{"id":205965,"date":"2026-09-07T15:33:14","date_gmt":"2026-09-07T15:33:14","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/205965\/"},"modified":"2026-09-07T15:33:14","modified_gmt":"2026-09-07T15:33:14","slug":"kretinsky-strnad-i-komarek-uz-zapad-nedohaneji-kupuji-ho","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/205965\/","title":{"rendered":"K\u0159et\u00ednsk\u00fd, Strnad i Kom\u00e1rek u\u017e Z\u00e1pad nedoh\u00e1n\u011bj\u00ed, kupuj\u00ed ho"},"content":{"rendered":"

Kdy\u017e \u010desk\u00fd investor koup\u00ed d\u016fm v Chorvatsku, je to tak\u0159ka neviditeln\u00fd p\u0159\u00edsp\u011bvek do statistik realitn\u00edho trhu. Kdy\u017e v\u0161ak \u010desk\u00e1 skupina<\/a> p\u0159evezme britskou loterii, italskou muni\u010dku \u010di francouzskou maloobchodn\u00ed s\u00ed\u0165, za\u010d\u00edn\u00e1 se m\u011bnit ekonomick\u00e1 mapa. A pr\u00e1v\u011b to se nyn\u00ed odehr\u00e1v\u00e1: zem\u011b, kter\u00e1 byla po roce 1989 p\u0159edev\u0161\u00edm c\u00edlem zahrani\u010dn\u00edho kapit\u00e1lu, se \u010d\u00edm d\u00e1l z\u0159eteln\u011bji st\u00e1v\u00e1 jeho v\u00fdvozcem.<\/p>\n

\u201eV r\u00e1mci posledn\u00ed dek\u00e1dy vid\u00edme v\u00fdznamn\u00e9, a\u017e \u010dty\u0159n\u00e1sobn\u00e9 pos\u00edlen\u00ed \u010desk\u00e9ho kapit\u00e1lu v zahrani\u010d\u00ed,\u201c \u0159\u00edk\u00e1 \u0161\u00e9f Patria Corporate Finance Marek Rehberger a up\u0159es\u0148uje trend daty: \u201eV roce 2016 p\u0159\u00edm\u00e9 zahrani\u010dn\u00ed investice z \u010ceska dosahovaly zhruba 2,2 miliardy dolar\u016f ro\u010dn\u011b, o p\u011bt let pozd\u011bji to bylo asi 7,7 miliardy dolar\u016f a v roce 2024 u\u017e p\u0159es 8,5 miliardy dolar\u016f.\u201c<\/p>\n

Zm\u011bny na trhu potvrzuje Igor Mesensk\u00fd z KPMG: \u201eD\u0159\u00edve jsme pos\u00edlali teasery do zahrani\u010d\u00ed, kdy\u017e se prod\u00e1valy \u010desk\u00e9 firmy. Dnes n\u00e1m sp\u00ed\u0161 na\u0161i kolegov\u00e9 ze zahrani\u010d\u00ed pos\u00edlaj\u00ed teasery tam\u011bj\u0161\u00edch firem, abychom je uk\u00e1zali Czechoslovak Group<\/a>, PPF<\/a> nebo KKCG<\/a>.\u201c Podle n\u011bho je trend patrn\u00fd v posledn\u00edch t\u0159ech a\u017e \u010dty\u0159ech letech, v posledn\u00edch dvou v\u0161ak akceleroval. \u201eI d\u00edky obrann\u00e9mu pr\u016fmyslu,\u201c dod\u00e1v\u00e1 Mesensk\u00fd.<\/p>\n

