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Związki między płynnością finansową a inwestycjami jako przejaw konfliktów interesów w przedsiębiorstwie
Correlation Between Financial Liquidity And Investment as a Symptom of Conflicts of Interest
Zeszyty Naukowe / Akademia Ekonomiczna w Poznaniu, 2008, nr 106, s. 126-141
Płynność finansowa, Inwestycje, Finansowanie inwestycji, Przemysł spożywczy, Analiza zależności
Financial liquidity, Investment, Investment financing, Food industry, Dependency analysis
Celem artykułu jest analiza zależności między płynnością finansową a wartością inwestycji w przedsiębiorstwie. Przedstawiono problem niedoinwestowania, opisano znaczenie płynności finansowej w finansowaniu inwestycji oraz czynniki wpływające na skutki zależności między inwestycjami a płynnością finansową. Zaprezentowano również wyniki badań, dotyczących zależności między płynnością finansową oraz inwestycjami, przeprowadzonych w 48 spółkach notowanych na Warszawskiej Giełdzie Papierów Wartościowych (pochodzących z trzech branż: przemysł metalowy, spożywczy oraz informatyka).

The analysis of the correlation between financial liquidity and investment in a company is a significant element of discussion on the effectiveness of the capital allocation as well as on developing the structure of capital. The clarification of these correlations seems possible only if they are perceived in terms of conflicts between groups of stakeholders. Particularly meaningful arę conflicts between the board and the owners and between the former and the present investors. On the one hand, there is a risk of overinvestment, which is possible in the case of the so-called free financial re-sources. One the other hand, the conflict between the former and the present investors may result in underinvestment. The intensity and the direction of the correlation between financial liquidity and investment are influenced by a number of factors, such as: ownership concentration, character of the investment, or development stage of the financial system. Empirical research has been done with the view of checking the state of the above mentioned correlations in the case of the Polish joint-stock companies. The study involved 48 joint-stock companies from the Warsaw Stock Exchange. The research has shown that there is a strong positive correlation between financial liquidity and investment. Further research has indicated that in general this correlation does not result from the limited access to external sources of finance. Therefore, we can assume that companies prefer internal sources due to the managers' aversion to exposing them-selves to the market's judgement, which is necessary in the case of raising external capital. Another reason is their willingness to avoid the effects of information asymmetry. This confirms the conclusions drawn from the agency costs theory, as well as from the pecking-order theory. (original abstract)
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Full text
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