Warianty tytułu
Theoretical Premisses of Choice of Methods of Financing Investments
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Abstrakty
W tym opracowaniu prezentujemy ograniczenia wynikające z różnych form finansowania inwestycji przedsiębiorstw i wskazujemy instrumenty finansowe, których zastosowanie w obecnych warunkach gospodarki polskiej byłoby najskuteczniejszym czynnikiem wzrostu aktywności inwestycyjnej. (fragment tekstu)
Insufficient capital resources of companies and difficulties of access to external sources of finance are the factors limiting the number of realized investments. Financial investors take in consideration not only the expected return on capital but also the involved risk. For reducing their risk they need to control the utilization of capital by the entrepreneurs. Individual shareholders are less able to carry out such control than are the credit institutions. The operation of an economic system in which credit institutions are the main suppliers of external capital is more effective than that of the system financed, for the most part, through the stock market. The credit institutions can fix interest rate on their credits only as an average level. A weakness of the latter is that they eliminate from the market investments whose expected returns are the lowest. On the other hand, they are advantageous in leading to the rise of interest rates on savings, which stimulates saving at the cost of consumption thus raising the credit with an easier accessibility of credits. In general, is the growth of the capital base of the firm which can contribute to enlarging its capacity to finance investments. State credit guarantees for preferred investments promote their selective financing. (original abstract)
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