Capital structure of an enterprise - open questions regarding ist displaying under the czech legislative conditions
| dc.contributor.author | Černíková, Martina | |
| dc.contributor.author | Malíková, Olga | |
| dc.contributor.other | Ekonomická fakulta | cs |
| dc.date.accessioned | 2014-05-19 | |
| dc.date.available | 2014-05-19 | |
| dc.date.issued | 2013-08 | |
| dc.description.abstract | A successful financial management of an enterprise closely relates to optimum setting of the capital structure and especially to the development of an efficient composition of the sources of company assets financing. In the past few decades many scientific theories were studied, dealing with the optimal structure of capital resources and analyzing multiple factors affecting the process of determination of the optimal ratio between capital equity and debt capital. In this way a wide platform of theoretical approaches and opinions on this matter was created. The aim of this article is to discuss theoretical approaches to the evaluation of capital structure of enterprises and its application under the terms and conditions of the existing Czech accounting and tax legislation. Based on the research into the current state of knowledge in this area, a comparative analysis of the influence of selected effects on the methods used for the displaying and evaluation of the capital structure of an enterprise was executed. The initial study analyzes the impact of the different approach to displaying of financial leasing liabilities within the leaseholder balance-sheet liabilities. In accordance with the Czech legislation, the leasing liability may or may not be displayed in debt capital section of the balance-sheet. The second study confronts the theory of tax shield with the current tax legislation provisions. When credits are arranged between defined entities, debt capital interests, as the essence of the tax shield theory, cannot be fully recognized from the tax point of view. This is reflected by lowered effect of the tax shield and it also affects the result of business of an enterprise. This article should open discussion with regard to contrasts between theories and economic reality. The difference creates a platform for innovative approach to the development and assessment of the enterprise capital structure. | en |
| dc.format | text | |
| dc.format.extent | 104-113 | cs |
| dc.identifier.isbn | 978-80-7372-953-0 | |
| dc.identifier.uri | https://dspace.tul.cz/handle/15240/6903 | |
| dc.language.iso | en | |
| dc.publisher | Technická Univerzita v Liberci | cs |
| dc.publisher | Technical university of Liberec, Czech Republic | en |
| dc.publisher.abbreviation | TUL | |
| dc.relation.ispartofseries | Liberec economic forum 2013: proceedings of the 11th international conference: 16th - 17th September 2013, Sychrov, Czech republic, EU /[editor Aleš Kocourek];1 | |
| dc.subject | capital structure | en |
| dc.subject | enterprise | en |
| dc.subject | Czech accounting and tax legislation | en |
| dc.subject | financial reporting | en |
| dc.subject | leasing contracts | en |
| dc.subject | income tax | en |
| dc.subject | tax shield | en |
| dc.subject | capitalization test | en |
| dc.subject | G32 | en |
| dc.subject | H25 | en |
| dc.subject | M41 | en |
| dc.title | Capital structure of an enterprise - open questions regarding ist displaying under the czech legislative conditions | en |
| dc.type | Article | en |
| local.access | open | |
| local.faculty | Faculty of Economics | |
| local.fulltext | yes |