Politická ekonomie 2019, 67(5):490-510 | DOI: 10.18267/j.polek.1247

Finanční charakteristiky podniků před vyhlášením moratoria

Jaroslav Schönfelda, Michal Kuděja, Luboš Smrčkaa
a Vysoká škola ekonomická v Praze, Fakulta podnikohospodářská, Centrum restrukturalizace a insolvence Harryho Pollaka Institutu excelence v managementu

Financial Characteristics of Pre-Moratorium Companies

This article presents the outcome of research focused on financial characteristics of companies declaring a moratorium. The key purpose of the moratorium is to avoid threatening bankruptcy. The aim of the research is to identify the financial situation of the companies entering the moratorium process. The main objective was to find the answer to the core question whether there is any chance of avoiding bankruptcy using the moratorium, that is, whether the moratorium fulfils its basic function. The research is based on a quantitative analysis of selected financial ratios and synthetic indicators and their mutual relations. The analysis looks for an answer to what financial indicator levels were characteristic for the companies launching the moratorium mode of operation and what these levels indicated. The research results prove that the financial situation of the companies entering the moratorium process was unsatisfactory. It is even possible to conclude that the companies were in the last stage of their corporate crisis. This situation shows that the probability of avoiding bankruptcy was extremely low.

Keywords: moratorium, bankruptcy, financial indicators, bankruptcy models
JEL classification: G32, G33, K22, M21

Received: May 11, 2018; Accepted: February 28, 2019; Published: November 1, 2019  Show citation

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Schönfeld, J., Kuděj, M., & Smrčka, L. (2019). Financial Characteristics of Pre-Moratorium Companies. Politická ekonomie, 67(5), 490-510. doi: 10.18267/j.polek.1247
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