Vybrané systémy hodnocení vitality podniků
Loading...
Date
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Technická Univerzita v Liberci,
Abstract
Určení vitality podniku pomocí zjištění jeho finančního zdraví je nejčastější snahou různých analytiků a ekonomů. Určitou informaci o schopnosti trvání podniku v budoucnosti formou předpovědi finančního zdraví umí podat tzv. bankrotní modely. Bankrotní modely jsou úzce spojeny, nebo jsou dokonce odrazem systému hodnocení vitality podniku.Bankrotních modelů byla sestavena celá řada, a jejich vypovídací schopnost se mění podle času a místa odvození. Hlavním cílem této disertační práce proto bylo určit, který z vybraných bankrotních modelů má nejvyšší vypovídací schopnost pro podniky v prostředí České republiky. Analyzovanými modely byly Altmanovo Z-Score, Z' a Z'', Index IN99, IN01 a IN05 a Tafflerův model.Na základě provedeného výzkumu lze konstatovat, že pro velké a střední podniky s právní formou podnikání s.r.o. a a.s. v prostředí České republiky pro sektory dle kategorizaceCZ-NACE C, F, G, L a M, je nejvhodnějším modelem Tafflerův model. Dílčím poznatkem plynoucím z této práce je to, že v letech 2004-2014 průměrné a mediánové hodnoty jednotlivých analyzovaných bankrotních modelů reagují různě na změny vývoje HDP a počtu podniků v úpadku.Teoretický přínos této práce poskytuje poznatky o složení bankrotních modelů v uceleném přehledu, dále pak jejich vývoj v souvislosti s analyzovanými parametry jako je HDP nebo počet podniků v úpadku. Praktickým přínosem práce je poskytnutí informace podnikům o vhodnosti výběru bankrotního modelu pro jejich obor podnikání. Tyto informace lze dále využít ostatními uživateli, jako jsou například potenciální investoři a ostatní zájmové skupiny.
Determining vitality of a business by establishing its financial health is the most frequent effort of various analysts and economists. Certain information, in the form of a prediction of financial health, regarding the ability of a business to endure in the future can be obtained from so called bankruptcy models. Bankruptcy models are closely related to, or even reflecting, the system of evaluation of vitality of a business.There is a wide range of bankruptcy models; however, their explanatory power changes based on the time and place of their inference. The main goal of this dissertation was thus to establish which one of the selected bankruptcy models has got the greatest explanatory power in regard to businesses in the environment of the Czech Republic. The analyzed models were the Altman's Z-Score, Z' and Z'', the IN99, IN01 and IN05 indexes, and the Taffler's model.Based on the conducted research, it may be stated that the Taffler's model is the most accurate model for large and medium-sized businesses in the environment of the Czech Republic which have the Ltd. or Inc. legal structure and which fall in the C, F, G, L and M categories of CZ-NACE (Classification of Economic Activities). A subsequent finding derived from this work is that in between years 2004 and 2014, the average and median values of individual analyzed bankruptcy models reacted differently to changes in the development of GDP and the number of businesses in bankruptcy.The theoretical contribution of this work is in providing findings concerning the composition of bankruptcy models, in a comprehensive overview, and their development in regard to analyzed parameters like GDP or the number of businesses in bankruptcy. The practical contribution of this work is in providing businesses with information regarding the suitability of selecting a bankruptcy model for their line of business. This information may further be used by other users, like for example potential investors and other stakeholders.
Determining vitality of a business by establishing its financial health is the most frequent effort of various analysts and economists. Certain information, in the form of a prediction of financial health, regarding the ability of a business to endure in the future can be obtained from so called bankruptcy models. Bankruptcy models are closely related to, or even reflecting, the system of evaluation of vitality of a business.There is a wide range of bankruptcy models; however, their explanatory power changes based on the time and place of their inference. The main goal of this dissertation was thus to establish which one of the selected bankruptcy models has got the greatest explanatory power in regard to businesses in the environment of the Czech Republic. The analyzed models were the Altman's Z-Score, Z' and Z'', the IN99, IN01 and IN05 indexes, and the Taffler's model.Based on the conducted research, it may be stated that the Taffler's model is the most accurate model for large and medium-sized businesses in the environment of the Czech Republic which have the Ltd. or Inc. legal structure and which fall in the C, F, G, L and M categories of CZ-NACE (Classification of Economic Activities). A subsequent finding derived from this work is that in between years 2004 and 2014, the average and median values of individual analyzed bankruptcy models reacted differently to changes in the development of GDP and the number of businesses in bankruptcy.The theoretical contribution of this work is in providing findings concerning the composition of bankruptcy models, in a comprehensive overview, and their development in regard to analyzed parameters like GDP or the number of businesses in bankruptcy. The practical contribution of this work is in providing businesses with information regarding the suitability of selecting a bankruptcy model for their line of business. This information may further be used by other users, like for example potential investors and other stakeholders.
Description
Subject(s)
Bankrotní modely, Altmanovo Z-Score, Tafflerův model, Index IN, finanční zdraví, finanční analýza, CZ-NACE, hrubý domácí produkt, úpadek, Bankruptcy models, Altman's Z-Score, Taffler's model, IN index, financial health, financial analysis, CZ-NACE, gross domestic product, bankruptcy