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Buy-out jako metoda prywatyzacji przedsiębiorstw państwowych

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Brozi E., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
EN
It seems that the LMBO technique could find application also in the case of Polish privatization. However, the number of difficulties to be overcome here is much bigger than even in Belgium or Switzerland. If we look at the conditions determining an effective performance of such operations it will appear that almost none of them cannot be fulfilled at the present time. The main cause is unfamiliarity with buy-out concept among most Polish managers. The remaining causes can be, in a certain sense, omitted or neutralized. For instance, the operation of a developed capital market is not necessary until the final stage of transformation when institutional investors already wish to withdraw from operations and realize their profits. In the countries of Western Europe, it is a period of 5 do 10 years. In our case, this period can be much longer and, thus, it is possible that by that time the capital market will allow to make capital liquid. In my opinion, the main impediment to the development of privatization by means of the LMBO technique is the lack of interest in it among banks and absence of venture-capital type institutions on the Polish market. However, to carry out the first transformations of small and medium-sized enterprises by means of this technique the capital of Polish banks would be sufficient. Looking more closely at the LMBO concept the banks could discover a new source of substantial funds for them.
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Różnicowanie produktów jako narzędzie walki konkurencyjnej przedsiębiorstwa

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Wieczorek I., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
EN
Product modification and shaping production assortment are a basic element of a company’s marketing strategy. The article emphasizes the necessity of promoting the policy o f product differentiation by a company. It consists of two parts. The first part deals with shaping the assortment of products, as today most firms manipulate a multitude of products and an appropriate determination of width and depth of assortment decides about a firm’s success on the market. The article analyzes also the relationship between the shaping of assortment and life cycle of products, because depending on the stage in product life cycle a company should introduce changes in its policy. The second part of the article deals with modification of products. There are discussed here three main strategies in product differentiation: strategies of upgrading the qualify, characteristics, and appearance of a product. A short mention is also made of the problem of abandoning weak products and replacing them by new ones.
3
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Przyczynek do analizy zrównoważonego rozwoju spółki akcyjnej

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Papiernik-Wojdera M., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
EN
This article aims at a short presentation of particular types of non-commercial and commercial partnerships, as well as presentation of growth opportunities and constraints in the operation of a joint stock company in conditions of market economy with a special emphasis placed on possibilities of developing the model of growth strategy analysis of a joint stock company in comparison with methods of evaluating this strategy described in the literature of the subject hitherto. The choice of a joint stock company as the main object of analysis was determined by specific characteristics of this legal form of a company, which create most favourable conditions for mobilizing all economic mechanisms of a company’s growth.
4
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Ryzyko a optymalizacja portfela papierów wartościowych w przedsiębiorstwie

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Wysokińska A., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
EN
The main goal of this article is analysis of risk and rate of return from securities (mainly shares) from the point of view of applying different estimation methods. The article is composed of three parts. The first part discusses the problem of risk in relation to the rate of return from investments. The second part describes the characteristics of particular types of risk. Finally, in the third part there are presented some methods of estimating the investment risk and an example is given of estimating particular measures of risk for joint stock companies listed on the Polish Stock Exchange for the period 1992-1994 (i.e. from 82nd to 381st session). These methods are used widely in many countries. Owing to them, investors seek ways ensuring that the allocation of invested funds leads to the reduction of risk and, simultaneously, yields profits. The above methods not only estimate risk but they also characterize each type of securities in a specific manner, while a detailed analysis seeks causes of such and no other results. It should be underlined that application of the above methods of estimating risk and rate of return from particular securities in the investment portfolio is the more effective the more liquid and effective is the securities market.
5
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Wpływ wysokości dywidendy na stopy zwrotu z akcji

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Jabłoński G., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
EN
The dividend policy in the literature of the subject belongs to the main variables shaping the most important processes of a company’s growth strategy. These processes are oriented at maximization of a company’s value, and they are based on rates of return from shares fixed both for shareholders and for the entire capital of a company. Theoretically, there exist different possibilities of realizing the same rate of return from shares at different prices of a given security and dividend rates, which was shown on the example contained in the article. In the short practice of operation of joint stock companies listed on the Warsaw Stock Exchange, we do not find any foundations confirming this thesis. The emprical data coinlained in the article point at a marginal influence of the dividend amount on rates of return from shares in relation to joint stock companies existing at the present time.
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Sprzedaż jako podstawa określenia potrzeb kapitałowych w spółce akcyjnej

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Duraj J., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
EN
The deliberations contained in the article concern the methodology of estimating the amount of funds needed to finance of programme of sales increase in a company. A starting point for formulating capital requirements is a sales forecast, indices of capital intensity rates and spontaneous liabilities. The determined internal sources of financing the programme of sales decrease the overall amount of external funds needed by a company to finance the increase of sales. The size of this decrease is dependent upon: net profit, retained profit rate, dividend rate, rate of spontaneous liabilities, and depreciation. It is also affected by inflation.
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Przedmowa

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Duraj J., Uniwersytet Łódzki Z. A. i. D. E.
Acta Universitatis Lodziensis. Folia Oeconomica
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1996
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vol. 139
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