Suchergebnisse

A working private equity and venture capital market (PE/VC market) stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6) defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14), the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds). The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006). ; Funkční trh s PE/VC pozitivně stimuluje podnikatelské prostředí a ovlivňuje úroveň ekonomického růstu národních ekonomik. Studie Austrian Private Equity and Venture Capital Organisation/AVCO (2004, str. 6) definuje předpoklady správného fungování trhu PE/VC. Za klíčový faktor přitom označuje legislativní ukotvení vhodných právních a organizačních forem pro investice formou PE/VC a způsob jejich zdanění. Česká asociace private equity a venture kapitálu ve své publikaci Private Equity & Venture Capital in the Czech Republic (2010, str. 14) zdůrazňuje, že významným důvodem omezeného objemu zdrojů, které mají k dispozici tuzemské fondy zaměřené na PE/VC, jsou překážky legislativního charakteru. Ty brání založení standardního fondu PE/VC na území České republiky, což se negativně projevuje v úrovni rozvinutosti tuzemského trhu s PE/VC. Cílem tohoto článku je na základě analýzy relevantních informačních zdrojů zhodnotit, jak současná česká legislativa upravuje právní a organizační formy pro investice formou PE/VC a způsob jejich zdanění. Na základě komparace legislativního rámce platného v ČR a požadavků definovaných European Venture Capital Association/EVCA a dále studií AVCO (2004, 2006) jsou formulovány návrhy možného zlepšení stávajícího stavu.

The recent Global financial crisis and the following European debt crisis show the significance of country financial stability and its impact on the private sector. Moreover, the sovereign debt as an essential element of government macroeconomic policy influences the financial performances of the companies and their future development and growth. The capital structure and financing decisions represent one of the most significant parts of company's financial policy and its key to financial strength. There are a lot of external factors influencing the capital structure; however, due to the European debt crisis the aim of this study is to indicate the influence of sovereign debt on capital structure of the private held companies in different European countries. This study examines the evidence from European developed countries and emerging markets for the period 2005–2012, in order to compare the level of its impact on the capital structure according to the countries' specifics. We find that after Global Financial Crisis the sovereign debt has tendency to increase in all investigated countries. Greece and Italy have the highest level of debt and it exceeds their Gross Domestic Product (GDP). In addition to that, the Czech Republic has the lowest level of sovereign debt to GDP, but at the same time the corporate capital structure exceeds 100%. The sovereign debt levels are strongly and statistically significantly correlated with each other, however, Hungarian debt has weaker relation with other countries. The findings also show the integration and interdependence of European countries. Moreover, Hungarian, Czech and German private sectors are the most depended on the level of sovereign debt.

The recent Global financial crisis and the following European debt crisis show the significance of country financial stability and its impact on the private sector. Moreover, the sovereign debt as an essential element of government macroeconomic policy influences the financial performances of the companies and their future development and growth. The capital structure and financing decisions represent one of the most significant parts of company's financial policy and its key to financial strength. There are a lot of external factors influencing the capital structure; however, due to the European debt crisis the aim of this study is to indicate the influence of sovereign debt on capital structure of the private held companies in different European countries. This study examines the evidence from European developed countries and emerging markets for the period 2005–2012, in order to compare the level of its impact on the capital structure according to the countries' specifics. We find that after Global Financial Crisis the sovereign debt has tendency to increase in all investigated countries. Greece and Italy have the highest level of debt and it exceeds their Gross Domestic Product (GDP). In addition to that, the Czech Republic has the lowest level of sovereign debt to GDP, but at the same time the corporate capital structure exceeds 100%. The sovereign debt levels are strongly and statistically significantly correlated with each other, however, Hungarian debt has weaker relation with other countries. The findings also show the integration and interdependence of European countries. Moreover, Hungarian, Czech and German private sectors are the most depended on the level of sovereign debt.

