[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/www.mesalina.cz\/jak-na-financovani-formou-emise-dluhopisu\/#Article","mainEntityOfPage":"https:\/\/www.mesalina.cz\/jak-na-financovani-formou-emise-dluhopisu\/","headline":"Jak na financov\u00e1n\u00ed formou emise dluhopis\u016f","name":"Jak na financov\u00e1n\u00ed formou emise dluhopis\u016f","description":"Emise dluhopis\u016f je jedn\u00edm z mo\u017en\u00fdch zp\u016fsob\u016f financov\u00e1n\u00ed podnik\u00e1n\u00ed. V \u010dem m\u00e1 tato metoda v\u00fdhody a pro koho je vhodn\u00e1? Co je emise dluhopis\u016f Emise korpor\u00e1tn\u00edch dluhopis\u016f slou\u017e\u00ed jako cesta k z\u00edsk\u00e1n\u00ed pot\u0159ebn\u00e9ho kapit\u00e1lu. M\u016f\u017eeme tak na n\u011bj zjednodu\u0161en\u011b nahl\u00ed\u017eet jako na sv\u00e9ho druhu p\u016fj\u010dku. Podle zadan\u00fdch parametr\u016f se pak v\u011b\u0159itel p\u016fj\u010dku zavazuje zaplatit. Vlastn\u00edk […]","datePublished":"2019-10-22","dateModified":"2023-05-19","author":{"@type":"Person","@id":"https:\/\/www.mesalina.cz\/author\/#Person","name":"","url":"https:\/\/www.mesalina.cz\/author\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/383247cd769f7ac317a5bcda943ec48a3c79d996598ae4564ec21a0e178126d1?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/383247cd769f7ac317a5bcda943ec48a3c79d996598ae4564ec21a0e178126d1?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"mesalina.cz","logo":{"@type":"ImageObject","@id":"\/logo.png","url":"\/logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.mesalina.cz\/wp-content\/uploads\/img_a357344_w1696_t1571907849.jpg","url":"https:\/\/www.mesalina.cz\/wp-content\/uploads\/img_a357344_w1696_t1571907849.jpg","height":0,"width":0},"url":"https:\/\/www.mesalina.cz\/jak-na-financovani-formou-emise-dluhopisu\/","about":["Finance"],"wordCount":782,"articleBody":"       Emise dluhopis\u016f je jedn\u00edm z mo\u017en\u00fdch zp\u016fsob\u016f financov\u00e1n\u00ed podnik\u00e1n\u00ed. V \u010dem m\u00e1 tato metoda v\u00fdhody a pro koho je vhodn\u00e1?  Co je emise dluhopis\u016f Emise korpor\u00e1tn\u00edch dluhopis\u016f slou\u017e\u00ed jako cesta k z\u00edsk\u00e1n\u00ed pot\u0159ebn\u00e9ho kapit\u00e1lu. M\u016f\u017eeme tak na n\u011bj zjednodu\u0161en\u011b nahl\u00ed\u017eet jako na sv\u00e9ho druhu p\u016fj\u010dku. Podle zadan\u00fdch parametr\u016f se pak v\u011b\u0159itel p\u016fj\u010dku zavazuje zaplatit. Vlastn\u00edk dluhopisu se ofici\u00e1ln\u011b naz\u00fdv\u00e1 upisovatel, nebo\u0165 doch\u00e1z\u00ed k ups\u00e1n\u00ed. Pro investora je kl\u00ed\u010dov\u00fd v\u00fdnos, pro v\u011b\u0159itele zisk kapit\u00e1lu. Ten m\u016f\u017ee b\u00fdt ur\u010den nap\u0159\u00edklad na n\u00e1kup vybaven\u00ed a stroj\u016f \u010di roz\u0161\u00ed\u0159en\u00ed skladovac\u00edch prostor. Dluhopis