Zorganizowana część przedsiębiorstwa z branży gier komputerowych jako wkład do nowej spółki z udziałem funduszu VC

Author(s): Andrzej Babiarz / Language(s): Polish Issue: 412/2015

The article presents advantages of an organized part of the enterprise, which is a contribution to new venture. The author draws attention to the attractiveness of a solution for founders and venture capital investors. To confirm the thesis the author cites literature and presents a case study. Based on the analysis of rates of return of the companies listed on the Warsaw Stock Exchange and the Warsaw Stock Exchange NewConnect, the author assesses the attractiveness of the gaming sector in Poland for venture capital funds.

Znaczenie Europejskiego Banku Inwestycyjnego w rozwoju partnerstwa publiczno-prywatnego w Europie

Author(s): Krystyna Brzozowska / Language(s): Polish Issue: 412/2015

Projects carried out in accordance to PPP rules are more complicated by legal, social, political and economic sides than public investment traditionally conducted by public bodies and funded through state or local budgets. A high level of capital intensity of infrastructure projects has caused additional difficulties with obtaining necessary funds, mainly in form of loans. Banks have become one of principal players, and the same decision makers in private infrastructure projects. At European market a special role is played by the European Investment Bank (EIB) as a bank of the European Union. An aim of a paper is to perform a comprehensive analysis of EIB activity in PPP development in European countries. An analysis has covered a value of loans granted by EIB to PPP projects in Europe in the years 1990-2013, a share of EIB loans in value of PPP projects and a share of loans to PPP in total EIB loans at the same time, a division of EIB loans to PPP projects to the types of infrastructure according to value and number of projects and countries where such projects have been situated.

Partnerstwo publiczno-prywatne – analiza korzyści dla interesu publicznego w przypadku wykorzystania w szkolnictwie zawodowym w Polsce

Author(s): Elżbieta Drogosz-Zabłocka,Agnieszka Kopańska / Language(s): Polish Issue: 412/2015

Public-private partnership (PPP) should be a way of providing public services if it creates value for money; it means a better relation between quality and cost of public services. The aim of the paper was to analyze the existence of Value for money in case of PPP in vocational education and to demonstrate that these benefits should encourage Polish local governments to the wider use of this formula. Practical education should be adjusted to the expectations of future employers. Public sector is not able to cope with this. Directing a student to practice in a company solves this problem. Meanwhile, the new regulations require Polish vocational schools to invest in apprenticeship places. Due to the lack of financial resources local governments, especially counties, are not able to meet these expectations. Financial problems concern both − investments and current expenditure on schools. In the last part of the paper, based on regression analysis of vocational schools’ budgets, we have shown that the transfer of practical training to enterprises significantly reduces the operating cost of school. These two advantages of PPPs in vocational education − ensuring the adaptation of the practical education to current industry solutions and the reduction of public spending, create value for money. Unfortunately, Poland uses this formula on a very small scale.

Zarządzanie finansami projektów unijnych w świetle badań empirycznych

Author(s): Krzysztof Dziadek / Language(s): Polish Issue: 412/2015

The aim of this paper is to present the solutions used in financial management on the example of projects co-financed from 16 Regional Operational Programmes. The empirical material is derived from 218 companies calssified as SME from the whole territory of Poland. For the purpose of analyzing the research results there were used statistical tests of independence.

Wykorzystanie nowych modeli kapitalizacji do oceny spłaty kredytu przy równych ratach kapitałowo-odsetkowych na przykładzie Banku Pekao SA

Author(s): Anna Feruś / Language(s): Polish Issue: 412/2015

The subject of the article is a new strategy of credit allowance by Bank PEKAO S.A. and the rule of credit and interest repay by equal capital instalments. A lot of brand new capital models have been found. The models have much slighter increase of capital instalments in time, which is beneficial, especially in case of long-term loans. The new model of capitalization ”KOSS” has been proposed which due to its high accuracy calculations derived from it can replace the previously used capitalization models. Capitalization model „KOSS” can be used in future to the benefit of both the bank as well as customers.

