Číslo 20, ročník VIII

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Pohledávky po splatnosti u malých a středních podniků v České republice
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-09) Paseková, Marie; Crhová, Zuzana; Kuderová, Eva
Purpose of the article: The adverse economic situation in the Czech Republic has elicited a rising number of proposals to commence insolvency proceedings. Insolvency proceedings are resolved by the insolvency act from January 2008. The longer the duration of insolvency proceedings, the higher are their costs, which reduce gained yields. Methodology/methods: Research is focused on the area of small and medium-sized enterprises. The research was based on a questionnaire survey in which representatives of small and medium-sized enterprises in the Czech Republic were addressed. The questionnaire contained 18 closed questions.The research results are evaluated and presented through a graphical representation. Scientific aim: The article aims to gain information from representatives of small and medium firms as to how they settle overdue receivables, how they enforce them, whether they have had experience with an arbitration clause and whether they have been participants in insolvency proceedings. Findings: Research has demonstrated that small and medium enterprises, for the most part, do not include an arbitration clause in purchase agreements. Small and medium enterprises tend to utilize court enforcement of receivables in exceptional cases and do not ascertain receivables of a subject in insolvency proceedings. They mostly enforce their irrecoverable receivables themselves. The relative amount of transaction costs connected with enforcement of receivables is in the vicinity of 1 to 5%, and only a small part (1 to 5%) of the volume of overdue receivables in insolvency proceedings are truly successfully enforced. Conclusions: The course of insolvency proceedings can be considered to be an urgent problem in need of a solution, as the longer the duration of insolvency proceedings, the higher the costs for the parties involved and the lower the total amount recovered.
Internacionalizace litevského maloobchodu: charakteristiky a perspektivy
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-09) Rudiene, Elze
Purpose of the article: To distinguish and describe Lithuanian retail internationalization of the peculiarities in the last twenty-four years and bases on the changes in the future. Methodology/methods: The retail internationalization literature explores the theories, concepts, experiences in different countries is the methodological basis for the assessment of the process and the prospect of these process changes in Lithuania. Lithuanian retail internationalization progress of the investigation from the beginning, development and future prospects is divided into three phases. From a methodological point of view, this is a difficult research because even after twenty years. Scientific aim: To analyse retail internationalization process in Lithuania – features and prospects. Findings: Investigate and evaluate three Lithuanian retail internationalization stages showed that each of them has distinct features. A survey of retailers allowed to set retail internationalization level in 2013. Conclusions: The retail trade internationalisation process in Lithuania, which started immediately after the destruction of the socialist economy and proceeded as the foundation for market economy was being laid, was particular in the sense that famous foreign retail trade companies did not immediately enter the Lithuanian retail market. The characteristic feature of the process in Lithuania was the establishment of joint capital companies, while individual foreign businessmen often started their business in the country by opening their first store. Research limitations: no interest of retailers to be in contact regarding research and wide theme was as serious limitations to find out and explore the Lithuanian retail internationalization features. This is the original article, exploring the small market of retail internationalization process characteristics from its beginning until 2014.
Posouzení vztahu mezi zaváděním procesního řízení a zplošťováním organizační struktury malých a středních podniků
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-09) Kubecová, Jana; Rolínek, Ladislav
Purpose of the article: Business process management is a topical theme in the field of corporate. The introduction of business process management has a huge impact on business organization and dramatically changes ingrained principles, procedures and methods. One of the changes associated with the introduction of business process management is company´s direction to horizontal organization. The purpose of this article is to verify the assumption flattening of organizational structures as a result of the increasing rate of introduction of business process management. Methodology/methods: The issue is solved on small and medium-sized enterprises. The analyzed sample contains 187 small and medium-sized enterprises from South Bohemia. Business process management in enterprises, respectively the rate of implementation of the principles of business process management, is measured by indicator Degree of Business Process Management Principles Implementation. The flattening of the organizational structure is based on the number of managers who, because of the three levels of managers converted to points. The relationship and its intensity are analyzed using statistical methods Spearman correlation coefficient. Scientific aim: The aim of the paper is to verify the assumption of horizontal organization in connection with the implementation of business process management. Findings: For analyzed micro enterprises were able to demonstrate moderate positive correlation between the degree of business process management implementation and the number of managers. Based on the analyzed micro enterprises therefore cannot confirm the assumption of business process management, which is company approaching to the horizontal organization. Based on statistical methods were found in small and mediumsized enterprises exactly the same results as for micro enterprises. Conclusions: Statistical analysis was able to demonstrate a positive dependence with a significant relationship between the degree of business process management implementation and the number of managers. This means that with the increasing degree of business process management implementation grows the number of managers. Based on the analyzed data, with increasing degree of business process management implementation organization not come close to horizontal organization.
