Valstybės skolos valdymas daro įtaką valstybės ekonomikai. Valstybės skolos valdymo santykiai yra plačiai reglamentuojami tiek Europos Sąjungos tiek ir Lietuvos valstybės institucijų priimtais teisės aktais. Juose nustatoma institucinė sistema, nurodomos subjektų teisės ir pareigos. Teisės aktuose taip pat formuojama skolos valdymo politika, detaliai išdėstomos skolinimosi procedūros. / State debt management has direct impact on state’s economical situation. State debt management is widely regulated by European Union’s and Lithuania’s laws. In that laws there are established institutional system, subject’s rights and duties, policy of state debt management and borrowing procedures.

Calif., Univ. of Southern California, Diss.--Los Angeles, 2002. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 2 Beitr.

Univ., Diss.--Frankfurt (Main), 2001.

Chronic imbalance between government revenues and expenditures was the main cause of growing public debt in many economies. In economic theory we can find some other arguments that justify deficit financing of government expenditures or public debt. We can mention these arguments -- in some situations (for example natural disaster) government borrowing from other subjects is very prompt and operative way how to gain additional money and seems to be better than other ways (for example better than increase of taxation), government bonds and securities can be very attractive instrument where economic subjects allocate savings and improve liquidity of secondary markets or can be used for monetary policy. On the other hand many arguments against budget deficit and public debt are in theory described and analyzed -- negative affects in savings allocation (crowding-out affect), cost of debt service limits active fiscal policy, debt burden is shifted to other generations, government expenditures from debt financing can negatively effect macroeconomic stability. In theory and in practical policy is public debt and its effects on economy relatively complicated and controversial topic and we can analyze its from economic, technical and political point of view. It results also from the fact that there are many different debt instruments which can be used to finance the budget deficit. A main distinction is the currency of denomination, and, in particular, whether or not is the domestic currency. Another important characteristics is the initial term to maturity, which among marketable instrument may range from few weeks to 30 years. A policymaker may rely on marketable securities, as well as on loans from financial institutions and on savings bonds sold to personal investors. Which instruments policy makers choose depends on the objective they pursue as well as on the circumstances in which the choice is made. Debt management we can define as the process of establishing and executing a strategy for managing the government's debt in order to raise the required amount of funding, achieve its risk and cost objectives, and to meet any other sovereign debt management goals the government may have set, such as developing and maintaining an efficient market for government securities. The objective of debt management policy is to minimize over the long term the cost of meeting the government's financing needs, taking account of risk connecting with debt portfolio. Application of debt management in real economy covers for example these specific issues: Debt management objectives and strategy, coordination with fiscal and monetary policy, allocation of responsibilities and objectives among institutions and authorities dealing with debt management, transparency to public, institutional framework, technical and information base. Importance of public debt management results from facts that high levels of public debt are a common feature of modern economies. It is possible to suppose that debt management is going to be very actual issue in the Czech Republic in near future for these reasons -- Czech Republic is small and open economy (we can consider it to be emerging market), during last several years public debt in Czech Republic have been growing rapidly not only in absolute volume but also as GDP ratio, there is a permanent danger that financial and economic shocks in international economy combined with inappropriate fiscal and monetary policy can have negative or in extreme case fatal impact on many people living in the Czech Republic. Dissertation "Public debt Management" primary focused on these issues and problems: Basic theoretical points concerning fiscal policy, deficit and public (government) debt -- methodology of measuring debt, influence debt on economy, risks connecting with public (government) debt Arguments for and against deficit and debt Public debt management -- general recommendations of International Monetary Fund Practice as for the public debt management in some countries -- USA, Sweden, countries of Euro-area Situation as for the public debt in Czech Republic Public debt management in Czech Republic -- historic development, goals and criteria set and used presently, analyze of risks that public debt management deals with, risk management applied in Czech republic, evaluation public debt management in Czech republic -- confrontation with recommendations of International Monetary Fund Analyze of impact of financial crises on process of public debt management in Czech republic Some arrangements concerning directly or indirectly public dept management in Czech Republic are recommended and analyzed. These recommendations are: Implementation of "inflation-linked" bonds Increasing portion of debt denominated in euro currency Prolongation of calendar of emissions Improvement of intelligibility of documents named "Strategie" that should declare and explain principles of public debt management in Czech republic Creation and implementation of special law destined for public debt management

The Master’s thesis is focused on assessment of financial situation of company Prostějovská stavební společnost - PROSTAS, s.r.o. since year 2003 till 2006. The assessment is carried out in form of financial analysis on base of theoretical knowledge and consequentially applied on company. From established results I am suggesting recommendations which should lead to improvement of company’s economical situation.

