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THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS

100%
Czapińska K.
Finansowy Kwartalnik Internetowy e-Finanse
|
2013
|
vol. 9
|
issue 4
11-23
EN
The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)
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NARZĘDZIA PRAWNE KOMORNIKA SĄDOWEGO (ZAGADNIENIA WYBRANE)

88%
Dukat P. W.
Civitas et Lex
|
2019
|
issue 2(22)
39-54
EN
This article indicates the competence of court enforcement officer. At the outset, the text presents what character in the legal turnover is the court bailiff and indicates the characteristic features that distinguish him from the debt collector, who is only the executor of the will of the creditor and not the contractor of the State expressed in the wording of the court order. Next, he shows that the Polish legislator gave the opportunity to support the activities of court bailiffs by granting them a number of powers. These legal tools are used by bailiffs to achieve a specific purpose, specified in the enforcement title submitted of court enforcement officer office together with the application – the purpose of enforcement. However, it should be pointed out – as the final part of the article states, that the bailiff deals not only with the enforcement of cash benefits. Nevertheless, all measures taken by the enforcement authority must be based on applicable law and seek to ensure the expediency and correctness of the proceedings conducted, the purpose of which is to enforce court decisions.
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