Preferencje polskich przedsiębiorstw w zakresie finansowania długiem
Preferences of Polish Enterprises as Regards Debt Financing

Summary/Abstract: The aim of the article is to identify main determinants of the preferences of private and public enterprises in Poland as regard debt financing. The investigation was made with help of an econometric model on a large enterprises sample for the period 1995–2012. Among the factors that determine capital structure, the authors tested the impact of profitability, cash flow, fixed capital, growth potential, tax shield, and monetary policy. The results of the examination confirm that more profitable large firms, able to self-finance their activity, are less dependent on credits as compared with small and medium-size firms. Independently of the firm size, increase in the cash-flow lowers the leverage, which proves enterprise propensity to self-financing. The impact of monetary policy on enterprise decisions about the financing manner was very low, both as regards the influence of interest rates and the impact of exchange rates. The results of this research have some practical significance: these may help the banks better to adjust their credit offer to the needs of small and medium-size enterprises. The results of the analysis also confirm that firms access to EU funding has lowered their demand for credits, and the financial crisis of 2009–2010 has reduced the scale of outside financing.

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