Enterprise Own Bonds as a Financing Tool in Polish Enterprises
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The author presents how Polish enterprises use their own bonds to finance their activity. The first chapter describes bonds' characteristics according to various criteria. The next chapter characterises bonds as a financial tool. The third chapter describes long-term bonds' benefits for enterprises. The long-term bonds are bought out in the period exceeding one year and therefore serve in financing mostly long-term investment. The last chapter presents research results. In the survey a group of randomly chosen enterprises described the categories of bonds issued and the frequency of emission. Next study involved 104 emission prospects of the Warsaw Stock Exchange enterprises. The third study is based on data supplied by the Fitch Poland rating agency on their website. The enterprises' bond market size in Poland is shown in a table. Summing up the author stresses bonds' benefits but notes great competition of other financial tools and foreign capital on the developing Polish financial market. Only an enterprise enjoying high reputation may successfully exploit its own bonds.
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