ov\u0161em p\u0159irozen\u011b mus\u00ed cht\u00edt n\u011bkdo koupit. O tom, zda se tak stane, rozhoduje zejm\u00e9na v\u00fd\u0161e \u00faroku, nicm\u00e9n\u011b v m\u011b\u0159\u00edtku sou\u010dasn\u00fdch \u00farokov\u00fdch sazeb, je\u017e jsou velmi n\u00edzk\u00e9, nen\u00ed nutn\u00e9 nab\u00edzet \u00faroky v p\u0159emr\u0161t\u011bn\u00e9 v\u00fd\u0161i. Investor vy\u017eaduje takt\u00e9\u017e velmi dobr\u00e9 zpracov\u00e1n\u00ed investi\u010dn\u00edho z\u00e1m\u011bru. Samoz\u0159ejm\u011b je nezbytn\u011b nutn\u00e9 dodr\u017eovat ve\u0161ker\u00e9 z\u00e1konn\u00e9 n\u00e1le\u017eitosti, kter\u00e9 s emis\u00ed dluhopis\u016f souvisej\u00ed. Emitov\u00e1n\u00ed dluhopis\u016f je upraveno z\u00e1konem o dluhopisech. N\u011bkter\u00e9 p\u0159\u00edpady mohou b\u00fdt tak\u00e9 projedn\u00e1v\u00e1ny na z\u00e1klad\u011b z\u00e1kona o obchodn\u00edch korporac\u00edch.  Jak prob\u00edh\u00e1 emise dluhopis\u016f S vyd\u00e1v\u00e1n\u00edm dluhopis\u016f se nespojuje p\u0159evod pod\u00edlu na podnik\u00e1n\u00ed. K nabyt\u00ed vlastnick\u00e9ho pr\u00e1va doch\u00e1z\u00ed uzav\u0159en\u00edm smlouvy o \u00fapisu dluhopis\u016f. S emitentem si proto z\u00e1jemce o dluhopis stanov\u00ed konkr\u00e9tn\u00ed podm\u00ednky ka\u017ed\u00e9ho \u00fapisu prost\u0159ednictv\u00edm smlouvy. Z\u00e1kladn\u00edm pr\u00e1vem vlastn\u00edka dluhopisu je jednozna\u010dn\u011b pr\u00e1vo na v\u00fdplatu \u00farokov\u00e9ho v\u00fdnosu. Z\u00e1rove\u0148 bude v takto stanoven\u00e9m term\u00ednu zaplacena jistina. Vyd\u00e1vat jej m\u016f\u017ee ka\u017ed\u00fd, nemus\u00ed to tedy b\u00fdt pouze akciov\u00e1 spole\u010dnost. V priv\u00e1tn\u00ed sf\u00e9\u0159e v posledn\u00edch n\u011bkolika letech do\u0161lo ke zna\u010dn\u00e9mu n\u00e1r\u016fstu po\u010dtu subjekt\u016f, kter\u00e9 dluhopisy vyd\u00e1vaj\u00ed.  Kdy se emituj\u00ed dluhopisy Emise firemn\u00edch dluhopis\u016f se uplat\u0148uje zpravidla tam, kde nelze z\u00edskat pot\u0159ebn\u00fd kapit\u00e1l jinak. Typicky je to v okam\u017eiku, kdy se banka rozhodne, \u017ee \u00fav\u011br subjektu neumo\u017en\u00ed z\u00edskat. Druhou skupinou subjekt\u016f jsou ty, kter\u00e9 by \u00fav\u011br v bance sice z\u00edskat mohly, nicm\u00e9n\u011b nehodlaj\u00ed akceptovat nastaven\u00e9 podm\u00ednky. V takov\u00e9m p\u0159\u00edpad\u011b zpravidla vydavatel dluhopisu zjist\u00ed, \u017ee \u00farok je v\u00fdhodn\u011bj\u0161\u00ed oproti \u00fav\u011bru v bance, nebo\u0165 je ni\u017e\u0161\u00ed. T\u0159et\u00ed majoritn\u00ed skupinou potenci\u00e1ln\u00edch vydavatel\u016f emis\u00ed jsou takov\u00ed, kte\u0159\u00ed \u0159e\u0161\u00ed emitov\u00e1n\u00edm dluhopis\u016f svou situaci pouze z\u010d\u00e1sti. Banka v mnoha p\u0159\u00edpadech toti\u017e po\u017eaduje po spole\u010dnosti vlastn\u00ed equitu. Vyd\u00e1n\u00ed