Zróżnicowanie płynności finansowej w zależności od wielkości przedsiębiorstwa

Author(s): Piotr Figura / Language(s): Polish Issue: 412/2015

The article presents differences between the manner of forming the values of financial liquidity ratios between small, medium and large enterprises, running economic activity in 12 different sectors of Polish domestic economy. The research was conducted taking into consideration 97,471 financial statements of enterprises. The Kruskal-Wallis nonparametric test was used for confirming the diversity of the financial liquidity depending on the size of an enterprise. The conducted research proved that Polish micro- and small enterprises created higher values of liquidity ratios then medium and large enterprises. Moreover, the article includes a comparison between the literature reference values for financial liquidity ratios and the actual values achieved by domestic companies.

System wsparcia partnerstwa publiczno-prywatnego w Polsce na tle systemów wybranych państw Unii Europejskiej

Author(s): Dagmara Hajdys / Language(s): Polish Issue: 412/2015

It is now 10 years since Poland adopted the Act on PPP. The first act did not, however, contribute to the signing of any PPP contracts. The reasons for that stemmed essentially from the shortcomings of the formal-legal solutions embraced at that time. It was only when Poland adopted a new Act on PPP (December 19, 2008) as well as on concession for construction works and services (January 9, 2009) that more favourable conditions for concluding PPP contracts were created. This article aims to identify the legal and institutional solutions embraced in Poland and in other countries implementing the PPP formula. The main sources of information include: publications released by EPEC, the World Bank, the Ministry of Economy, institutions responsible for the implementation of PPP in the countries under analysis, as well as the results of questionnaire surveys. The analysis of the adopted legalinstitutional solutions allows to conclude that not all of the countries concerned have special PPP-related legal regulations. In each country, however, there is at least one PPP-related unit responsible for promoting the notion of public-private partnership.

The impact of the use of funding sources for targeted research projects on the accounting system of research institutes in Poland - the results and analysis of the survey

Author(s): Jacek Kalinowski / Language(s): English Issue: 412/2015

Background: The complexity and efficiency of an accounting system should depend on the information needs of its customers (internal and external). A specific type of customers are the so-called funders granting funds for research projects, since they require detailed management information on the costs of projects, which typically is not provided by an accounting system built in the traditional manner, focused on the creation of information for financial reporting purposes. Objective: The aim of this article was to analyze the impact of the use of funding sources for targeted research projects on the accounting system of research institutes in Poland. The presented content indicates a relationship between the volume of funds raised for the implementation of targeted research projects and the degree of complexity and efficiency of the accounting system used. Methods: Two research methods were applied for the purpose of drafting this article: a statistical analysis of the survey results and an analysis of the available literature (literature review). The survey was conducted in January 2015 in a group of respondents representing almost 50% of all research institutes in Poland. The statistical analysis of the obtained results was based on the examination of the significance of the Cramér’s V correlation coefficient. Conclusions: The conducted analyses confirmed a relationship between the level of funding for targeted research projects and the degree of development of the accounting system and its orientation on creating information for funders and project management. In case of the examined research institutes, the more funds came from such projects as NCN (National Science Centre), NCBiR (National Centre for Research and Development), and EU projects, etc., the greater the awareness and demand for financial information from the accounting system.

Kryzys finansowo-gospodarczy a stan finansów publicznych nowych krajów członkowskich UE

Author(s): Paweł Kowalik / Language(s): Polish Issue: 412/2015

Economies of all the twelve ”new” European Union Member Countries have been hard affected by global crisis, on average more than the ”old” members EU or euro area members. However, to measure a degree to which particular Central and Eastern Europe (CEE) economies, Cyprus and Malta have been hit by the crisis, turns out to be very different. The paper presents most important differences in the macro scale on the base of Eurostat data on GDP, unemployment, inflation, public deficit and debt, public expenditure and revenue as a percent of GDP.

