Analýza zdrojů financování reálné investice

Abstract

The bachelor thesis is devoted to sources of investment financing, their evaluation and selection of optimal method of investment financing. The aim of this work is to analyze the sources of financing of the real investment using method of discounted costs in accordance with the NPV-Equity. Using sensitivity analysis the thesis evaluates the impact of changes in interest rates and cost of equity in turn benefit of the various options of financing. The work is divided into theoretical and practical part. The theoretical part is concentrated on characteristic of funding sources and a description of selected methods used to select the method of financing and investment decisions. The practical part includes an assessment of selected funding sources using the method of discounted costs in accordance with the NPV-Equity and the optimal variant choice. The practical part also contains a sensitivity analysis of discounted costs to change in interest rates on bank loans and cost of equity in all variants. From the calculations it was found that the optimal method of financing the real investment is a bank loan with annuity repayment.