Analiza rentowności kapitału własnego jako instrument zarządzania finansami firmy

• Authors: Cezary Kozłowski

Abstracts

EN

Return on equity is very unimportant for each company. If determines the capacity of equity to finance current activities. Du Pont’s three-factor model of changes in return on equity was applied to determine the changes within equity and to show its causes. The analysis was based on financial data for the three years obtained from a construction partnership. The studies showed that there is a significant interrelationship between re- turn on equity and return on sales, structure of liabilities and assets turnover. Moreover, it can be stated that the effect specific financial indices may offset, e.g. a decrease in return on sales may be made up by a high increase in work- ing capital turnover. A need to increase return on capital results in a company’s higher backlog due to new foreign capital investments. From the economic point of view it is justifiable only when the return on total capital (excluding the costs of foreign capital service) is higher than the volume of costs (interest rates) paid on gained foreign capital. The literature defines this as the effect of financial leverage.

• Publisher: Ostrołęckie Towarzystwo Naukowe im. Adama Chętnika
• Journal: Zeszyty Naukowe Ostrołęckiego Towarzystwa Naukowego
• Year: 2008
• Volume: Zeszyt
• Issue: XXII
• Pages: 289-298

Dates

published

2008

Contributors

author

Cezary Kozłowski

References

• Kozłowski C., Lelusz H. 2002. Przyczyny zmian rentowności kapitału własnego. Biuletyn Naukowy UWM, nr 17. Wydawnictwo Uniwersytetu Warmińsko – Mazurskiego. Olsztyn.
• Małkowska D. Rachunkowość od podstaw. ODDK Gdańsk, 2001.
• Peplak T. Model Du Ponta. Gazeta Rachunkowa nr 5, 2002.
• Ustawa z dnia 29.09.1994 r. o rachunkowości. Tekst ujednolicony według stanu prawnego na dzień 01.03.2001 r.

Identifiers

Biblioteka Nauki

2163303