Poziome wyrównanie dochodów w Polsce na przykładzie Dolnego Śląska

Author(s): Paweł Kowalik,Małgorzata Kwiedorowicz-Andrzejewska / Language(s): Polish Issue: 412/2015

Corrective and compensatory payments, which make some units of local government to the central budget to other units, in order to balance financial levels of these units constitute in the last years one of the most discussed issues of financing of local government units. A question appears to what extent corrective payments charge the budgets of taxpayers and to what extent they represent an additional source of income for the beneficiaries of these payments. The objective of the article is to show the flow of payments in local government in 2015 and the calculation of the share of deposits in income altogether or in the total expenditure in 2014. The last part of the article shows disadvantages of this system and proposes changes. Data from the Ministry of Finance and database of Local Data Bank of CSO have been used for calculations. The article provides basic information about financial compensation schemes and reasons for their implementation with a particular focus on Poland. Finally the paper discusses the functioning of this mechanism in the Lower Silesia Voivodeship and shows shortcomings and proposes new solutions.

Wydatki na opiekę zdrowotną a efekty zdrowotne – anali- za porównawcza krajów europejskich metodą DEA

Author(s): Justyna Kujawska / Language(s): Polish Issue: 412/2015

Efficient healthcare systems are essential for a high quality of life. Average expenditures in EU countries were 1 836 USD PPP (purchasing power parity) per capita in the year 2000 and 3 317 USD PPP per capita in 2012. In the non-EU countries of Central and Eastern Europe, total expenditures on health are much lower and the proportion of public and private expenditure less favorable. These differences in expenditures cause the necessity to measure and analyze the effectiveness of the health care system, taking into account the fact that the effects of these systems are also very diverse. The aim of this article is to examine the effectiveness of health systems in 36 European countries using the non-parametric methods of Data Envelopment Analysis (DEA). A model of Assurance Region Global is applied.

Wykorzystanie modelu regresji wielorakiej do określenia czynników kształtujących poziom kapitału obrotowego w przedsiębiorstwach przemysłowych

Author(s): Agnieszka Kuś,Magdalena Pawlik / Language(s): Polish Issue: 412/2015

The article presents variables determining the value of the working capital in industrial companies. Moreover, it points out the force and the directions of the influence of those factors on the amount of working capital. An econometric linear model (multiple regression model), estimated by the smallest squares method, has been used to accomplish the defined aim of the work. The research involved 32 industrial companies registered at the Warsaw Stock Exchange and concerned the period of years between 2004-2012. The effects of the conducted analysis indicate that to shape the level of working capital, which is reflecting the use of a defined working capital management strategy, it is crucial to pay attention to the individual financial liquidity indicators, rotation, debt and the structure of the companies’ property and capital. The results of the research have not confirmed the significant correlation between the value of the working capital and the companies’ effectiveness indicators.

Risk of public family firms

Author(s): Jacek Lipiec / Language(s): Polish Issue: 412/2015

This article tests the Value at Risk (VaR) model and its improvements to measure the risk approach of family firms and their nonfamily peers at the Warsaw Stock Exchange. The paper analyses the construction portfolio of firms listed at the Warsaw Stock Exchange between 2006 and 2012. This time period was used to compare the performance of these two portfolios in three sub-periods: during the crisis times as well as before and after the crisis. This article is based on historical and parametric Value of Risk to compare the performance of these two portfolios. In addition, it uses the Conditional Value at Risk to exhibit what happens beyond Value at Risk. This article finds that by using historical Value at Risk, family firms were on average less risky than their nonfamily peers before the latest crisis of 2008-2009. In the crisis, family firms bore more risk whereas after the crisis they were almost equally risky as nonfamily firms.

Determinanty struktury kapitału na poziomie państwa na podstawie przeglądu literatury

Author(s): Katarzyna Lisińska / Language(s): Polish Issue: 412/2015

The aim of this paper is to overview research on corporate financing, which considers the country-level factors as determinants of capital structure. The author examines selected papers published in the last twenty years in international scientific journals. Conclusions from a number of empirical studies show that the country-level factors (e.g. GDP growth, inflation rate) significantly impact corporate leverage. At the same time there is lack of consensus among authors of individual studies, to which extent the companies’ capital structure is dependent on the country-level factors.

