{"id":61367,"date":"2023-12-08T20:25:31","date_gmt":"2023-12-08T11:25:31","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61367"},"modified":"2024-03-26T10:40:11","modified_gmt":"2024-03-26T01:40:11","slug":"method-of-raising-funds-for-stock-company","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company","title":{"rendered":"Jak\u00e9 jsou metody financov\u00e1n\u00ed akciov\u00fdch spole\u010dnost\u00ed? Komplexn\u00ed vysv\u011btlen\u00ed v\u010detn\u011b mo\u017enost\u00ed mimo zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm t\u0159et\u00edch stran"},"content":{"rendered":"\n<p>Mysl\u00edm, \u017ee \u010dasto si p\u0159edstavujeme, \u017ee metoda, kterou akciov\u00e9 spole\u010dnosti, jako jsou startupy, pou\u017e\u00edvaj\u00ed k z\u00edsk\u00e1n\u00ed financ\u00ed, spo\u010d\u00edv\u00e1 v p\u0159ij\u00edm\u00e1n\u00ed investic od investor\u016f, jako jsou VC, a vyd\u00e1v\u00e1n\u00ed vlastn\u00edch akci\u00ed. Nicm\u00e9n\u011b, existuj\u00ed r\u016fzn\u00e9 metody, kter\u00fdmi mohou startupy a podobn\u00e9 spole\u010dnosti z\u00edsk\u00e1vat finance, a to nejen prost\u0159ednictv\u00edm p\u0159ij\u00edm\u00e1n\u00ed investic a vyd\u00e1v\u00e1n\u00ed akci\u00ed. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme metody z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed pro akciov\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Moznosti_ziskani_financi\" title=\"Mo\u017enosti z\u00edsk\u00e1n\u00ed financ\u00ed\">Mo\u017enosti z\u00edsk\u00e1n\u00ed financ\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#O_financovani_aktiv_Asset_finance\" title=\"O financov\u00e1n\u00ed aktiv (Asset finance)\">O financov\u00e1n\u00ed aktiv (Asset finance)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Vyhody_financovani_aktiv\" title=\"V\u00fdhody financov\u00e1n\u00ed aktiv\">V\u00fdhody financov\u00e1n\u00ed aktiv<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Moznost_snizeni_nakladu_na_ziskani_financi\" title=\"Mo\u017enost sn\u00ed\u017een\u00ed n\u00e1klad\u016f na z\u00edsk\u00e1n\u00ed financ\u00ed\">Mo\u017enost sn\u00ed\u017een\u00ed n\u00e1klad\u016f na z\u00edsk\u00e1n\u00ed financ\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Moznost_zvyseni_hodnoty_spolecnosti\" title=\"Mo\u017enost zv\u00fd\u0161en\u00ed hodnoty spole\u010dnosti\">Mo\u017enost zv\u00fd\u0161en\u00ed hodnoty spole\u010dnosti<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Nevyhody_financovani_aktiv\" title=\"Nev\u00fdhody financov\u00e1n\u00ed aktiv\">Nev\u00fdhody financov\u00e1n\u00ed aktiv<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Neni_mozne_provest_pokud_neexistuji_zadne_aktiva_ktere_lze_premenit_na_penize\" title=\"Nen\u00ed mo\u017en\u00e9 prov\u00e9st, pokud neexistuj\u00ed \u017e\u00e1dn\u00e9 aktiva, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze\">Nen\u00ed mo\u017en\u00e9 prov\u00e9st, pokud neexistuj\u00ed \u017e\u00e1dn\u00e9 aktiva, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Vyber_aktiv_ktere_lze_premenit_na_penize_je_obtizny\" title=\"V\u00fdb\u011br aktiv, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze, je obt\u00ed\u017en\u00fd\">V\u00fdb\u011br aktiv, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze, je obt\u00ed\u017en\u00fd<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#O_dluhovem_financovani_Debt_finance\" title=\"O dluhov\u00e9m financov\u00e1n\u00ed (Debt finance)\">O dluhov\u00e9m financov\u00e1n\u00ed (Debt