{"id":25204,"date":"2023-04-06T00:00:00","date_gmt":"2023-04-06T00:00:00","guid":{"rendered":"http:\/\/soubory.info\/znalost\/strategie-vypoctu-diskontni-sazby-z-vykazu-peneznich-toku\/"},"modified":"2023-04-06T00:00:00","modified_gmt":"2023-04-06T00:00:00","slug":"strategie-vypoctu-diskontni-sazby-z-vykazu-peneznich-toku","status":"publish","type":"post","link":"https:\/\/soubory.info\/znalost\/strategie-vypoctu-diskontni-sazby-z-vykazu-peneznich-toku\/","title":{"rendered":"Strategie v\u00fdpo\u010dtu diskontn\u00ed sazby z v\u00fdkazu pen\u011b\u017en\u00edch tok\u016f"},"content":{"rendered":"
\n
<\/div>\n

V\u00fdkazy pen\u011b\u017en\u00edch tok\u016f poskytuj\u00ed ucelen\u00fd p\u0159ehled o p\u0159\u00edtoc\u00edch a odtoc\u00edch pen\u011bz za ur\u010dit\u00e9 obdob\u00ed. Je to u\u017eite\u010dn\u00fd n\u00e1stroj pro podniky, proto\u017ee jim umo\u017e\u0148uje \u010dinit informovan\u00e1 rozhodnut\u00ed o tom, jak alokovat sv\u00e9 zdroje. Pro co nejlep\u0161\u00ed rozhodov\u00e1n\u00ed je d\u016fle\u017eit\u00e9 porozum\u011bt pojmu diskontn\u00ed sazba. Diskontn\u00ed sazba je m\u011b\u0159\u00edtkem o\u010dek\u00e1van\u00e9ho v\u00fdnosu z pen\u011b\u017en\u00edho toku a vypo\u010d\u00edt\u00e1v\u00e1 se s ohledem na \u010dasovou hodnotu pen\u011bz a riziko spojen\u00e9 s konkr\u00e9tn\u00edm pen\u011b\u017en\u00edm tokem. <\/p>\n

<\/div>\n

1. Porozum\u011bn\u00ed v\u00fdkazu pen\u011b\u017en\u00edch tok\u016f: P\u0159ehled <\/p>\n

<\/div>\n

V\u00fdkaz pen\u011b\u017en\u00edch tok\u016f poskytuje p\u0159ehled o p\u0159\u00edtoc\u00edch a odtoc\u00edch pen\u011bz za ur\u010dit\u00e9 \u010dasov\u00e9 obdob\u00ed. V\u00fdkaz je rozd\u011blen do t\u0159\u00ed kategori\u00ed: provozn\u00ed \u010dinnost, investi\u010dn\u00ed \u010dinnost a finan\u010dn\u00ed \u010dinnost. Provozn\u00ed \u010dinnosti zahrnuj\u00ed p\u0159\u00edjmy a v\u00fddaje souvisej\u00edc\u00ed s ka\u017edodenn\u00ed \u010dinnost\u00ed podniku. Investi\u010dn\u00ed \u010dinnosti zahrnuj\u00ed n\u00e1kup a prodej dlouhodob\u00fdch aktiv. Finan\u010dn\u00ed \u010dinnosti zahrnuj\u00ed z\u00edsk\u00e1v\u00e1n\u00ed finan\u010dn\u00edch prost\u0159edk\u016f z dluhov\u00fdch nebo kapit\u00e1lov\u00fdch zdroj\u016f. <\/p>\n