The recent Global financial crisis and the following European debt crisis show the significance of country financial stability and its impact on the private sector. Moreover, the sovereign debt as an essential element of government macroeconomic policy influences the financial performances of the companies and their future development and growth. The capital structure and financing decisions represent one of the most significant parts of company's financial policy and its key to financial strength. There are a lot of external factors influencing the capital structure; however, due to the European debt crisis the aim of this study is to indicate the influence of sovereign debt on capital structure of the private held companies in different European countries. This study examines the evidence from European developed countries and emerging markets for the period 2005–2012, in order to compare the level of its impact on the capital structure according to the countries' specifics. We find that after Global Financial Crisis the sovereign debt has tendency to increase in all investigated countries. Greece and Italy have the highest level of debt and it exceeds their Gross Domestic Product (GDP). In addition to that, the Czech Republic has the lowest level of sovereign debt to GDP, but at the same time the corporate capital structure exceeds 100%. The sovereign debt levels are strongly and statistically significantly correlated with each other, however, Hungarian debt has weaker relation with other countries. The findings also show the integration and interdependence of European countries. Moreover, Hungarian, Czech and German private sectors are the most depended on the level of sovereign debt.

After the Global Financial Crisis the frequency of reported losses of companies has increased significantly in countries of the European Union. Moreover, the financial leverage of companies have increased and even exceeded 100% in several countries. The reason of this development is negative equity that companies find themselves to report. At first sight negative equities are caused by accumulated losses from prior periods. However, there are some other reasons that can result in increasing negative equities in companies. They remain adequate as long as a company is able to pay its bills. Nevertheless, a company with negative equity is exposed to risks. This paper investigates whether the corporate negative equity is a sign of the future failure of a company. We examine non-financial manufactured companies from selected countries of the European Union within the period 2005-2012 from database Amadeus (Czech Republic, Slovakia, Hungary, Poland and Germany). By the means of comparison between negative and positive equities we applied descriptive statistics and Pearson correlation analysis. We find that in all surveyed countries the size positively influences the equity of companies. Other factors as profitability and growth opportunities do not influence the corporate equity. In addition the binary logistic regression analysis has been conducted based on the evidence from Czech companies. Our results indicate that negative equities are not a sign of bankruptcy or insolvency of a company. But the low profitability or low business activities (that are predictors of bankruptcy) might lead to negative equities in the balance sheet.

The aim of this study is to indicate the influence of macroeconomic factors on corporate capital structure in different European countries. The recent Global Financial Crisis and the following European debt crisis show the significance of the country financial stability, consequently the efficiency of fiscal and monetary policies, and their impact on the private sector. The macroeconomic policies of a country affect the financial performances of the companies and their future sustainable development and growth. We analyze the influence of external determinants on the corporate capital structure of non-financial manufactured companies based on the evidence from European developed countries and emerging markets for the period 2006–2010, in order to compare the level of the impact on the capital structure according to the countries specifics. The managers make their financial decisions according to the source of financing and capital structure based on the company's advantages and disadvantages, i.e. its internal characteristics, and doubtless on the macroeconomic conditions and country specifics, i.e. external factors. For the purpose of this study the macroeconomic factors are divided into two groups represented fiscal and monetary policies of a country. The correlation and regression techniques are used to identify the relations between these external determinants and capital structure. The findings show the significance of macroeconomic factors in the decision making process regarding capital structure and the source of financing. ; Cílem studie je zhodnotit vliv makroekonomických faktorů na kapitálovou strukturu výrobních podniků ve vybraných evropských zemích za období 2006-2010. Vliv fiskální a monetární politiky je zkoumán prostřednictvím korelační a regresní analýzy, přičemž výsledky naznačují míru významnosti vybraných faktorů na rozhodování podniků v otázce kapitálové struktury a zdrojů financování.

The aim of this study is to indicate the influence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union. Nowadays there are a lot of debates according the future of the European Union. The recent global financial crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 32 European countries divided into three groups as (1) old EU members (15 countries), (2) new EU members (12 countries) and (3) EU candidates (4 candidate countries and 1 acceding country). The managers make their financial decisions according to the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on companys advantages and disadvantages, i.e. its internal characteristics. Based on the analysis of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and size of the company. The findings show that the countrys specifics, EU membership and corporate debt structure influence the relation between capital structure and its internal characteristics. The old members rely more on debt then candidates or new members. There is no doubt that the majority of countries support Pecking Order Theory then Trade off Theory regarding investigated relations. In most countries the profitability and size have negative and significant influence on corporate capital structure. At the same time tangibility, growth opportunities and non-debt tax shields split up: selected countries experience positive impact, another part negative, supporting different theories. ; Cílem studie je zhodnotit vliv vybraných interních faktorů ovlivňujících kapitálovou strukturu v podmínkách 32 evropských zemí. Výzkumu byly podrobeny následující interní faktory: rentabilita, růstové příležitosti, nedluhový daňový štít a velikost podniku. Výsledky naznačují existenci statistiky významného vztahu mezi interními faktory a kapitálovou strukturou: ve většině evropských je vztah mezi velikostí podniku a jeho kapitálovou strukturou negativní. To stejné platí o vztahu mezi rentabilitou podniku a kapitálovou strukturou. Na druhou stranu, v případě růstových příležitostí a nedluhového daňového štítu jsou výsledky nejednoznačné. V části sledovaných zemí existuje pozitivní statisticky významný vztah, ve druhé části zemí pak negativní statisticky významný vztah.

