The aim of the thesis is to analyse and evaluate financial management in the selected training company and to suggest recommendations to improve its efficiency. Specifically, the thesis focuses on financial analysis of two core programs offered by the company, and the overall evaluation of the company`s financial situation. The thesis is divided into four parts, the first part introduces the methods of financial analysis and financial planning. The second part is dedicated to a brief presentation of the selected company, characterization of its programs and its international cooperation. The third part contains the analysis and evaluation of the two core programs and of the financial situation as whole. In the final part, there are recommendations for optimizing the financial management of the company in order to be able to better exploit its potential.

Fundamental analysis provides a method which based on global, industrial and corporate information attains to a decision, showing stocks being undervalued or appraised accordingly. The goal of this thesis is to implement and verify adequate methods of fundamental analysis on stocks of bank corporation Commerzbank AG and to give in a background for decision, whether the stocks on the market were evaluated correctly. At the closure of thesis interest lies in analysis of balance entries of Commerzbank and its ever changing structure depending on trends of stock quotes from 1st of Jan 2009 until 30th of September 2012.

La crise financière liée aux emprunts hypothécaires subprime a mis en lumière aux yeux du public le recours à une technique d'ingénierie financière complexe : la titrisation. Le recours à la titrisation a suivi une croissance exponentielle durant la dernière décennie, la transaction se constituant en tant que moyen de financement privilégié aux Etats-Unis et en Europe. L'objectif de ce travail doctoral est d'apprécier les enjeux que véhicule la titrisation en termes de communication comptable et financière des groupes bancaires cotés, au regard de l'intérêt que confère la transaction quant à la satisfaction des intérêts du dirigeant. La recherche s'organise en deux volets. Le premier vise à déterminer et expliquer l'impact de l'annonce d'une titrisation par les banques sur le cours de leur action. Le second traite des conséquences du choix du dirigeant de structurer la transaction en hors bilan sur les éléments comptables suivants : le taux de rentabilité économique, le taux d'endettement, le ratio de Bâle, et le niveau de risque de crédit. Les résultats de cette étude démontrent que, si le marché réagit négativement à l'annonce de la transaction, le recours à la titrisation, notamment lorsque celle-ci revêt une apparence hors bilan, s'inscrit en adéquation avec les intérêts personnels du dirigeant. / Financial crisis due to subprime mortgage loans put in light to public the use of a complex financial engineering technique : the securitization. Recourse to securitization presents an exponential growth during the last decade, as this kind of transaction is nowadays used as the preferential tool of financing in the USA and Europe. This dissertation aims to appreciate issues conveyed by the use of securitization in terms of accounting and financial communication for listed banking groups, taking into account interests brought by this transaction to the manager. This research is made following two steps. The first step aims to determine and explain the impact due to securitization announcement by banks onto share price. The second step deals with consequences of manager's choice to design transaction off-balance sheet on the following accounting items : return on assets, leverage, Basle ratio, and level of credit risk. Results from this research bring to light that, in spite of a negative market perception during the announcement of the transaction, the use of securitization and particularly when it appears as off-balance sheet, is adequate to satisfy manager's own interests.

This master's thesis is focused on drafting corporate financial plan for a selected company which is Drevopal, s. r. o. The diploma thesis consists of 3 parts. The first is the theoretical part which contains the theoretical basis for creating a financial plan. The next part presents and analyzes the company Drevopal, s. r. o. The company's analysis consists of a strategic and financial analysis for the period 2015-2019. In the last part, the financial plan of the company is created in two variants, optimistic and pessimistic.

This master thesis analyses an internal merge of two cooperatives. Theoretical findings gained from laws and regulations are applied to a real process of merge. The result is a proposition of opening balance sheet of the successor and evaluating changes in the financial position of the successive cooperative.

The diploma thesis is focused on the evaluation of the performance of the selected construction company. The theoretical part deals mainly with the methodology and concepts within financial analysis. It describes its purpose, sources of data, the process and characterizes indicators. Terms construction company and construction market are also explained. The case study analyses selected construction company and compare the significant financial indicators with values of the construction industry.

Бухгалтерский баланс является одной из важнейших форм бухгалтерской отчетности для анализа финансового состояния организации и оценки вероятности ее банкротства. Он позволяет, с одной стороны, дать четкое представление о характере поставщиков финансовых ресурсов организации (капитал и обязательства) и условиях их вовлечения в деловой оборот организации (сроки, процентные ставки, обеспечения), с другой стороны, о направлении и характере вложений представляемого капитала в экономические ресурсы общества (активы). В качестве основных направлений магистерской диссертации предложены новые подходы к осуществлению анализа финансового состояния и оценки вероятности банкротства организации с использованием ее бухгалтерского баланса за счет его соответствующей модернизации, которая позволила сделать бухгалтерский баланс более информационно насыщенным для пользователей бухгалтерской информации. Отдельного внимания заслуживают предложения автора по прикладному и практическому использованию разработанных им подходов по анализу финансового состояния организации и оценке вероятности ее банкротства с использованием модернизированного бухгалтерского баланса. / Balance sheet is one of the most important forms of financial statements for the analysis of financial condition of the organization and assessment of probability of its bankruptcy. It allows, on the one hand, to give a clear idea of the nature of suppliers of financial resources of the organization (capital and liabilities) and the conditions of their involvement in the business turnover of the organization (terms, interest rates, collateral), on the other hand, the direction and nature of investments of the represented capital in the economic resources of the company (assets). As the main directions of the master's thesis proposed new approaches to the analysis of the financial condition and assessment of the probability of bankruptcy of the organization using its balance sheet due to its appropriate modernization, which made it possible to make the balance sheet more information-rich for users of accounting information. Special attention should be paid to the author's proposals for the application and practical use of the approaches developed by him to analyze the financial condition of the organization and assess the probability of its bankruptcy using a modernized balance sheet.

