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Application of the Consensus OECD in Export Financing
Hofírková, Lucie ; Černohlávková, Eva (advisor) ; Nejedlý, Michal (referee)
This thesis deals with the support of export and export financing, with a focus on international regulation of this area, namely the Consesus OECD, i.e. the Arrangement on Officially Supported Export Credits. The paper describes the general background of this Arrangement and its requirements on the financial terms of provided export credits. The above mentioned is demonstrated on the concrete practice in the Czech Republic. The paper includes a detailed overview of the institutional framework of official support of export credits and the most important export credits parameters are illustrated by concise indicative offer of export financing. This thesis also summarizes the process and possible outcomes of current negotiations concerning the Consensus OECD and possible future cooperation with non-participant countries.
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Financing of small and medium size enterprizes with use of factoring
Vlasák, Václav ; Sato, Alexej (advisor) ; Černohlávková, Eva (referee) ; Králová, Lenka (referee)
The main goal of the thesis is to assess factoring as a tool for small and medium size enterprises financing. Factoring offers receivables management, securing of debtors risk and support of national and international trade. The target is to sum up theoretical approaches in Czech as well as international literature and connect them with practice knowledge and experience that the author have learned during expert experience. Factoring was successfully offered in course of bad economic times during worldwide recession mainly to due easy availability in the markets. Financing via factoring expresses lower risk for financing party, due to transaction risk spread being on the more debtors. In contrast, there is higher demand on administration of every single invoice of company to its debtors. This logically brings higher cost of manpower on the financing party site that has to deal with high proportion of invoices. The thesis is divided into five parts. First parts is taking care about state and private trade supporting tools including Czech Export Bank and its role in creating space for national exporters. Second part deals with forms, in which small and medium size enterprise can find the suitable financial tools and products. Receivables and its main features, receivables live cycle and tools for effective use of receivable in asset based financing, that is all proceeded in part with number three. Whereas chapter four analyze current latest experience with factoring, its forms and way of use including legal and accountancy view. Fifth chapter summarizes theoretical background and uses the application of theory in practice and presents examples, how factoring can help. The thesis found out, that factoring is a suitable financing tool in times of economic crisis and general downturn. The number of factoring transaction grew, as well as the total turnover, but average transaction price went down due to lower cost of traded goods, that was financed via factoring. Thesis also proved that factoring financing is easy to get in the market, as there is large scale of big and small factoring financing providers. Factoring did not improve all significant financial ratios, but increased turnover of assets, mainly receivables, decreased the ratio of indebtedness. Thesis introduced the factoring financing, its use, forms and pros as well as cons. Factoring provided to be sufficient substitute for conventional credit, but bears differences, that have to be taken into account, when deciding on suitable form of receivable financing.
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Private Equity in Central and Eastern Europe
Jurek, Martin ; Sato, Alexej (advisor) ; Černohlávková, Eva (referee) ; Čižinská, Romana (referee)
Venture capital and private equity (VC/PE) funds in a global perspective belong to the largest nonbank medium, as well as long-term sources of capital. The main aim of this dissertation is to identify private equity specifics from a European perspective and assess its historic and current development within the context of the Central and Eastern European (CEE) region. In connection with that main aim, three hypotheses are defined: Hypothesis 1: The impact of the VC/PE investor on the functions of the financed company during the holding period has a positive effect on the performance of that company. Hypothesis 2: The impact of the VC/PE investor on the functions of the financed company during the holding period has a positive effect on internationalizing that company. Hypothesis 3: The increased international growth of the financed company during the holding period has a positive effect on company performance. Although private equity is not an unknown term in the CEE region, its fundamental terminology and use is not comprehensive. As a result, the first chapter defines and explains basic terms. For a better understanding of the private equity industry, its historical development, systemized division and classical models of private equity funds are further displayed. The second chapter introduces the theoretical background for the particular components applied in the empirical research. It describes fields of investor activity in financed companies and its corresponding effect on their performance and internationalization. Private equity is an integral part of financial markets and is thus influenced by related government programs and legislative changes. In this respect, the third chapter sets forth Czech state support, as well as taxation and legislative adjustments regarding private equity. An analysis is laid out in the final two chapters, the fourth analysing private equity in the CEE region (with specifics from a historical and a current perspective) and thoroughly examining fundraising, investment and divestment according to a scale of determinants. The fifth and last chapter concludes the dissertation by factor analysis confirmation and statistical testing of the above mentioned hypothesis. This dissertation's main contribution is in the results derived from a model describing the role of the VC/PE investor with regard to the performance and internationalization of financed companies, including the statistical testing of defined relationships. Further, it analyses outcome specifics in the VC/PE within the CEE region.
