EN
The paper analyses the evolution of privatisation of state-owned enterprises in Poland in years 1990-2011, its directions, intensity and economic efficiency. Total revenue from privatisation in the analysed period accounted for almost PLN 147 billion, of which almost 87% was derived from indirect privatisation. Overall, the influence of the privatisation process on the financial performance of enterprises in Poland is positive. The evidence shows that its most efficient form was indirect privatisation. Also employee-owned companies and sole-shareholder companies of the State Treasury achieved good financial results, although not for the entire analysed period. The mass privatisation programme in the shape of National Investment Funds was found to be by far least effective economically.