finance)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Vyhody_dluhoveho_financovani\" title=\"V\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed\">V\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Nema_vliv_na_podil_vlastnictvi_a_tedy_ani_na_rizeni_spolecnosti\" title=\"Nem\u00e1 vliv na pod\u00edl vlastnictv\u00ed a tedy ani na \u0159\u00edzen\u00ed spole\u010dnosti\">Nem\u00e1 vliv na pod\u00edl vlastnictv\u00ed a tedy ani na \u0159\u00edzen\u00ed spole\u010dnosti<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Moznost_ziskani_duvery\" title=\"Mo\u017enost z\u00edsk\u00e1n\u00ed d\u016fv\u011bry\">Mo\u017enost z\u00edsk\u00e1n\u00ed d\u016fv\u011bry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Moznost_danovych_uspor\" title=\"Mo\u017enost da\u0148ov\u00fdch \u00faspor\">Mo\u017enost da\u0148ov\u00fdch \u00faspor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Snadne_ziskani_financi\" title=\"Snadn\u00e9 z\u00edsk\u00e1n\u00ed financ\u00ed\">Snadn\u00e9 z\u00edsk\u00e1n\u00ed financ\u00ed<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Nevyhody_dluhoveho_financovani\" title=\"Nev\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed\">Nev\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Zvyseni_dluhu_v_rozvaze\" title=\"Zv\u00fd\u0161en\u00ed dluhu v rozvaze\">Zv\u00fd\u0161en\u00ed dluhu v rozvaze<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Potreba_splaceni\" title=\"Pot\u0159eba spl\u00e1cen\u00ed\">Pot\u0159eba spl\u00e1cen\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Potreba_platit_uroky\" title=\"Pot\u0159eba platit \u00faroky\">Pot\u0159eba platit \u00faroky<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#O_financovani_z_vlastnich_zdroju_Equity_finance\" title=\"O financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f (Equity finance)\">O financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f (Equity finance)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Vyhody_financovani_z_vlastnich_zdroju\" title=\"V\u00fdhody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f\">V\u00fdhody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Neni_treba_platit_uroky\" title=\"Nen\u00ed t\u0159eba platit \u00faroky\">Nen\u00ed t\u0159eba platit \u00faroky<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Neni_treba_splacet\" title=\"Nen\u00ed t\u0159eba spl\u00e1cet\">Nen\u00ed t\u0159eba spl\u00e1cet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Zvyseni_kapitalu_muze_posilit_financni_strukturu\" title=\"Zv\u00fd\u0161en\u00ed kapit\u00e1lu m\u016f\u017ee pos\u00edlit finan\u010dn\u00ed strukturu\">Zv\u00fd\u0161en\u00ed kapit\u00e1lu m\u016f\u017ee pos\u00edlit finan\u010dn\u00ed strukturu<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Nevyhody_financovani_z_vlastnich_zdroju\" title=\"Nev\u00fdhody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f\">Nev\u00fdhody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Muze_ovlivnit_rizeni_spolecnosti\" title=\"M\u016f\u017ee ovlivnit \u0159\u00edzen\u00ed spole\u010dnosti\">M\u016f\u017ee ovlivnit \u0159\u00edzen\u00ed spole\u010dnosti<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Ziskani_financnich_prostredku_nemusi_byt_snadne\" title=\"Z\u00edsk\u00e1n\u00ed finan\u010dn\u00edch prost\u0159edk\u016f nemus\u00ed b\u00fdt snadn\u00e9\">Z\u00edsk\u00e1n\u00ed finan\u010dn\u00edch prost\u0159edk\u016f nemus\u00ed b\u00fdt snadn\u00e9<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/method-of-raising-funds-for-stock-company\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznosti_ziskani_financi\"><\/span>Mo\u017enosti z\u00edsk\u00e1n\u00ed