The Assessment of the Investment Activity of Enterprises Based on the Business Tendency Surveys
In this paper the basic results of the business tendency surveys conducted by Central Statistical Office on investment activity of manufacturing industry and construction enterprises are presented. The data are presented for years 1999-2004 i.e. period when those surveys were fully harmonised with requirements of the European Commission. Presented data concern such elements of investment survey as: percentage of enterprises undertaking this kind of activity, size and directions of changes of investment activity, its motives and aims as well as sources of financing. The results of the surveys show situation of manufacturing industry and construction enterprises as well as their subgroups divided according to size classes and - for manufacturing industry - kind of activity. Results of the surveys confirm that the situation of Polish enterprises is still difficult what influences size of their investment activity. Larger units are in much better situation as well as those with foreign capital. In most cases the main reasons for investments are not the technical factors but enlargement of production to supply demand. The main aim of investment activity is modernisation of possessed fixed assets while beginning of new investment is not so important. This is the reason why investments aimed at automation and mechanisation of production are rare. On the other hand there is an evident influence of close accession to the European Union and willingness of many enterprises to cope with competition on international markets. In this paper the analysis of accuracy of enterprises' assessments of their investment activity was made through comparison with proper indicators of quantitative statistics. Collected results show that entrepreneurs assess size and directions of investment activity rather accurately indicating main directions of changes and turning points. It was more difficult for them to assess future directions of development of investments, especially in unstable situation of economy and with quick changes of general economic situation of the country. In this field the quality of collected results is much better for shorter term forecasts. (original abstract)
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