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PL
Rozważania zawarte w opracowaniu podzielone zostały na trzy części. Pierwsza z nich jest wskazaniem na wartość jako cel działalności przedsiębiorstwa. W drugiej części wskazano na istotę kapitału własnego. Ostatnia, trzecia część to analiza kapitału własnego firm sektora farmaceutycznego w obszarze dystrybucji. Źródłem praktycznej części opracowania były informacje pozyskane od firm sektora farmaceutycznego na podstawie wywiadów, sprawozdań finansowych oraz zasobów internetowych. Dokonując analizy, postawiono wnioski dotyczące dylematów związanych z kapitałem własnym.
EN
The purpose of this article is focused on the role of equity in creation value of an enterprise based on pharmaceutical wholsalers. There was used the information given by Polish companies though interview and taken from internet. The author was concentrated on such aspects as value of an enterprise and the factors influencing equity. Financial issues, discussed in the theoretical part of the article, were expressed practically based on pharmaceutical companies.
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EN
The aim of this article is to analyze the equity valuation while undergoing the IPO process. There are a lot of factors influencing the valuation and new shares issue price setting. The research hypothesis to be verified refers to the statement that the book value of previously issued shares increases in the IPO. It means that newly issued shares are priced much higher than book value of previously issued shares. The research carried out allowed to confirm this hypothesis. Linking this observation with another one (issuing small blocks of shares) might lead to the conclusion that companies are taking advantage of being public company (gaining credibility and prestige, raising funds) and transfer the value from the new shareholders to the previous ones.
EN
The subject of this article is potential connection ongoing between operational excellence and strategic position of enterprise. The operational excellence is defined through the lens of leverages exploitation. The operational, financial and total leverage formula has been used. The strategic position changes have been evaluated by the investors decisions, what means, as the shares notes changes. The sample of twenty one enterprises form WIG 30 index have been examined. The research results analysis do not provide to hypothesis confirmations about essential connection between the competences on the field of operational management and the dynamic of strategic position. The used sample does not authorize, of course, to wider generalizations, but allows to generate the questions, which lay dawn the future research directions.
PL
Pozyskanie odpowiednich środków finansowania, w szczególności dla zapewnienia płynności finansowej dłużników w postępowaniu restrukturyzacyjnym jest podstawowym zadaniem przedsiębiorców prowadzących swoją działalność w warunkach konkurencyjnego rynku. Przyjęte w praktyce obrotu gospodarczego rozwiązania potwierdzają, że dla sfinansowania działalności przedsiębiorcy w postępowaniu restrukturyzacyjnym kluczową rolę odgrywają źródła o charakterze zewnętrznym – zarówno własne, jak i obce. Brak dostatecznej informacji i wiedzy uczestników postępowania o sposobach i formach pozyskiwania środków finansowych na restrukturyzację sprawia, że jest ona obarczona wysokim ryzykiem niepowodzenia. Celem niniejszego opracowania jest identyfikacja dostępnych źródeł finansowania restrukturyzacji w Polsce. Ponadto, wskazano, iż dostępność zewnętrznych źródeł finansowania przedsiębiorcy uczestniczącego w postępowaniu restrukturyzacyjnym pozwala na efektywną poprawę kondycji finansowej dłużnika i jego ochronę przed ogłoszeniem upadłości.
EN
Restructuring procedure plays an important role in the market economy. The essential problem of entrepreneurs during the restructuring proceedings is to find the appropriate financing in a situation of lack of liquidity. The solutions seem to recognize that the restructuring of repair businesses should be financed first with available external resources – both own and foreign. Lack of sufficient information and knowledge about available methods and forms of fundraising makes the restructuring is subject to a high risk of failure. The aim of the study is to identify available sources of restructuring finance in Poland. In addition, the availability of external financing allows to improve the liquidity of the entrepreneur and protect it before the bankruptcy and liquidation of assets.
EN
The cost of the capital of a company is one of the basic parameters used in the process of the management of company's finances. The cost of equity is here of a particular importance. Its calculation is connected with numerous problems resulting from the fact that it is not directly observable and needs to be calculated with the use of some indirect methods. Due to the difficulties connected with the calculation of the cost of equity by traditional methods, there are numerous innovative suggestions presented in the literature. The purpose of this article is a review of traditional and innovative methods of estimation of the cost of equity in a company.
EN
When analysing the current financial service market, it can be observed that the engagement of credit institutions in implementing the CSR idea is no longer a trend but a necessity arising from the considerations of contemporary economies. Examinations of the basic financial values of a bank, such as ROE and ROA, allows the conclusion that socially responsible banks are in a good economic situation in comparison to the entire banking sector. They are economically effective institutions. It is proved, among others, by the ratios values obtained in both analyses, both for the Respect Index and the Ranking Odpowiedzialnych Firm ranking list. Engagement in implementing the social corporate responsibility idea does not exclude the maintenance of a stable financial position on the competitive financial service market.
EN
The main purpose of this study was to examine the role and importance of the comprehensive income, which was introduced to financial reporting in Poland in 2009, in the forming of the market value of listed companies. The major subject of the theoretical- empirical study was to test of the general research hypothesis that stipulated that the comprehensive income create a significant growth potential of market value and is a drivers of the wealth of the shareholders of a listed company. The research comprised joint-stock companies listed on the Warsaw Stock Exchange and included in WIG-30 Index (qualified on 14.04.2014). Empirical data for the study was obtained from the quarterly financial statements (the period from 2009 to 2013), stock market bulletins, as well as information published on the enterprises' websites.
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