\u010cesk\u00fd akciov\u00fd trh m\u00e1 relativn\u011b kr\u00e1tkou, ale bohatou historii. Jeho rozvoj za\u010dal na po\u010d\u00e1tku 90. let 20. stolet\u00ed po rozd\u011blen\u00ed \u010ceskoslovenska a p\u0159echodu k tr\u017en\u00ed ekonomice. Jedn\u00edm z kl\u00ed\u010dov\u00fdch miln\u00edk\u016f bylo zalo\u017een\u00ed Pra\u017esk\u00e9 burzy cenn\u00fdch pap\u00edr\u016f (BCPP) v roce 1992, kter\u00e1 se stala \u00fast\u0159edn\u00ed platformou pro obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry v zemi.
\nV po\u010d\u00e1te\u010dn\u00edch letech sehr\u00e1la BCPP kl\u00ed\u010dovou roli v privatizaci st\u00e1tn\u00edch podnik\u016f. Programy kup\u00f3nov\u00e9 privatizace umo\u017enily milion\u016fm ob\u010dan\u016f st\u00e1t se akcion\u00e1\u0159i n\u00e1rodn\u00edch spole\u010dnost\u00ed, jako jsou \u010cEZ, Komer\u010dn\u00ed banka a \u010cesk\u00fd telekomunika\u010dn\u00ed \u00fa\u0159ad. T\u00edm vznikla \u0161irok\u00e1 z\u00e1kladna soukrom\u00fdch investor\u016f, a\u010dkoli mnoz\u00ed z nich m\u011bli jen mal\u00e9 pochopen\u00ed mechanism\u016f akciov\u00e9ho trhu.
\nNa p\u0159elomu tis\u00edcilet\u00ed pro\u0161la Pra\u017esk\u00e1 burza cenn\u00fdch pap\u00edr\u016f v\u00fdznamnou modernizac\u00ed. V roce 2001 byla p\u0159ejmenov\u00e1na na Burzu cenn\u00fdch pap\u00edr\u016f Praha (BCPP) a v roce 2008 byla pln\u011b integrov\u00e1na do V\u00edde\u0148sk\u00e9 burzy cenn\u00fdch pap\u00edr\u016f (Wiener B\u00f6rse AG). Tato integrace v\u00fdrazn\u011b zv\u00fd\u0161ila transparentnost obchodov\u00e1n\u00ed a technickou infrastrukturu platformy.
\n\u010cesk\u00fd akciov\u00fd trh je dnes ve srovn\u00e1n\u00ed se sousedn\u00edmi zem\u011bmi, jako je Polsko a N\u011bmecko, relativn\u011b mal\u00fd. Index PX, hlavn\u00ed benchmark, reprezentuje pouze asi 15 spole\u010dnost\u00ed. Dominuje jim energetick\u00fd gigant \u010cEZ, bankovn\u00ed spole\u010dnosti (Komer\u010dn\u00ed banka, Moneta Money Bank) a pr\u016fmyslov\u00ed hr\u00e1\u010di, jako jsou Erste Group a Philip Morris \u010cR.<\/p>\n
\nLikvidita na \u010desk\u00e9m trhu z\u016fst\u00e1v\u00e1 m\u00edrn\u00e1. V\u011bt\u0161ina obchod\u016f se soust\u0159ed\u00ed na akcie p\u011bti nejv\u011bt\u0161\u00edch spole\u010dnost\u00ed, zat\u00edmco akcie ostatn\u00edch emitent\u016f se obchoduj\u00ed extr\u00e9mn\u011b z\u0159\u00eddka. To omezuje diverzifika\u010dn\u00ed mo\u017enosti pro \u00fa\u010dastn\u00edky trhu a sni\u017euje jeho atraktivitu pro zahrani\u010dn\u00ed institucion\u00e1ln\u00ed investory.
