Financial statements provide significant information about the financial position and performance of an enterprise. In the global world, it is necessary that the information is comparable at the international level. This requirement poses a problem for small and medium-sized enterprises as they do their reporting in compliance with the national legislations, which are based on Directive 2013/34/EU in the EU member states. No application of the Directive in national legislations guarantees the harmonisation of financial statements. Another direction in harmonisation is the IFRS for Small and Medium-sized Entities (SMEs) which the EU has not acknowledged as a basis for financial statement creation although its significance is not negligible globallyaround 80 jurisdictions use it or allow its use currently. The paper aims to analyse the current state of harmonisation of financial statements of small and medium-sized enterprises. Based on the identification of essential differences between the national legislation and the Standard, it attempts to answer the question whether (and how) the financial position and performance of an enterprise will change if the accounting framework changes, i.e., in the case of transfer from reporting based on national legislations to reporting based on the Standard.
Agriculture represents a signifi cant part of the national economy. It secures production of food and infl uences many related processing industries. Although the volume of agricultural production and its proportion in the gross dom estic product has been decreasing, there is a huge interest in increasing the performance of agriculture companies. One of the ways to enhance the company performance, to gain new markets or to achieve cost savings is a merger. Mergers are not very usual in the fi eld of agriculture currently -their proportion in the total number of mergers in the Czech Republic in 2001-2013 was 3.07%. Th e aim of this paper is to analyse mergers in the fi eld of agriculture. Th e analysis focuses on the consequences of mergers from the perspective of changes in the fi nancial position and the company performance in the year before the merger and three years after the merger. Th e analysis proved that the company size (measured by the balance sheet total) decreased as a consequence of mergers and their performance increased.
Combinations of companies in the form of mergers lead to the concentration of capital accompanied by an increase in the value of assets as well as economic power; moreover, the ownership structure changes, new organizational systems and various projects in the personnel policy are created and developed, global company culture and company philosophy are born. This paper presents partial results of the Czech Science Foundation research project no. 403/11/0447, whose objectives are to identify the problems in merger preparation in compliance with valid Czech regulations and to analyse economic causes and consequences of mergers. The source of information is a basic dataset formed in the structure necessary for statistical analysis; the dataset was created by the project implementers. An empirical research has been conducted on the basic statistical file that contains information about all the companies in the Czech Republic, which merged in the last 10 years (2001-2010), and published in digital form financial statements in the collection of the Trade Register. We analyse temporal series reflecting the development of mergers in companies as divided by size and the role of the company in the merger process, measured by the number of mergers and volume of assets of the successor and the dissolved companies. Our research has proven that the Czech economic environment is dominated by the combinations where a larger company devours the smaller one with the objective to achieve a more advantageous position in the market and economies of scale. A closer dependence was found for development trends in the cases when the dissolved companies were larger than the successor company than in opposite cases. company transformations, mergers and acquisitions, successor companies, acquired companies, macroeconomic environment, regression and correlation analysis.
Charakteristika a vymezení malých a středních podniků (MSP)V celosvětově proměnlivém hospodářském prostředí, které se vyznačuje neustálými strukturálními změnami a rostoucími konkurenčními tlaky, zaujímá sektor malého a středního podnikání velmi významné místo. Je hnací silou podnikatelské sféry, růstu, inovací i konkurenceschopnosti. Hraje rozhodující roli při tvorbě pracovních příležitostí a obecně je faktorem sociální stability a hospodářského rozvoje. Na druhé straně mají malé a střední podniky často potíže při získávání kapitálu nebo úvěrů, dané přetrvávající neochotou riskovat na straně některých finančních trhů a nedostatečným zajištěním, které mohou nabídnout bankám. Omezené zdroje financování mohou rovněž ztížit jejich přístup k informacím, zejména o nových technologiích a potenciálních trzích."Malé a střední podniky vytvářejí třetinu hrubého domácího produktu v Evropské unii a dvě třetiny pracovních míst. Jsou páteří evropské ekonomiky. Pro posílení jejich konkurenceschopnosti je nutné především odstraňovat nadbytečnou byrokracii a bariéry v podnikání", říká český ministr průmyslu a obchodu Vladimír Tošovský (Bartovský, 2009).V České republice se malé a střední podniky podílejí z 61,52 % na zaměstnanosti a z 54,57 % na účetní přidané hodnotě. Podíl MSP na celkovém počtu aktivních podnikatelských subjektů činí 99,83 %.
SEDLÁČEK, J., KŘÍŽOVÁ, Z., HÝBLOVÁ, E.: Development of mergers and acquisitions in the conditions of the Czech economy 2001-2010. Acta univ. agric. et silvic. Mendel. Brun., 2011 This paper presents the fi rst results of a research project which has the aims to identify the problems appearing during the preparation of mergers in compliance with valid Czech regulations and to analyze economic causes and consequences of mergers. At the fi rst stage it was necessary to compile a basic dataset in a structure needed for a statistical analysis. The aim of the analysis presented in this paper is to ascertain, both theoretically and empirically, how the external environment aff ected the development of mergers of trading companies in the conditions of the Czech economy. The covered period is the past ten years, i.e. [2001][2002][2003][2004][2005][2006][2007][2008][2009][2010], when the development of the global economy was aff ected by the bank crisis in the USA and the economic recession. The analysis of the development of mergers and acquisitions focuses on three groups of factors aff ecting activities in the fi eld of company combinations. These are mergers and acquisitions which are subject to approval by regulatory bodies, the eff ect of new regulations of fi nancing (fi nancial factors) and the eff ect of the macroeconomic situation in the form of GDP indicator and PX index. Macroeconomic indicators are related to mergers whose development has not been published or explored within scientifi c research. The results of the analysis allowed us to describe the dependence of activities in the fi eld of company mergers which took place in the Czech Republic in the past decade on the selected factors of the external environment. company transformations, types of mergers, merger development, aff ecting factors, macroeconomic environment, measurement methods Company transformations are used today as strategic management instruments to stabilize the fi nancial position and enhance fi nancial performance. They are carried out either in the form of an internal (organizational) company growth, such as reinvestments of incomes, building of new plants, implementation of advanced technologies, etc., or they are of an external character -an enterprise joins another or is divided into more companies. The reason for this is mainly the assumption (Cassiman, Colombo, 2006) that company transformations have an improvement potential in comparison with the current situation and that the resulting form of the company will be stronger, more effi cient and will employ its advantages in available markets. When enterprises are combined, a concentration of capital occurs accompanied by the creation of a stronger economic group, the ownership structure changes, new organization systems are created and developed as well as various projects in personnel policy, a global company culture and philosophy is born.The study into the historical development of company combinations, specifi cally mergers and acquisitions (M&A), has proven that act...
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