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Value drivers of startup projects relevant for venture capital investors in the Czech Republic and valuation methods
Habrnal, Marek ; Špička, Jindřich (advisor) ; Starý, Oldřich (referee) ; Špaček, Miroslav (referee)
The main objective was to create a normative model of determining the value of early stage for companies in the seed and start up stage. The model should be applicable to entrepreneurs and investors, taking into account the assessment of the value of qualitative factors. Another aim was to identify the significant factors affecting the value of early stage companies in the seed and start up stage, i.e. at a time when there are no or very little revenues. Based on a research among investors and other experts on the valuation of early stage companies and venture capital, the most significant factors were not only identified, but also determined by their weight. The quality of evaluating investment opportunities has a major impact on the profitability of the investor´s capital. Current knowledge of the key value drivers and the mechanisms of valuation can help businesses to set realistic expectations when trying to raise capital to finance the startup of the project. It is therefore necessary to provide a clear methodological framework applicable to both parties of investing. The actual research was divided into two phases - individual interviews with investors and questionnaires. It was confirmed that the most crucial factors are those associated with quality management and company founders.
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ASSET DIVIDING APPRASIAL MODEL (ADAM) - Hodnocení investic při přímém vkládání kapitálu do nemovitostí
Schäfer, Carsten ; Krabec, Tomáš (advisor) ; Hnilica, Jiří (referee) ; Starý, Oldřich (referee) ; Bernet, Jürg (referee)
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.
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Ocenění práva vybírat daně pomocí opčního modelu
Vlachý, Jan ; Hnilica, Jiří (advisor) ; Pošta, Vít (referee) ; Starý, Oldřich (referee) ; Málek, Jiří (referee)
This Thesis uses several forms of a single-period option-based model to analyze the incidence of income tax under uncertainty, focusing on the various effects of tax asymmetries and observing the distinct features of individual and corporate taxation. Two particular applications are being advanced. The one strives to establish the economic effects of tax-deductibility, motivated initially by a thin-capitalization measure brought forth under the framework of the recent Czech public-finance reform. The pother one compares the terms of three distinct personal income-tax schedules, as they have been recently applied in the Czech Republic and Slovakia, investigating particular issues such as tiered rates, mandatory minimum tax, bracket creep, social taxes, as well as tax incidence in general. On the whole, we find that option-based models are well suited for miscellaneous forms of economic analysis under dynamic assumptions, overcoming the inherent limitations of comparative statics routinely used by mainstream economics. We also conclude that the Czech tax reform of 2008 has failed to achieve the level of economic neutrality and simplicity, characteristical for the Slovak flat-tax schedule of 2004. There are cases, where it has actually contributed to the emergence of new asymmetries.
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Decision making in the initial phase of the architectonic project
Moučka, Jan ; Starý, Oldřich (advisor) ; Štursa, Jiří (referee) ; Zich, Otakar (advisor)
Předmětem aspirantské práce byla racionalizace rozhodování v počáteční fázi projektování budov a úprav prostředí, tj. od většinou vágního zadání až po návrh disposice budov. Jako metodu racionálního rozhodování problémů zvolil aspirant formální logiku, teorii grafů, využití počítačů. Obsahem disertace jsou i obecně srozumitelné pasáže, s ohledem na obsah vysokoškolské výuky architektů. Hlavními výsledky aspirantury je pojmové zpřesnění, model a metoda řešení problémů slučitelnosti činností ve společném prostředí (místnostech), uspořádání a propojení místností v jednopodlažních budovách (disposiční řešení). Aspirantura probíhala při zaměstnání ve výzkumu výstavby, její výsledky byly podkladem pro úkoly, které aplikovanému výzkumu byly zadávány. Přílohou je grafický výstup výpočtu optimální rozsáhlé disposice z r. 1967, pomocí programu "Rovinný rozvrh", jehož autorem byl Jan Moučka za spolupráce matematiků- programátorů. Školícím místem bylo ČVUT, Fakulta architektury. Školiteli byli prof.ing.arch. Oldřich Starý a univ.prof. Otakar Zich DrSc, vedoucí katedry logiky University Karlovy. Oponentem byl prof.Jiří Štursa.
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