The master‘s thesis discusses the evaluation of the project regarding the purchase of machinery scissors for GAFLEX, s. r. o., which is a major producer of chimneys and provider of chimney services. Work is divided into three parts, where the introductory part addresses theoretical platforms dedicated to funding and investments, the second part is an economic impact assessment and an analysis of the firm, and the third section contains proposals for potentially funding an investment in the company and evaluating the effectiveness of the investment.

Cette thèse se compose de quatre essais portant sur les effets des contraintes de financement sur l'utilisation du crédit commercial (TC) et d'autres sources alternatives de financement des entreprises. Dans le premier essai, nous étudions les effets des contraintes sur l'emprunt bancaire (BL) sur l'utilisation du TC par les entreprises vietnamiennes. Nous étudions plus particulièrement l’effet de la taille sur le choix entre les deux types de financement. Nous constatons que les grandes entreprises lorsqu’elles sont rationnées sur les BL comptent plus sur le TC que les petites et moyennes entreprises (PME). En particulier, nous constatons que les grandes entreprises dont la demande de crédit a été refusée utilisent plus de TC tandis que les PME dans la même situation en utilisent moins. Dans le deuxième essai, nous étudions les effets des contraintes sur les BL sur l’utilisation du TC en fonction de la taille et de l'âge des entreprises ainsi que du développement institutionnel des différents pays. Nos résultats suggèrent que le TC et le BL ont tendance à être des substituts pour les entreprises les plus grandes, les plus âgés et lesquelles situées dans les pays développés (développement institutionnel plus fort). En revanche, le TC et le BL sont complémentaires pour les entreprises les plus jeunes, les plus petites et lesquelles situées dans les pays en développement (développement institutionnel faible). Ce résultat est particulièrement net dans le cas où la demande de crédit est refusée. Dans notre troisième essai, nous étudions les effets des contraintes sur les BL sur l'utilisation de six sources alternatives de financement par les PME dans le monde entier. Les formes de financement étudiées sont: le TC, le crédit-bail, les cartes de crédit, la finance informelle, les fonds provenant de la famille et des amis et les capitaux propres. Nos résultats suggèrent généralement que les PME rationnées par les banques ont tendance à compter davantage sur les fonds de la famille et des amis et sur les prêts des usuriers. Nous trouvons aussi qu'elles utilisent les modes de financement alternatifs plutôt pour financer le fonds de roulement que pour financer de nouveaux investissements. Dans le dernier essai, à partir d’un échantillon d'entreprises non financières du S&P 500, nous examinons l'interaction entre l'utilisation du papier commercial (CP), des lignes de crédit bancaire (CL) et du TC sur la période 2003 à 2014. Nos résultats suggèrent que les entreprises avec le risque de refinancement le plus élevé empruntent plus sous la forme de CL et de TC que sous la forme de CP. Cet effet est plus fort pour les CL. Nous constatons également que plus le niveau d'asymétrie d’information est fort, plus les entreprises utilisent les CL et le TC par rapport à CP. En revanche, plus les problèmes d'aléa moral sont graves, plus les entreprises favorisent les CP par rapport aux CL et TC. / This thesis consists of four essays investigating the effects of financing constraints on firms' use of trade credit (TC) and other alternative financing sources. In the first essay, we investigate the effects of bank loan (BL) constraints on the use of TC by Vietnamese firms across size. We find that bank-constrained large firms rely on TC more than bank-constrained Small and Medium-sized Enterprises (SMEs). Particularly, we find that denied large firms use more TC whereas denied SMEs use less of it. In the second essay, we study the effects of BL constraints on firm's use of TC across size, age and institutional development by using an international sample. Our results suggest that TC and BL tend to be substitutes for larger, older firms and those in developed countries with stronger institutional development; and complements for smaller, younger firms and those in developing countries with weaker institutional development, especially when constraints relate to credit denial. In our third essay, we investigate the effects of BL constraints on the use of six alternative financing sources by SMEs worldwide, i.e. TC, leasing, credit cards, informal finance, sources from family and friends and equity. Our results generally suggest that bank-constrained SMEs tend to rely more on sources from family and friends and those from money lenders. We also find that they use alternative financing to finance working capital requirement to a greater extent as compared to new investments. In the last essay, by using a sample of nonfinancial S&P 500 firms, we examine the interplay between the use of commercial paper (CP), bank credit lines (CL) and TC for the period 2003-2014. Our results suggest that firms with higher rollover risk borrow more from CL and TC relative to CP with a stronger effect for CL. We also find that higher level of asymmetric information is associated with more usage of CL and TC relative to CP while more severe moral hazard problems are associated with more usage of CP relative to CL and TC.

