Analýza vlivu likvidity aktiv na kapitálovou strukturu ve vybraném ekonomickém sektoru

Abstract

The aim of this diploma thesis is to determine the effect of the liquidity of assets and other additional indicators on the capital structure of companies in the construction industry in the Czech Republic in the years 2007 - 2011. The panel regression model is used to analyse the dataset from the database Čekia. This dataset consists of 25 companies, which in that time period, had the turnover of between 1,000,000 000 - 1 499 999 999 CZK , and at the same time had from 50 to 99 employees. The contemporary economic theories are summarized with the links to the recent financial crisis. Then, the development of the Czech economy in 1999 - 2012 as well as the development of the domestic construction industry is described. After that, the theoretical base for application of panel regression methods is described. In accordance with the micro-econometric theory, the results in application part of the thesis confirm that the most suitable model is the fixed effects model. The empirical analysis shows that the impact of liquidity assets to total debt in the Czech construction industry in the years 2007 - 2011 negative. It means that an increase in the liquidity of assets is going to result in decline of debt and vice versa. This is consistent with the theory of the negative effect of the liquidity to debt.