Možnosti modelování systému pro elektronickou podporu vzdělání
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-09) Janková, Martina
Purpose of the article: This article focuses on systemic defining of an abstract model and a system-integrated cyber environment for a modern concept of an electronic business (e-business) in the field of an e-learning and electronic support processes in a cyberspace of an education in general. Furthermore, it focuses on a possible use of modelling processes for a planned electronic support of an education in newly conceived intelligent e-business models involving a cyberspace with an electronic support and training in an integrated dynamic technical and social environment of a future new economy. Methodology/methods: The article uses the following methods – system analysis, system identification, modelling, mathematical process modelling, model optimization, system integration and use of modelling simulation processes. Scientific aim: The aim of the article is to create system- ntegrated cyber environment (cyberspace) as a possible model for a modern e-business in the area of an education. The key to success nowadays is an ability to innovate and continually improve environment of a management in the education‘s cyberspace. The final objective will be to assess trends in the use of modelling and simulation methods for designing the system-integrated model of e-business in the education’s cyberspace. Then consider the possibilities of using selected cybernetics methods, artificial intelligence and mathematical modelling for the intelligent models with optimized structures and an adaptive behaviour of the system. Findings: The research results will contribute to the development of knowledge and designing of modern approaches to an economic driven development of companies in terms of changing global markets. Conclusions: An approach to solving the research was mainly focused on the possible identification of the existing environment in the area of cyberspace. Furthermore, it focused on the expression of current possibilities of modern theories for the modelling in education‘s cyberspace.
Růstová a hodnotová investiční strategie aplikovaná na vybraných akciích z New York Stock Exchange
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-09) Gottwald, Radim
Purpose of the article: Nowadays, investors use many investment strategies. They can realize different profits using different strategies because of different principles of strategies. Author assesses two investment strategies. Calculating different financial indicators leads to comparison of yield and risk of indexes related to these strategies. Presented results could be important for investors within their investment decision in order to create investment portfolio. Methodology/methods: Growth and value investment strategies are theoretically described and applied in real data within 2008–2012. Using the CAPM model, author divides stocks of the NYSE included in the base of the DJIA into growth stocks and value stocks. Author compares index trends in charts, interpolates individual index charts by trend line and calculates financial indicators. Scientific aim: The aim of the article is to assess growth and value investment strategies which are applied to chosen stocks traded on the NYSE within 2008–2012. Author compares yield and risk of growth index with yield and risk of value index and DJIA index. Findings: Author applies growth and value investment strategies to chosen stocks. Sharpe ratio of indexes within whole period 2008–2012 is negative, whereas Jensen’s alpha is positive. Information ratio is positive only within 2008. Value investment strategy has lead to higher yield than growth investment strategy since October 2010, whereas before this month values had not been so different, but rather similar. Risk of value index is higher than risk of growth index and smaller than risk of DJIA index within each year of whole period 2008–2012. Conclusions: Similarly to results of empirical studies cited in this article, results of author indicate that value stock yields are higher than growth stock yields. Based on assessment of these investment strategies, investors could use results when they are making investment decision.

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