Zlaté bilanční pravidlo a jeho vztah k ocenění a finanční stabilitě firem: Empirická studie

This master’s thesis examines the relationship between adherence to the golden balance rule, a firm’s financial stability, and its market valuation. The theoretical part defines the golden balance rule, Altman’s Z-score, and core market multiples, and explains their role in managing capital structure. The empirical part analyses Western European automotive companies during 2017–2024, classifies firms by compliance with the rule, and compares their Z-score and valuation multiples using a panel data model and two‑sample tests. The evidence shows that consistent adherence to the rule does not lead to unequivocally higher Z-score, although it is associated with a more stable financing profile. Equity valuation multiples, especially P/B and P/E, tend to be lower for conservatively financed firms, while EV/EBITDA is broadly comparable across groups. These results suggest that, in the period studied, capital markets did not reward conservative maturity matching with a valuation premium.