Kapit\u00e1l se oto\u010dil proti proudu<\/p>\n

Podle datab\u00e1ze Dealogic investice plynouc\u00ed ze st\u0159edn\u00ed a v\u00fdchodn\u00ed Evropy do t\u00e9 z\u00e1padn\u00ed v roce 2025 poprv\u00e9 p\u0159ev\u00fd\u0161ily kapit\u00e1l p\u0159ich\u00e1zej\u00edc\u00ed z opa\u010dn\u00e9ho sm\u011bru. Hlavn\u00edmi export\u00e9ry jsou podle partnera White & Case Tom\u00e1\u0161e J\u00edn\u011b \u010desk\u00e9 a polsk\u00e9 firmy. \u201ePo p\u0159epo\u010dtu na velikost ekonomiky je \u010desk\u00fd pod\u00edl na odchoz\u00edch p\u0159\u00edm\u00fdch investic\u00edch dokonce p\u011btkr\u00e1t vy\u0161\u0161\u00ed ne\u017e polsk\u00fd,\u201c vypo\u010d\u00edt\u00e1v\u00e1 akvizi\u010dn\u00ed pr\u00e1vn\u00edk. Podobn\u00fd obrat je vid\u011bt i na dom\u00e1c\u00edm trhu f\u00faz\u00ed a akvizic. Podle Mesensk\u00e9ho z KPMG stoj\u00ed zdej\u0161\u00ed kapit\u00e1l p\u0159ibli\u017en\u011b za 80 procenty n\u00e1kup\u016f \u010desk\u00fdch firem. Ve st\u0159edn\u00ed Evrop\u011b jde o mimo\u0159\u00e1dn\u00e9 \u010d\u00edslo.<\/p>\n

\u010cesko je tak v regionu unik\u00e1tem. Jeho ekonomi\u010dt\u00ed akt\u00e9\u0159i si br\u00e1n\u00ed dom\u00e1c\u00ed h\u0159i\u0161t\u011b, proto\u017ee v\u0161ak na n\u011bm za\u010d\u00edn\u00e1 b\u00fdt t\u011bsno, rozhl\u00ed\u017eej\u00ed se i za hranicemi. S Ma\u010farskem se podle ekonom\u016f srovn\u00e1vat nem\u016f\u017eeme, \u0161estn\u00e1ct let vl\u00e1dy Viktora Orb\u00e1na m\u011blo za n\u00e1sledek vznik \u00fapln\u011b nov\u00e9 skupiny oligarch\u016f, kte\u0159\u00ed se prim\u00e1rn\u011b soust\u0159edili pr\u00e1v\u011b na ma\u010farsk\u00fd trh. Doma se ale dr\u017e\u00ed i polsk\u00fd kapit\u00e1l. \u201ePr\u00e1v\u011b velikost tam\u011bj\u0161\u00edho trhu a dlouhodob\u011b siln\u00fd hospod\u00e1\u0159sk\u00fd r\u016fst cel\u00e9 zem\u011b p\u0159in\u00e1\u0161ej\u00ed tolik dom\u00e1c\u00edch investi\u010dn\u00edch p\u0159\u00edle\u017eitost\u00ed, \u017ee polsk\u00e9 podniky nemaj\u00ed pot\u0159ebu koukat jinam,\u201c popisuje paradox vedouc\u00ed partner t\u00fdmu poradenstv\u00ed p\u0159i f\u00faz\u00edch a akvizic\u00edch v EY-Parthenon \u0160t\u011bp\u00e1n Flieger.<\/p>\n

Pro\u010d pr\u00e1v\u011b \u010ce\u0161i a pro\u010d zrovna te\u010f<\/p>\n

Sebev\u011bdom\u00e1 j\u00edzda \u010desk\u00fdch mi\u00adliard\u00e1\u0159\u016f z\u00e1padn\u00ed Evropou se nezrodila p\u0159es noc a nen\u00ed ani d\u00edlem n\u00e1hody. Expanze je sp\u00ed\u0161 v\u00fdsledkem souhry n\u011bkolika okolnost\u00ed. Z\u00e1klad tvo\u0159\u00ed p\u0159irozen\u00e9 dosp\u00edv\u00e1n\u00ed tuzemsk\u00e9ho byznysu: majitel\u00e9 nejv\u011bt\u0161\u00edch imp\u00e9ri\u00ed m\u011bli 30 let na akumulaci kapit\u00e1lu, budov\u00e1n\u00ed vztah\u016f s bankami a v\u00fdchovu mana\u017eer\u016f, kte\u0159\u00ed dok\u00e1\u017eou \u0159\u00eddit podnik v n\u011bkolika zem\u00edch a jazyc\u00edch.<\/p>\n

