Stanovení reálné hodnoty majetku a závazků z investiční činnosti a aktuální hodnoty akcie uzavřeného investičního fondu kvalifikovaných investorů investujícího do nemovitostí

The diploma thesis focuses on problematics of regular valuation of assets and liabilities of closed-end investment fund for qualified investors in real estate. The thesis defines investment funds according to legislation of the Czech republic, shows development of closed-end investment funds for qualified investors in real estate at Czech market and defines valuation of its assets and liabilities, i.e. determination of their fair value in compliance with legislation of the Czech republic. The practical part of the diploma thesis deals with valuation of assets and liabilities of selected closed-end investment fund for qualified investors in real estate, comparison individual techniques of valuation of assets and liabilities, i.e. determination its fair value and problem of subjective approach applied in valuation using such techniques reflecting in their fair value. The result is showing the impact of the valuation on the investment fund performance indicator, i.e. the current value of share. The finding of the comparison is that the most accurate determination of fair value of assets and liabilities appears to be valuation based on the market approach using the method of direct comparison, based on the reason that it has the lowest sensibility on influence of fair value caused by subjective influence.