Determinanty oszczędności i nadpłynności przedsiębiorstw w Polsce

• Autorzy: Natalia Nehrebecka , Anna Białek-Jaworska

Warianty tytułu

Determinants of Savings and Excess Liquidity of Companies in Poland

• Języki publikacji: PL

Abstrakty

Celem artykułu jest analiza determinant wielkości oszczędności oraz nadpłynności przedsiębiorstw na polskim rynku. Analizę empiryczną przeprowadzono na podstawie jednostkowych niezbilansowanych danych panelowych, pochodzących z bilansu oraz rachunku zysków i strat polskich przedsiębiorstw (zatrudniających powyżej dziewięciu pracowników), zawartych w sprawozdaniach GUS. Dane pochodziły z formularzy rocznych F-02 i obejmowały okres 1995-2012 (528 780 obserwacji). W badaniu posłużono się odpornym systemowym estymatorem GMM. Wykazano, że polskie przedsiębiorstwa gromadzą środki pieniężne w celu zabezpieczenia się przed negatywnymi szokami makroekonomicznymi oraz utratą dobrej opinii u kontrahentów i dostawców kapitału na skutek zatorów płatniczych. Kierują się zatem motywem przezornościowym. (abstrakt oryginalny)

EN

The aim of the article is to analyze the determinants of the size of accumulated savings in the corporate sector and the excess liquidity of companies on the Polish market. Empirical analysis was based on unbalanced panel data from the balance sheet and profit and loss accounts of Polish enterprises (employing more than 9 employees) included in the reports prepared by the Central Statistical Office. The data came from annual F-02 reports and cover the period from 1995 to 2012 (528,780 observations). The study used a robust systemic GMM estimator. It demonstrated that, in accordance with the precautionary motive Polish companies accumulate cash in order to hedge against adverse macroeconomic shocks and costly loss of good reputation among contractors and suppliers of capital as a result of payment backlogs. (original abstract)

Słowa kluczowe

PL

Oszczędności przedsiębiorstwa; Płynność finansowa przedsiębiorstwa; Finanse przedsiębiorstwa; Analiza danych statystycznych; Wyniki badań

EN

Enterprise savings; Enterprises financial liquidity; Enterprise finance; Statistical data analysis; Research results

• Czasopismo: Bank i Kredyt
• Rocznik: 2016
• Numer: nr 2
• Strony: 153--194

Twórcy

autor

Natalia Nehrebecka

• Narodowy Bank Polski, Uniwersytet Warszawski

autor

Anna Białek-Jaworska

• Uniwersytet Warszawski

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