Druhou okolnost\u00ed je vlastnick\u00e1 struktura. Velk\u00e9 \u010desk\u00e9 skupiny b\u00fdvaj\u00ed st\u00e1le ovl\u00e1d\u00e1ny jedn\u00edm podnikatelem nebo rodinou, a nemusej\u00ed proto ka\u017ed\u00e9 \u010dtvrtlet\u00ed p\u0159esv\u011bd\u010dovat tis\u00edce akcion\u00e1\u0159\u016f, \u017ee zvolen\u00e1 strategie p\u0159inese okam\u017eit\u00fd efekt. \u201eV\u00fdhoda \u010desk\u00fdch spole\u010dnost\u00ed je v tom, \u017ee jsou z velk\u00e9 m\u00edry vlastn\u011bn\u00e9 soukrom\u011b,\u201c shrnuje lapid\u00e1rn\u011b partner White & Case J\u00edn\u011b. D\u00edky tomu mohou podle n\u011bj udr\u017eovat dlouh\u00fd investi\u010dn\u00ed horizont a konzistentn\u00ed strategii. Akvizice tak neb\u00fdvaj\u00ed osamocen\u00fdmi n\u00e1kupy, st\u00e1vaj\u00ed se dal\u0161\u00edm d\u00edlkem dlouhodob\u011b skl\u00e1dan\u00e9 mozaiky.<\/p>\n

T\u0159et\u00edm faktorem je uzav\u0159en\u00ed n\u011bkdej\u0161\u00ed v\u00fdchodn\u00ed cesty. PPF, \u010cEZ a dal\u0161\u00ed hr\u00e1\u010di d\u0159\u00edve hledali vy\u0161\u0161\u00ed v\u00fdnosy v Rusku, \u010c\u00edn\u011b nebo v jihov\u00fdchodn\u00ed Evrop\u011b. Geopolitika po roce 2022 \u010d\u00e1st t\u011bchto mo\u017enost\u00ed dramaticky omezila. Kapit\u00e1l se proto sto\u010dil do N\u011bmecka, Rakouska, Brit\u00e1nie, Francie, It\u00e1lie a \u010d\u00edm d\u00e1l \u010dast\u011bji tak\u00e9 do Spojen\u00fdch st\u00e1t\u016f. Nejde jen o bezpe\u010dn\u011bj\u0161\u00ed adresy. Z\u00e1padn\u00ed trhy nab\u00edzej\u00ed v\u011bt\u0161\u00ed kupn\u00ed s\u00edlu, stabiln\u011bj\u0161\u00ed hlubok\u00e9 kapit\u00e1lov\u00e9 trhy, mezin\u00e1rodn\u00ed licence a spole\u010dnosti, kter\u00e9 lze po\u00adu\u017e\u00edt jako z\u00e1kladnu pro dal\u0161\u00ed glob\u00e1ln\u00ed expanzi.<\/p>\n

Expanze sm\u011brem na Z\u00e1pad m\u00e1 ale i sv\u00e9 stinn\u00e9 d\u016fvody. \u010cesk\u00e9 skupiny v zahrani\u010d\u00ed s\u00edl\u00ed tak\u00e9 proto, \u017ee dom\u00e1c\u00ed trh nen\u00ed dostate\u010dn\u011b velk\u00fd a nep\u0159in\u00e1\u0161\u00ed tolik investi\u010dn\u00edch p\u0159\u00edle\u017eitost\u00ed. A z\u00e1rove\u0148 n\u011bkter\u00e9 z\u00e1padn\u00ed podniky zesl\u00e1bly. Drah\u00e9 energie, komplikovan\u00e9 rozhodov\u00e1n\u00ed, regulatorn\u00ed tlak, dekarbonizace \u010di zm\u011bny strategie p\u0159im\u011bly \u0159adu tamn\u00edch koncern\u016f prod\u00e1vat aktiva, kter\u00e1 u\u017e nepova\u017euj\u00ed za kl\u00ed\u010dov\u00e1.<\/p>\n

