Bastante recorrente na área de Finanças Corporativas, o estudo da estrutura de capital das empresas continua despertando o interesse de muitos pesquisadores. No entanto, a maioria das existentes trata da escolha da empresa no que diz respeito ao uso de capital próprio ou de terceiros para financiar suas atividades. Entendendo que esta decisão envolve também a opção sobre que tipo de recurso de terceiro utilizar, o presente estudo analisa a composição do endividamento da empresa em relação à fonte de financiamento: se recursos privados (i.e. dívida bancária) ou públicos (i.e. títulos de dívida). Para tanto, foram estimados modelos estatísticos tendo como variáveis as informações financeiras de empresas brasileiras com ações listadas na Bolsa de Valores de São Paulo (BOVESPA) e na Sociedade Operadora do Mercado de Ativos (SOMA) e não atuantes no setor de Finanças e Seguros. Os testes foram realizados para duas amostras distintas: uma com o total de empresas e outra apenas com as empresas que efetivamente acessaram o mercado público de dívida corporativa. Foram utilizados dados em painel e três métodos de estimação: pooled, efeitos aleatórios e efeitos fixos. Os resultados apontaram que as empresas, em geral, consideram questões relativas às suas oportunidade de crescimento futuro, disponibilidade de ativos tangíveis, nível de alavancagem e lucratividade são as variáveis relevantes para a tomada de decisão sobre que tipo de dívida utilizar. Mas a partir do momento que passam a ter acesso ao mercado público, o custo da dívida passa a ser importante, assim como o total de ativos imobilizados e nível de endividamento. Tem-se ainda que optam pela dívida privada aquelas empresas com maior potencial de crescimento e mais ativos tangíveis, além de menor lucratividade e menor endividamento. No caso das empresas com dívida pública em seu balanço, quanto menor o custo da dívida privada, maior será sua importância para as mesmas. / A subject extensively studied in the Corporate Finance theme, the capital structure researches continue to motivate annalists around the world. On the other hand, the majority of the existent papers discuss the company?s choice between own capital and third parties resources used to finance its operations. As we understand that such decision also involves the option about which third parties resources to use, the present paper analysis the company?s indebtedness composition related to the financing source: private (i.e. bank debt) or public (i.e. debt bound). For this purpose, it was estimated statistics models using as variables the financial information of the listed companies at São Paulo?s Stock Exchange (BOVESPA) and at Sociedade Operadora do Mercado de Ativos (SOMA) and that not act in the Financial Sector. The tests were done for two samples: one with all the companies and the other only with the companies that effectively used public debt. The data were disposal in panel and three models were estimated: pooled, random effects and fixed effects. The results pointed out that, in general, the companies consider the variables related to future growth opportunities, tangible assets available, indebtedness level and profitability as the major relevant to choice the type of debt related to the financing source. But when the companies access the public debt market, the debt cost becomes important, as the total tangible assets and the indebtedness level. The results also show that the private debt is preferred by the companies with bigger growth opportunities and larger volume of tangible asset, and with lower profitability and indebtedness level. For the companies with public debt on their balance sheet, the lower the private debt cost, the higher its importance to them.

The goal of this thesis is the analysis of indebtedness in czech industrial companies. I try to describe the situation in particular sectors during years 2001 - 2008. The important part of this thesis is statistical chapter. There I look for relations among economic factors and also create the simple regression model. I found out the positive change of ratios, however in the year 2008 the financial crisis influenced the czech economy, which had the impact on particular sectors. I proved that the correlation between return on assets and debt ratio exists and also the model for the estimated interest rate works.

