Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2015 | nr 2 (23) | 22--40
Tytuł artykułu

Inwestycje dywersyfikacyjne przedsiębiorstw w nieruchomości inwestycyjne oraz wartości niematerialne i prawne

Treść / Zawartość
Warianty tytułu
Corporate Investment Diversification in Investment Property and Intangible Assets
Języki publikacji
W artykule zidentyfikowano determinanty wielkości inwestycji dywersyfikacyjnych przedsiębiorstw w Polsce i ich zależności od oszczędności przedsiębiorstw. Analizę przeprowadzono na podstawie jednostkowych danych panelowych niezbilansowanych przedsiębiorstw, zatrudniających co najmniej 10 pracowników, zawartych w rocznych sprawozdaniach GUS F-02 z lat 1995-2012. Do oszacowania parametrów wykorzystano systemowy estymator GMM (Generalised Methods of Moments). Dodatkowo zastosowano odporną macierz wariancji-kowariancji. Uzyskane wyniki pozwalają stwierdzić, iż wzrost płynnych rezerw (oszczędności) powoduje wzrost wydatków na inwestycje dywersyfikacyjne (w nieruchomości i wnip). Uzyskano dodatnią zależność inwestycji dywersyfikacyjnych od realnego efektywnego kursu walutowego opartego na CPI oraz możliwości wzrostu. Może to wynikać z zarówno antyinflacyjnej roli inwestycji w nieruchomości, jak i poprawy sytuacji eksporterów usług (inwestujących w wartości niematerialne i prawne), udzielających przedsiębiorstwom zagranicznym licencji na własne technologie lub oprogramowanie komputerowe dzięki aprecjacji kursu walutowego.(abstrakt oryginalny)
The article identified determinants of the corporate investment diversification in Poland, ie. in investment property or intangible assets and their dependence on corporate savings. The analysis was conducted on unbalanced panel data of individual companies employing at least 10 workers contained in the annual reports of Central Statistical Office (F-02) from the years 1995-2012. The parameters used to estimate the system GMM [Generalised Methods of Moments]. Also included is a robust variance-covariance matrix. The obtained results allow to conclude that the increase in liquid reserves (savings) increases the investment diversification spending (in real estate and intangible assets). A positive correlation was obtained in diversified investments of the real effective exchange rate based on CPI and growth opportunities. This may be due to the anti-inflationary role of investment in real estate, as well as the improvement of the situation of exporters of services (investing in intangible assets), granting licenses to foreign companies on their own technology or software due to the appreciation of the exchange rate.(original abstract)
Opis fizyczny
  • Narodowy Bank Polski, Uniwersytet Warszawski
  • Uniwersytet Warszawski
  • Abel A.B., Eberly J.C., 2010, How Q and cash flow affect investment without frictions: an analytic explanation, The Review of Economic Studies, vol. 78, no. 4, s. 1179-1200.
  • Almeida H., Campello M., 2007, Financial constraints, asset tangibility, and corporate investment, The Review of Financial Studies, vol. 20, no. 5, s. 1429-1460.
  • Alti A., 2003, How sensitive is investment to cash flow when financing is frictionless? The Journal of Finance, vol. LVIII, no. 2.
  • Arellano M., Bond S., 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economics Studies, vol. 58, s. 277-297.
  • Arellano M., Bover O., 1995, Another look at the instrumental variable estimation of errorcomponents models, Journal of Econometrics, vol. 68, s. 29-51.
  • Audretsch D.B., Elston J., 2002, Does firm size matter? Evidence on the impact of liquidity constraints of firm investment behavior in Germany, International Journal of Industrial Organization, vol. 20, s. 1-17.
  • Azzoni C.R., Kalatzis Aquiles E.G., 2006, Regional differences in the determinants of investment decisions of private firms in Brazil, ERSA conference papers, Nr ersa06p161, s. 1-16.
  • Becker B., Sivadasan J., 2010, The effect of financial development on the investment-cash flow relationship. Cross country evidence for Europe, The B.E. Journal of Economic Analysis & Policy, 2010, vol. 10, no. 43, s. 1-49.
  • Belo F., Xue Ch., Zhang L., 2010, Cross-Sectional Tobin's Q, Working Paper, no. 16336, Cambridge.
  • Benito A., Young G., 2002, Financial pressure and balance sheet adjustment by UK firms, Ed. Banco de España - Servicio de Estudios, Documento de Trabajo, no. 0209.
  • Bernanke B., Gertler M., 1989, Agency costs, net worth, and business fluctuations, American Economic Review vol. 79 no. 1, s. 14-31.
  • Bikker A., J. Hu H.,2002, Cyclical patterns in profits, provisioning and lending of banks and procyclicality of the new basel capital requirements, Research Series Supervision, no. 39,
  • Blundell R., Bond S., 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, Elsevier, vol. 87 no. 1, s. 115-143.
