Debt financing – confrontation of economic practice with elements of theory

Main Article Content

Agnieszka Cenkier

Abstract

The subject of the study is debt financing of enterprises, a factor significantly affecting the situation of entities conducting economic activity. The aim of the study is to meet the view on the need of engage debt in the pursuit of maximizing the benefits and market value presented in the theory of corporate finance and the theory of capital structure with economic practice. The study covered the original set of financial indicators in the years 2014-2020 in ten listed Polish production companies included in the GIP60. The survey companies accounted for the 10% of the composition of the index and about 10% of its capitalization what is likely to representative of all companies included in the index. The results of the study presented in the table in the appendix were used to define the kind of relationship between the scale of debt and the scale of operations, as well as the financial situation of each entity. The selection of indicators was made due to their usefulness in the attempt to define the aforementioned relationship.

Downloads

Download data is not yet available.

Article Details

How to Cite
Cenkier, A. . (2021). Debt financing – confrontation of economic practice with elements of theory. Kwartalnik Nauk O Przedsiębiorstwie, 62(5), 4–14. https://doi.org/10.33119/KNoP.2021.62.5.1
Section
Articles

References

1. Brigham E.F. (1996), Podstawy zarządzania finansami, tom 2, Warszawa, Państwowe Wydawnictwo Ekonomiczne.
2. Brunetti A., Kisunko G., Weder B. (1997), Institutional Obstacles to Doing Business: Region-by-Region Results form a Worldwide Survey of the Private Sector, Policy Research Working Papers, No 1759, World Bank.
3. Cwynar A., Cwynar W. (2011), Optymalizacja struktury kapitału i kalkulacja kosztu kapitału spółki w: Finansowanie rozwoju przedsiębiorstwa. Studia przypadków, Panfil M. (red.), Warszawa, Difin.
4. Fedorowicz Z. (2004), Uwagi o przedmiotowym zakresie finansów przedsiębiorstwa, w: Problemy finansów przedsiębiorstwa w teorii i praktyce, Ickiewicz J. red.), Oficyna Wydawnicza SGH, Warszawa.
5. MGBI (2021), Postępowania upadłościowe i restrukturyzacyjne. Raport 2021, Warszawa.
6. Myers S.C. (1984), Capital Structure Puzzle, NBER Working Paper Series, Working Paper No 1393, National Bureou of Economic Reaserch, Cambridge.
7. NBP (2016), Dostępność finansowania niefinansowych przedsiębiorstw w Polsce.
8. Raporty roczne jednostkowe spółek za lata 2014-2020.
9. Związek Przedsiębiorców i Pracodawców (2018), Raport. Finansowanie biznesu w Polsce, Warszawa.