Číslo 17 (Speciální), ročník VII

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Řízení projektů a financí ve výrobních podnicích České republiky
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Zvejšková, Michaela
Purpose 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.
Rizikovost tržní pozice a její vliv na hodnotu beta koeficientu
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Zinecker, Marek; Konečný, Zdeněk
Purpose 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.
Soudobé integrační tendence finančních a komoditních trhů
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Smolík, Kamil; Karas, Michal; Boček, Aleš
Purpose of the article: The main purpose of this paper is to analyze the integration between the various sectors of the commodity markets, equity index and bond index. Moreover there are also analyzed the risk and return characteristics of individual indices. Methodology/methods: First there is evaluated the correlation trend of individual variables. For this purpose we used a nonparametric Spearman’s correlation coefficient. Next method used in the paper is Sharpe ratio. The Sharpe ratio is developed to measure excess return above the risk free rate relative to the standard deviation of returns. Sharpe ratio is calculated by taking monthly data of individual indices. Scientific aim: In connection to the process of financialization of commodity markets which is caused by the sharp increase of amount of money flowing into the commodity markets question arises: What impact does this process have? In this paper we contribute to the discussion about increasing integration between commodities and financial markets in the period of financialization of commodity markets. Findings: Period of financialization of commodity markets was associated with an increase in correlations between stocks and commodities (especially since the second half of 2008), this trend is not permanent, as shown by the sharp drop in correlation at all commodity sectors in 2013. There are observed considerable differences in the correlation between individual commodity indices and equity and bond indices. There were no signs of integration of commodities and bond markets. Conclusions: Commodity assets belong to a specific class of assets that are still considered as alternative investments in comparison to the conventional financial assets. This paper analyzes integration between commodities and financial markets. We found that there is considerable difference between risk/return characteristics for each class of assets and we also found that in the long term commodity assets can contribute to reducing the unsystematic risk of the investment portfolio.
Identifikace faktorů ovlivňujících výkonnost podniku na bázi ROE v období 2003–2012
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Strnadová, Michala; Karas, Michal
Purpose 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.
Organizační týmy: Propojení týmové diverzity, výkonnosti a spokojenosti
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Senichev, Valery
Purpose of the article: Diversity in the workplace is one of the biggest challenges in contemporary organisational studies. Understanding and effective management of diverse teams deserves greater concern in scientific literature as well as in managing teams in real organisations. The main goal of the paper is to provide an analysis of team diversity, performance and satisfaction in a series of interviews with managers. The first part of the article is dedicated to the concept of diversity and Diversity Management based on literature review. The second part is focused on linking diversity with performance and defining popular trends in research of diversity. The third part is presenting a report from ongoing pilot research focused on feedback from managers and suitability of methods (DPQ, 7S McKinsey, and questionnaires base on Likert Scale) in 2 companies in the Czech Republic. Methodology/methods: Research methods are adjusted to article‘s aims. The following methods are used: DPQ (Diversity Perspective Questionnaire), 7S McKinsey, and questionnaires based on Likert Scale) in 2 companies in the Czech Republic. Findings: The findings showed the similarity of research findings from abroad – organizations in the Czech Republic generally are not yet aware of the importance of Diversity Management as an overall strategy. Diversity perspectives and strategies of parent companies (headquarters) and their subsidiaries may not be consistent Monitoring of the workforce changes doesn’t take place in both companies. There is no strategic work with diverse teams. None of two companies is not using systematically findings from research on diversity to create more effective work groups and teams. Important finding is that diversity was accepted by respondents as an important factor of competiveness and effective problem-solving. Conclusions: The research showed an importance of linking team diversity, performance and satisfaction. Results indicated a link between diversity, competiveness and effective problem-solving.

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