Institutional aspects of a well-functioning private equity and venture capital market are emphasized in the recent academic literature. In particular, a favourable tax and legal environment is essential, since formal institutions enable the industry to attract a larger volume of investors and thus to contribute more efficiently to the growth of GDP. In the Czech Republic, however, legal barriers represent an essential obstacle affecting a rather poor scope of resources available to domestic private equity and venture capital funds.This paper examines the current tax and legal environment for private equity and venture capital investments in the Czech/ Republic. Proposals for prospective improvements of legal and tax framework are made in the empirical part of the study.As the phenomenon under study is complex and explanatory in nature, qualitative data with content analysis proved to be the best way how to assess institutional framework for PE/VC in the Czech Republic. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and core lacks in the institutional framework were identified and discussed. Finally, proposals for prospective improvements of the institutional framework are made. The conducted analysis implies that the issue of the legal and organisational structure suitable for PE/VC funds may be deemed resolved in the Czech Republic. A Czech equivalent to a Limited Partnership (SICAR), i.e. a limited partnership with investment certificates, has already with provided with sufficient support in the legislation in terms of the legal form. The legal form is a necessary, yet not sufficient condition. A tax handicap was identified implying that it is necessary to amend the tax law so that the legal regulation extends the tax exemption. Another amendment to the applicable legislation should then be directed towards eliminating or mitigating the barriers imposed on pension funds when investing in PE/VC funds.

Research background: Institutional aspects of a well-functioning private equity and venture capital market are emphasized in the recent academic literature. In particular, a favourable tax and legal environment is essential, since formal institutions enable the industry to attract a larger volume of investors and thus to contribute more efficiently to the growth of GDP. In the Czech Republic, however, legal barriers represent an essential obstacle affecting a rather poor scope of resources available to domestic private equity and venture capital funds. Purpose of the article: This paper examines the current tax and legal environment for private equity and venture capital investments in the Czech/ Republic. Proposals for prospective improvements of legal and tax framework are made in the empirical part of the study. Methodology/methods: As the phenomenon under study is complex and explanatory in nature, qualitative data with content analysis proved to be the best way how to assess institutional framework for PE/VC in the Czech Republic. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and core lacks in the institutional framework were identified and discussed. Finally, proposals for prospective improvements of the institutional framework are made. Findings & Value added: The conducted analysis implies that the issue of the legal and organisational structure suitable for PE/VC funds may be deemed resolved in the Czech Republic. A Czech equivalent to a Limited Partnership (SICAR), i.e. a limited partnership with investment certificates, has already with provided with sufficient support in the legislation in terms of the legal form. The legal form is a necessary, yet not sufficient condition. A tax handicap was identified implying that it is necessary to amend the tax law so that the legal regulation extends the tax exemption. Another amendment to the applicable legislation should then be directed towards eliminating or mitigating the barriers imposed on pension funds when investing in PE/VC funds.