financ\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Mo\u017enosti z\u00edsk\u00e1n\u00ed financ\u00ed lze obecn\u011b rozd\u011blit do n\u00e1sleduj\u00edc\u00edch kategori\u00ed:<\/p>\n\n\n\n<ul>\n<li> Z\u00edsk\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm prodeje majetku akciov\u00e9 spole\u010dnosti atd. (Asset Finance)<\/li>\n\n\n\n<li> Z\u00edsk\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm p\u016fj\u010dky pen\u011bz (Debt Finance)<\/li>\n\n\n\n<li> Z\u00edsk\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm investic od investor\u016f jako jsou nap\u0159\u00edklad VC (Equity Finance)<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_financovani_aktiv_Asset_finance\"><\/span>O financov\u00e1n\u00ed aktiv (Asset finance)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/01\/shutterstock_1220527444-1024x683.jpg\" alt=\"\" class=\"wp-image-6838\" \/><figcaption class=\"wp-element-caption\">V\u00fdhody a nev\u00fdhody financov\u00e1n\u00ed aktiv<\/figcaption><\/figure>\n\n\n\n<p>Financov\u00e1n\u00ed aktiv je metoda z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed pro akciov\u00e9 spole\u010dnosti, jako jsou startupy, prost\u0159ednictv\u00edm prodeje majetku spole\u010dnosti. Majetek, kter\u00fd m\u016f\u017ee b\u00fdt zva\u017eov\u00e1n pro prodej v r\u00e1mci financov\u00e1n\u00ed aktiv, zahrnuje nemovitosti, cenn\u00e9 pap\u00edry, z\u00e1soby zbo\u017e\u00ed, pohled\u00e1vky v\u016f\u010di klient\u016fm, stroje a za\u0159\u00edzen\u00ed, vozidla, autorsk\u00e1 pr\u00e1va nebo patenty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_financovani_aktiv\"><\/span>V\u00fdhody financov\u00e1n\u00ed aktiv<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_snizeni_nakladu_na_ziskani_financi\"><\/span>Mo\u017enost sn\u00ed\u017een\u00ed n\u00e1klad\u016f na z\u00edsk\u00e1n\u00ed financ\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jednou z v\u00fdhod financov\u00e1n\u00ed aktiv je, \u017ee m\u016f\u017ee sn\u00ed\u017eit n\u00e1klady na z\u00edsk\u00e1n\u00ed financ\u00ed. Kdy\u017e prod\u00e1v\u00e1te majetek, n\u00e1klady na prodej nejsou vysok\u00e9, tak\u017ee m\u016f\u017eete u\u0161et\u0159it na n\u00e1kladech na z\u00edsk\u00e1n\u00ed financ\u00ed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_zvyseni_hodnoty_spolecnosti\"><\/span>Mo\u017enost zv\u00fd\u0161en\u00ed hodnoty spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dal\u0161\u00ed v\u00fdhodou financov\u00e1n\u00ed aktiv je, \u017ee m\u016f\u017eete sn\u00ed\u017eit c\u00edlov\u00fd majetek na v\u00fdkazech zisku a ztr\u00e1ty a zv\u00fd\u0161it hotovost a vklady. To m\u016f\u017ee v\u00e9st k zv\u00fd\u0161en\u00ed hodnoty spole\u010dnosti.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nevyhody_financovani_aktiv\"><\/span>Nev\u00fdhody financov\u00e1n\u00ed aktiv<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Neni_mozne_provest_pokud_neexistuji_zadne_aktiva_ktere_lze_premenit_na_penize\"><\/span>Nen\u00ed mo\u017en\u00e9 prov\u00e9st, pokud neexistuj\u00ed \u017e\u00e1dn\u00e9 aktiva, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jednou z nev\u00fdhod financov\u00e1n\u00ed aktiv je, \u017ee pokud neexistuj\u00ed \u017e\u00e1dn\u00e9 aktiva, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze, nelze to prov\u00e9st. Proto je to metoda z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed, kter\u00e1 m\u016f\u017ee b\u00fdt obt\u00ed\u017en\u00e1 pro startupy a podobn\u00e9 spole\u010dnosti s omezen\u00fdmi