{"id":197200,"date":"2026-08-31T10:47:46","date_gmt":"2026-08-31T10:47:46","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/197200\/"},"modified":"2026-08-31T10:47:46","modified_gmt":"2026-08-31T10:47:46","slug":"skutecny-duvod-proc-evropske-akciove-trhy-nedosahnou-na-ty-americke","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/197200\/","title":{"rendered":"Skute\u010dn\u00fd d\u016fvod, pro\u010d evropsk\u00e9 akciov\u00e9 trhy nedos\u00e1hnou na ty americk\u00e9"},"content":{"rendered":"<p style=\"text-align: justify;\">V roce 2008 m\u011bl americk\u00fd akciov\u00fd trh o 3 biliony dolar\u016f vy\u0161\u0161\u00ed kapitalizaci ne\u017e ten evropsk\u00fd. V roce 2023 \u010dinil tento rozd\u00edl u\u017e 34 bilion\u016f dolar\u016f. Na str\u00e1nk\u00e1ch VoxEU na to poukazuje ekonom Bo Becker a jeho kolegov\u00e9. A sna\u017e\u00ed se ur\u010dit hlavn\u00ed d\u016fvody tohoto stavu.<\/p>\n<p style=\"text-align: justify;\">Teoreticky mohou spo\u010d\u00edvat v rozd\u00edln\u00e9 velikosti cel\u00e9 ekonomiky a hrub\u00e9ho dom\u00e1c\u00edho produktu. Nebo v po\u010dtu k\u00f3tovan\u00fdch firem \u010di v odv\u011btvov\u00e9m slo\u017een\u00ed a p\u0159\u00edtomnosti n\u011bkolika megaspole\u010dnost\u00ed na americk\u00e9m trhu. Ov\u0161em nic z toho podle expert\u016f nem\u00e1 takov\u00fd vliv jako jeden dal\u0161\u00ed faktor.<\/p>\n<p style=\"text-align: justify;\">N\u011bkter\u00e9 ekonomick\u00e9 anal\u00fdzy p\u0159i porovn\u00e1v\u00e1n\u00ed evropsk\u00e9ho a americk\u00e9ho korpor\u00e1tn\u00edho sektoru poukazuj\u00ed hlavn\u011b na financov\u00e1n\u00ed mlad\u00fdch a rychle rostouc\u00edch firem. Jin\u00e9 se zam\u011b\u0159uj\u00ed na \u201esamotn\u00fd nedostatek dynamick\u00fdch mlad\u00fdch firem a p\u0159ebytek zral\u00fdch, mal\u00fdch a nev\u00fdkonn\u00fdch spole\u010dnost\u00ed.\u201c<\/p>\n<p style=\"text-align: justify;\">Jin\u00ed ukazuj\u00ed na fragmentovan\u00fd jednotn\u00fd trh s vnit\u0159n\u00edmi bari\u00e9rami. T\u011bch je podle n\u011bkter\u00fdch odhad\u016f dvojn\u00e1sobek a\u017e trojn\u00e1sobek v porovn\u00e1n\u00ed se st\u00e1ty USA. A brzd\u00ed firmy, kter\u00e9 by jinak mohly v\u00edce expandovat. Svou roli m\u016f\u017ee hr\u00e1t i to, \u017ee evropsk\u00e9 investice rizikov\u00e9ho kapit\u00e1lu p\u0159edstavuj\u00ed jen zlomek americk\u00e9 \u00farovn\u011b. V neposledn\u00ed \u0159ad\u011b se hovo\u0159\u00ed o tom, \u017ee \u201erozd\u00edl v produktivit\u011b mezi Evropou a USA se d\u00e1 vysv\u011btlit vy\u0161\u0161\u00ed efektivitou americk\u00e9ho finan\u010dn\u00edho trhu\u201c.<\/p>\n<p style=\"text-align: justify;\">Becker a jeho kolegov\u00e9 na z\u00e1klad\u011b jejich anal\u00fdzy k rozd\u00edlu v kapitalizaci trh\u016f tvrd\u00ed: \u201eNejde jen o to, \u017ee americk\u00e1 ekonomika je v\u011bt\u0161\u00ed\u2026 Rozd\u00edl nen\u00ed d\u00edlem hrstky americk\u00fdch superhv\u011bzdn\u00fdch firem. Neodr\u00e1\u017e\u00ed ani to, \u017ee evrop\u0161t\u00ed \u0161ampioni odch\u00e1zej\u00ed na burzu v New Yorku. Ani to, \u017ee v USA je v\u00edce firem a jin\u00e9 odv\u011btvov\u00e9 slo\u017een\u00ed. Pr\u016fm\u011brn\u00e1 americk\u00e1 firma m\u00e1 toti\u017e v\u011bt\u0161\u00ed kapitalizaci ne\u017e jej\u00ed evropsk\u00fd prot\u011bj\u0161ek i v r\u00e1mci \u00fazce definovan\u00fdch odv\u011btv\u00ed.<\/p>\n<p style=\"text-align: justify;\">Anal\u00fdza pak podle ekonom\u016f jednozna\u010dn\u011b ukazuje jin\u00fdm sm\u011brem: \u201eRozd\u00edl v celkov\u00e9 hodnot\u011b je nejv\u011bt\u0161\u00ed v odv\u011btv\u00edch, kde hraj\u00ed nejv\u011bt\u0161\u00ed roli \u00faspory z rozsahu\u2026 Probl\u00e9m spo\u010d\u00edv\u00e1 v tom, \u017ee evropsk\u00e9 firmy jsou jen z\u0159\u00eddka schopny prom\u011bnit jejich r\u016fstov\u00e9 p\u0159\u00edle\u017eitosti v realitu.