Internal resources and some new accesses to investment's financing

Interní zdroje a některé nové přístupy k financování podnikových investic

Josef Valach

Český finanční a účetní časopis, 2006, vol. 2006, issue 1, 62-73

Abstract: Firm's financial resources must be characterized in other way than resources included to liability of balance sheet. Financial resources are created by total receipts, increase of equity and debt capital, subsidies and leasing. Internal resources of firm include not only its profit, but total receipts, inclusive deprecation. Internal resources are the dominating investment's resources in majority of non-financial firms in foreign countries, also in Czech Republic. Depreciation plays the crucial share in internal resources of investment. Cost of depreciation, as the resource of long-term financing, is determined by average firm's cost of capital. In world practice of project's financing in last years is often used Public Private Partnership system. This system is expected to create the stronger pressure on timely project's implementation and on cost savings. Necessary condition of its application is the high quality contract between state and private firms, improvement of planning and reporting of public debt and also consistent control on project's implementation.

Keywords: Financial resources; Internal recourses; Depreciation; Project financing; Finanční zdroje; Interní zdroje; Odpisy; Financování projektů (search for similar items in EconPapers)
JEL-codes: G31 (search for similar items in EconPapers)
Date: 2006
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DOI: 10.18267/j.cfuc.123

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