<\/div>\n

2. Zkoum\u00e1n\u00ed prvk\u016f v\u00fdkazu pen\u011b\u017en\u00edch tok\u016f <\/p>\n

<\/div>\n

V\u00fdkaz pen\u011b\u017en\u00edch tok\u016f se skl\u00e1d\u00e1 z n\u011bkolika prvk\u016f, jako jsou p\u0159ijat\u00e9 pen\u00edze, zaplacen\u00e9 pen\u00edze, \u010dist\u00fd pen\u011b\u017en\u00ed tok a provozn\u00ed pen\u011b\u017en\u00ed tok. Prvky p\u0159ijat\u00e9 a placen\u00e9 pen\u011b\u017en\u00ed prost\u0159edky se t\u00fdkaj\u00ed p\u0159\u00edlivu, resp. odlivu pen\u011bz. \u010cist\u00fd pen\u011b\u017en\u00ed tok je rozd\u00edl mezi p\u0159ijat\u00fdmi a zaplacen\u00fdmi pen\u011b\u017en\u00edmi prost\u0159edky. Provozn\u00ed pen\u011b\u017en\u00ed tok p\u0159edstavuje p\u0159\u00edliv a odliv pen\u011bz souvisej\u00edc\u00ed s ka\u017edodenn\u00ed \u010dinnost\u00ed podniku. <\/p>\n

<\/div>\n

3. Ur\u010den\u00ed relevantn\u00edch slo\u017eek pen\u011b\u017en\u00edch tok\u016f <\/p>\n

<\/div>\n

P\u0159i v\u00fdpo\u010dtu diskontn\u00ed sazby je d\u016fle\u017eit\u00e9 ur\u010dit relevantn\u00ed slo\u017eky pen\u011b\u017en\u00edch tok\u016f. Nejd\u016fle\u017eit\u011bj\u0161\u00edmi slo\u017ekami jsou provozn\u00ed pen\u011b\u017en\u00ed toky, investi\u010dn\u00ed pen\u011b\u017en\u00ed toky a finan\u010dn\u00ed pen\u011b\u017en\u00ed toky. Provozn\u00ed pen\u011b\u017en\u00ed toky se t\u00fdkaj\u00ed p\u0159\u00edlivu a odlivu pen\u011bz souvisej\u00edc\u00edch s ka\u017edodenn\u00ed \u010dinnost\u00ed podniku. Investi\u010dn\u00ed pen\u011b\u017en\u00ed toky se t\u00fdkaj\u00ed p\u0159\u00edlivu a odlivu pen\u011bz v souvislosti s n\u00e1kupem a prodejem dlouhodob\u00e9ho majetku. Finan\u010dn\u00ed pen\u011b\u017en\u00ed toky se t\u00fdkaj\u00ed p\u0159\u00edlivu a odlivu pen\u011b\u017en\u00edch prost\u0159edk\u016f souvisej\u00edc\u00edch se z\u00edsk\u00e1n\u00edm finan\u010dn\u00edch prost\u0159edk\u016f z dluhov\u00fdch nebo kapit\u00e1lov\u00fdch zdroj\u016f. <\/p>\n

<\/div>\n

4. V\u00fdpo\u010det diskontn\u00ed sazby z provozn\u00edch pen\u011b\u017en\u00edch tok\u016f <\/p>\n

<\/div>\n

Diskontn\u00ed sazbu z provozn\u00edch pen\u011b\u017en\u00edch tok\u016f lze ur\u010dit ode\u010dten\u00edm n\u00e1klad\u016f na kapit\u00e1l od m\u00edry v\u00fdnosnosti provozn\u00edch pen\u011b\u017en\u00edch tok\u016f. N\u00e1klady na kapit\u00e1l jsou m\u00edrou n\u00e1vratnosti pot\u0159ebnou ke kompenzaci rizika spojen\u00e9ho s ur\u010dit\u00fdm pen\u011b\u017en\u00edm tokem. M\u00edra v\u00fdnosnosti provozn\u00edch pen\u011b\u017en\u00edch tok\u016f se stanov\u00ed vyd\u011blen\u00edm \u010d\u00e1stky pen\u011bz vytvo\u0159en\u00fdch z provozn\u00ed \u010dinnosti celkovou \u010d\u00e1stkou pen\u011bz investovan\u00fdch do provozn\u00ed \u010dinnosti. <\/p>\n

