Vztah finančních ukazatelů a tržní hodnoty firmy

This paper examines the relationship between selected financial indicators and the growth of a firm's market value, measured by Jensen's alpha. The aim of the paper is to verify whether simple ratios and composite indicators, specifically Piotroski's F-score and Altman's Z-score, can identify information inefficiency in capital markets even after adjusting for modern asset valuation factors, and whether these relationships differ across industries. The empirical analysis uses data from the Refinitiv Eikon database and cross-sectional regression with Jensen's alpha estimated using the five-factor Fama-French model. The results show that the relationship between financial indicators and abnormal returns is selective and industry dependent. The most robust factor is asset utilization efficiency, while the other indicators show unstable results. The F-score does not show statistical significance, and the Z-score only to a limited extent in one of the three monitored sectors. The paper contributes to understanding the relevance of financial indicators for market valuation of companies.