Číslo 13, ročník VII

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E-government v České republice, právní a technologické aspekty
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-03) Kodl, Jindřich
Koncepce úspěchuschopnosti: Konkurenceschopnost – vítězství, nebo účast v soutěži?
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-03) Pirožek, Petr
Distribuční vlastnosti finančních ukazatelů: případ českých konkurzních údajů
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-03) Karas, Michal; Režňáková, Mária
Purpose of the article: The purpose of this paper is to analyse the distributional properties of financial data, suitable for building a bankruptcy forecast model, in the sense of normality deviation and the existence of outliers. Methodology/methods: In praxis, financial data in the form of financial ratios is very often not normally distributed. A Shapiro-Wilk’s procedure was used to test normality (Shapiro, Wilk, 1965) and a Box-Cox transformation (Box, Cox, 1964) for normalizing financial ratios. Scientific aim: We would like to contributed to the previous pieces of research in following ways. Firstly, by analysing a greater range of accounting ratios or indicators (i.e. 44), secondly, by focusing on data of a different character (data suitable for building a bankruptcy forecast model), thirdly, by explaining cases in which the parameter l is not possible to estimate, and finally fourthly, identifying a possible cause of transformation failure in achieving normality of financial ratios. Findings: Before the transformation none of the analysed financial ratios met the condition of one-dimensional normality, not even on the 1-% level. After transformation, the condition of one-dimensional normality was met, at the 1-% level, by 34% of the analysed financial ratios. The same condition, but at the 5 or 10-% level, was met by 27% of the analysed financial ratios. The parameter l was not possible to estimate in the case of 18% of financial ratios. Conclusions: The condition of normality for untransformed Czech bankruptcy data seems almost as impossible to fulfil. This conclusion implies the use of non-parametric methods, such as artificial neural networks. However, the comparison of the parametric method’s performance using untransformed or transformed data is the subject of further research.
Value drivers podniků zpracovatelského průmyslu České republiky v letech 2007–2011
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-03) Strnadová, Michala; Karas, Michal; Režňáková, Mária
Purpose of the article: The article strives to identify quantitative factors that positively or negatively influence the performance of enterprises and thus also their value (the so-called value drivers). Research was performed in processing industry enterprises in the Czech Republic which contribute about 25 per cent to the gross value added in the CR. Methodology/methods: The principal research method is the logarithmic decomposition of the ROE. In the analysis, data from the processing industry enterprises from the years 2007–2011 were used. The data were aggregated for the purposes of the calculation. Because Grubbs test confirmed the existence of extreme outliers in the sample, a 5% Winsorized mean was used in the aggregation. This approach makes it possible to identify the most important factors responsible for changes in enterprise performance. Scientific aim: The aim of the article is to identify value drivers of processing industry enterprises in the CR, i.e. factors that are responsible for the growth or decline in enterprise value. In view of the positive correlation between the value of an enterprise and its return on equity, the return on equity decomposition was used in the analysis. Findings: The results show that performance of industrial enterprises in the CR decreased as early as in 2008, the reason being lower profit rates (measured by operating margin). The decrease in profit rates was also evident in the negative effect of the debt load on the decrease in the ROE between 2008 and 2009, in spite of the decreasing interest rates. This leads to an unambiguous conclusion that industrial companies failed to adjust their cost structure to the decrease in demand, which caused a marked decrease in their performance. Conclusions: Research results identified the decisive factors influencing the change in the performance of enterprises in the years 2007 to 2011, which can be considered positive or negative value drivers.
Postoje vlastníků malých a středních podniků k problematice insolvence v České republice a Slovenské republice
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-03) Ředinová, Hana; Paseková, Marie
Purpose of the article: The purpose of the present paper is to determine the attitudes of owners of small and medium-sized enterprises in the Czech and Slovak Republic relating to insolvency issues in both countries. Insolvency of enterprises is for most involved a negative situation in the first moment. This negative view often means loss of business, causing a loss of income, wages and employment for workers, loss of business partners, as well as a reduction in public revenue and an increase in public spending. Of the positive view the insolvency means “clean up” the market from economically weak, possibly through certain steps starting a new and renewed business. Methodology/methods: Research is focused on the area of small and medium-sized enterprises. In this paper, the method of questionnaire survey among participants of the given segment is used, supplemented by statistical methods. The research results are evaluated and presented through a graphical representation. Scientific aim: The aim of the article is to present the attitudes of owners of small and medium-sized enterprises on the issue of insolvency of the small and medium-sized enterprises in the Czech and Slovak Republic. The main output is the interpretation of the obtained results and thus new knowledge in this area. Findings: From the research there, it was found that in the insolvency proceedings were participated more respondents from the Czech Republic, especially in the position of the creditor and the entity that gave an insolvency proposal. In the other areas, the results are from the answers of the respondents in both countries practically comparable. Conclusions: In both countries there is possible to observe a significant tendency for respondents actively solve their own problems in the area of insolvency, only less than 10% of owners will be waiting for the steps of creditors.

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