The aim of this thesis is a complete assessment of the financial situation of a company. Elementary methods of financial analysis are used to evaluate the current state. Proposals are presented in next part of the work. They are designed to improve the financial position of the company and then consolidate the whole economic situation.

Předmětem diplomové práce je provést finanční analýzu v konkrétní společonsti a uvést návrhy na zlepšení její finanční situace. První část práce shrnuje teoretické poznatky v oblasti finační analýzy. Představení společnosti a její popis následuje v další kapitole. Ve třetí části práce jsou ziskané teoretivké vědomosti prakticky aplikovány. V závěru jsou zpracovány návrhy a doporučení směřující ke zlepšení finanční situace vybrané společnosti.

In this paper, we discuss bond financing as an interesting source of debt finance for listed real estate companies in Sweden. Furthermore, we compare 10 bonds issued by Swedish real estate companies in 2013. These bonds are analysed from different perspectives and the pricing of each bond is discussed. In addition, this paper will describe the real estate companies’ business concepts and business activities in order to relate these concepts and activities to the size of the coupon rates the issuing real estate firms have to pay. The analysis discusses the pricing of the bonds from the following perspectives: • Company size • Number of issues • Average debt financing costs • Underlying assets • Covered vs. uncovered Our conclusion regarding the pricing of bonds in the real estate sector is that it is dependable on most of the variables above and the interaction between them. As an investor in the bond market, the main focus should be on the issuer’s payment capacity regarding the coupons as well as the principal. / I denna uppsats fördjupar vi oss inom ämnet obligationsfinansiering. Arbetet ska ge en djupare insyn i hur obligationsfinansiering går till samt ge kunskap om andra typer av skuldinstrument som används. Arbetet lägger stor tyngd vid analys och beskrivning av obligationsfinansiering på den svenska fastighetsmarknaden. I analysen jämförs 10 obligationer som emitterats av svenska fastighetsbolag under 2013. Dessa obligationer analyseras ur olika perspektiv och prissättningen på varje enskild obligation diskuteras. Dessutom ska uppsatsen ge en fördjupning av de ingående fastighetsbolagens verksamheter samt affärsidéer, med syfte att söka eventuella samband mellan bolagens verksamheter och storleken på kupongräntor som olika fastighetsbolag får betala. Följande aspekter har beaktats i analysen av hur prissättningen av obligationerna har gått till: • Bolagets storlek • Antal emissioner • Genomsnittliga finansieringskostnader • Bolagets tillgångar • Säkerställda jämfört med icke säkerställda obligationer. Uppsatsen studerar framförallt skillnaden mellan säkerställda och icke-säkerställda obligationer. Hur stor skillnad bör det vara i riskpremie vid investering i en obligation som saknar säkerhet jämfört med en säkerställd obligation från samma emittent? Vår slutsats kring prissättningen av obligationer i fastighetssektorn är att den är beroende av flertalet av faktorerna ovan och samspelet mellan dessa. Som investerare i obligationsmarknaden handlar det dock om att kunna förutse och analysera emittentens betalningsförmåga gällande kuponger (räntor) och återbetalning av obligationernas nominella belopp