Pro \u010desk\u00e9ho investora m\u016f\u017ee b\u00fdt \u201enecht\u011bn\u00e1\u201c elektr\u00e1rna, ocel\u00e1rna, obchodn\u00ed s\u00ed\u0165 nebo pr\u016fmyslov\u00e1 zna\u010dka naopak z\u00e1kladem dal\u0161\u00edho r\u016fstu. \u00dasp\u011bch \u010desk\u00e9ho kapit\u00e1lu tedy nen\u00ed jen p\u0159\u00edb\u011bhem \u010desk\u00e9 dravosti. Je rovn\u011b\u017e zpr\u00e1vou o probl\u00e9mech star\u00e9ho z\u00e1padoevropsk\u00e9ho pr\u016fmyslov\u00e9ho modelu.<\/p>\n

\"P\u016fl<\/a>P\u016fl bilionu a jeden mu\u017e. Po\u0159ad\u00ed nejbohat\u0161\u00edch \u010cech\u016f se m\u011bn\u00ed, Kellnerov\u00e1 s dcerami je druh\u00e1<\/a><\/p>\n

Mysl\u00ed si to i analytik J&T Banky Pavel Ryska. \u201ePrvn\u00ed velk\u00e1 vlna \u010desk\u00fdch akvizic v zahrani\u010d\u00ed nastala v letech po takzvan\u00e9 dluhov\u00e9 krizi euroz\u00f3ny, kdy se na z\u00e1pad, a zejm\u00e9na na jih od n\u00e1s v\u00fdrazn\u011b zp\u0159\u00edsnilo \u00fav\u011brov\u00e1n\u00ed, \u0159ada bank na jihu Evropy se dostala do pot\u00ed\u017e\u00ed a tyto faktory spolu s hospod\u00e1\u0159skou stagnac\u00ed v\u00fdrazn\u011b zlevnily n\u011bkter\u00e9 velk\u00e9 zahrani\u010dn\u00ed spole\u010dnosti. Naopak v \u010cesk\u00e9 republice byl ve stejnou dobu zcela zdrav\u00fd a vysoce kapitalizovan\u00fd bankovn\u00ed sektor, kter\u00fd umo\u017e\u0148oval velk\u00fdm skupin\u00e1m zah\u00e1jit expanzi,\u201c popisuje ko\u0159eny \u010desk\u00e9ho zahrani\u010dn\u00edho \u00fasp\u011bchu Ryska.<\/p>\n

\u201eDobr\u00fdm p\u0159\u00edkladem jsou velk\u00e9 \u010desk\u00e9 a \u010desko-slovensk\u00e9 finan\u010dn\u00ed skupiny Penta a J&T, je\u017e dok\u00e1zaly z\u00edskat tak velk\u00e9 mno\u017estv\u00ed investi\u010dn\u00edho \u201ast\u0159eln\u00e9ho prachu\u2018, \u017ee by v \u010cesku brzy nem\u011bly co kupovat,\u201c uv\u00e1d\u00ed \u0160t\u011bp\u00e1n Flieger z EY, dod\u00e1v\u00e1 ale, \u017ee p\u0159ebytek likvidity bylo mo\u017en\u00e9 vysledovat i mezi men\u0161\u00edmi investory.<\/p>\n

Nejen K\u0159et\u00ednsk\u00fd a Strnad<\/p>\n

Mezi nejviditeln\u011bj\u0161\u00ed \u010desk\u00e9 byznysmeny v zahrani\u010d\u00ed dnes pat\u0159\u00ed p\u0159edev\u0161\u00edm dva mu\u017ei. Prvn\u00edm je u\u017e d\u00e1vno multioborov\u00fd Daniel K\u0159et\u00ednsk\u00fd, kter\u00e9ho t\u00fdden\u00edk The Economist ned\u00e1vno ozna\u010dil za korpor\u00e1tn\u00edho n\u00e1jezdn\u00edka s potenci\u00e1lem dob\u00fdvat evropsk\u00e9 firmy a z\u00e1rove\u0148 rozh\u00fdbat stojatou evropskou ekonomiku. Magaz\u00edn Fortune nav\u00edc za\u0159adil jeho EP Group mezi 500 nejv\u011bt\u0161\u00edch spole\u010dnost\u00ed sv\u011bta, a to jako v\u016fbec prvn\u00ed \u010deskou firmu.<\/p>\n

