{"id":84401,"date":"2025-07-27T00:16:27","date_gmt":"2025-07-26T22:16:27","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=84401"},"modified":"2025-07-26T11:09:57","modified_gmt":"2025-07-26T09:09:57","slug":"david-dvorak-minoritni-akcionari-cezu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/07\/27\/david-dvorak-minoritni-akcionari-cezu\/","title":{"rendered":"David Dvo\u0159\u00e1k: Minoritn\u00ed akcion\u00e1\u0159i \u010cEZu"},"content":{"rendered":"
<\/div>\n

Vidl\u00e1k ned\u00e1vno ve sv\u00e9m blogu p\u00edchl do vos\u00edho hn\u00edzda \u2013 problematice men\u0161inov\u00fdch akcion\u00e1\u0159\u016f energetick\u00e9 firmy \u010cEZ. Okam\u017eit\u011b se ozvali opravdu minoritn\u00ed akcion\u00e1\u0159i z \u0159ad \u010dten\u00e1\u0159\u016f a reakce by se dala shrnout do v\u011bty: \u201eSlova o minoritn\u00edch akcion\u00e1\u0159\u00edch byla volena ne\u0161\u0165astn\u011b<\/em>\u201c<\/p>\n

Poj\u010fme se tedy pod\u00edvat na probl\u00e9m z v\u00edcero \u00fahl\u016f.<\/strong><\/h3>\n

Firma \u010cEZ, tak jako v\u0161echny ostatn\u00ed firmy, byla do roku 1989 majetkem \u201ev\u0161eho lidu\u201c, tedy ve vlastnictv\u00ed st\u00e1tu, resp. nedemokratick\u00fdch a \u00fadajn\u011b neschopn\u00fdch komunist\u016f. Komunist\u00e9 ov\u0161em regul\u00e9rn\u011b vyhr\u00e1li demokratick\u00e9 volby v r. 1946, ov\u0161em n\u00e1sledn\u011b u\u017e m\u00e9n\u011b demokraticky p\u0159evzali vl\u00e1du v r. 1948.<\/p>\n

Mimochodem \u2013 cel\u00e9 to umo\u017enilo spekulativn\u00ed chov\u00e1n\u00ed nekomunistick\u00fdch politik\u016f, kte\u0159\u00ed\u00a0nevsadili na souboj my\u0161lenek a v\u00fdhod<\/strong>\u00a0kapitalismu proti diskuz\u00edm o v\u00fdhod\u00e1ch socialismu, ale z\u00e1kulisn\u00ed hr\u00e1tky a praktiky, kter\u00e9 nevy\u0161ly.<\/em><\/p>\n

Soukrom\u00fd vs. st\u00e1tn\u00ed kapit\u00e1l.<\/strong><\/h3>\n

Komunist\u00e9 tedy vl\u00e1dli od r. 1948 do r. 1989, d\u00e1 se \u0159\u00edct, \u017ee \u0159\u00eddili n\u00e1\u0161 st\u00e1t 41 let. Neza\u010dali samoz\u0159ejm\u011b na \u201ezelen\u00e9 louce\u201c, ale soukrom\u00e9 majetky jednodu\u0161e zn\u00e1rodnili, p\u0159esn\u011bji zespole\u010den\u0161tili. N\u00e1sledovala jejich spr\u00e1va a p\u0159\u00edpadn\u00fd rozvoj, kdy je n\u00e1m st\u00e1le vtlouk\u00e1no do hlavy, \u017ee st\u00e1t je nejhor\u0161\u00ed hospod\u00e1\u0159.<\/p>\n

Tak\u017ee tady prvn\u00ed zaj\u00edmavost<\/strong>\u00a0\u2026 Ka\u017ed\u00e1 ekonomika m\u00e1 n\u011bjak\u00e9 st\u011b\u017eejn\u00ed, rozhoduj\u00edc\u00ed firmy, kter\u00e9 d\u00edky sv\u00e9 velikosti a d\u016fle\u017eitosti pro \u017eivot st\u00e1tu zauj\u00edmaj\u00ed kl\u00ed\u010dov\u00e9 postaven\u00ed. Z t\u011bch v\u011bt\u0161\u00edch tedy m\u016f\u017eeme jmenovat \u2013 \u010cKD, Poldovku, V\u00edtkovice, doly a t\u0159eba i Ba\u0165ovy z\u00e1vody, alias Svit. V\u0161echny tyto firmy byly zest\u00e1tn\u011bny a n\u00e1sledn\u011b komunisty spravov\u00e1ny. Je nutno si uv\u011bdomit, \u017ee v\u0161echny tyto firmy bol\u0161evik spravoval tak, \u017ee je udr\u017eel exportn\u011b schopn\u00e9 a v n\u011bkter\u00fdch p\u0159\u00edpadech (zejm\u00e9na stroj\u00edrenstv\u00ed) na pomysln\u00e9 \u0161pi\u010dce.\u00a0Po roce 1989, kdy nastoupil ten lep\u0161\u00ed, schopn\u011bj\u0161\u00ed a demokratick\u00fd kapitalistick\u00fd re\u017eim, v\u0161echny tyto firmy v podstat\u011b zanikly, p\u0159esn\u011bji vytunelov\u00e1ny a\u017e k bankrotu, rozkradeny nebo zru\u0161eny jako ne\u017e\u00e1douc\u00ed konkurence \u2013 typicky cukrovary.<\/strong><\/p>\n

