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Brno, Czech Republic

Zinecker M.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2011

A working private equity and venture capital market (PE/VC market) stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6) defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14), the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds). The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006).

Karas M.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2012

The aim of this article is to model the relationship between the rate of personal income tax and the revenue it generates, and to derive a tax rate that would maximize this revenue within the Czech Republic, using methodologies described in earlier works (Hsing, 1996). This tax rate represents an upper limit. Overstepping it has negative consequences for corporate finances and government budgetary funding alike, because it undermines the workers' motivation to work, reduces buying power, and shifts work activities in favor of gray economy The period of interest is a time series from 1993 to 2010. Two models were devised. The basic research instrument was a second-degree polynomial regression with a logarithmic transformation of the input data. The explaining variable was the tax revenue, the explanatory variable in Model 1 was the ratio of tax revenue to personal gross annual income. Model 2 featured the ratio of tax revenue to gross domestic product. To limit model instability, all data was stated per capita, in 2010 prices. Both models are statistically significant. By comparison, it was determined that, in the period of 1994-2010, the historical tax rate was lower than the rate designed to maximize the revenue. It approached the theoretical optimum most closely in 2007, and deviated from it most severely in 1995.

Reznakova M.,Ustav Financi | Jedlicka J.,Fosfa
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

Companies, as well as financial institutions, deal with the same problem - verification of credibility of and enterprise. How can they identify enterprises with real threat of insolvency? One of the ways are various scoring models oriented on evaluation of the failure probability. This possibility is, however, very demanding on information about financial behaviour of a given subject. Our article discusses the utilisation of cluster analysis to identify similarities of companies and their distribution into groups. The aim of this contribution is to show what possibility are hidden in utilization of the cluster analysis and test by using of cophenetic correlation coefficient. The firms' distribution in the class may be used to determine strategy for granting trade credits.

Zlzlavsky O.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

Innovation conduce to getting competitive advantage and they increase efficiency and total company performance. They are generally deemed as a key development factor. They represent group of activities leading to successful production, absorption and using economical and social innovation. Well managed and successfully introduced innovation into the market represents the tool for the companies, by means of which they can reach competitive advantages, enabling their prosperity in the slump. The urgency of synergic entrepreneurship as a key support of innovation is point out on a base of primary research in South Moravian manufacturing companies. As it is mentioned in this paper, most of respondents are open to external cooperation in innovation activities. Furthermore, they admit that without this collaboration they will not be able to produce any innovative products. Suitable forms, which can be utilized in our companies, are carried out with the help of secondary research in the article as well. Their accomplishments and disabilities are compared in accordance with local and foreign experts' theories. What follows is a discussion about requirements of strategic partnership success and advantages in the area of innovation.

Svirak P.,Ustav Financi | Brychta K.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2011

This paper aims to familiarize readers with the legislative development of intangible asset tax depreciation in the Czech Republic since 1993. The paper is divided into several basic chapters, of which the main chapter describes and analyzes the development of legislation in three thus-existing legal modes regulating intangible asset tax depreciation (the periods 1993-2000; 2001-2004; 2004- 2011). A separate sub-chapter deals with each of these three modes, which fundamentally differ in the concept of determining tax depreciations. For better clarity, changes in the legislation in question are described using tables. Over the first mentioned mode, i.e. the mode valid for assets acquired in the period 1993-2000, intangible asset tax depreciations were determined by the same manner as tangible asset tax depreciations. This period is characterized by gradual establishment (specification) of legislation that may be partially attributed to the stormy development of social conditions and the need for them to be reflected in law. For the period 2001-2003, standard amendments were contained in accounting regulations. The Income Tax Act (hereinAfter ITA) did not contain an amendment of intangible assets and its depreciations. It merely determined that accounting depreciations of intangible assets were a tax expense. Nevertheless, changes also occurred in this short time period, which this paper will later address. Effective from 2004, legislation on intangible assets and their tax depreciations returned to the ITA. Changes came in this mode of determining depreciations as well; nevertheless, one may consider the current legislative regulation to be stabilized. Later in this paper for the selected category of intangible assets (software), the authors describe and assess the dependence of the portion of the entry price entering tax expenses in the form of tax depreciations on the year of acquiring intangible assets. To achieve the stated objectives, the comparative method was applied (used mainly to describe and assess how legislation developed) and the modeling method (establishing models describing the impact of legislative regulation on the tax expenses of taxpayers). When elaborating this paper, the authors also chose to use so-called paired logic methods.

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