aktivy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyber_aktiv_ktere_lze_premenit_na_penize_je_obtizny\"><\/span>V\u00fdb\u011br aktiv, kter\u00e9 lze p\u0159em\u011bnit na pen\u00edze, je obt\u00ed\u017en\u00fd<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>D\u00e1le, pokud se p\u0159\u00edli\u0161 zam\u011b\u0159\u00edte na z\u00edsk\u00e1n\u00ed financ\u00ed, m\u016f\u017eete skon\u010dit prodejem aktiv, kter\u00e1 byste nem\u011bli prod\u00e1vat. Proto je d\u016fle\u017eit\u00e9 pe\u010dliv\u011b zv\u00e1\u017eit, zda existuj\u00ed aktiva, kter\u00e1 mohou b\u00fdt prod\u00e1na, a pokud ano, zda jsou to skute\u010dn\u011b aktiva, kter\u00e1 mohou b\u00fdt prod\u00e1na, p\u0159i prov\u00e1d\u011bn\u00ed financov\u00e1n\u00ed aktiv.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_dluhovem_financovani_Debt_finance\"><\/span>O dluhov\u00e9m financov\u00e1n\u00ed (Debt finance)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Dluhov\u00e9 financov\u00e1n\u00ed znamen\u00e1 z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm dluhu (Debt), jako je p\u016fj\u010dka od banky nebo vyd\u00e1n\u00ed dluhopis\u016f. Vyd\u00e1n\u00ed syndikovan\u00fdch p\u016fj\u010dek nebo soukrom\u00fdch dluhopis\u016f lze tak\u00e9 pova\u017eovat za p\u0159\u00edklad dluhov\u00e9ho financov\u00e1n\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_dluhoveho_financovani\"><\/span>V\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Jako v\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed lze uv\u00e9st n\u00e1sleduj\u00edc\u00ed body.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nema_vliv_na_podil_vlastnictvi_a_tedy_ani_na_rizeni_spolecnosti\"><\/span>Nem\u00e1 vliv na pod\u00edl vlastnictv\u00ed a tedy ani na \u0159\u00edzen\u00ed spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jak vysv\u011btl\u00edme pozd\u011bji, u financov\u00e1n\u00ed vlastn\u00edm kapit\u00e1lem (equity finance) m\u016f\u017ee doj\u00edt k vyd\u00e1n\u00ed akci\u00ed, co\u017e m\u016f\u017ee v\u00e9st ke zm\u011bn\u00e1m v pod\u00edlu vlastnictv\u00ed a tedy i k ovlivn\u011bn\u00ed \u0159\u00edzen\u00ed spole\u010dnosti. Na druhou stranu, u dluhov\u00e9ho financov\u00e1n\u00ed, kter\u00e9 z\u00edsk\u00e1v\u00e1 finance prost\u0159ednictv\u00edm dluhu, nedoch\u00e1z\u00ed ke zm\u011bn\u00e1m v pod\u00edlu vlastnictv\u00ed a tedy ani k ovlivn\u011bn\u00ed \u0159\u00edzen\u00ed spole\u010dnosti. Pro veden\u00ed spole\u010dnosti je to v\u00fdhoda, proto\u017ee mohou provozovat svobodn\u00e9 \u0159\u00edzen\u00ed bez ovlivn\u011bn\u00ed \u0159\u00edzen\u00ed spole\u010dnosti v d\u016fsledku z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_ziskani_duvery\"><\/span>Mo\u017enost z\u00edsk\u00e1n\u00ed d\u016fv\u011bry<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dluhov\u00e9 financov\u00e1n\u00ed znamen\u00e1 z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm dluhu, tak\u017ee je samoz\u0159ejm\u00e9, \u017ee spole\u010dnost mus\u00ed spl\u00e1cet. Pokud spole\u010dnost \u0159\u00e1dn\u011b spl\u00e1c\u00ed dluh, kter\u00fd si vzala prost\u0159ednictv\u00edm dluhov\u00e9ho financov\u00e1n\u00ed, m\u016f\u017ee to v\u00e9st k d\u016fv\u011b\u0159e, \u017ee spole\u010dnost bude \u0159\u00e1dn\u011b spl\u00e1cet. V d\u016fsledku toho se m\u016f\u017ee st\u00e1t, \u017ee p\u0159i \u017e\u00e1dosti o velk\u00e9 p\u016fj\u010dky od finan\u010dn\u00edch instituc\u00ed bude snaz\u0161\u00ed z\u00edskat schv\u00e1len\u00ed, co\u017e je pro spole\u010dnost v\u00fdhodou.