Wpływ cen energii i systemu wsparcia na efektywność inwestycji wiatrowych w Polsce

Author(s): Tomasz Łukaszewski,Wojciech Głoćko / Language(s): Polish Issue: 412/2015

The construction of a wind farm in Poland is a investment project assessed in terms of economic apprisal. The paper discusses the impact of selected instruments of energy policy on the economic efficiency of wind farms. The purpose of the paper is to identify the main factors determining the profitability of wind farms, and to present thier characteristics. Presented issue has significant value in the context of the prepared changes in support system for renewable energy.

Zakres stosowania przez podmioty sektora bankowego dokumentu Zasady ładu korporacyjnego dla instytucji nadzorowanych

Author(s): Barbara Michalak-Prymon / Language(s): Polish Issue: 412/2015

This article aims to answer the question whether and to what extent the banking sector subjects have adapted to the document Zasady ładu korporacyjnego dla instytucji nadzorowanych (referred to as “ZLK”) issued by the KNF. The article presents an analysis of information on the application ZLK made available on the customs website (banks as joint stock companies, state-owned bank, selected cooperative banks). Within the analysis the banks have been identified as those that apply, and those that do not apply to ZLK with the specification of areas in which the investigated banks have decided to maladjust to ZLK stating the reasons for their non-compliance.

Skuteczność rekomendacji wydawanych przez analityków giełdowych w okresach stagnacji na rynkach kapitałowych

Author(s): Paweł Wnuczak / Language(s): Polish Issue: 412/2015

The aim of this article is to verify a hypothesis which claims that recommendations issued by stock market analysts indicate a potential for growth of the price of shares despite stagnation on capital markets. The author of the study has conducted an analysis of 12,243 recommendations issued by 71 different financial institutions in the period between 1 January 2004 and 31 December 2014. The obtained results lead to a supposition that stock market analysts developing recommendations tend to demonstrate a considerable growth potential for share prices even in the period of recession on capital markets. Therefore, in this context we can suppose that following recommendations of stock market analysts, especially in periods of a collapse on stock markets, is not a good investment strategy.

Factors influencing the use of debt capital on farms

Author(s): Danuta Zawadzka,Ewa Szafraniec-Siluta,Roman Ardan / Language(s): English Issue: 412/2015

The goal of this article is to identify and evaluate factors affecting the use of debt capital by farms in Poland. We assume that the propensity to use external financing by the farmer depends on the size of the farm (as measured by the area of the farm, the number of people employed, and the value of its production), on the type of agricultural production (crop production, livestock and mixed), on the purpose of production activities (commodity farms producing to sell manufactured products on the market and others), and on the asymmetry of information (the age of the farm). The study was based on a linear econometric model in which the dependent variable is the share of debt capital in the financing structure of the farm. The estimation of the model parameters was based on the data from 933 farms in Poland (collected through direct interviews, covering the data for the year 2011). In order to select the variables, backward elimination method was used based on t-statistics. The analysis demonstrated that what has a statistically significant positive impact on the use of debt capital on farms in Poland is the farm size measured by its area, the value of agricultural production (the increase of farm production by 100,000 PLN increases the share of debt capital by 0.65 percentage point), as well as the orientation of agricultural production on livestock production (farms oriented on livestock production have a share of debt capital 6.04 p.p. higher than multidirectional households). What negatively affects the use of debt capital on farms was their age (doubling of the age of the farm means a reduction in the share of debt capital by 1.25 p.p.). The study shows that farms in Poland prefer to use equity. Those that do use debt capital tend to select sources offering interest rates on preferential terms. These include larger farms focused mostly on livestock production, which are still in the development phase.

Bibliografia przekładów literatury polskiej w Słowenii w 2014 roku

Author(s): / Language(s): Polish Issue: 2/2015

Przekłady literatury polskiej w Słowenii w 2014 roku

Author(s): Anna Muszyńska Vizintin / Language(s): Polish Issue: 2/2015

The text deals with the situation and presence of Polish literature in Slovenian literary circles in 2014. It analyses Slovenian translators’ choices concerning the selection of Polish authors, the frequency of publication, publishing houses and journals that deal with Polish literature.