Změny ve financování obchodních společností od roku 2020

This thesis examines how the covid-19 pandemic affected the financing of small and medium-sized enterprises in the retail sector in the Czech Republic. Using a sample of 209 firms, descriptive analysis and panel regression are applied to examine the influence and changes of macroeconomic indicators — GDP growth, inflation, and interest rates — as well as internal factors of profitability, liquidity, and firm size on the financial structure of firms. The results show that small and medium-sized enterprises follow different logics when shaping their financial structure. Medium-sized enterprises shape their financial structure predominantly in response to the broader macroeconomic environment. Small enterprises, by contrast, shape their financial structure primarily with regard to their own profitability and liquidity. The thesis further describes changes in internal financial indicators before and during the pandemic and documents the role of government interventions. The conclusions of the thesis offer concrete recommendations for managing the financial structure of SMEs.