2013 | 154 | 61-71
Article title

Sytuacja finansowa polskich spółek a modele kształtowania struktury kapitałowej

Title variants
Financial Condition of Polish Companies and Models of Capital Structure Formation
Languages of publication
Running a business is not possible without suitable resources of financing. Determination of rational financial structure is a necessary condition for efficient operation of a company. Financial resources as well as their configuration may lead either to development or to bankruptcy of a company. Thus, the decision about financial structure is a matter of fundamental importance to subsequent operation of organization. Moreover, this decision is made by the management during continuous company's activity. Unfortunately, both the description of the very process of reaching the decision and its validation seem to be really hard to formalize and to operationalize. Despite the fact that there have been carried out analyses, the issue of managing the financial structure remains to be resolved. Above all, the difficulties reside in the process of devising a suitable and universal model which would be widely accepted, particularly in the context of Polish capital market. This paper brings up modern models for constructing the capital structure as well as models for analyzing the efficiency of managing such a structure. Polish capital market issue, given in question is also illustrated in the context of administering financial structure in the Polish companies (including the ones which went out of business on stock.
Physical description
  • DeAngelo H., DeAngelo L., Whited T. M., Capital structure dynamics and transitory debt, "Journal of Financial Economics" 2011, nr 99.
  • Durand D., Cost of Debt and Equity Funds for Business. Trends and Problems of Measurement. Conference on Research in Business Finance, National Beaureau of Economic Research, 1952.
  • Fischer E., Heinkel R., Zechner J., Dynamic capital structure choice: theory and tests, "Journal of Finance" 1989, No. 44.
  • Goldstein R., Ju N., Leland H., An EBIT - based model of dynamic capital structure, "Journal of Business" 2001, No. 74(4).
  • Hadasik D., Upadłość przedsiębiorstw w Polsce i metody jej prognozowania, Zeszyty Naukowe, Seria II, nr 153, Akademia Ekonomiczna, Poznań 1998.
  • Hamrol M., Chodakowski J., Prognozowanie zagrożenia finansowego przedsiębiorstwa. Wartość predykcyjna polskich modeli analizy dyskryminacyjnej, "Badania Operacyjne i Decyzje" 2008, nr 3.
  • Jerzemowska M., Kształtowanie struktury kapitału w spółkach akcyjnych, PWN, Warszawa 1999.
  • Krysicki W., Bartos J., Dyczka W., Królikowska K., Wasilewski M., Rachunek prawdopodobieństwa i statystyka matematyczna w zadaniach. Część II. Statystyka matematyczna, Wydawnictwo Naukowe PWN, Warszawa 1994.
  • Legault J.C.A., Score A., Warning System for Small Business Failures, "Bilans" 1987, June.
  • Maliński M., Weryfikacja hipotez statystycznych wspomagana komputerowo, Politechnika Śląska, Gliwice 2004.
  • Mączyńska E., Zawadzki M., Dyskryminacyjne modele predykcji bankructwa przedsiębiorstw, "Ekonomista" 2006, nr 2.
  • Modigliani F., Miller M., Koszt kapitału, finanse przedsiębiorstw i teoria inwestycji, "The American Economic Rewiev" 1958, No. 48.
  • Ostaszewski J., Źródła pozyskiwania kapitału przez spółkę akcyjną, Difin, Warszawa 2000.
  • Przedsiębiorstwo. Wartość. Zarządzanie, red. C. Suszyński, PWE, Warszawa 2007.
  • Shyam-Sunder L., Myers S.C., Testing static tradeoff against pecking order models of capital structure, "Journal of Financial Economics" 1999, No. 51.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.