<\/p>\n<p style=\"text-align: justify;\">Prvn\u00edm t\u0159ec\u00edm bodem je tu fragmentace evropsk\u00fdch trh\u016f\u2026 U americk\u00fdch firem nen\u00ed patrn\u00e1 \u017e\u00e1dn\u00e1 souvislost jejich r\u016fstu s velikost\u00ed lok\u00e1ln\u00edho trhu. Evropsk\u00e9 firmy jsou omezeny velikost\u00ed dom\u00e1c\u00edho trhu.<\/p>\n<p style=\"text-align: justify;\">Druh\u00fd podstatn\u00fd bod se t\u00fdk\u00e1 financov\u00e1n\u00ed: \u201ePanuje v\u0161eobecn\u00fd n\u00e1zor, \u017ee evropsk\u00e9 finan\u010dn\u00ed trhy jsou dostate\u010dn\u011b funk\u010dn\u00ed\u2026 Evrop\u011b ale v prvn\u00ed \u0159ad\u011b chyb\u00ed trp\u011bliv\u00fd a riziku odoln\u00fd kapit\u00e1l, kter\u00fd je pro rozvoj nov\u00fdch \u00fasp\u011b\u0161n\u00fdch firem nezbytn\u00fd. V roce 2023 dos\u00e1hly investice rizikov\u00e9ho kapit\u00e1lu v USA 0,5 %  <a class=\"keyword\" href=\"https:\/\/www.patria.cz\/ekonomika\/ukazatel\/hdp.html\" rel=\"nofollow noopener\" target=\"_blank\">HDP<\/a>. Nejaktivn\u011bj\u0161\u00edm evropsk\u00fdm trhem bylo v t\u00e9to oblasti D\u00e1nsko. Ale i tam pom\u011br dos\u00e1hl pouze 0,15 %. Tato slabina se nejv\u00edce projevuje v pozdn\u00ed f\u00e1zi rozvoje spole\u010dnost\u00ed, kdy slibn\u00e1 firma pot\u0159ebuje kapit\u00e1l ke sv\u00e9mu siln\u00e9mu r\u016fstu.\u201c<\/p>\n<p style=\"text-align: justify;\">P\u0159\u00ed\u010dina tohoto stavu je podle ekonom\u016f struktur\u00e1ln\u00ed. Americk\u00fd penzijn\u00ed syst\u00e9m m\u00e1 hodnotu p\u0159ibli\u017en\u011b 15 %  <a class=\"keyword\" href=\"https:\/\/www.patria.cz\/ekonomika\/ukazatel\/hdp.html\" rel=\"nofollow noopener\" target=\"_blank\">HDP<\/a> a dr\u017e\u00ed zna\u010dn\u00fd kapit\u00e1l. V\u011bt\u0161ina evropsk\u00fdch zem\u00ed se ale spol\u00e9h\u00e1 na pr\u016fb\u011b\u017en\u00e9 financov\u00e1n\u00ed penzijn\u00edho syst\u00e9mu. Tak\u017ee u n\u011bj zb\u00fdv\u00e1 mnohem men\u0161\u00ed objem dlouhodob\u00e9ho kapit\u00e1lu, kter\u00fd se nejl\u00e9pe hod\u00ed pro financov\u00e1n\u00ed rychle rostouc\u00edch firem. Tak\u017ee situace je n\u00e1sleduj\u00edc\u00ed: \u201eEvropsk\u00e9 firmy jsou sev\u0159eny ze dvou stran. Nemohou snadno r\u016fst za hranice m\u00edstn\u00edch trh\u016f. A nemohou snadno financovat r\u016fst, kter\u00e9ho by jinak mohly dos\u00e1hnout.\u201c<\/p>\n","protected":false},"excerpt":{"rendered":"V roce 2008 m\u011bl americk\u00fd akciov\u00fd trh o 3 biliony dolar\u016f vy\u0161\u0161\u00ed kapitalizaci ne\u017e ten evropsk\u00fd. V roce&hellip;\n","protected":false},"author":2,"featured_media":197201,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[31035,27877,28226,109,108,106,5628,45325,26732,45324,4130],"class_list":["post-197200","post","type-post","status-publish","format-standard","has-post-thumbnail","category-evropa","tag-akciove","tag-americke","tag-duvod","tag-europa","tag-europe","tag-evropa","tag-evropske","tag-nedosahnou","tag-proc","tag-skutecny","tag-trhy"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117189728274814472","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/197200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=197200"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/197200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/197201"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=197200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=197200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=197200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}