The thesis is dealing with the financial and economic analysis of the road infrastructure project. The theoretical part focusses on the explanation of basic terms from the field of public investments. Next it is describing assessment methods of the public investment projects and then it is analysing projects in the transport infrastructure in detail. The practical part is dealing with the assessment of the public project concerning the reconstruction of the road II/422 Podivín-Lednice based on price normatives which set the basic price including real costs for the realization of the buildings of the project given. Next this price is set higher according to building risks presumed. The second part of the thesis is dealing with financial and economic assessment of the project based on the analysis of costs and benefits realized in the electronic system MS2014+, which is used for filling and submitting electronic applications to support projects from structural funds of the European Community and from National resources between the years of 2014 and 2020.

The absence of a relevant legal basis between huge commercial partners such as the EU as a single entity and the Russian Federation promoted the emergence of a legal vacuum. The long term cooperation between Russia and the EU has only one bilateral agreement - the Agreement on Partnership and Cooperation signed in 1994, which is however obsolete, and does not meet the contemporary needs. The adequate legal basis for Russia-EU cooperation in the gas sector is still missing. The protection of investments in the gas sector is being realized by bilateral agreements between Russia and EU member states, soft law and general international agreements, without any specifications for those two partners. The only international instrument covering the energy relations of these two partners - Energy Charter Treaty cannot be considered as a reliable mechanism, as Russia withdrew from it more than 8 years ago. The reasons of the withdrawal and the Yukos case as an illustrative example are discussed in this paper. In order to avoid uncertainty in such strategic area as gas investment relations and unpredictable decisions between the states represented by the commercial entities, there is a need to design a substantive legal basis, and a need to consider on the adequate dispute resolution body. In this thesis, key...

The relationship between international investment agreements and EU law has attracted increased attention in past few years. The aim of this thesis is to bring a detailed analysis of various aspects of this complicated relationship. In attainment of this aim it proceeds in the following steps. After a short introduction (Chapter I.), Chapter II. briefly overviews typical content of bilateral investment treaties, following with a more detailed analysis of relevant EU law rules concerning foreign investment and subsequent comparison of both sets of rules. Chapter III. deals with investment agreements to be concluded by the EU, in particular with questions of external competence for foreign investment, responsibility for breaches of investment agreements concluded by the EU and the future shape of EU investment policy. The status of existing bilateral investment treaties concluded between EU member states and third countries is analyzed in Chapter IV. Chapter V. tackles various issues related to investment treaties concluded between member states (so called intra-EU BITs).

Investment Policy of the European Union - protection of foreign direct investment Abstract One of the changes brought about by the Lisbon Treaty is the explicit inclusion of foreign direct investment and its protection in the common commercial policy of the European Union. This is one of the areas of exclusive competence of the EU. The European Union has subsequently stated negotiating bilateral agreements governing, inter alia, investment issues. However, it has not been spared from controversy and negative publicity that has been accompanying especially the TTIP and the CETA. This work aims to analyse the investment policy of the EU and mutual interaction of its institutions with the Member States and third parties. After general introduction to the topic of international investment law and EU law (chapters II. and III.), it is devoted to the issue of protection of foreign investment in the internal market. Its regime is then compared with the BIT regime (chapter IV.). Attention is then focussed towards the EU's external relations in the field of investment protection. Its competence is subjected to further analysis (chapter V.) and current results of efforts of the Commission and the EU as such are also discussed (chapter VI.). It is so in the light of possible impacts of foreign investment in terms of...

The thesis Analysis of a particular investment project - the construction of new buildings and office space is to evaluate the effectiveness of the investment options elected by the selected evaluation methods. Variants of investments are assessed by the average cost, modified pay-back period and modified the discounted pay-back period. In a further evaluation of options is determined the tax savings of each option and its impact on the total cost of investment. On the basis of all methods and procedures are selected one variant of the investment. Finally, evaluate the sustainability of the investment options selected in the operational phase.

This dissertation deals with selected areas within capital budgeting theory and practice. The first part is focused on possibilities how to improve traditional financial metrics as net present value and internal rate of return by using graphical tools for their interpretation. The main practical problem can be considered not the methodology itself, but the inability to predict future cash flows correctly. The special attention is paid to depreciation in connection with Czech accounting and tax legislation and its influence on capital decisions. The second part of the dissertation concentrates on real option analysis. The crucial difference between net present value and real options analysis is in how these methods deal with the risk. Mathematical approach is used to derive how the volatility and other parameters affect the theoretical value of an investment determined by real option. The more volatile the future cash flows are the higher theoretical value of the real option should be. Nevertheless, there are some exceptions that are analysed in this paper. In final chapter, total cost of ownership and real option analysis are used to evaluate option to switch from on-premise IT solution to cloud computing.

The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.

This master’s thesis named “The Life Cycle of Solar Power, Efficiency and Return” is divided into seven chapters and focuses on the utilization of solar radiation in photovoltaic power stations and solar thermal power stations. The first chapter of this thesis familiarizes the reader with issues concerning renewable resources of energy and presents an overview of the focus of each chapter. The following second chapter is occupied with a topical research of renewable resources of energy utilization in Europe. Further the author presents a brief glance back at the past of solar energy utilization and also a prediction of future solar energy utilization in the Czech Republic. The chapter named “Specification and parameterization of individual technologies” contains an overview of today’s most utilized photovoltaic cells and panels together with an overview of utilized solar collectors and solar thermal power stations. In the following chapter named “Concretization of typical applications and realizations of photovoltaic and solar thermal power stations and determination of all related parameters” the author describes further components of photovoltaic and solar thermal systems. The economical aspect of photovoltaic component production together with an overview of utilized photovoltaic technologies is presented in this chapter. The problem of recycling photovoltaic applications and the current legislative situation regarding this issue in the Czech Republic is also outlined within this chapter. In the fifth chapter of this master’s thesis the author presents mathematical models of a photovoltaic and a solar thermal power station with the focus on economic aspects of investment efficiency assessment. Within this master’s thesis a simulation program in the computational software program Mathematica was created by the author. This program allows a calculation of economic efficiency and return of photovoltaic power station investments. The results of executed simulations are presented in the sixth chapter of this thesis. The last chapter contains an appraisal and summary of results achieved by the author of this thesis.

This diploma thesis focuses on financing of ecological investments, let us say financing of alternative sources of energy, especially fotovoltaic eletric power stations. In one part the thesis focuses on the list of structural funds and ways of financing. The thesis offers the abstract of legislation and limitations which goes with the applicants in all periods of projects. The analysis of the background concerning the financing ecological investments in the Czech Republic is the integral part of thesis. The practical part of the thesis shows if the ecological project could be interesting and beneficial for investors. The Cost Benefit Analysis could be instrumental for finding out the relevant information.

The thesis deals with an investment in an information system purchase for a small entreprise acting in the field of manufacturing industry. Possibilities of investment financing are analysed with focus on the Structural funds of the European Union. The most effective way of investment financing is chosen with the help of cost benefit analysis and therefore own suggestions and recommendations are formulated.