Abstrakt:The analysis of influence of liquidity and profitability on the use of debt financing sources is the object of this research. Exploring just these dependencies is based on the idea as far as debt resources must have positive impact on the functioning of companies, it must obtain the best possible conditions. Whereas acquisition of financial sources in the V4 countries is primarily focused on the banking sector, it is expected that companies, whose profitability is an increasing tendency in time and whose liquidity is stable, respectively growing, provide loans under the best conditions. This statement would thus confirm the results of the trade-off theory of capital structure. The aims of this article is finding answer to question whether there is a positive functional relationship between the independent variables (liquidity and profitability) and the dependent variable (using debt sources) in the manufacturing companies in the Visegrad group's countries of during 2006 and 2013 years.

Abstrakt: The paper deals with an analysis of impact of selected factors onto the level of use of debt sources in companies in the building industry in V4 countries from 2006 to 2013. The building branch is considered an indicator of development of an economic cycle, so in the context of the current economic cycle the choice of just this industry was adequate. The aim of the paper is to perform an analysis by means of panel regression and correlation and, based on this, to find the impact of fixed assets on assets and the impact of return on equity on the use of debt sources in companies in the building industry in conditions of the V4. The choice of factors is conditioned by prior studies as well as by financial environment where these companies operate. The analysis is done at two levels. The first level monitors the relations on average values in building in individual countries. The latter value processes data by means of panel regression on a sample of building companies in the category of large to medium companies in individual countries. The results indicate whether the generally valid theories are met in the real environment of economies in Central Europe. ÚvodPodniky v různých odvětvích a v různých fázích životního cyklu podniku využívají odlišným způsobem zdroje financování. Rozhodování může být ovlivněno mnoha faktory, nicméně firma má možnost disponovat pouze vlastními nebo cizími zdroji financování, zdroji interními a externími. Rozhodování o tom, který ze zdrojů financování bude použit, vyplývá z nastavení vnitřní finanční politiky podniku a z vnějších aspektů, které mohou dostupnost příslušných zdrojů ovlivnit. Cílem článku je na základě analýzy pomocí panelové regrese a korelace zjistit vliv podílu dlouhodobého majetku a rentability vlastního kapitálu na využití cizích zdrojů financování ve firmách v odvětví stavebnictví v podmínkách Visegradské čtyřky. Výběr faktorů je postaven na níže uvedených studiích.

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Abstract:Current paper has focused on the capital structure management theories. The theoretical part of the study fi rstly highlights the diff erences between trade-off theories and pecking order theories. In the empirical part there are then proved some signifi cant relationships between fi nancial indicators (debt/equity ratio and return on equity) of homogenous data sample from the Czech branch of building area. The aim of the study is to prove the diff erences between the capital structure development that are based on the type of the Czech companies' ownership in the selected NACE industrial branch and to point out some other particularities. The contribution of the paper is a comparison of the theory as well as practice of this issue in the Czech Republic. For pooled sample there are used selected fi nancial indicators of 57 building companies, all with turnover of more than CZK 1.5 billion. The choice of this criterion was a result of a change in effi ciency in Czech economy observed in the selected period. We can assume that this factor will have low infl uence on the selection of fi nancial resources of large corporations. We may even say that for large companies the availability of fi nancial resources remain unchanged. We have obtained annual data from 2004 to 2011. Due to such short estimation period, but the width of pooled sample on the other hand, it is used generalized method of moments (GMM) panel regression. There are also arguments of motivation to analyse business branch of building specifi cally. Moreover, an analysis is split according to ownership of companies into two categories, for the Czech and foreign owners. Based on the recent literature there has been made and tested three hypotheses. Results of the article have clearly proved the separation of managers from owner's positions. On the top of that, domestic companies are not pushed to distribute the realized profi t so much as foreign owners that prefer the return of their means invested into business. There is also a suggestion of future interests in research focused on other Czech business branches, too.