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_danovych_uspor\"><\/span>Mo\u017enost da\u0148ov\u00fdch \u00faspor<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>U dluhov\u00e9ho financov\u00e1n\u00ed je obvykl\u00e9, \u017ee se plat\u00ed \u00faroky poskytovateli financ\u00ed. \u00daroky placen\u00e9 p\u0159i dluhov\u00e9m financov\u00e1n\u00ed lze v \u00fa\u010detnictv\u00ed zpracovat jako n\u00e1klady, tak\u017ee lze o\u010dek\u00e1vat, \u017ee dan\u011b budou ni\u017e\u0161\u00ed, co\u017e je pro spole\u010dnost v\u00fdhodou, pokud se zam\u011b\u0159\u00edme pouze na da\u0148ov\u00e9 aspekty.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Snadne_ziskani_financi\"><\/span>Snadn\u00e9 z\u00edsk\u00e1n\u00ed financ\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Nejprve, z pohledu poskytovatele financ\u00ed, mohou posoudit \u010d\u00e1stku financ\u00ed, kterou poskytnou, na z\u00e1klad\u011b d\u016fv\u011bryhodnosti spole\u010dnosti, tak\u017ee mohou z\u00edskat finance bez velk\u00e9ho rizika.<br>Toto sni\u017euje riziko pro poskytovatele financ\u00ed, co\u017e usnad\u0148uje rozhodov\u00e1n\u00ed o poskytnut\u00ed financ\u00ed, a spole\u010dnost m\u016f\u017ee snadno naj\u00edt poskytovatele financ\u00ed. Proto je u dluhov\u00e9ho financov\u00e1n\u00ed snadn\u00e9 z\u00edskat finance, co\u017e je jeho v\u00fdhodou.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nevyhody_dluhoveho_financovani\"><\/span>Nev\u00fdhody dluhov\u00e9ho financov\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zvyseni_dluhu_v_rozvaze\"><\/span>Zv\u00fd\u0161en\u00ed dluhu v rozvaze<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jak bylo vysv\u011btleno v\u00fd\u0161e, dluhov\u00e9 financov\u00e1n\u00ed m\u016f\u017ee v\u00e9st k da\u0148ov\u00fdm \u00faspor\u00e1m, ale na druhou stranu, v rozvaze se zvy\u0161uje dluh. A\u0165 u\u017e v\u00edce \u010di m\u00e9n\u011b, spole\u010dnosti maj\u00ed dluh, ale pokud je pom\u011br dluhu p\u0159\u00edli\u0161 vysok\u00fd, m\u016f\u017ee to na \u010d\u00edslech vypadat, jako by \u0159\u00edzen\u00ed spole\u010dnosti nebylo \u00fasp\u011b\u0161n\u00e9. Proto je zv\u00fd\u0161en\u00ed dluhu v rozvaze v d\u016fsledku dluhov\u00e9ho financov\u00e1n\u00ed nev\u00fdhodou dluhov\u00e9ho financov\u00e1n\u00ed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Potreba_splaceni\"><\/span>Pot\u0159eba spl\u00e1cen\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jak vysv\u011btl\u00edme pozd\u011bji, u financov\u00e1n\u00ed vlastn\u00edm kapit\u00e1lem (equity finance) spole\u010dnost z\u00edsk\u00e1v\u00e1 finance ne jako p\u016fj\u010dku, ale jako investici. Proto nen\u00ed t\u0159eba vr\u00e1tit samotn\u00e9 pen\u00edze, kter\u00e9 byly poskytnuty, i kdy\u017e m\u016f\u017ee doj\u00edt k distribuci zisku nebo k distribuci zbytkov\u00e9ho majetku p\u0159i likvidaci spole\u010dnosti. Na druhou stranu, dluhov\u00e9 financov\u00e1n\u00ed je p\u016fj\u010dka, nikoli investice, tak\u017ee je t\u0159eba vr\u00e1tit poskytnut\u00e9 finance. Toto je pro spole\u010dnost nev\u00fdhodou.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Potreba_platit_uroky\"><\/span>Pot\u0159eba platit \u00faroky<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Je obvykl\u00e9, \u017ee na dluh vznikl\u00fd dluhov\u00fdm financov\u00e1n\u00edm se plat\u00ed \u00faroky. Proto je t\u0159eba zaplatit v\u00edce pen\u011bz ne\u017e je v\u00fd\u0161e z\u00edskan\u00fdch financ\u00ed. Tato pot\u0159eba platit \u00faroky je pro spole\u010dnost nev\u00fdhodou.