Zaj\u00edmavost druh\u00e1<\/strong>\u00a0\u2026 Komunist\u00e9 na\u0161i zemi \u0159\u00eddili tak, \u017ee spole\u010dn\u00fdm \u00fasil\u00edm byli schopni vytv\u00e1\u0159et i nov\u00e9 d\u016fle\u017eit\u00e9 statky, tj firmy a infrastrukturu \u2013 jmenujme t\u0159eba NHKG Ostrava, kter\u00e1\u017eto hu\u0165 vznikla doslova na \u201ezelen\u00e9 louce\u201c a nov\u00fd, lep\u0161\u00ed re\u017eim ji sice p\u0159evzal funk\u010dn\u00ed, ale m\u00edsto rozvoje ji vytuneloval a zav\u0159el. Dal\u0161\u00ed zm\u00ednka m\u016f\u017ee b\u00fdt nap\u0159. o p\u0159e\u010derp\u00e1vac\u00ed elektr\u00e1rn\u011b Dlouh\u00e9 str\u00e1n\u011b, elektr\u00e1rn\u00e1ch na vltavsk\u00e9 kask\u00e1d\u011b, anilinov\u00fd blok v MCHZ Ostrava, a taky t\u0159eba v podstat\u011b cel\u00e9 m\u011bsto \u2013 Hav\u00ed\u0159ov. Pro lidi stav\u011bli byty tempem sto tis\u00edc ro\u010dn\u011b atd.<\/p>\n

P\u0159esto\u017ee nov\u00fd re\u017eim se svou d\u00e9lkou bl\u00ed\u017e\u00ed k d\u00e9lce spravov\u00e1n\u00ed st\u00e1tu komunisty, tak se k t\u011bmto v\u00fdkon\u016fm ani nep\u0159ibli\u017euje!!! \u2013 p\u0159esn\u011bji, soukrom\u00fd kapit\u00e1l nen\u00ed schopen takov\u00e9ho v\u00fdkonu, proto\u017ee nen\u00ed zam\u011b\u0159en na pot\u0159eby lid\u00ed ve st\u00e1t\u011b, ale na zisk, tedy hami\u017enost jednotlivce.<\/strong><\/em><\/p>\n

Kde je probl\u00e9m? \u2026 n\u00e1klady se socializuj\u00ed a zisk privatizuje<\/strong><\/h3>\n

Na problematice minoritn\u00edch akcion\u00e1\u0159\u016f \u010cEZu si uk\u00e1\u017eeme, kde je zakopan\u00fd pes. V r. 1948, samoz\u0159ejm\u011b st\u00e1t n\u011bjakou energetickou infrastrukturu m\u011bl, nicm\u00e9n\u011b tvrd\u00edm, \u017ee komunist\u00e9 ji velmi v\u00fdrazn\u011b modernizovali a roz\u0161i\u0159ovali. Najednou byla elekt\u0159ina v ka\u017ed\u00e9 vesnici, postavily se jadern\u00e9 bloky, vodn\u00ed elektr\u00e1rny a velmi robustn\u00ed p\u0159enosov\u00e1 soustava \u2026 a to z dan\u00ed v\u0161ech.<\/p>\n