Daniel K\u0159et\u00ednsk\u00fd na Shifts | Zdroj: E15 Michaela Szkanderov\u00e1<\/p>\n

A K\u0159et\u00ednsk\u00fd d\u00e1l posiluje. V energetice z\u00edskal pod\u00edl v ropn\u00e9m gigantu TotalEnergies, v logistice ovl\u00e1dl vlastn\u00edka britsk\u00e9 po\u0161ty Royal Mail a mezin\u00e1rodn\u00ed bal\u00edkov\u00e9 s\u00edt\u011b GLS, v\u00fdrazn\u00e9 pozice dr\u017e\u00ed tak\u00e9 v obchod\u011b, konkr\u00e9tn\u011b ve francouzsk\u00fdch maloobchodn\u00edch skupin\u00e1ch Casino a Fnac Darty nebo v n\u011bmeck\u00e9m velkoobchodu Metro, kter\u00fd v \u010cesku p\u016fsob\u00ed pod zna\u010dkou Makro.<\/p>\n

Druh\u00fdm evropsk\u00fdm dobyvatelem je burzovn\u00ed debutant a zbroja\u0159 v jedn\u00e9 osob\u011b Michal Strnad. Jeden z nejmlad\u0161\u00edch \u010desk\u00fdch miliard\u00e1\u0159\u016f si vstupem sv\u00e9 skupiny na amsterdamskou burzu p\u0159ipsal hned n\u011bkolik prvenstv\u00ed a rekord\u016f. I jeho z\u00e1b\u011br je \u0161irok\u00fd, sp\u00ed\u0161e v\u0161ak geograficky ne\u017e oborov\u011b. Na rozd\u00edl od K\u0159et\u00ednsk\u00e9ho Strnad ve\u0161ker\u00e9 akvizice pod\u0159izuje jedin\u00e9mu c\u00edli: vybudovat velk\u00e9ho integrovan\u00e9ho v\u00fdrobce munice a zbrojn\u00edch syst\u00e9m\u016f.<\/p>\n

Jeho nejv\u011bt\u0161\u00edm akvizi\u010dn\u00edm z\u00e1\u0159ezem bylo p\u0159evzet\u00ed americk\u00e9ho v\u00fdrobce malor\u00e1\u017eov\u00e9 munice The Kinetic Group zhruba za 46 miliard korun. \u0160lo o historicky rekordn\u00ed \u010deskou akvizici ve Spojen\u00fdch st\u00e1tech a z\u00e1rove\u0148 o potvrzen\u00ed, \u017ee Strnad to s obratem na Z\u00e1pad mysl\u00ed v\u00e1\u017en\u011b. V z\u00e1padn\u00ed Evrop\u011b dnes vlastn\u00ed pr\u016fmyslov\u00e9 podniky nap\u0159\u00edklad ve \u0160pan\u011blsku, N\u011bmecku \u010di v Rakousku. Jeho nejv\u00fdrazn\u011bj\u0161\u00edm z\u00e1padoevropsk\u00fdm aktivem je v\u0161ak nejsp\u00ed\u0161 italsk\u00fd v\u00fdrobce malor\u00e1\u017eov\u00e9ho st\u0159eliva Fiocchi, kter\u00fd provozuje z\u00e1vody mimo jin\u00e9 ve Velk\u00e9 Brit\u00e1nii.<\/p>\n

Michal Strnad, majitel Czechoslovak Group. | Zdroj: \u010cTK\/profimedia.cz<\/p>\n