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_financovani_z_vlastnich_zdroju_Equity_finance\"><\/span>O financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f (Equity finance)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/01\/shutterstock_313380698-1024x683.jpg\" alt=\"\" class=\"wp-image-6839\" \/><figcaption class=\"wp-element-caption\">N\u00e1sleduj\u00edc\u00ed text vysv\u011btluje financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f.<\/figcaption><\/figure>\n\n\n\n<p>Financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f znamen\u00e1, \u017ee akciov\u00e1 spole\u010dnost vyd\u00e1v\u00e1 nov\u00e9 akcie, kter\u00e9 jsou p\u0159id\u011bleny investor\u016fm, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy (VC), a t\u00edm z\u00edsk\u00e1v\u00e1 finan\u010dn\u00ed prost\u0159edky. Mezi hlavn\u00ed metody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f pat\u0159\u00ed ve\u0159ejn\u00e1 nab\u00eddka, zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm p\u0159id\u011blen\u00ed akci\u00ed st\u00e1vaj\u00edc\u00edm akcion\u00e1\u0159\u016fm, zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm p\u0159id\u011blen\u00ed akci\u00ed t\u0159et\u00edm stran\u00e1m a vyd\u00e1n\u00ed dluhopis\u016f s pr\u00e1vem na konverzi do nov\u00fdch akci\u00ed.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-shares-provision\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-shares-provision[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_financovani_z_vlastnich_zdroju\"><\/span>V\u00fdhody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Neni_treba_platit_uroky\"><\/span>Nen\u00ed t\u0159eba platit \u00faroky<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V p\u0159\u00edpad\u011b financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f nejde o p\u016fj\u010den\u00ed pen\u011bz, tak\u017ee nen\u00ed t\u0159eba platit \u00faroky. Pokud by bylo t\u0159eba platit \u00faroky, mohlo by to pro akciovou spole\u010dnost znamenat n\u00e1kladn\u00fd zp\u016fsob z\u00edsk\u00e1n\u00ed finan\u010dn\u00edch prost\u0159edk\u016f. Proto je absence nutnosti platit \u00faroky jednou z v\u00fdhod financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Neni_treba_splacet\"><\/span>Nen\u00ed t\u0159eba spl\u00e1cet<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V p\u0159\u00edpad\u011b financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f nejde o p\u016fj\u010den\u00ed pen\u011bz, tak\u017ee nen\u00ed t\u0159eba spl\u00e1cet z\u00edskan\u00e9 finan\u010dn\u00ed prost\u0159edky. D\u00edky tomu m\u016f\u017ee akciov\u00e1 spole\u010dnost udr\u017eet sv\u00e9 aktiva, co\u017e je dal\u0161\u00ed v\u00fdhodou financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zvyseni_kapitalu_muze_posilit_financni_strukturu\"><\/span>Zv\u00fd\u0161en\u00ed kapit\u00e1lu m\u016f\u017ee pos\u00edlit finan\u010dn\u00ed strukturu<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V p\u0159\u00edpad\u011b financov\u00e1n\u00ed z ciz\u00edch zdroj\u016f (debt finance) by se, jak jsme ji\u017e vysv\u011btlili, zv\u00fd\u0161ila pasiva na rozvaze. U financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f se naopak z\u00edskan\u00e9 finan\u010dn\u00ed prost\u0159edky st\u00e1vaj\u00ed kapit\u00e1lem akciov\u00e9 spole\u010dnosti, co\u017e m\u016f\u017ee pos\u00edlit jej\u00ed finan\u010dn\u00ed strukturu a vytvo\u0159it dojem \u00fasp\u011b\u0161n\u00e9ho podnik\u00e1n\u00ed. To m\u016f\u017ee zv\u00fd\u0161it d\u016fv\u011bru obchodn\u00edch partner\u016f a finan\u010dn\u00edch instituc\u00ed v danou spole\u010dnost. Proto je pos\u00edlen\u00ed finan\u010dn\u00ed struktury dal\u0161\u00ed v\u00fdhodou financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nevyhody_financovani_z_vlastnich_zdroju\"><\/span>Nev\u00fdhody financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Muze_ovlivnit_rizeni_spolecnosti\"><\/span>M\u016f\u017ee ovlivnit \u0159\u00edzen\u00ed spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V p\u0159\u00edpad\u011b financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f je t\u0159eba vyd\u00e1vat akcie pro investory, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy (VC). To m\u016f\u017ee v\u00e9st ke zm\u011bn\u011b pod\u00edlu na vlastnick\u00e9m kapit\u00e1lu a ovlivnit tak \u0159\u00edzen\u00ed spole\u010dnosti. To je jednou z nev\u00fdhod financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ziskani_financnich_prostredku_nemusi_byt_snadne\"><\/span>Z\u00edsk\u00e1n\u00ed finan\u010dn\u00edch prost\u0159edk\u016f nemus\u00ed b\u00fdt snadn\u00e9<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V p\u0159\u00edpad\u011b financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f poskytuj\u00ed investo\u0159i pen\u00edze ne jako p\u016fj\u010dku, ale jako investici. To znamen\u00e1, \u017ee mus\u00ed zv\u00e1\u017eit rizika spojen\u00e1 s investic\u00ed, co\u017e m\u016f\u017ee v\u00e9st k tomu, \u017ee nebudou ochotni poskytnout finan\u010dn\u00ed prost\u0159edky tak snadno. To m\u016f\u017ee zt\u00ed\u017eit z\u00edsk\u00e1n\u00ed finan\u010dn\u00edch prost\u0159edk\u016f pro stranu, kter\u00e1 je pot\u0159ebuje, co\u017e je dal\u0161\u00ed nev\u00fdhodou financov\u00e1n\u00ed z vlastn\u00edch zdroj\u016f.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-and-shareholder-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-and-shareholder-agreement[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili metody z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu pro akciov\u00e9 spole\u010dnosti. Pro akciov\u00e9 spole\u010dnosti je cash flow velmi d\u016fle\u017eitou ot\u00e1zkou. Proto je d\u016fle\u017eit\u00e9 spr\u00e1vn\u011b vybrat metody z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu, kter\u00e9 jsme p\u0159edstavili v tomto \u010dl\u00e1nku, a prov\u00e9st z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu. Ka\u017ed\u00e1 metoda z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu m\u00e1 sv\u00e9 v\u00fdhody a nev\u00fdhody, tak\u017ee je d\u016fle\u017eit\u00e9 dob\u0159e porozum\u011bt v\u00fdhod\u00e1m a nev\u00fdhod\u00e1m ka\u017ed\u00e9 metody z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu. Pokud maj\u00ed mana\u017ee\u0159i akciov\u00fdch spole\u010dnost\u00ed obavy ohledn\u011b zp\u016fsobu z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu, m\u011bli by se poradit s odborn\u00edky, jako jsou pr\u00e1vn\u00edci.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mysl\u00edm, \u017ee \u010dasto si p\u0159edstavujeme, \u017ee metoda, kterou akciov\u00e9 spole\u010dnosti, jako jsou startupy, pou\u017e\u00edvaj\u00ed k z\u00edsk\u00e1n\u00ed financ\u00ed, spo\u010d\u00edv\u00e1 v p\u0159ij\u00edm\u00e1n\u00ed investic od investor\u016f, jako jsou VC, a vyd\u00e1v\u00e1n\u00ed vlastn\u00edch [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61367"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61367"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61367\/revisions"}],"predecessor-version":[{"id":63290,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61367\/revisions\/63290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63289"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}