Finanční výkonnost zemědělských podniků v ČR: Jakou roli zde hrají dotace?

This thesis focuses on examining the impact of operating subsidies on the financial performance of agricultural enterprises in the Czech Republic in the period 2017–2023. The analysis was performed using panel regression on a sample of 1,170 unique agricultural enterprises, which were divided into groups according to size categories (micro, small, and medium). The analysis was performed separately for each group. Instead of the absolute amount of the subsidy, the model used the subsidy-to-assets ratio (DOTAK), which made it possible to better eliminate size differences between enterprises and the influence of extreme values. The Hausman test subsequently confirmed the suitability of the fixed effects panel regression model. The results of the study show that subsidies had a statistically significant impact on financial performance primarily in the smallest enterprises – micro-enterprises, while in small enterprises the impact of subsidies was statistically insignificant (in terms of ROA) or, surprisingly, negative (in terms of ROS). The secondary objective of the study was to evaluate the financial performance of enterprises by type of production – plant, animal, and mixed. Financial analysis was used to monitor indicators of profitability, liquidity, indebtedness, and cost. After processing the financial analysis, the results were compared between the different types of production. The best results in most indicators were achieved by enterprises with mixed production, which may be due to the synergistic effects of diversification of production activities. The findings of this study can serve as a basis for the creation of more targeted subsidy strategies and contribute to a more effective distribution of support in the agricultural sector.