Tito dva \u010de\u0161t\u00ed dravci \u00adov\u0161em nejsou jedin\u00ed, kdo na z\u00e1padn\u00edch trz\u00edch vyhl\u00ed\u017eej\u00ed vhodnou ko\u0159ist. Zdatn\u011b jim sekunduje nap\u0159\u00edklad Karel Kom\u00e1rek, dr\u017eitel licence na provozov\u00e1n\u00ed britsk\u00e9 N\u00e1rodn\u00ed loterie, kter\u00fd ned\u00e1vno dokon\u010dil burzovn\u00ed zalistov\u00e1n\u00ed sv\u00e9ho loterijn\u00edho byznysu. P\u0159id\u00e1v\u00e1 se tak\u00e9 Pavel Tyka\u010d, jen\u017e vedle energetiky nov\u011b zam\u00ed\u0159il do ocel\u00e1\u0159stv\u00ed a ropn\u00e9ho pr\u016fmyslu. M\u00e9n\u011b n\u00e1padn\u00fdm, ale nem\u00e9n\u011b zaj\u00edmav\u00fdm p\u0159\u00edkladem je investor Jarom\u00edr Tesa\u0159, kter\u00fd prost\u0159ednictv\u00edm sv\u00e9ho vodohospod\u00e1\u0159sk\u00e9ho imp\u00e9ria Energo-Pro provozuje deset vodn\u00edch elektr\u00e1ren ve \u0160pan\u011blsku. \u010cesk\u00e1 cesta na Z\u00e1pad tak nen\u00ed v\u00fdsadou jen n\u011bkolika m\u00e1lo nejbohat\u0161\u00edch podnikatel\u016f, je sou\u010d\u00e1st\u00ed mnohem \u0161ir\u0161\u00edho trendu, jen\u017e postupn\u011b m\u011bn\u00ed sm\u011br, kam tuzemsk\u00fd kapit\u00e1l proud\u00ed.<\/p>\n

Kde je tr\u00e1va zelen\u011bj\u0161\u00ed<\/p>\n

Zrychluj\u00edc\u00ed expanze je bezpochyby potvrzen\u00edm dosp\u011blosti \u010desk\u00e9ho byznysu. \u00dasp\u011b\u0161n\u00e9 zahrani\u010dn\u00ed podniky mohou p\u0159in\u00e1\u0161et dividendy, znalosti, nov\u00e9 kontakty a v\u011bt\u0161\u00ed odolnost v\u016f\u010di v\u00fdkyv\u016fm mal\u00e9 dom\u00e1c\u00ed ekonomiky. Bylo by ale chybou zam\u011bnit soukrom\u00fd investi\u010dn\u00ed \u00fasp\u011bch n\u011bkolika skupin za automatick\u00fd \u00fasp\u011bch cel\u00e9 zem\u011b. V \u010desk\u00e9 ekonomice je nem\u00e1lo oblast\u00ed, kter\u00e9 se bez kapit\u00e1lu neobejdou: energetika, dopravn\u00ed infrastruktura, bydlen\u00ed, modernizace pr\u016fmyslu, v\u00fdzkum i startupy. \u010c\u00e1st velk\u00fdch investor\u016f se jim v\u011bnuje, jejich v\u00fdnosov\u00fd potenci\u00e1l v\u0161ak v\u011bt\u0161inou nem\u016f\u017ee sout\u011b\u017eit s p\u0159\u00edle\u017eitostmi, je\u017e zdej\u0161\u00ed miliard\u00e1\u0159i vid\u00ed za plotem.<\/p>\n

\"Strnad<\/a>Strnad si vyhl\u00e9dl dal\u0161\u00ed \u010deskou firmu. O miliardov\u00fd byznys soupe\u0159\u00ed \u010dty\u0159i z\u00e1jemci<\/a><\/p>\n

