interní zdroje financování a jejich náklady. Cílem mé práce je posoudit jaký zdroj financování je pro nás nejvýhodnější. Toto vše aplikuji v případové studii, kde posuzuji finanční strukturu a financování skutečného podniku. Analyzuji způsoby zajišťování a solventnosti podniku, zajišťování finančního zdraví pomocí finanční analýzy činnosti a výsledků společnosti., In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.

Tato diplomová práce se zabývá výběrem vhodné formy externího financování podniku. Jednotlivé bankovní produkty a služby jsou v teoretické části práce obecně definovány a následně jsou v praktické části mezi sebou porovnány. Po provedení výpočetních operací je doporučena nejvhodnější metoda financování pro vybranou společnost., This diploma thesis deals with the choice of a suitable form of an external financing for the selected company. Individual banking products and services are generally defined in the theoretical part. Defined banking products are then compared within the analytical part of this work. Analytical part of this work contains also some calculations. The most suitable financing method for the selected company is recommended within the last part of this work.

Diplomová práce řeší otázku, prostřednictvím jakých zdrojů je nejoptimálnější financovat zamýšlenou opravu nemovitosti pro danou společnost. Jedná se především o analýzu a vzájemné porovnání bankovních úvěrů, leasingu nemovitostí, zvolených dotačních programů a rezerv na opravu hmotného majetku. Podstatou diplomové práce je nalezení několika výstupů, které reprezentují vždy nejvýhodnější variantu z jednotlivých možností financování, a to jak z externích, tak z interních zdrojů., The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.