V r. 1989, resp. v n\u00e1sleduj\u00edc\u00edch letech do\u0161lo na privatizaci st\u00e1tn\u00edho majetku tak, \u017ee byl bezplatn\u011b nab\u00eddnut op\u011bt v\u0161em. Zd\u00e1nliv\u011b dobr\u00fd n\u00e1pad. V p\u0159\u00edpad\u011b firmy \u010cEZ byly vyd\u00e1ny akcie na jej\u00ed tehdej\u0161\u00ed majetek, ka\u017ed\u00e1 v nomin\u00e1ln\u00ed hodnot\u011b 100,- K\u010d \u2013 akci\u00ed je 537 989 759 kus\u016f. Tr\u017en\u00ed hodnota dnes samoz\u0159ejm\u011b nen\u00ed 100 K\u010d\/akcie. Majoritn\u00edm dr\u017eitelem akci\u00ed je st\u00e1le st\u00e1t (69,78 %), ale 16,40\u00a0% dr\u017e\u00ed pr\u00e1vnick\u00e9 osoby a 13,60\u00a0% dr\u017e\u00ed fyzick\u00e9 osoby. D\u00e1le je ve\u0159ejn\u011b zn\u00e1mo, kdo dr\u017e\u00ed nad 1% akci\u00ed \u2013 jsou to ony pr\u00e1vnick\u00e9 osoby typu Black Rock \u2013 nap\u0159. 2,43% Belviport Trading Limited a vzpom\u00ednan\u00fd Black Rock dr\u017e\u00ed aktu\u00e1ln\u011b 1,33% akci\u00ed. T\u011bchto p\u00e1r firem dr\u017e\u00ed necel\u00fdch 10% z t\u011bch 16,40% vykazovan\u00fdch ve prosp\u011bch pr\u00e1vnick\u00fdch osob.<\/p>\n

Ov\u0161em jeden podstatn\u00fd \u00fadaj je neve\u0159ejn\u00fd \u2013 kolik je fyzick\u00fdch akcion\u00e1\u0159\u016f, nejl\u00e9pe \u010cech\u016f. Nev\u00edme tedy, jak\u00fd po\u010det fyzick\u00fdch osob vlastn\u00ed on\u011bch 13,60% akci\u00ed \u2026 je to 10 \u0159editel\u016f firmy typu Black Rock? \u2026 nebo 100.000 ob\u010dan\u016f \u010cR? \u2026. nebo jen 1.000 ob\u010dan\u016f \u010cR?<\/em><\/p>\n

Drobn\u00ed akcion\u00e1\u0159i \u010cEZu zalo\u017eili sdru\u017een\u00ed na svou obranu, resp. obranu sv\u00fdch investi\u010dn\u00edch pr\u00e1v. Op\u011bt jsem nena\u0161el kolik jich je. Nicm\u00e9n\u011b, kdy\u017e se i v mainstreamu za\u010dne prob\u00edrat problematika zisk\u016f \u010cEZu a drobn\u00fdch akcion\u00e1\u0159\u016f, tak se lze do\u010d\u00edst v diskuz\u00edch i takov\u00fdch perel, jako nap\u0159.: \u2026 voln\u011b tlumo\u010deno \u2013\u00a0\u010cEZ nem\u00e1 m\u00edt z\u00e1jem stav\u011bt nov\u00e9 bloky a utr\u00e1cet tak \u201ena\u0161e\u201c (akcion\u00e1\u0159\u016f) pen\u00edze, proto\u017ee dostupn\u011bj\u0161\u00ed elekt\u0159ina znamen\u00e1 ni\u017e\u0161\u00ed cenu a tedy ni\u017e\u0161\u00ed v\u00fdnos akci\u00ed. Kdy\u017e se investuje, tak to jde ze zisku, kter\u00fd ale m\u00e1 b\u00fdt rozd\u011blov\u00e1n mezi akcion\u00e1\u0159e. A\u0165 si investuje st\u00e1t, jako nejv\u011bt\u0161\u00ed akcion\u00e1\u0159, kdy\u017e u\u017e tedy chce<\/em>. A tohle je ten pomysln\u00fd \u201e\u00faheln\u00fd k\u00e1men\u201c.<\/p>\n

M\u00e1me zde tedy opravdu v\u0161eobecn\u00fd, resp. v\u011bt\u0161inov\u00fd z\u00e1jem na levn\u011bj\u0161\u00ed a dostupn\u011bj\u0161\u00ed elekt\u0159in\u011b a oproti tomu ziskov\u00e9 z\u00e1jmy akcion\u00e1\u0159\u016f. Asi bude ka\u017ed\u00fd souhlasit, \u017ee dostupn\u00e9 a levn\u00e9 energie jsou motorem ekonomiky, kter\u00e1 poh\u00e1n\u00ed v podstat\u011b v\u0161e a umo\u017e\u0148uj\u00ed nejen snadn\u011bj\u0161\u00ed a pohodln\u011bj\u0161\u00ed \u017eivot\u00a0v\u0161em<\/strong>\u00a0lidem, ale hlavn\u011b umo\u017e\u0148uj\u00ed dal\u0161\u00ed ekonomick\u00fd progres\u00a0v\u0161eho<\/strong>\u00a0ve st\u00e1t\u011b.<\/p>\n