Bakgrund: Teknisk skuld är ett återkommande problem inom mjukvaruutveckling där det tycks vara omöjligt att undvika att samla på sig en teknisk skuld som över tid måste återbetalas innan den blir för komplex att handskas med. Detta har inneburit att man behöver hantera, åtgärda och återbetala den tekniska skulden med olika typer av tillvägagångssätt. Syfte: Syftet med denna studie var att intervjua tekniska ledare för att ta del av deras syn på vad teknisk skuld är och hur man hanterar den i det dagliga arbetet. För att kunna förstå termen teknisk skuld användes tidigare forskning och befintlig litteratur om ämnet. Metod: Undersökningsdesign i rapporten har följt en små-N-studie där nio respondenter har intervjuats från olika organisationer i Sverige. Intervjuerna genomfördes via digitala medel och samtliga intervjuer spelades in. Efter varje intervju transkriberades materialet med hjälp av Microsoft Word och renskrevs sedan av författarna i studien. Resultat: Resultatet visar att hanteringen av teknisk skuld skiljer sig beroende på vilken typ av bransch man är verksam inom. Det kan handla om hur man hanterar återbetalningen av teknisk skuld eller vilken typ av skuld som man samlar på sig. Slutsats: Fastän hanteringen och synen på teknisk skuld varierade mellan respondenterna så ansåg alla att det var väldigt viktigt att ta tag i och inget som man kunde ignorera. / Background: Technical debt is a recurring problem within software development where it seems impossible to avoid accumulating technical debt that over time must be repaid before the interest grows too large and complex to deal with. This has meant that you somehow need to handle, fix and repay the technical debt with many different approaches. Aim: The aim for this study was to interview tech leads about their view on what technical debt is and how it is managed in their daily work. To better understand the underlying concept of what a technical debt is and how it is managed we used prior research and existing literature about the subject. Method: The design method used in this report was of the type small-N-studies where nine respondents were interviewed from different organizations all located in Sweden. The interviews were transcribed using Microsoft Word and was then rewritten by the authors to be able to then analyze the material using a targeted content analysis with predetermined categories based on previous studies. Main result: The results show that the management of technical debt differs depending on the type of industry in which you operate. It can be about how to handle the repayment of technical debt or the type of debt that you accumulate. Conclusion: Although the management and view of technical debt varied between the respondents, everyone considered it very important to address and nothing that could be ignored. The technical debt was handled differently, but in the end the working methods were similar.

The technical debt field covers an critical problem of software engineering, and this is one of the reasons why this field has received significant attention in recent years. The technical debt metaphor helps developers to think about, and to monitor software quality. The metaphor refers to flaws in software (usually caused by shortcuts to save time) that may affect future maintenance and evolution. It was created by Cunningham to improve the quality of software delivery. Many times the technical debt items are unknown, unmonitored and therefore not managed, thus resulting in high maintenance costs throughout the software life-cycle. We conducted an empirical study in an academic environment, during two offerings of a laboratory course on Extreme Programming (XP Lab) at University of São Paulo and in two Brazilian Software Companies (Company A and B). We analyzed thirteen teams, nine in the Academy and four in the Companies environment. The teams had a comprehensive lecture about technical debt and several ways to identify and manage technical debt were presented. We monitored the teams, performed interviews, did close observations and collected feedback. The obtained results show that the awareness of technical debt influences team behavior. Team members report thinking and discussing more on software quality after becoming aware of technical debt in their projects. We identified some impacts on the teams and the projects after having considered technical debt. A conceptual model for technical debt management was created including ways of how identifying, monitoring, categorizing, measuring, prioritizing, and paying off the technical debt. A few approaches and techniques for the technical debt management, identification, monitoring, measure, and payment are also suggested. / A metáfora de dívida técnica engloba um importante problema da engenharia de software e essa é uma das razões pelas quais este campo tem recebido uma grande atenção nos últimos anos. Essa metáfora auxilia os desenvolvedores de software a refletirem sobre e a monitorarem a qualidade de software. A metáfora se refere a falhas no software (geralmente causadas por atalhos para economizar tempo) que podem afetar a futura manutenção e evolução do mesmo. A metáfora foi criada por Cunningham com o objetivo de melhorar a qualidade das entregas de software. Muitas vezes as dívidas técnicas não são conhecidas, monitoradas e nem geridas, resultando em um alto custo de manutenção ao longo do ciclo de vida do software. Logo, conduziu-se um estudo empírico na academia, durante duas ofertas da disciplina de Programação Extrema (XP Lab) na Universidade de São Paulo e em duas empresas Brasileiras de desenvolvimento de software (Empresa A e B). Foram analisados treze times, sendo nove na academia e quatro nas empresas. Os times tiveram uma apresentação sobre dívida técnica e foram apresentadas algumas sugestões de abordagens para gerir dívida técnica. Monitorou-se os times, foram realizadas entrevistas, observações fechadas e informações foram coletadas. Os resultados mostraram que considerar dívida técnica influenciou o comportamento dos times. Eles reportaram que após considerar dívida técnica passaram a refletir e discutir mais a qualidade do software. Identificou-se alguns impactos nos times e nos projetos depois de considerarem dívida técnica. Um modelo conceitual para gestão de dívida técnica foi criado, incluindo formas, técnicas e abordagens de como identificar, monitorar, categorizar, medir, priorizar e pagar os itens de dívida técnica.