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The Specifics of Financial Management of Holdings Companies
Ficbauer, David ; Bartoš, Vojtěch (referee) ; Hrvolová, Božena (referee) ; Král, Bohumil (referee) ; Režňáková, Mária (advisor)
The main purpose of the thesis is to explore the specifics of the financial management of holdings companies in the Czech Republic with an emphasis on the area of financial management. However, the author assumes that persistent reasons for holding creation is using of synergy effects consisting mainly of centralized management of cash flows to minimize the cost of capital and minimizing the risk of an individual investor who actively makes managerial functions in view guarantees of individual companies. It was found the lack of a comprehensive and systematic approach for a qualitative research. A total of 15 holding companies was use for the qualitative research. The outcome gives many answers concerning the specifics of the financial management of the holdings companies. It seems guarantee, minimizing cost of capital and cash management are key points. The synergistic effect of the holding companies can be used when transferring financial means between companies holding. The impact of the transfer of available financial means was simulated for holding No. 13. It was clearly shown to decrease WACC at one of the companies within the holding. It was found that the subsidiaries, which effectively control the cash flow, maintain a low level of Cash Ratio and Net Working Capital. It was also found that the subsidiaries that manage cash flow effectively, achieve higher ROA. The same assumption was not found in the parent companies. The research question that subsidiaries, which effectively control the cash flow, use financing through bank loans to a lesser extent, was partially confirmed.
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