<\/div>\n

5. V\u00fdpo\u010det diskontn\u00ed sazby z investi\u010dn\u00edch pen\u011b\u017en\u00edch tok\u016f <\/p>\n

<\/div>\n

Diskontn\u00ed sazbu z investi\u010dn\u00edch pen\u011b\u017en\u00edch tok\u016f lze ur\u010dit ode\u010dten\u00edm m\u00edry v\u00fdnosnosti z investi\u010dn\u00ed \u010dinnosti od bezrizikov\u00e9 sazby. M\u00edra v\u00fdnosnosti z investi\u010dn\u00ed \u010dinnosti se ur\u010d\u00ed vyd\u011blen\u00edm \u010d\u00e1stky pen\u011bz z\u00edskan\u00fdch z investi\u010dn\u00ed \u010dinnosti celkovou \u010d\u00e1stkou pen\u011bz investovan\u00fdch do investi\u010dn\u00ed \u010dinnosti. Bezrizikov\u00e1 m\u00edra je m\u00edra v\u00fdnosnosti, kter\u00e1 by byla dosa\u017eena, kdyby neexistovalo \u017e\u00e1dn\u00e9 riziko. <\/p>\n

<\/div>\n

6. V\u00fdpo\u010det diskontn\u00ed sazby z finan\u010dn\u00edch pen\u011b\u017en\u00edch tok\u016f <\/p>\n

<\/div>\n

Diskontn\u00ed sazbu z finan\u010dn\u00edch pen\u011b\u017en\u00edch tok\u016f lze ur\u010dit ode\u010dten\u00edm n\u00e1klad\u016f na dluh od m\u00edry v\u00fdnosnosti finan\u010dn\u00edch \u010dinnost\u00ed. N\u00e1klady na dluh jsou m\u00edrou v\u00fdnosnosti, kter\u00e1 je nutn\u00e1 ke kompenzaci rizika spojen\u00e9ho s vyp\u016fj\u010den\u00edm pen\u011bz. M\u00edra v\u00fdnosnosti z finan\u010dn\u00ed \u010dinnosti se ur\u010d\u00ed vyd\u011blen\u00edm pen\u011b\u017en\u00ed \u010d\u00e1stky z\u00edskan\u00e9 z finan\u010dn\u00ed \u010dinnosti celkovou \u010d\u00e1stkou pen\u011bz investovan\u00fdch do finan\u010dn\u00ed \u010dinnosti. <\/p>\n

<\/div>\n

7. Pou\u017eit\u00ed pr\u016fm\u011brn\u00e9 diskontn\u00ed sazby <\/p>\n

<\/div>\n

Po stanoven\u00ed diskontn\u00edch sazeb pro provozn\u00ed, investi\u010dn\u00ed a finan\u010dn\u00ed pen\u011b\u017en\u00ed toky lze vypo\u010d\u00edtat pr\u016fm\u011brnou diskontn\u00ed sazbu v\u00e1\u017een\u00fdm pr\u016fm\u011brem t\u011bchto t\u0159\u00ed sazeb. V\u00e1hy jednotliv\u00fdch sazeb by m\u011bly vych\u00e1zet z relativn\u00ed d\u016fle\u017eitosti dan\u00fdch pen\u011b\u017en\u00edch tok\u016f. <\/p>\n

<\/div>\n

8. Faktory, kter\u00e9 je t\u0159eba vz\u00edt v \u00favahu p\u0159i v\u00fdpo\u010dtu diskontn\u00ed sazby <\/p>\n

<\/div>\n

P\u0159i v\u00fdpo\u010dtu diskontn\u00ed sazby z v\u00fdkazu pen\u011b\u017en\u00edch tok\u016f je d\u016fle\u017eit\u00e9 vz\u00edt v \u00favahu r\u016fzn\u00e9 faktory, jako jsou n\u00e1klady na kapit\u00e1l, bezrizikov\u00e1 sazba, m\u00edra n\u00e1vratnosti pen\u011b\u017en\u00edch tok\u016f a v\u00e1hy jednotliv\u00fdch pen\u011b\u017en\u00edch tok\u016f. Krom\u011b toho je d\u016fle\u017eit\u00e9 si uv\u011bdomit, \u017ee diskontn\u00ed sazba je pouze odhadem o\u010dek\u00e1van\u00e9 n\u00e1vratnosti pen\u011b\u017en\u00edch tok\u016f a nem\u011bla by slou\u017eit jako z\u00e1klad pro rozhodov\u00e1n\u00ed. <\/p><\/div>\n