The topic of the thesis is to analyze the debt of Czech households from 1993 to 2012. The main goal is to map the development of indebtedness of Czech households in these years and to discuss the reasons of increasing Czech households debt mainly including drop in inflation and interest rates, the desire of the population for their own living and the tendency towards the consumer life despite the decrease in growth of indebtedness of households till 2009. The thesis tries to answer the question whether Czech households are over indebted and whether they are threatened by falling into a debt trap. Although the increments of debt were considerable in the recent years, in the international comparison the indebtedness of Czech households is very low and the fall to a debt trap is not actual because the majority of loans are used for purchase of real estate. The risk is represented by substantial growth of interest rates, prices of real estate and increase in the unemployment rate together with low economic performance. In conclusion, the thesis tries to formulate the disposal against over indebtedness. As one of the most effective implement is considered the increase in financial literacy of wider population and the change of social atmosphere in which the debt was perceived least risky.

This thesis occupies with analysis of indebtedness of households in the Czech Republic at the bank institutions and this results compare with indebtedness of households in the other Central European countries, namely in Slovakia, Poland, Hungary and Austria. It focuses also on effect of the financial crisis on development of indebtedness in household's sector and mainly on their ability to pay for their debts. The target of this thesis is the evaluation, if the size and development of indebtedness is in the Czech Republic already excessive and poses a threat to financial stability of bank institutions or if the current development of household's indebtedness isn't detrimental to banking market and economical development in the Czech Republic.

The presented diploma thesis called Management of Debt of a Selected City deals with the evaluation of the management and indebtedness of the statutory city of Zlín in years 2012-2016. The first part focuses on the theoretical principles and concepts which relate to this area. Subsequently, the work characterizes the statutory city of Zlín and analyses the economy, the indebtedness and the current situation of the city. At the end of this thesis there are proposed the possible measures leading to better debt management.

The thesis deals with the analysis of the development of the fast-paced debt growth of Polish and Czech economies in the years between 2000 and 2010. It focuses on the most debt-ridden sectors; those of households and government institutions. The thesis identifies the causes of the dynamic debt increase of these sectors in both economies. The outcome of the analysis is also the evaluation of the debt expansion influence on the growth of GDP. The evaluation is based on the available data from the databases of statistical offices and central banks. The cause behind the debt of households is a confluence of several factors both on the part of demand and offer. Apparently, the key factor is the relaxed monetary policy of the central bank. The cause of government institutions debt are predominantly the anually created state budget deficits, and thus maintained an expansive character of the fiscal policies. Debt therefore additionally stimulated the economies in what already was a period of growth.

The master's thesis "Over-indebtedness of Young Generation in the Czech Republic" deals with over-indebtedness of individuals at the age of 18 to 26 years. Over-indebtedness is a general social problem as all age groups get overburdened with debt. However, it is important to focus on the issue of young people's over-indebtedness directly because the young generation represents people who are or will be active in the general working process. The authoress of the thesis points out the young generation's over-indebtedness and provides an overview of development of this issue in 2008 - 2015. She also examines the most frequent causes which she has found out using questionnaires and data collected. In her work, the authoress also outlines a gradual development of possible indebtedness, which primarily includes loans, from both banks and other institutions, followed by a court procedure and execution of the judgement. A possible solution to over-indebtedness then consists in filing a petition with a court to permit a personal discharge from debts. The work aims at finding out and examining development of the young generation's indebtedness in the Czech Republic, analysing causes of over-indebtedness, describing the changes of the causes in time and at analysing the process of discharge from debts, which...

