Inwestycje dywersyfikacyjne przedsiębiorstw w nieruchomości inwestycyjne oraz wartości niematerialne i prawne

• Autorzy: Natalia Nehrebecka , Anna Białek-Jaworska

Warianty tytułu

Corporate Investment Diversification in Investment Property and Intangible Assets

• Języki publikacji: PL

Abstrakty

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)

EN

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)

Słowa kluczowe

PL

Inwestycje; Dywersyfikacja; Oszczędności; Przepływy pieniężne

EN

Investment; Diversification; Savings; Cash flows

• Czasopismo: Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu
• Rocznik: 2015
• Numer: nr 2 (23)
• Strony: 22--40

Twórcy

autor

Natalia Nehrebecka

• Narodowy Bank Polski, Uniwersytet Warszawski

autor

Anna Białek-Jaworska

• Uniwersytet Warszawski

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Identyfikatory

DOI

10.15611/nof.2015.2.02