\n
FAQ<\/div>\n
\n
Co je to diskontn\u00ed sazba p\u0159i anal\u00fdze diskontovan\u00fdch pen\u011b\u017en\u00edch tok\u016f?<\/div>\n

Diskontn\u00ed sazba je m\u00edra n\u00e1vratnosti, kterou spole\u010dnost po\u017eaduje u sv\u00fdch investic, aby se j\u00ed anal\u00fdza diskontovan\u00fdch pen\u011b\u017en\u00edch tok\u016f vyplatila. Tato sazba se pou\u017e\u00edv\u00e1 k diskontov\u00e1n\u00ed budouc\u00edch pen\u011b\u017en\u00edch tok\u016f, aby se dosp\u011blo k sou\u010dasn\u00e9 hodnot\u011b. <\/p>\n<\/div>\n

\n
Jak se po\u010d\u00edt\u00e1 diskontn\u00ed sazba u NPV?<\/div>\n

Diskontn\u00ed sazba je m\u00edra n\u00e1vratnosti, kterou spole\u010dnost po\u017eaduje, aby mohla investovat do projektu. Chcete-li vypo\u010d\u00edtat diskontn\u00ed sazbu na NPV, mus\u00edte nejprve ur\u010dit sou\u010dasnou hodnotu pen\u011b\u017en\u00edch tok\u016f z projektu. To lze prov\u00e9st diskontov\u00e1n\u00edm pen\u011b\u017en\u00edch tok\u016f po\u017eadovanou m\u00edrou n\u00e1vratnosti spole\u010dnosti. NPV se pak vypo\u010d\u00edt\u00e1 tak, \u017ee se vezme sou\u010det sou\u010dasn\u00fdch hodnot pen\u011b\u017en\u00edch tok\u016f a ode\u010dte se po\u010d\u00e1te\u010dn\u00ed investice.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

V\u00fdkazy pen\u011b\u017en\u00edch tok\u016f poskytuj\u00ed ucelen\u00fd p\u0159ehled o p\u0159\u00edtoc\u00edch a odtoc\u00edch pen\u011bz za ur\u010dit\u00e9 obdob\u00ed. Je to u\u017eite\u010dn\u00fd n\u00e1stroj pro podniky, proto\u017ee jim umo\u017e\u0148uje \u010dinit informovan\u00e1 rozhodnut\u00ed o tom, jak alokovat sv\u00e9 zdroje. Pro co nejlep\u0161\u00ed rozhodov\u00e1n\u00ed je d\u016fle\u017eit\u00e9 porozum\u011bt pojmu diskontn\u00ed sazba. Diskontn\u00ed sazba je m\u011b\u0159\u00edtkem o\u010dek\u00e1van\u00e9ho v\u00fdnosu z pen\u011b\u017en\u00edho toku a vypo\u010d\u00edt\u00e1v\u00e1 se s … \u010c\u00edst d\u00e1l<\/a><\/p>\n","protected":false},"author":225,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-25204","post","type-post","status-publish","format-standard","hentry","category-ucetnictvi-a-ucetnictvi"],"_links":{"self":[{"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/posts\/25204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/users\/225"}],"replies":[{"embeddable":true,"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/comments?post=25204"}],"version-history":[{"count":0,"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/posts\/25204\/revisions"}],"wp:attachment":[{"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/media?parent=25204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/categories?post=25204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/soubory.info\/znalost\/wp-json\/wp\/v2\/tags?post=25204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}