Volba zdroje financování dlouhodobého majetku společnosti

Abstract

Financial management is one of the most important areas for a correct choice of financing of the investment property, in order to not disrupt the financial stability of the company. The aim of this study is to assess the different methods of financing and to determine the optimum variant which is selected according to the criteria as the best one. Among the analyze methods of financing are included the uses of equity, bank loans or rental of assets under finance leases. Firstly, the company has decide to invest and to buy machinery. Then input calculations are performed. The accounting and tax depreciation are determined to uncover their differences. The differences are taken into account when the calculation of cash flows are done for each year of the investment operation. For calculation of the cash flow is necessary to determine the cost of equity, which is used as the discount rate for the calculation of future values to the present. It also includes evaluation of the options according to selected criteria - the present value, the sensitivity of the present value to changes in the cost of equity and interest rates, the debt of equity and the return on assets. To calculate the present value method is used the method of net present value based on NPV - Equity. With the use of multi-criteria decision-making is determined the order of the advantages of individual variants. The optimal variant of funding is determined, which is a bank loan with annuity repayment. The conclusion of this study shows the impact on the financial situation of the company.