This diploma thesis deals with the evaluation of economic efficiency and the financial feasibility of the project realised by the municipality. The thesis consists of theoretical and practical part. In the theoretical background chapter, the author introduces the topic of the public sector and the public investment project. Furthermore, this thesis discusses methods which are used for evaluation of economic efficiency of the public projects and also their financing. The second part deals with the case study of the parking house project in Litomyšl. The author uses knowledge from the theoretical part to evaluate the effectiveness of the project and possible sources of financing.

In the master's thesis there is described financial assurance of public investment project. The teoretical part part focuses on clarifying the basic concepts of public project . There are described ways in which it is possible to finance public projects. The practical part deals with finding appropriate ways of project financing of road reconstruction II/422 delay the village Svatobořice – Mistřín and their comparison.

This master's thesis is focused on the problems of financing of buying warehouse of company which is specialized on domestic and international logistics, stock-keeping, customs declaration and collecting services CS Expres. It consists of possibilities of financing analysis, comparation of proper options of financing, prediction of the interest rate development of 1M PRIBOR till the half of the year 2011, prediction of the cash flows and proposals for optimal way of acquisition of the warehouse.

The thesis discuses an integration of photovoltaic power stations to electric network. The first part describes connecting conditions of small sources to distribution system, including administrative requirements, feasibility study, and requirements to the energy meters, measuring, control devices, switching devices and protection. The second part is aimed to describe problems of the photovoltaic system. Solar radiation generating and reducing of its intensity incident upon the earth surface are described in this part. The quantum of produced electric power depends on climatic conditions in the fixed area, seasons, etc. This work also discusses the types of photovoltaic cells and their actual efficiency. Inverters are further important components of the photovoltaic system. The parameters of the inverters have a great influence on the total actual efficiency of the photovoltaic system. Different methods of the photovoltaic panels’ connection with the inverters and their advantages and disadvantages are also mentioned. The supporting structure of the photovoltaic panels and eventually transformer are further important components of photovoltaic system. The work also analyze the methods of connection of the photovoltaic power station to distributive low voltage and medium voltage network, electric energy accumulation and possibilities of the sale of produced electric energy. The large number of the connected photovoltaic power stations has negative influences to electric network. The third part contains the design of a photovoltaic power plant with a capacity of 516,24 kWp on the scoped area in southern Bohemia. The project documentation for the location where the power plant is designed is also made. It contains the design of photovoltaic panels, the design of the inverters to get an optimal power load. This part also contains a calculation of the photovoltaic system losses and the design of transformer and the cable junction calculation of the distributive system. The feasibility study of the power plant connected to distributive system is also conducted. Its delivery rate will be connected to the distribution point Řípov (110/22 kV). The calculation results show us that this photovoltaic power plant can be linked to the distribution system. The final part of this paper contains an economic estimate of the photovoltaic power plant operating and the calculation of the return. An Economic return is influenced by the wide range of values that affect the total return rate. The calculation of an operating economy is made for several variants. The return rate in refer to contemporary redemption price for 2010 with no consideration for a bank loan is 7 years. If we consider the bank loan it would be 12 years. The penetrative reduction of the redemption price is expected for 2011. Calculation works with the decline of 30 %. It would extend the rate of return to 11 years without a bank loan or to 22 years with the bank loan. The bank loan is considered to cover 80 % of the investment.