TRADYCYJNE I ALTERNATYWNE MOŻLIWOŚCI FINANSOWANIA MAŁYCH I ŚREDNICH PRZEDSIĘBIORSTW

• Authors: Jacek Grzywacz , Anna Jabłońska
• Languages of publication: PL

Abstracts

PL

Key words: alternative financing options, sector SMESummarySmall and medium-sized enterprises in the Polish economy playa significant role both in terms of the number of active entities, theshare in GDP, number of employees and participation in the creationof economic growth. However, the results of study in this sector indicate the number of barriers to their development, in particularin the problem of payment gridlock, existing for many years.All companies need funding, regardless of their size, location orscope of activities. Funding comes in many shapes and sizes, dependingon the needs and capabilities of the funded company andthe approved funding strategy.Committed capital is a necessary mechanism for the operation ofany enterprise, because without it its development is not possible.In the subject literature there are many divisions of potential sourcesof companies financing, based on various criteria, amongwhich the following are worth mentioning: the ownership ofcapital, the source of capital, time of having certain capital atone’s disposal, and funding target. The criterion source of capitaldistinguishes the equity capital and third party capital. Everycompany has assets (current assets and fixed assets) necessary toconduct operations. To finance the necessary assets, the companymust obtain adequate capital. By capital we mean funds (financialresources) assigned to the company by its owners21. In most companiesequity is the main source of funding. Third party capital,however, is made available to the company for a specified period,after which it should be returned.In the current era the enterprises have at their disposal a number ofpossibilities for financing their business. Traditionally, the forms offinancing include: issue of shares, bonds or commercial papers, leasing,factoring, franchising, trade credit (merchant’s) bank loans and cash loans,as well as forms such as private equity or venture capital. Thechoice the enterprise has is very wide. Of course, not all forms offunding are appropriate for each company. The selection of sourcesof funding should take into account a number of factors thatdefine which methods of raising capital are at the moment mostappropriate for the company and blend together so as to form themost favorable capital structure. The use of appropriate tools andsolutions allows operators to reduce the risk, thus affecting theachievement of its goals of maximizing the value and growth ofthe enterprise.21

• Publisher: Państwowa Wyższa Szkoła Zawodowa w Płocku
• Journal: Zeszyty Naukowe PWSZ w Płocku. Nauki Ekonomiczne
• Year: 2013
• Volume: 17

Dates

online

2017-03-29

Contributors

author

Jacek Grzywacz

author

Anna Jabłońska