AD ALTA
JOURNAL OF INTERDISCIPLINARY RESEARCH
Non-financial indicators are growing in importance – the
accounting harmonization process is overcoming existing
differences between local accounting standards. The Czech
Republic, if it wants to integrate into the global economy, must
reconcile with this development. In addition to the knowledge of
Czech accounting, the issue of international accounting
harmonization, through the support of counseling, regional or
higher education centers, or other knowledge-raising assistance,
must be a matter for the general public.
5 Conclusion
Conclusions of own research confirm that Czech companies use
generally known forms of financing: a combination of own and
foreign sources. The problem area of an SME is to decide on the
way of financing due to a lack of information, knowledge and
legislative regulations. The use of venture capital lags behind
other European countries and is very slowly moving towards real
improvement. The basis for compiling international business
plans and objectives, including defining and using funding
sources, is business accounting analyzes that significantly affect
the financial management of an enterprise. Above all, accounting
is a control tool to analyze and document business activities in an
international environment. Compliance with international
accounting standards should ensure a comprehensive overview
and full control of international business in the context of
funding.
Practical research has been to design and identify appropriate
variables that will influence decision-making in relation to
business financing. Previously in this article, it was possible to
work with data that had the character of non-stationary time
series. The actual model variable in the contribution became the
difference, not the original series of selected indicators, which
motivated the creation of the VEC model. Long-term analysis has
highlighted the fact that long-term relationships characterizing
financial and non-financial areas exist among the selected
indicators. The long-term equilibrium state was interpreted in the
contribution by the cointegration vector in the VEC model.
Certain identical impacts were identified, according to their own
design, on the economic result. Nonetheless, the cointegration
equations have unequivocally demonstrated and confirmed the
view of the economic theory that with the growth of the economic
result, the costs of using equity and the debt of the company are
decreasing. This significantly influences the behavior and
decision-making of an enterprise in the current competitive and
international environment.
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