Does the Debt Policy Theoretically and Practically Matter in Concrete Firm?[Optimalizace kapitálové struktury konkrétního podniku věc teoreticky či prakticky možná?]

The aim of this contribution is to analyze if does the debt policy theoretically and practically matter in concrete firm. The contribution is based on a basic analysis of single theories and their possible usage in the process of concrete optimizing. Also the practical usage of theories is analyzed including the solution of application problems of single theories. The traditional theory and the theory of spouses Neumaier´s are the best from the point of view of their ability to identify empirically the concrete indebtedness. The enterprise has to decide firstly if to start the process of active optimizing or if it is satisfied with the following of branch standards or it is satisfied with complying with the pecking order theory. The enterprise could use both theories stipulating the concrete empirical value of indebtedness and choice the value which better fulfill the further aspects such as for example dimension of Brealey-Myers theory. The optimizing structure is not possible to identify, but only to estimate because of the different approaches to the solution of the application problems of single theories. The optimal capital structure will vary because of the subjective approach to the process of optimizing.