To, \u017ee je tr\u00e1va u soused\u016f zelen\u011bj\u0161\u00ed, p\u0159itom \u010dasto nen\u00ed jen pocit. Povolov\u00e1n\u00ed v \u010cesku trv\u00e1 dlouho, zdej\u0161\u00ed kapit\u00e1lov\u00fd trh je m\u011blk\u00fd a n\u011bkter\u00e9 projekty jsou politicky i regulatorn\u011b obt\u00ed\u017en\u011b p\u0159edv\u00eddateln\u00e9. Je tedy pochopiteln\u00e9, \u017ee pen\u00edze hledaj\u00ed jednodu\u0161\u0161\u00ed nebo v\u00fdnosn\u011bj\u0161\u00ed cestu. Pro \u010cesko je to ale varov\u00e1n\u00ed: pokud dom\u00e1c\u00ed prost\u0159ed\u00ed nedok\u00e1\u017ee nab\u00eddnout dostate\u010dn\u011b atraktivn\u00ed p\u0159\u00edle\u017eitosti, nej\u00fasp\u011b\u0161n\u011bj\u0161\u00ed kapit\u00e1l bude st\u00e1le \u010dast\u011bji pracovat jinde. Nejde o to p\u0159esv\u011bd\u010dovat miliard\u00e1\u0159e, aby doma investovali z vlastenectv\u00ed. Kapit\u00e1l nen\u00ed charita a ni\u017e\u0161\u00ed v\u00fdnos jen m\u00e1lokdy vyv\u00e1\u017e\u00ed dobr\u00fd pocit z \u010desk\u00e9 adresy. \u00dakolem st\u00e1tu je vytvo\u0159it podm\u00ednky, v nich\u017e bude mo\u017en\u00e9 rychleji stav\u011bt, inovovat a financovat rizikov\u011bj\u0161\u00ed firmy.<\/p>\n

Pr\u00e1v\u011b zde se ukazuje z\u00e1sadn\u00ed rozd\u00edl mezi nejv\u011bt\u0161\u00edmi skupinami a zbytkem dom\u00e1c\u00ed ekonomiky. \u0160pi\u010dky \u010desk\u00e9ho byznysu si dok\u00e1\u017eou obstarat kapit\u00e1l v Lond\u00fdn\u011b, Amsterdamu nebo t\u0159eba i v New Yorku. Firmy o n\u011bkolik pater n\u00ed\u017e u\u017e takovou mo\u017enost obvykle nemaj\u00ed. Tuzemsk\u00fdm startup\u016fm a men\u0161\u00edm spole\u010dnostem po\u0159\u00e1d chyb\u00ed p\u0159\u00edstup k likvidit\u011b, kterou americk\u00fdm firm\u00e1m nab\u00edz\u00ed tamn\u00ed kapit\u00e1lov\u00fd trh.<\/p>\n

Z expanze t\u011bch velk\u00fdch m\u016f\u017ee \u010d\u00e1ste\u010dn\u011b t\u011b\u017eit aspo\u0148 \u010desk\u00e1 investorsk\u00e1 ve\u0159ejnost. \u201ePro kvalifikovan\u00e9 a n\u011bkdy i drobn\u00e9 investory velk\u00e9 skupiny mnohdy nab\u00edzej\u00ed mo\u017enosti, jak se zapojit do jejich financov\u00e1n\u00ed,\u201c upozor\u0148uje Flieger. \u201eT\u00edm se mohou aspo\u0148 zprost\u0159edkovan\u011b pod\u00edlet nejen na jejich mo\u017en\u00e9m \u00fasp\u011bchu, ale i riziku na zahrani\u010dn\u00edch trz\u00edch.\u201c<\/p>\n","protected":false},"excerpt":{"rendered":"Kdy\u017e \u010desk\u00fd investor koup\u00ed d\u016fm v Chorvatsku, je to tak\u0159ka neviditeln\u00fd p\u0159\u00edsp\u011bvek do statistik realitn\u00edho trhu. Kdy\u017e v\u0161ak…\n","protected":false},"author":2,"featured_media":205966,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[11611,67,68,42,8005,708,1099,5241,27972,99,7601],"class_list":["post-205965","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-banka","tag-business","tag-byznys","tag-cesko","tag-daniel-kretinsky","tag-ekonomika","tag-investor","tag-michal-strnad","tag-obchodni-retezec","tag-praha","tag-zapadni-evropa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117230489392604154","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/205965","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=205965"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/205965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/205966"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=205965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=205965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=205965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}