Ta spr\u00e1vn\u00e1 ot\u00e1zka tedy zn\u00ed \u2013 m\u00e1 p\u0159ednost z\u00e1jem a prosp\u011bch v\u011bt\u0161iny nebo z\u00e1jem a prosp\u011bch mal\u00e9ho po\u010dtu \u010cech\u016f, kte\u0159\u00ed v\u011bdom\u011b a relativn\u011b proz\u00edrav\u011b investovali do akci\u00ed \u010cEZ a o\u010dek\u00e1vaj\u00ed co nejvy\u0161\u0161\u00ed dividendy? \u2026, kter\u00e9 jsou\u00a0<\/strong>ov\u0161em\u00a0<\/strong>zalo\u017een\u00e9 na co nejvy\u0161\u0161\u00ed cen\u011b elektrick\u00e9 energie\u00a0<\/strong>a nejmen\u0161\u00edch n\u00e1kladech<\/strong>?<\/strong><\/em><\/p>\n

Samostatnou kapitolou pak je provoz a p\u0159\u00edpadn\u00e9 investice. P\u0159irozen\u00fd z\u00e1jem minoritn\u00edch akcion\u00e1\u0159\u016f je na co nejvy\u0161\u0161\u00ed dividend\u011b, kter\u00e1 ov\u0161em bude nejvy\u0161\u0161\u00ed tehdy, kdy\u017e se nebude el. energie zlev\u0148ovat ale naopak zdra\u017eovat. Jejich p\u0159irozen\u00fd z\u00e1jem je, \u201eaby to fungovalo\u201c a moc ze zisku se \u201enemrhalo\u201c do investic, kter\u00e9 jednak sni\u017euj\u00ed tedy zisk k rozd\u011blen\u00ed, ale nav\u00edc by potenci\u00e1ln\u011b mohli cenu energi\u00ed zlevnit a \u2026 a t\u00edm sn\u00ed\u017eit dividendy. Naproti tomu, st\u00e1t, kter\u00fd je opravdu majoritn\u00edm akcion\u00e1\u0159em by ale m\u011bl m\u00edt n\u011bjakou politiku naopak sm\u011b\u0159uj\u00edc\u00ed k podpo\u0159e pr\u016fmyslu a tedy sm\u011b\u0159uj\u00edc\u00ed k co nejlevn\u011bj\u0161\u00edm energi\u00edm. Mimochodem \u2013 tady je jasn\u00e9 \u010d\u00ed z\u00e1jmy h\u00e1j\u00ed p\u011btidemolice, kdy\u017e up\u0159ednost\u0148uj\u00ed vysokou cenu energi\u00ed. Drobn\u00fd akcion\u00e1\u0159 tedy celkem logicky neh\u00fdk\u00e1 nad\u0161en\u00edm, kdy\u017e se investuje a naopak k\u0159i\u010d\u00ed, \u017ee investovat by se moc nem\u011blo. Proto bere za naprosto\u00a0norm\u00e1ln\u00ed a mor\u00e1ln\u00ed<\/strong>, \u017ee my v\u0161ichni z na\u0161ich dan\u00ed investujeme prost\u0159ednictv\u00edm st\u00e1tu do \u010cEZu a on vyb\u00edr\u00e1 jenom spravedliv\u00e9 dividendy.<\/p>\n

Nikdo nepokl\u00e1d\u00e1 drobn\u00fdm akcion\u00e1\u0159\u016fm nep\u0159\u00edjemn\u00e9 ot\u00e1zky typu, jak se osobn\u011b pod\u00edl\u00ed nap\u0159. na st\u00e1tn\u00edch z\u00e1ruk\u00e1ch na p\u016fj\u010dky apod.<\/p>\n

Je to tedy klasick\u00e1 uk\u00e1zka socializace n\u00e1klad\u016f a privatizace zisku. Cel\u00fd probl\u00e9m se tedy opravdu redukuje na ot\u00e1zku, zda m\u00e1 p\u0159ednost z\u00e1jem v\u011bt\u0161iny nebo z\u00e1jem n\u011bkolika jednotlivc\u016f.<\/strong><\/em><\/p>\n

Teoreticky, kdy\u017e tedy na 100% vyslechneme p\u0159\u00e1n\u00ed drobn\u00fdch akcion\u00e1\u0159\u016f a p\u0159estane se zisk pou\u017e\u00edvat na investice, pak d\u0159\u00edve nebo pozd\u011bji nebude m\u00edt nikdo nic \u2013 my energie a akcion\u00e1\u0159i dividendu.<\/p>\n

David Dvo\u0159\u00e1k<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Vidl\u00e1k ned\u00e1vno ve sv\u00e9m blogu p\u00edchl do vos\u00edho hn\u00edzda \u2013 problematice men\u0161inov\u00fdch akcion\u00e1\u0159\u016f energetick\u00e9 firmy…<\/p>\n","protected":false},"author":2,"featured_media":16538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[9540,1298,9541,1299,1503],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/84401"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=84401"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/84401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/16538"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=84401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=84401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=84401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}