Acta Univ. Agric. Silvic. Mendelianae Brun. 2013, 61, 367-376
Published online 2013-04-24

Public funds in theory of financial structure a company in Czech Republic

František Kalouda

Department of Finance, Masaryk university, Faculty of Economics and Administration, Lipová 41a, 602 00 Brno, Czech Republic

Mutually beneficial co-existence of the private and state sectors can be seen as proven in theory. The proof is the concept of a two-sector economy of A. Wagner (1835–1917), while, in Wagner’s view, the importance of the state sector should grow (Wagner’s law). State finance is understood in this context as a tool used to achieve social justice, and in general as a socially stabilizing element.
In conditions of real Czech economy, the relationship between the state and private sectors is shown in the form of subsidies for businesses enterprises; although at first sight the available data do not demonstrate the key role of public finance. Another form of limited understanding of the importance of public funds is the concept of financial structure of a company understood by contemporary theory of finance of firm (in Czech context) as a set of sources for financing entrepreneurial activities – public funds are virtually not mentioned here.
The aim of the paper is to contribute to correct this shift in understanding of the importance of public finance and to bring it nearer both to the original theoretical concept (A. Wagner) and to reality, both in quantitative and qualitative terms.
Main focus of this paper is to the Czech Republic circumstances. For the comparison are here presented available data from other countries and global data as well.


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