  • Boguszewski P., Kocięcki A., 2000, Wpływ polityki pieniężnej na zachowania przedsiębiorstw w świetle danych GUS i badań ankietowych - wybrane zagadnienia, Bank i Kredyt, nr 7-8.
  • Bokpin G.A., Onumah J.M., 2009, An empirical analysis of the determinants of corporate investment decisions: Evidence from emerging market firms, International Research Journal of Finance and Economics, vol. 33, s. 134-141.
  • Bond S., Elston J., Mairesse J., Mulkay B., 2003, Financial factors and investment in Belgium, France, Germany, and The United Kingdom: A comparison using company panel data, The Review of Economics and Statistics, vol. 85, no. 1, s. 153-165.
  • Brooks R., Jugurnath B., Stewart M., 2004, Dividend taxation and corporate investment: a comparative study between the classical system and imputation system of dividend taxation in the United States and Australia, Econometric Society Australasian Meetings, no. 97, s. 1-21.
  • Boughesan S., Görg H., 2003, Is R&D financially constrained? Theory and evidence from Irish manufacturing, Review of Industrial Organzation, vol. 22, s. 159-174.
  • Brambilla C., Piluso G., 2007, Are Banks Procyclical? Evidence from the Italian Case (1890-1973), Department of Economics University of Siena 523, Department of Economics, University of Siena,
  • Bülent Tekçe, 2011, Investment And Debt Maturity: An Empirical Analysis From Turkey, Working Paper Series, vol. 16, s. 1-29.
  • Butzen P., Fuss C., Vermeuelen P., 2001, The interest rate and credit channels in Belgium: an investigation with micro-level firm data, European Central Bank Working Paper, no. 107.
  • Calcagnini G., Ferrando A., Giombini G., 2013, Multiple Market Imperfections, Firm Profitability and Investment, WP-EMS Working Papers Series in Economics, Mathematics and Statistics, no 1305.
  • Carpenter R.E., Guariglia A., 2008, Cash flow, investment, and investment opportunities: New tests using UK panel data, Journal of Banking & Finance, vol. 32, s. 1894-1906.
  • Chatelain J., Generale A., Hernando I., Kalckreuth U., Vermeulen P., 2002, Firm investment and monetary policy transmission in the euro area, Banque de France, Working Papers, no. 97.
  • Cleary S., 1999, The relationship between firm investment and financial status, The Journal of Finance, vol. 54 no. 2, s. 673-692.
  • Colombo M.G., Croce A., Guerini M., 2013, The effect of public subsidies on firms' investment-cash flow sensitivity: Transient or persistent?, Research Policy, vol. 42, s. 1605-1623.
  • Covas F., Den Haan W.J., 2011, The Role of debt and equity finance over the business cycle, Bank of Canada Working Paper,
  • Dabla-Norris E., Kersting E., Verder G., 2010, Firm Productivity, Innovation, and Financial Development, IMF Working Paper WP/10/49.
  • Deloof M., 1998, Corporate groups, liquidity, and overinvestment by Belgian firms quoted on the Brussels Stock Exchange, Managerial and Decision Economics, vol. 19, no. 1, s. 31-41.
  • D'Espallier B., Guargilia A., 2011, Does the investment opportunities bias affect the investment-cash flow sensitivities of unlisted SMEs?,
  • Eickmeier S., Hofmann B., Worms A., 2009, Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area, German Economic Review, vol. 10, no. 2, s. 193-223.
  • Erickson T., Whited T.M., 2000, Measurement Error and the Relationship between Investment and q, Journal of Political Economy, vol. 108, no. 5, s. 1027-1057.
  • Fazzari S.M., Hubbard R.G., Petersen B.C.,1988, Financing constraints and corporate investment, Brookings Papers on Economic Activity, s. 141-195.
  • Ferrando A., Marchica M.T., Mura R., 2013, Financial flexibility across the euro area and the UK, available at SSRN 2246581.
  • Firth M., Malesta P. H., Xin Q., Xu L., 2012, Corporate investment, government control, and financing channels: Evidence from China's listed companies, Journal of Corporate Finance, vol. 18, s. 433-450.
  • Gala V.D., Gomes J.F., 2013, Beyond Q: investment without asset prices, Electronic copy available at:
  • Galindo A., Miller M.J., 2001, Can credit registries reduce credit constraints? Empirical evidence on the role of credit registries in firm investment decisions, In Annual Meetings of the Inter-American Development Bank, Santiago Chile.
  • George R., Kabir R., Qian J., 2010, Investment - cash flow sensitivity and financing constraints: new evidence from Indian business group firms, Journal of Multinational Financial Management, vol. 21 no. 2, s. 69-88.
  • Gilchrist S., Himmelberg Ch., 1995, Evidence on the role of cash flow for investment, Journal of Monetary Economics vol. 36, s. 541-572.
  • Goodhart C., Hofmann B., Segoviano M. A.,2004, Default, Credit Growth, and Asset Prices, IMF Working Paper WP/06/223.
