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JOURNAL OF INTERDISCIPLINARY RESEARCH

THE FINANCIAL SOURCES OF INVESTMENT ACTIVITY – A CASE OF POLISH ENTERPRISES

ALEKSANDRA ZYGMUNT

Opole University of Technology, Faculty of Economics and
Management, ul. Luboszycka 7, 45-036 Opole
email:

a.zygmunt@po.opole.pl

Abstract: The main objective of the article is the diagnosis of investment activity’s
financial sources in Polish enterprises. In this respect the special emphasise was put on
the examinations of the following funding sources for enterprises’ investment
expenditures: own means, budgetary means, domestic loans and borrowings, total
means directly from overseas, means directly from overseas (of which bank loan),
other sources. Moreover, the particular attention was focused on comparative analysis
of enterprises’ investment activity financial sources in NUTS of Poland scope. The
research was based on measures of position and cluster analysis on the base which was
isolated space groups. The examinations were based on data from Central Statistical
Office of Poland in the scope of the period 2008-2013.

Keywords: financial sources of investment activity, investment activity.

1. Introduction

Turbulent conditions of the contemporary enterprises’
functioning require undertaking a set of activities that aims to
adjust to the changing surrounding. Due to the dynamic
surrounding the maintenance of enterprises on the market and
remain competitive involve taking actions at various levels of
business activity. In this respect the special place constitute
investment processes, which contribute to increase the
adaptability of enterprises to the surrounding.

The enterprises’ activity in terms of investment is closely
connected with the availability of funding sources for investment
expenditures. Restrictions or deficiency of capital essential for
investment activity might determine a significant barrier of
enterprises’ development.

The main aim of the research is the diagnosis of investment
activity’s financial sources in the Polish enterprises scope and its
diversity between particular NUTS of Poland. The studies use
data from Central Statistical Office of Poland. The examinations
were concerned on the period 2008-2013.

2. The issue of enterprises’ investment activity

Maintenance and increase the competitive position of the
enterprises is closely linked nowadays to their investment
activity. The investment is the base of improving the enterprises’
resources usage and successfully realization their strategies. In
its issue enterprises’ investment activity is strictly connected
with regions development. Noticeable duality in that aspect is
expressed mainly in considering the investment as an essential
factor of the regions’ competitiveness. In consequences,
improving enterprises’ entrepreneurship might increase regions’
competiveness

. In this respect investment activity is included to

the factors which determining the endogenous region’s capacity
to respond at changes in the macro surrounding. These group of
determinants expressed regions reaction force on the exogenous
changes

On the other hand, enterprises’ investment activity should be
stimulate from regional level. From this point of view, it is
necessary to create appropriate conditions to stimulation
enterprises’ investment activity.

The issue of investment activity is closely related to the selection
of financial sources for investment expenditures. In this context,
financial capital should be regard as the base for regions’

Zygmunt, A.: R&D Expenditures in Poland. Voivodship Perspective, „Regional

Barometer”, Tom 12 Nr 2 2014, ISSN 1644-9398, pp. 14.

Brol, R.: Rozwój regionalny jako kategoria ekonomiczna [in] Strahl, D. (ed.): Metody

oceny rozwoju regionalnego

, Wrocław: Wydawnictwo Akademii Ekonomicznej im.

Oskara Langego, 2006. ISBN 83-7011-723-6. pp 16-19; Kogut-Jaworska, M:
Instrumenty interwencjonizmu lokalnego w stymulowaniu rozwoju gospodarczego,
Warszawa: CeDeWu, 2008. 978-83-7556-108-1. pp. 28.

development

. However, it should be emphasize that the issues

connected with choice of the financial sources for investment
activity distinguish complexity. In this respect enterprises should
put the special attention, among others, on capital structure, cost
of capital, financial risk and enterprises’ financial situation.

3. The methodology of the research

The undertaken examinations were concerned on the sources of
financing investment activity of Polish enterprises. Particular
attention was put on such financial sources as: own means,
budgetary means, domestic loans and borrowings, total means
directly from overseas, means directly from overseas (of which
bank loan) and other sources.

The studies were divided into two parts. Firstly, it was made the
diagnosis of the particular investment activity’s financial sources
dynamics in the period 2008-2013. To analysis were used
dynamics and structure measure and measures of position.

Secondly, the examinations were concentrated on the
comparison of enterprises’ financial sources for investment
activity between regions in Poland (NUTS). For this reason was
used cluster analysis on the base which was isolated space
groups, which allowed to indicate enterprises’ investment
activity financial sources in NUTS of Poland scope. To research
were chosen the following variables:

x

– the average value of own means in financing enterprises’

investment activity in particular NUTS of Poland scope (PLN).
x

– the average value of budgetary means in financing

enterprises’ investment activity in particular NUTS of Poland
scope (PLN).
x

– the average value of domestic loans and borrowings in

financing enterprises’ investment activity in particular NUTS of
Poland scope (PLN).
x

– the average value of total means directly from overseas in

financing enterprises’ investment activity in particular NUTS of
Poland scope (PLN).
x

– the average value of means directly from overseas (of

which bank loan) in financing enterprises’ investment activity in
particular NUTS of Poland scope (PLN).
x

– the average value of other sources in financing enterprises’

investment activity in particular NUTS of Poland scope (PLN).
x

– the average value of enterprises‘ investment expenditures in

particular NUTS of Poland scope (PLN).
x

– the average number of enterprises per 10 thousand

inhabitants in particular NUTS of Poland scope.

Above variables were used to construct the matrix (X=[x

]),

which constitute the basis for comparison of enterprises’
investment activity financial sources in NUTS of Poland scope.
In the following step the define data matrix (X=[x

]) was

standardized, according to the following formula

−

, when x

is stimulant

(1)

−

, when x

jest destimulant

(2)

where:

– standardized diagnostic atribute x

∑

(3)

Makieła, Z.: Przedsiębiorczość i innowacyjność terytorialna. Region w warunkach

konkurencji, Warszawa: Wydawnictwo C.H. Beck, 2013. ISBN 9788325555368. pp.
16.

Kukuła, K.: Metody unitaryzacji zerowanej Warszawa: PWN, 2000. ISBN 83-01-

13097-0. pp. 82.

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