This research builds on previous studies in the field of financial structure and develops knowledge for the construction industry in eight selected countries in Central and Eastern Europe – Visegrád Group, Austria, Bulgaria, Slovenia, and Romania. The aim of the research is to examine the influence of profitability, asset structure, the GDP growth rate and the reference interest rate on the level of total, long-term and short-term debt of companies. The research period is from 2009 to 2018. The main conclusion of the research is the finding that the amount of debt of selected construction companies is most affected by the determinants of the external environment – the development of the economy and the reference interest rate. This conclusion applies regardless of the size of the companies. The direction of the resulting impact differs, as each of the economies underwent a different economic development during the period under review. The interest rate negatively affected the amount of debt of Polish, Romanian and Hungarian companies, given the higher interest rates in these economies; the remaining companies have a positive impact. The impact of the GDP growth rate on the amount of debt is mainly negative for Romanian companies regardless of size, medium-sized Polish and Austrian companies, and large Czech companies; a positive effect was found for the remaining companies. Economies have grown for most of the period under review, and negative impacts may mean taking advantage of profits, which usually grow during periods of prosperity and are a cheap source of funding. This does not necessarily mean economic problems and, as a result, declining debt due to the unavailability of debt financing.

Every economic sector, every single industry, every economy, and even every firm has its specific financial structure. Given that it is not possible to examine thousands of individual companies for scientific purposes, it is necessary to at least examine the differences between individual sectors, industries and countries. At the same time, the formation and optimization of the financial structure is influenced by a myriad of diverse factors that financial managers should take into account in their decisions. Thanks to these facts, more and more researches had been created for over half a century. This research expands knowledge in seven selected countries of Central and Eastern Europe – the Visegrád Group, Bulgaria, Slovenia and Romania. The aim of the research is to evaluate, based on the Generalized Method of Moments, the relationship between the six selected factors and the indebtedness level in companies belonging to the agricultural, forestry and fishing industry. The subject of the research is medium, large and very large companies during the years 2009 to 2016. The research deals with the influence of profitability, liquidity, asset structure, economic development, inflation and interest rates on the total, long-term and short-term indebtedness of companies. The main finding of the research is that companies are influenced by both internal and external determinants. However, even though the industry should be neutral, external determinants – GDP growth rates, inflation rates and interest rates – have a more significant impact on the debt level. The results of this research will not only extend current knowledge in the field of corporate finance, but at the same time, the results may be stimulating in setting support rules for public administration and even European institutions, as the selected industry is strongly linked to subsidy policies.

Podstatou každé investice, tedy i investice do podnikatelské činnosti, by měla být maximalizace užitku investora. Nicméně rozhodovací proces je vždy postaven na vyváženosti tří základních parametrů: výnosnosti, likvidity a rizika. Cílem příspěvku je vyhodnotit z praktického hlediska na úrovni poměrových ukazatelů v jednotlivých oborech podnikání teoretické podklady vycházející ze skutečnosti, že nízká úroveň rentability bude z hlediska ekonomických ukazatelů znamenat, že bude zároveň držena vysoká likvidita a naopak. Vnímání rentability a likvidity je výrazně závislé u mnoha firem na vývoji ekonomického cyklu a také na budoucích očekáváních z hlediska dalšího vývoje ekonomiky.Aby bylo možné sledovat vývoj efektivnosti v jednotlivých odvětvích objektivně, byly do analýzy také zapracovány výsledky Českého statistického úřadu, které sledovaly vývoj ekonomického cyklu a také indikátory důvěry. U indikátorů důvěry (konjunkturálních indikátorů) byly zapracovány ty z pohledu podnikatele. Druhá úroveň analýzy je tedy postavena na vztahu vývoje ekonomického cyklu (měřeno hrubým domácím produktem) a hodnot ekonomických ukazatelů (rentability a likvidity). Všech směřuje k potvrzení či vyvrácení hypotézy, že zhoršená celková ekonomická situace vede společnosti k posílení likvidní pozice. Hrubý domácí produkt a indikátory důvěry jako faktory pro hodnocení vybraných ukazatelůVývoj ekonomického cyklu je zaznamenán v následujícím grafu na základě tempa růstu hrubého domácího produktu. -5%

The subject of this article is to analyse the inancial structure of companies belonging to the second and third sector. The issue of sources of funding is one of the fundamental decisions of inancial managers and has been a much-debated topic in the last century. A number of studies have been written throughout this period, but there is still no consensus, and there is still a need to expand this area with new knowledge for other countries and sectors. The analysis covers medium and large companies engaged in automotive industry and is located in eleven selected countries including the Visegrad Group,