dluhopis\u016f sou\u010dasn\u011b poskytuje vydavateli v\u00fdznamnou volnost. N\u011bkte\u0159\u00ed v\u011b\u0159itel\u00e9 mohou nap\u0159\u00edklad vy\u017eadovat z\u00e1kaz zvy\u0161ov\u00e1n\u00ed dluhov\u00e9 pozice nebo nepodstoupen\u00ed akvizice, dokud dlu\u017en\u00edk sv\u016fj z\u00e1vazek neuhrad\u00ed. Jinou alternativou, jestli\u017ee spole\u010dnost emitov\u00e1n\u00ed dluhopis\u016f vyu\u017e\u00edt nechce, je crowdfunding nebo peer-to-peer p\u016fj\u010dka. Doporu\u010dit lze vyd\u00e1v\u00e1n\u00ed vlastn\u00edch korpor\u00e1tn\u00edch dluhopis\u016f zejm\u00e9na pro za\u010d\u00ednaj\u00edc\u00ed podnikatele.  V\u00fdhody emitov\u00e1n\u00ed dluhopis\u016f Jedn\u00e1 se o zp\u016fsob, kter\u00fd je velmi levn\u00fd a z procesn\u00edho hlediska nikterak slo\u017eit\u00fd. Dluhopisy se vyd\u00e1vaj\u00ed ve t\u0159ech r\u016fzn\u00fdch re\u017eimech, a to: ve\u0159ejn\u00e1 nab\u00eddka pod limitem, tj. objem emise nesm\u00ed p\u0159es\u00e1hnout ekvivalent 1 milionu eur ve\u0159ejn\u00e1 nab\u00eddka s prospektem, p\u0159i\u010dem\u017e prospekt mus\u00ed b\u00fdt schv\u00e1len ze strany \u010cNB neve\u0159ejn\u00e1 nab\u00eddka, p\u0159i\u010dem\u017e po\u010det osloven\u00fdch investor\u016f nesm\u00ed p\u0159es\u00e1hnout 20 osob (d\u0159\u00edve 149)  Pro\u010d se zm\u011bnil syst\u00e9m neve\u0159ejn\u00e9 emise dluhopis\u016f? P\u016fvodn\u00ed z\u00e1kon definoval neve\u0159ejnou nab\u00eddku s t\u00edm, \u017ee ve\u0159ejnost je tvo\u0159ena alespo\u0148 150 osobami. \u010cNB v\u0161ak tuto klauzuli opravila a stanovila, \u017ee ve\u0159ejnost tvo\u0159\u00ed 20 osob. D\u016fsledkem je, \u017ee dluhopisy bez schv\u00e1len\u00e9ho prospektu nebudou moci ve\u0159ejn\u011b nab\u00edzet. C\u00edlem je omezit riziko podvodn\u00fdch dluhopis\u016f.  Jak na snaz\u0161\u00ed emisi dluhopis\u016f Emitovat dluhopisy nemus\u00edte sami. Sta\u010d\u00ed se obr\u00e1tit na specializovanou firmu, kter\u00e1 je schopn\u00e1 v\u00e1m s pr\u016fb\u011bhem emise pomoci. Jednou z nich je spole\u010dnost Parkerhill.cz s\u00eddl\u00edc\u00ed v Praze, kter\u00e1 se pr\u00e1v\u011b na tuto oblast specializuje. Vyu\u017eijte mo\u017enost nez\u00e1vazn\u00e9 konzultace.                                                                                                                                                                                                                                                                                                                                                                                          4.1\/5 - (8 votes)        "},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Jak na financov\u00e1n\u00ed formou emise dluhopis\u016f","item":"https:\/\/www.mesalina.cz\/jak-na-financovani-formou-emise-dluhopisu\/#breadcrumbitem"}]}]