03758ntm a22005417a 4500 000237051 CZ-PrVSE 20130605071140.0 m d cr n|||||||||| 130605s2013 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 Gajdošech, Martin ISIS:55085 dis Mechanizmy upravy kupnej ceny eng Purchase Price Mechanisms [elektronický zdroj] / Martin Gajdošech 2013 ?? s. : digital, PDF soubor Vedoucí práce: Luboš Smrčka Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta podnikohospodářská, 2013 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2013 My diploma thesis focuses on the M&A transaction closing mechanisms. Their function is to reflect the value changes of the target company into the purchase price. Value change occurs during the time lag between the date of the financial statements and the date of the transaction closing. Throughout history, there have been two major approaches developed. The "Completion Accounts Mechanism" uses post-completion price adjustments to reflect the change of the net working capital and net debt during the interim period. The "Locked Box Mechanism", using fixed price, assures non-fluctuation of target value in the interim period by imposing strict restrictions on the seller's activities. In this research, I have analyzed 44 transactions closed in the Czech Republic. I have challenged the theoretical foundations and described the application of the mechanisms in practice. At the end, I have compared the Czech and European practices. Thesis findings: 1. All the theoretical features of the mechanisms were proven by an analyzed sample of closed transactions. The completion accounts mechanism is buyer-friendly, while the locked box is a seller-friendly mechanism. 2. The main driver in mechanism selection is bargaining power. Buyers were in a better negotiating position in 69% of the completion account transactions. On the contrary, the sellers had bargaining power in 100% of the locked box transactions. 3. The Czech Republic is an environment where buyers (big multinational companies) dominate. They have preferred the completion account mechanism that provides them with higher protection from value leakage or other risks associated with small CEE economies. A total of 91% of analyzed transactions were executed by the completion account mechanism in the Czech Republic between 2011 and 2012. Způsob přístupu: Internet podniková ekonomika a management [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas Completion Mechanisms Price Box Locked Purchase Accounts Smrčka, Luboš ola2007404644 ths Strouhal, Jiří, 1980- mzk2005300655 opn Vysoká škola ekonomická v Praze. Podnikohospodářská fakulta kn20010709402 https://isis.vse.cz/zp/39933/podrobnosti VŠKP v InSIS https://isis.vse.cz/zp/39933 Hlavní práce https://isis.vse.cz/zp/39933/posudek/vedouci Hodnocení vedoucího https://isis.vse.cz/zp/39933/posudek/oponent/31167 Oponentura http://isis.vse.cz/zp/115531/podrobnosti dc:identifier NEPOSILAT VSKP 115531 vse39933 130605