Ocena efektywności finansowej inwestycji rzeczowych współfinansowanych ze środków unijnych
Financial efficiency evaluation of tangible investments, co-financed from European Union funds

Summary/Abstract: European Union Funds have given Polish entrepreneurs a chance to introduce investments in innovations that are supposed to improve their competitive advantage. Institu¬tions that decide which projects to choose for co-financing require many different documents including business plans of investments. One of the requirements is verifying financial effi¬ciency of an investment using discounted cash flow methods. Entrepreneurs are obliged to use 5% discount rate for the analysis in real prices and 8% for the analysis in nominal prices. In this paper the author presents the results of such actions and proposes to calculate the cost of the capital for the enterprises not quoted on the stock market.

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