For the past half a century, there has been progressive development in corporate finance theories, and among these, corporate financial decisions have been attracting the attention of outsiders. As the outsiders¡¦ learning process of the firm¡¦s private information determines the firm¡¦s value, managers who are concerned with outsiders¡¦ perceptions of their firms try to enhance their firms¡¦ short-term reputation through their financial decisions. However, up to this date, few reputation models have been applied to predict these financial decisions. Three corporate finance issues are involved to identify the reputation effects on corporate finance: (1) convertible bond call policies, (2) IPO decisions and activities, and (3) corporate financing policies. As for the first issue, this study constructs a two-period reputation model of a convertible bond call policy. This model concludes that in equilibrium, a firm with bad management quality and a bad reputation chooses to call, while a firm with good management quality or of a good reputation builds up it reputation by not calling the convertible bonds. This is consistent with the signaling theory proposed by Harris and Raviv (1985). However, the reputation model here identifies the call policy as a reputation-building mechanism rather than being only a signaling role, and suggests that the reputation rents resolve the discrepancies of the stock¡¦s post-call price performance. As for the IPO decisions and activities, this study performs another reputation model to analyze a firm¡¦s reputation effects on IPO activities, especially on the decision to go public. The results yield that a firm¡¦s reputation does affect its decision to go public. By listing equities publicly, firms with good management quality and a solid past would anticipate enhancing their reputations, and those with a poor past would anticipate building up good names. Furthermore, good reputation firms with bad management quality would anticipate maintaining their reputations by going public. On the other hand, it is found that good firms over-invest in building up their reputations and bad firms take advantage of their reputations to go public. Both result in firms¡¦ over-going public and IPO mispricing. This constitutes an alternative interpretation on IPOs¡¦ long-run underperformance and the sharp decline of the survival rate. As for the corporate financing policies, the other reputation model is constructed by taking both determinants, the costs of financial distress as well as the firm¡¦s reputation into consideration. The results show that good management quality firms with good reputations enjoy their financial flexibility between debt and equity. Bad management quality firms take advantage of their good names to issue equities, which leads to over investment. Good management firms lose their financial accesses due to bad reputations, which lead to under investment. Reputations would screen the bad management quality firms with bad reputations off the market. This dissertation concludes that reputations indeed affect the three selected corporate financial decisions and suggests further plow on more corporate finance issues.

Master´s thesis solves the question of financing a new vehicle for selected company by external resources. Specifically, it focuses on the comparison of offers financial leasing and credits from leasing companies. The aim of thesis is to analyze the offer and choose the best for financing new vehicle.

The dissertation consist of two parts a theoretical and practical. The theoretical part includes facts from shollars targeting on characteristic of stock, division, function, managing and basic idicators of stock Evaluation of the Financial Situation in the Construction Company shows and uses methods and tools leading to examination of financial situation of this company. Essence of financial analysis is evaluation of present-state and past development on the base of financial statement analysis. In the end of my dissertation I will bring some suggestions and recommendations which could improve the current situation in the realm of managing of stock.

