Polityka inwestycyjna w kontekście wewnętrznego rynku kapitałowego

• Autorzy: Grzegorz Borkowski

Warianty tytułu

Investment Policies in Terms of Internal Capital Market

• Języki publikacji: PL

Abstrakty

Artykuł podejmuje tematykę rynku kapitału wewnętrznego oraz jego konsekwencji. Przedstawiono w nim zjawiska, które w istotny sposób wpływają na scenariusz podejmowania decyzji inwestycyjnych, a tym samym na model realizacji procesu inwestycyjnego. Pokazano także związek między tymi zjawiskami a dwupoziomowym problemem agencji oraz słabości procesu inwestycyjnego prowadzonego za pomocą wewnętrznego rynku kapitałowego, który staje się narzędziem w rękach menedżerów do realizacji ich prywatnych celów, a nie elementem budującym pozycję konkurencyjną przedsiębiorstwa.(abstrakt oryginalny)

EN

This article brings attention to the subject of Internal Capital Market (ICM) by showing the effects and consequences which appears as result of it. The paper presents phenomena which have a strong influence on the process of investment decision taking, as well as, crafting models of the investment process. The author is trying to find the link between these occurrences of ICM and two edge of agency problems. An attempt to show the weakness of the investment process is presented, which is realized with the Internal Capital Market, which becomes the tool for managers to attain their private goals, and is not used as an element of building competitive position for the company.(original abstract)

Słowa kluczowe

PL

Rynek kapitałowy; Polityka inwestycyjna; Proces inwestycyjny; Decyzje inwestycyjne

EN

Capital market; Investment policy; Investment process; Investment decisions

• Czasopismo: Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu
• Rocznik: 2013
• Tom: 49 nr 4 Być, mieć czy władać?
• Strony: 453--465

Twórcy

autor

Grzegorz Borkowski

• Uniwersytet Ekonomiczny w Katowicach

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