A acumulação de capital é analisada em meio à busca governamental por inovação tecnológica, no período compreendido entre 1964 e 1985, configurando o crescimento econômico característico do regime militar. A inovação tecnológica esteve subordinada à acumulação de capital e manifestou-se: (a) nas mudanças legislativas e normativas; (b) na elevação da produtividade ou aumento do produto por homem-hora; (c) na diminuição da taxa de emprego e no rebaixamento dos salários. Delfim Netto caracterizava \"inovação tecnológica\" como uma \"maneira de capturar tudo aquilo que os modelos de crescimento econômico não abordaram\". São ainda apresentadas, de forma cronológica, as principais leis criadas para o funcionamento econômico, junto com as ações desencadeadas pelos agentes econômicos no período. Analisa-se o comportamento econômico brasileiro por meio de um conjunto de estatísticas sobre: (a) o mecanismo de poupança-investimento; (b) o mecanismo de inflação-distribuição de renda; (c) a deterioração do comércio exterior e (d) o processo de endividamento. Discute-se ao final, a ascensão e queda de um modelo que correlacionava positivamente autoritarismo e crescimento, mostrando não haver relação direta entre a primeira e a segunda idéia, visto que o autoritarismo não produziu apenas desenvolvimento financeiro, mas antes intensificou a dominação social. / Acumulation of capital is here approached in the government search for technological innovation, as occurred in the period comprising 1964 to 1985. This shapes the type of economic growth obtained by the local military regimen at that time. Moves to technological innovation were subordinated to de accumulation of capital as follows: (a) induced changes in laws and government rules; (b) Rises on productivity or increased output per man-hour; (c) relative decrease in employment rates wages lowering. The minister then at office Delfim Netto characterized \"technological innovation\" as the way \"to capture everything that evades the observation of a growth model\". An attempt is made to bring in chronological order the main legal changes implemented by listing them when referred to economic drift, as well as actions from the economic subjects in that period. Finally a discussion is made of the relations between authoritarianism and economic growth, putting clear the non necessary character of those as positive correlation. In fact, local authoritarianism produced not only financial development, but also reinforced social domination.

Secretaria do Planejamento e GestÃo / As from informations upon 111.123 active and retired state public workers from the executive power of the state of CearÃ, regarding to the month of April of 2012, and informations regarding to the payroll of the state public service, wag-es and discount values with monthly deduction from the payroll, this paper ana-lyzes the determinants of the likelihood of a public state worker to be indebted or over-indebted, taking into account that this second category is characteristi-cally indebted over the average of its group. Dual dependent variable models with probit theory are developed and the results show that in the functional cat-egory groups, the probability of indebtedness varies from 40 and 75 per cent, and the over-indebtedness varies from 27 and 75 per cent, which means a criti-cal financial situation of the state worker. / A partir de dados para 111.123 servidores pÃblicos estaduais ativos e aposentados do Poder Executivo do estado do CearÃ, com referÃncia em abril de 2012, e informaÃÃes referentes à folha de pagamento do serviÃo pÃblico estadual, remuneraÃÃo e valores de descontos com emprÃstimos consignados em folha de pagamento, esta dissertaÃÃo analisa os determinantes da probabilidade de um servidor pÃblico do estado estar endividado ou sobre-endividado, sendo esta Ãltima categoria caracterizada pela existÃncia de um endividamento acima da mÃdia de seu grupo. Modelos de variÃvel dependente binÃria com hipÃtese Probit sÃo desenvolvidos e os resultados permitem inferir que no conjunto das categorias funcionais, a propensÃo ao endividamento varia de 40% a 75% e ao sobre-endividamento varia de 27% a 75%, o que sinaliza uma situaÃÃo financeira crÃtica dos servidor estadual.

Consumer credit is seen as a matter of course and an essential precondition enabling the individual consumer to allocate in a smooth manner his or her income to varying expenses, and allowing the growth-rate to increase in society. The consumer community using different forms of credit has increased and includes today a diversity of social groups such as the elderly, children, the rich and the poor. Credit is not just a good thing, however, as it involves risks of failing to fulfill the credit contract obligations. The point of departure for the thesis is that over-indebtedness constitutes a problem which society wishes to solve because it causes considerable difficulties for both individuals and society as a whole. Numerous rules govern loans in Sweden, from the moment the consumer contemplates entering into a credit contract to the moment when the consumer is too indebted to repay the debt when due and must seek debt-repayment-plan modification. The thesis examines and analyses which consumer protections against overindebtedness emerge from these rules. The study shows that the regulatory measures adopted in recent years are similar to each other and mostly consist of rules protecting the consumer before a credit contract is concluded. Although the purpose of other existing rules addressing the last phase of the credit process is to protect the consumer who miscalculated his or her future economic circumstances, the protection is overall weak. In fact some of the rules in the last phase of the credit process can contribute to aggravating the consumer’s economic situation.