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Analysis of the use of INCOTERMS in the Czech Republic
Čajko, Adam ; Černohlávková, Eva (advisor) ; Rožek, Petr (referee)
Bachelor thesis analyzes the utilization of INCOTERMS rules among companies operating in the Czech Republic, which are involved in foreign as well as domestic trade in goods. The first part is theoretical, describes the features and use of INCOTERMS rules, characterizes in detail the rules INCOTERMS2010 and mentions the changes compared to the earlier version of Incoterms 2000. The second part analyzes responses to our survey.
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SKODA AUTO Export strategy
Řezáčová, Petra ; Černohlávková, Eva (advisor) ; Vlasák, Václav (referee)
This bachelor's thesis deals with the topic of export strategy of the biggest Czech car manufacturer - SKODA AUTO. It mainly focuses on strategic markets that will be crucial for the company in next years. The tool used in this thesis is SWOT analysis (analysis of strengths, weaknesses, opportunities and threats). Moreover, the first two chapters deal with current information concerning the company's performance and its Strategy of growth.
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Trade relations between Israel and the Czech Republic
Brádleová, Nela ; Černohlávková, Eva (advisor) ; Kopecký, Jan (referee)
This thesis deals with the economic relations between the Czech Republic and Israel. Attention is paid to the description of the development of these relations and especially their current form, which is today largely defined by the legislation of the European Union, whose rules are binding for the Czech Republic. Another part deals with the geographical orientation of Israel on foreign markets and commodity structure of trade and aims to describe its foreign business ties. The economic situation of Israel is described using basic macroeconomic indicators. Finally are mentioned the international programs in which both countries cooperate and range of activity of institutions to promote mutual relations, which have the main importance for their deepening.
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The business environment in Finland
Křikavová, Nikola ; Černohlávková, Eva (advisor) ; Kopecký, Jan (referee)
The first chapter is focused on Finnish historical and political development since 1917 and describtion of Finnish legal system. The second chapter describes the negotiation with Finnish partners, various legal forms of business and tax policy. The third chapter concerns the investment environment and governmental and non-governmental business support.
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The role of the bank guarantees in ensuring credit risks
Janoušek, Adam ; Černohlávková, Eva (advisor) ; Nejedlý, Michal (referee)
The bachelor thesis written on the topic " The role of the bank guarantees in ensuring credit risks " discuss the bank guarantees and their utility in ensuring credit risk in trade operations. In the first chapter thesis discuss the risk in international trade and concentrates on the credit risk. In this chapter the thesis analyses and describes the phases of handling the credit risk. The purpose of the second chapter is characteristic of the bank guarantee, it's law formulation and international arrangement. The topic of the final chapter is practical utilization of the bank guarantees.
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The risks of conducting business on the Indian market (selected issues)
Doležalová, Anežka ; Černohlávková, Eva (advisor) ; Pavlík, Zdeněk (referee)
The aim of the thesis is to analyze the risks of the Indian market and characterize their impact on the companies conducting business with or on the Indian market. The topic is viewed from the perspective of the foreign firms, where the point of view of the Czech companies is stressed. The introductory part of the thesis gives general overview of major risks which the companies are facing in the international business field. The main part is dealing with three categories of risks on the Indian market, namely the country risks, risks related to the business environment and the risks of cooperation with the Indian business partners.
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International Trade Risks Insurance with a Focus on the Czech Insurance Market
Švehláková, Martina ; Černohlávková, Eva (advisor) ; Křenková, Eva (referee)
The main topic of the thesis is the option of insurance in the international trade on the Czech insurance market. The insurance options are studied in a wider context. Firstly, the legal regulations of the insurance in our country and basic concepts are presented as well as some of the changes in regulations connected with the adoption of the new civil code. Secondly, types of insurance in the international trade and some international documents regulating insurance are mentioned. The last part deals with the development after the year 1989 and current situation on the Czech insurance market as well as with some of the largest insurance companies in our country.
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