  • Gradzewicz M., Growiec J., Hagemejer J., Popowski P., 2010, Cykl koniunkturalny w Polsce - wnioski z analizy spektralnej, Bank i Kredyt, vol. 41 no. 5, s. 41-76.
  • Guariglia A., 2008, Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms, Journal of Banking & Finance, vol. 32, s. 1795-1809.
  • Hernando I., Martínez-Carrascal C., 2008, The impact of financial variables on firms' real decisions: evidence from Spanish firm-level data, Journal of Macroeconomics, vol. 30, issue 1, s. 543-561.
  • Jangili R., Kumar S., 2010, Determinants of Private Corporate Sector Investment in India, Reserve Bank of India Occasional Papers, vol. 31, no. 3, s. 67-89.
  • Jiménez G., Saurina J., 2006, Credit cycles, credit risk, and prudential regulation, International Journal of Central Banking vol. 2, no. 2, s. 65-98.
  • Jorgenson D.W., 1963, Capital theory and investment behavior, The American Economic Review, vol. 53, no. 2, Papers and Proceedings of the Seventy-Fifth Annual Meeting of the American Economic Association, s. 247-259.
  • Kadapakkam P.R., Kumar P.C., Riddick L.A.,1998, The impact of cash flows and firm size on investment: The international evidence, Journal of Banking & Finance, vol. 22, s. 293-320.
  • Kaplan S.N., Zingales L., 1997, Do investment-cash flow sensitiveness provides useful measures of financing constraints?, Quarterly Journal of Economics, vol. 112, s. 169-215.
  • Kiyotaki N., Moore J., 1997, Credit cycles, Journal of Political Economy, vol. 105, s. 211-248.
  • Lamont O., 1997, Cash flow and investment: evidence from internal capital markets, The Journal of Finance. vol. LII, no. 1, s. 84.
  • Lang L., Ofek E., Stulz R.M.,1996, Leverage, investment, and firm growth, Journal of Financial Eco- nomics, vol. 40, s. 3-29.
  • Lorenzoni G., Walentin K., 2007, Financial Frictions, Investment and Tobin's Q, Working Paper, no. 07-16,
  • Manigart S., Baeyens K., Verschueren I., 2002, Financing and investment interdependencies in unquoted Belgian companies: the role of venture capital, Vlerick Leuven Gent Working Paper Series.
  • Manole V., Spatareanu M., 2009, Exporting, capital investment and financial constraints, LICOS Discussion Paper Series, no. 252.
  • Martinez-Carrascal C., Ferrando A., 2008, The impact of financial position on investment: an analysis for non-financial corporations in the euro area, European Central Bank Working Paper, no. 943.
  • Melander O., 2009, The effect of cash flow on investment: an empirical test of the balance sheet channel, Sveriges Riksbank Working Paper Series, no. 228.
  • Mizen P., Vermeulen P., 2005, Corporate investment and cash flow sensitivity, European Central Bank Working Paper, no. 485.
  • Modigliani F., Miller M., 1958, The cost of capital, corporation finance and the theory of investment, The American Economic Review, vol. 48, s. 261-297.
  • Myers S., Majluf N., 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, vol. 13, s. 187-221.
  • Nan Geng, Papa N'Diaye, 2012, Financial Devepment, Corporate Investment and Savings in China, IMF Working Paper 12/80.
  • Nehrebecka N., Jarosz M., 2012, Wpływ sytuacji finansowej polskich przedsiębiorstw na inwestycje w kapitał trwały, Gospodarka Narodowa, nr 9, s. 15-38.
  • Nunes P.M., Mendes S., Serrasqueiro Z., 2012, SMEs' investment determinants: empirical evidence using quantile approach, Journal of Business Economics and Management, vol. 13 (5), s. 866-894.
  • Popowski P., Sawicka A., 2008, Wybrane aspekty oddziaływania niepewności na decyzje inwestycyjne polskich przedsiębiorstw. Wyniki badania empirycznego, Bank i Kredyt, vol. 39, s. 3-20.
  • Ramesh J., Sharad K., 2011, Determinants of Private Corporate Sector Savings: An Empirical Study, Economic & Political Weekly, vol. XLVI, no. 8, s. 49-55.
  • Saquido A.P., 2003, Determinants of corporate investment, Philippine Management Review, Discussion paper no. 0402, Quezon City, Philippines, s. 1-15.
  • Tulasi Devi S.L., 2001, Investment analysis in fixed assets, International Journal of Humanities and Applied Sciences, vol. 1, no. 1, s. 35-42.
  • Tyrowicz J., 2009, Blame no one? Investment decisions Of The Polish Stock-listed companies, Brussels Economic Review, vol. 50, no. 3.
  • Zeng A., 2011, Financial conservatism and firms' financing and investment behaviors during the global financial crisis- evidence from listed Chinese companies, IACSIT Press, vol. 4, s. 175-179.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.