The Graduation Theses is targeted at mergers of business Companies and its accounting aspects. The Theses solve mergers from the business - legal point of view (regulating in Act. No. 125/2008 Coll, Transformation of Business Companies and Cooperatives), and also from accounting point of view (from IAS/IFRS) as well from the czech accounting law Accounting Act, Regulation 500/2002 Coll, CAS). A separate chapter is devoted to practical real case of a merger of two limited liability companies.

The aim of this thesis is to assess the financial situation of Camp Bitov Company in the yers from 2005 to 2009, by analyzing the extensive indicators and financial ratios. The theoretical and methodological part explains the individual concepts of financial analysis, describe what sources of information are necessary for it and what are the methods, the two ofthern are applied in the practical part. The introduction to the practical part describes the company, its history, present economic data, as well as the SWOT analysis and Porter's five forces model. Furthermore, there is a financial analysis for the period from 2005 to 2009. When analyzing extensive indicators horizontal analysis of balance sheet is made, income statement, balance sheet, then the vertical analysis. The analysis examines the viability of financial ratios, liquidity, debt levels and the activites of the company.

[pt] Esta tese é composta por 3 capítulos. No primeiro capítulo mostro que quando um banco central não é totalmente apoiado financeiramente pelo tesouro e enfrenta uma restrição de solvência, um aumento no tamanho ou uma mudança na composição de seu balanço pode servir como um mecanismo de compromisso em um cenário de armadilha de liquidez. Em particular, quando a taxa de juros de curto prazo está em zero, operações de mercado aberto do banco central que envolvam compras de títulos de longo prazo podem ajudar a mitigar a deflação e recessão sob um equilíbrio de política discricionária. Usando um modelo simples com produto exógeno, mostramos que uma mudança no balanço do banco central, que aumenta seu tamanho e duração, incentiva o banco central a manter as taxas de juros baixas no futuro, a fim de evitar perdas e satisfazer a restrição de solvência, aproximando-se de sua política ótima de commitment. No segundo capítulo da tese, eu testo a validade do novo mecanismo desenvolvido no capítulo 1, incorporando um banco central financeiramente independente em um modelo DSGE de média escala baseado em Smets e Wouters (2007), e calibrando-o para replicar principais características da expansão do tamanho e composição do balanço do Federal Reserve no período pós-2008. Eu observo que os programas QE 2 e 3 geraram efeitos positivos na dinâmica da inflação, mas impacto modesto no hiato do produto. O terceiro capítulo da tese avalia as consequências em termos de bem-estar de regras fiscais simples em um modelo de um pequeno país exportador de commodities com uma parcela da população sem acesso ao mercado financeiro, onde a política fiscal assume a forma de transferências. Uma constatação principal é que as regras orçamentárias equilibradas para as receitas de commodities geralmente superam as regras fiscais mais sofisticadas, em que as receitas de commodities são salvas em um Fundo de Riqueza Soberana. Como os choques nos preços das commodities são tipicamente altamente persistentes, a renda atual das famílias está próxima de sua renda permanente, tornando as regras orçamentárias equilibradas próximas do ideal. / [en] This thesis is composed of 3 chapters. In the first chapter, It s shown that when a central bank is not fully financially backed by the treasury and faces a solvency constraint, an increase in the size or a change in the composition of its balance sheet (quantitative easing - QE) can serve as a commitment device in a liquidity trap scenario. In particular, when the short-term interest rate is at the zero lower bound, open market operations by the central bank that involve purchases of long-term bonds can help mitigate deflation and recession under a discretionary policy equilibrium. Using a simple endowment-economy model, it s shown that a change in the central bank balance sheet, which increases its size and duration, provides an incentive to the central bank to keep interest rates low in the future to avoid losses and satisfy its solvency constraints, approximating its full commitment policy. In the second chapter, the validity of the novel mechanism developed in chapter 1 is tested by incorporating a financiallyindependent central bank into a medium-scale DSGE model based on Smets and Wouters (2007), and calibrating it to replicate key features of the expansion of size and composition of the Federal Reserve s balance sheet in the post-2008 period. I find that the programs QE 2 and 3 generated positive effects on the dynamics of inflation, but mild effects on the output gap. The third chapter of the thesis evaluates the welfare consequences of simple fiscal rules in a model of a small commodity-exporting country with a share of financially constrained households, where fiscal policy takes the form of transfers. The main finding is that balanced budget rules for commodity revenues often outperform more sophisticated fiscal rules where commodity revenues are saved in a Sovereign Wealth Fund. Because commodity price shocks are typically highly persistent, the households current income is close to their permanent income, so commodity price shocks don t need smoothing, making simple balanced budget rules close to optimal.