Commercial Securities as a Source of Financing
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The author discusses the use of commercial securities by Polish enterprises to finance their activities. In the first chapter he presents the characteristics of commercial papers and mentions first emissions of such securities on Polish financial market after 1990. The next chapter gives the list of the commercial securities functions in the tablets and their description. The third chapter describes the possible use of papers by enterprises. For every emittent the paper is a source of foreign capital for his current activity. The papers are short-term (one year at the longest) values and they serve mainly to increase liquidity for instance to pay for the pressing payments. In the last chapter the author presents the research results. The first is the survey of 104 emmission prospects of the enterprises present at Warsaw Stock Exchange, taking into the account the ratio of commercial papers in the total amount of short-term liabilities. In the next survey the enterprises from Gdansk, Gdynia, Sopot and the neighbourhood were asked about the kind of emitted papers and the frequency of emissions. The third survey includes the information supplied by Fitch Poland rating agency (from 1997 to 2001 it was called CERA agency). The data were published on the agency's Internet page. The article presents a tablet including emissions of commercial and debt papers in Poland by years . Summing up the author once again stresses the beneficial aspect of commercial papers for the enterprise yet stresses also that the emittent should be impeccable. Only such enterprises can benefit from emissions.
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