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Ekonomista
|
2005
|
issue 3
321-343
EN
There are many attempts to construct dynamic, with stochastic characteristics, growth models that are to replicate short and long term fluctuations in macroeconomic variables. These models entail endogenous growth factors (R&D expenditure and the accumulation of human capital) and finite difference stochastic equations that correspond to the basic model of real business cycle and its extensions. Some of these extensions affect model dynamics in the long period. Empirical data are decomposed into short term stochastic business cycle component and the long term trend. Real business cycle models can successfully be used as a platform that incorporates the endogenous growth mechanism into the unified model of growth and business cycle.
EN
The aim of this contribution is to analyze the financial burden of the Czech enterprises in period 1996 - 2005 and point out the factors, which influenced their structure of capital and efficiency. According to the Du Pont equations financial burden is given as an interest and taxes reduction of earnings before interests and taxes. It was found out asynchronical dependence between the real payments and changes of the rates of interests and taxes in the analysis.
EN
The financial efficiency of the Czech companies in the period 1996 - 2005, measured by return on capital and revenues did not develop very favourably until the year 2000 when the things changed to the favourable development. This article examines the factors that influenced this development and indicates the ways pointing to improvement. The analyses showed that substantial share on a creation of economic value added in the average Czech industrial company has macro-economic policy, launched in the areas of the price of loan capital and of the legal entity income tax. The accelerator of the growth of financial efficiency of the enterprises will be the internal factors disregarded in this analysis, that include the new products and technologies, which are conductive to decrease the share of the costs on revenues.
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