\nNicm\u00e9n\u011b \u010desk\u00e9 spole\u010dnosti se st\u00e1le v\u00edce obracej\u00ed na mezin\u00e1rodn\u00ed kapit\u00e1lov\u00e9 trhy. Nap\u0159\u00edklad Erste Group Bank se s\u00eddlem ve V\u00eddni, ale s v\u00fdznamnou \u010d\u00e1st\u00ed sv\u00e9ho podnik\u00e1n\u00ed v \u010cesk\u00e9 republice, je k\u00f3tov\u00e1na na v\u00edde\u0148sk\u00e9 a frankfurtsk\u00e9 burze. To roz\u0161i\u0159uje p\u0159\u00edstup ke kapit\u00e1lu a zvy\u0161uje viditelnost \u010desk\u00fdch podnik\u016f v zahrani\u010d\u00ed.
\nTrh je regulov\u00e1n \u010cesk\u00fdm n\u00e1rodn\u00edm bankovn\u00edm syst\u00e9mem prost\u0159ednictv\u00edm Komise pro cenn\u00e9 pap\u00edry (\u010cesk\u00e1 komise pro cenn\u00e9 pap\u00edry). \u00da\u0159ad sleduje dodr\u017eov\u00e1n\u00ed legislativy EU, v\u010detn\u011b MiFID II a na\u0159\u00edzen\u00ed o zneu\u017e\u00edv\u00e1n\u00ed trhu, a zaji\u0161\u0165uje tak vysokou \u00farove\u0148 ochrany a transparentnosti investor\u016f.
\nV posledn\u00edch letech roste z\u00e1jem o alternativn\u00ed formy financov\u00e1n\u00ed, v\u010detn\u011b crowdfundingu a soukrom\u00fdch investic. Tradi\u010dn\u00ed akciov\u00fd trh v\u0161ak z\u016fst\u00e1v\u00e1 omezen\u00fd: mnoho mal\u00fdch a st\u0159edn\u00edch podnik\u016f d\u00e1v\u00e1 p\u0159ednost bankovn\u00edm \u00fav\u011br\u016fm nebo private equity. Navzdory digitalizaci a r\u016fstu online obchodov\u00e1n\u00ed z\u016fst\u00e1v\u00e1 po\u010det aktivn\u00edch soukrom\u00fdch investor\u016f v \u010cesk\u00e9 republice pod evropsk\u00fdm pr\u016fm\u011brem. Podle \u010cesk\u00e9ho statistick\u00e9ho \u00fa\u0159adu vlastn\u00ed akcie p\u0159\u00edmo pouze asi 5 % populace, a\u010dkoli nep\u0159\u00edm\u00e1 \u00fa\u010dast \u2013 prost\u0159ednictv\u00edm penzijn\u00edch fond\u016f a ETF \u2013 je vy\u0161\u0161\u00ed.
\nBudoucnost \u010desk\u00e9ho akciov\u00e9ho trhu bude pravd\u011bpodobn\u011b z\u00e1viset na hlub\u0161\u00ed integraci do evropsk\u00e9 finan\u010dn\u00ed infrastruktury, rozvoji financov\u00e1n\u00ed ESG a roz\u0161\u00ed\u0159en\u00ed nab\u00eddek pro retailov\u00e9 \u00fa\u010dastn\u00edky. Bez vzniku nov\u00fdch v\u00fdznamn\u00fdch emitent\u016f a zv\u00fd\u0161en\u00e9 likvidity je v\u0161ak rozs\u00e1hl\u00fd r\u016fst nepravd\u011bpodobn\u00fd.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u010cesk\u00fd akciov\u00fd trh m\u00e1 relativn\u011b kr\u00e1tkou, ale bohatou historii. Jeho rozvoj za\u010dal na po\u010d\u00e1tku 90. let 20. stolet\u00ed po rozd\u011blen\u00ed \u010ceskoslovenska a p\u0159echodu k tr\u017en\u00ed ekonomice. Jedn\u00edm z kl\u00ed\u010dov\u00fdch miln\u00edk\u016f…<\/p>\n","protected":false},"author":2,"featured_media":64,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-63","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trhy"],"_links":{"self":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/63","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63"}],"version-history":[{"count":1,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/63\/revisions"}],"predecessor-version":[{"id":65,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/63\/revisions\/65"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/media\/64"}],"wp:attachment":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}