THE ROLE OF CAPITAL MARKET IN PROINNOVATIVE ALLOCATION OF CAPITAL IN POLAND
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The aim of the paper is to demonstrate that capital market in Poland through the mechanisms of eliminating gaps in the supply of capital may play an essential role in the process of stimulating innovative development of companies. This may result in increasing of the level of competitiveness of Polish economy. The methodology used by the authoress includes a description of the presented problem and analysis of volume, structure and dynamics of detailed phenomena. The conducted research led to the following results. The level of innovation in Poland is low due to a weak engagement of domestic private capital and the lack of mechanisms concerning allocation of this capital to innovative projects. One can observe a dangerous phenomenon of increasing the gap in the supply of long-term capital in the early stages of the development of companies. The capital market in Poland is only able to properly fulfill its functions in the process of allocation of financial means to innovations if the central government and local governments are actively engaged in the process. Eliminating the capital gap is possible when the domestic private capital is activated, which requires among the others things a preferential tax system and creating specialist institutions of capital market functioning in the sector of small and medium sized companies.
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