Increasing globalization contributes to the growing role primary capital markets play for raising external equity capital. This phenomenon is becoming more significant in both developed and emerging markets and influences the effectiveness of national economy. Therefore, the identification of going public motivations can be a source of knowledge for enterprises, stock exchanges, investment banks and national macroeconomic policy makers. In this paper, we aim to document the sentiments toward going public expressed by 45 CFOs of not public and not financial companies – IPO candidates - from the Czech Republic and Poland in the period between 2012 and 2014. These markets belong to the most important among the Central and Eastern European countries. In the statistical analysis descriptive methods, contingency tables and chi-square test were applied. Results are compared with academic literature and empirical evidence for developed US and EU capital markets. The survey results can be summarised as follows. First, a considerably larger number of CFOs (IPO candidates) is motivated by raising external equity capital. Surveyed companies tend to conduct an IPO in the expansion stage of their life cycle, which is perceived as a positive signal, especially for the investors. Second, our assumption a company listing on the capital market will have a positive effect on its image and publicity could be confirmed by empirical evidence. Next, analysing conditional variables revealed some other insights into the strategy of corporate financing. Polish companies are more likely to conduct an IPO than their Czech counterparts and at the same time raising external equity capital is the prevailing reason for conducting an IPO in Poland while this motive is significantly less important for Czech CFOs. Furthermore, there is no evidence that older firms might have a greater tendency to go public. However, more mature companies prefer using the funds raised by IPO to pay down debt, which corresponds to the results of previous studies ...

The main objective of this study is to indicate the influence of local macroeconomic and capital market factors on the values of IPOs in Poland over the period of 2003 to 2012. Our sample includes 330 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange after Polish EU accession. The models for which estimation results are presented in this paper reveal that the individual country regression analysis working with untransformed IPO values (Model 1) did not generate significant parameter estimates. On the other hand, a logarithmic transformation of IPO values leads to persistently significant estimates for our regressions. Based on the Model (2) the empirical evidence supported the hypothesis that Polish ten-year government bond yields (indicating the price of competing financing funds) have explanatory power for IPO values. However, our assumption that also other macroeconomic- and capital market indicators have explanatory power for IPO values in the Polish capital market could not be supported by empirical evidence.

Suitable legal fund structures for private equity and venture capital (PE/VC) investments and their tax treatment have been considered as a key factor for stimulating the business environment. The Czech Venture Capital Association stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market. In order to encourage the development of the market, this paper addresses filling the existing research gap concerning the following issues of the Czech PE/VC market: How the current Czech legislation regulates the legal fund structures for PE/VC investments? What is the tax treatment of PE/VC funds and individual investors in the Czech Republic? What are the legal and tax regulations on the main European markets for PE/VC? What are the key requirements for improvements of the current situation on the Czech PE/VC market? The nature of this study is explorative and it relies on primary and secondary data. Results of the study stress that the non-existence of the Limited Partnership legal form in particular is a weak spot of the current Czech legislation. The only Czech legal structure for PE/VC investments – the Qualified Investor Fund – does not sufficiently accommodate the requirements of market participants. Inadequate manner of market regulations can also be pointed out in addition to inflexible corporate law, tax obstructions and non-transparency of the current structures. In conclusion this study formulates proposals how to change the existing corporate law and the regulation of the PE/VC financial market segment in the Czech Republic. The proposals are based on models provided by selected European countries and create suitable conditions for a successful development of the Czech PE/VC market. ; S cílem podpořit rozvoj trhu rizikového a rozvojového kapitálu v ČR studie zkoumá následující otázky: Jaká je současná úprava právních a organizačních forem investování rizikového a rozvojového kapitálu v ČR? Jakému daňovému režimu podléhají institucionální a soukromí investoři? Jaká je úprava právních a organizačních forem pro investování rizikového a rozvojového kapitálu na hlavních evropských trzích? Jaké jsou klíčové požadavky v oblasti regulace tuzemského trhu? Studie se opírá o primární a sekundární data.

We intend to contribute the empirical evidence in regard to identifying the impact of external environment on the activity of business angels in Czechia. Although prior academic studies have argued that e.g. overall economic growth, capital market, legal structures and the protection of property rights, corruption, innovativeness, the tax rate and labour market policy are the main determinants of the decision-making of business angels in the well-developed market, little is known about exogenous factors affecting behaviours of informal venture capitalists in Central and Eastern European countries. To our knowledge, we are the first who attempt to uncover the perception of changing economic conditions on business angel decision-making while using a qualitative survey research approach as primary data on business angels is currently not available. The results indicate that business angels pay little attention to the impact of the general macroeconomic conditions, as well as the role played by the capital market. They refer to 'critical' issues related to the difficult predictability of legislative changes. Dissatisfaction has also been expressed with the functioning of the public administration. Business angels also consider the current situation on the labour market and public education policy to be serious barriers to business development in the Czech Republic.