This thesis investigates the determinants of the use of debt and leasing in the UK using a comprehensive measure of debt and leases, in recognition of the link between lease and debt-type financing decisions, based on financial contracting theory and the tax advantage hypothesis. The design of the study takes account three lacunae in our current understanding of this topic. Firstly, despite the fact that the capital structure literature is voluminous, it is perhaps surprising that relatively little research has been carried out on lease finance, given its significant role as a major source of finance for many firms. Secondly, the role of tax in the capital structure decision is unclear. Empirically testing for tax effects is challenging because spurious relationships may exist between the financing decision and many commonly used tax proxies. More importantly, our understanding of the impact of taxes on UK financing decisions is far from complete, especially since several major corporate tax reforms have taken place in the last decade. Thirdly, empirical evidence on capital structure determinants is also voluminous but far from conclusive. Notably, contradictory signs and significance levels are commonly observed. Using the standard regression approach invariably involves identification of the average behaviour of firms, and therefore does not measure diversity across firms. In response to these three major issues, this study employs empirical research methods, namely cross-sectional pooled regression, static and dynamic panel data regression, and quantile regression to analyse a large sample of 361 non-financial firms, drawn from the FTSE 350 and FTSE All-Small indices over the tax years 1995 through 2003. The operating lease data are estimated using the constructive capitalisation method while the simulated before-financing marginal tax rate is used to proxy for the firms’ tax status. The endogeneity of corporate tax status is evident since the use of simple tax proxy, the effective tax rate, leads to a spurious negative relation between debt usage and tax rates. The problem was avoided with a better measure of tax variable that is the simulated before-financing marginal tax rate where it is found that the empirical relationships between the tax factor and debt and leasing are consistent with those theoretical predictions. Furthermore, there is a clear distinction between the effect of taxes on debt and leasing where the firm’s marginal tax status is only relevant when managers make decisions on debt financing. The use of quantile regression method in the present study represents a novel approach in investigating the determinants of the use of debt and leasing. The results reveal that the determinants of debt and leasing are heterogeneous across the whole distribution of firms, consistent with the notion of heterogeneity as promoted by Beattie et al. (2006), but contradicting their claim that the large-scale regression approach cannot measure firms’ diversity. This finding implies that average model results (e.g., from OLS or panel data models) may not apply to the tails of debt and leasing levels, and hence assuming that the determinants of debt and leasing decisions are the same for all firms in the economy is clearly unrealistic. Using the dynamic panel data model, this thesis confirms that debt and leasing are substitutes rather than complements, and that the degree of substitutability is more pronounced among smaller firms, where the degree of information asymmetry is greater. More importantly, the use of a joint specification for debt and leasing improves our understanding of the determinants of the two fixed-claim financing instruments. There is also significant evidence to support the view that firm characteristics affect contracting costs which in turn impact on the choice between alternative forms of finance, namely equity, debt and leasing.

This Master’s thesis deals with the analysis of long-term corporate financing. Described is financing through the capital market securities – by shares and bonds as well as bank loan. The first part compares the theoretical possibilities of external financing, the second part is focused on the analyse of IPO and analysis of IPO which was realized in Czech republic by listed companies.

This paper addresses the design and comparison of indicators of traditional financial analysis and modern value indicators with a focus on business performance, and their subsequent application to a particular construction company. In the theoretical part there is characterized the construction company and its economic processes, next there are the concept of financial analysis defined and the proposed assessment indicators described, also procedure for calculating economic value added as a representative of modern value indicators is mentioned. In the practical part there are the proposed indicators being used to analyze the company INSTAV Hlinsko, a.s. and the results are evaluated at the end.

Náklady vlastního kapitálu, jež jsou ovlivňovány řadou interních a externích činitelů, významným faktorem ovlivňujícím rozhodovací procesy v podnikové sféře. Cílem této disertační práce je na základě primárních a sekundárních dat formulovat původní metodiku řízení nákladů vlastního kapitálu. Zdrojem sekundárních dat je rozsáhlá literární rešerše zahrnující zahraniční a tuzemské vědecké studie a databáze. Primární data, na základě nichž byl zkoumán vztah mezi teoretickými přístupy řízení nákladů vlastního kapitálu a podnikovou praxí, byla získána formou dotazníkového šetření od finančních manažerů působících v podnicích se sídlem na území ČR. Data byla zpracována s využitím statistických metod. Výsledky disertační práce přispívají k hlubšímu porozumění vztahu mezi náklady vlastního kapitálu a jejich determinantů a odhalují rozdíly mezi teorií a manažerskou praxí. Navrhovaná metodika řízení nákladů vlastního kapitálu je určená k použití v podnikové praxi a lze předpokládat její další rozvíjení v rámci navazujících výzkumných aktivit.