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30 ( ) 33,,,.,. ィC, 0003,,.,.,.,,...,,,. -..,. 33 The Global Competitiveness Report ,, ( ),.,, , , () ().

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61 13Monika Rィョycka ARE INTERNAL SOURCES OF FINANCING ENOUGH FOR BUSINESSES IN POLAND TO GROW,,,,,.,.,,.,.,. In order to continue to be competitive in the market, business entities need to develop by expanding the scope of their operations, acquiring new technologies, recruiting and training human resources. This implies that they need to be active players in the financial market. In order to adapt to the changing needs, certain funds are essential. Their availability in the market depends on how the sources of financing are selected. Using only internal sources of financing in running a business is insufficient for the business to grow and be economically successful. In order to operate effectively, current businesses need to have sufficient financial resources. Individual development, expansion of the scope of operations and acquisition of new technologies entail greater demand for capital. What is essential for an organization to be economically successful is the access to sources of financing and the selection of appropriate financing methods. The funds may be obtained from both internal and external sources. 71 In the first case they are called own capital, and in the latter ィC borrowed capital. One of the major differences between these types of capital is the time for which each of them is made available. Own capital is available for an indefinite period of time, whereas borrowed capital may be both long-term (with maturity of over one year) and short-term (with maturity of less than one year). 71 Skowronek-Milczarek A., Ma00e i rednie przedsibiorstwa. rィョd00a finansowania, C.H. Beck, Warsaw 2007, p. 20 According to the data published by the Central Statistical Office (GUS), the internal sources of financing in the case of small businesses in Poland are mostly the funds of an owner invested in the business at its very formation (almost 70% for large businesses and over 65% for small and medium enterprises) 72. It is usual for owners of such types of businesses to cover the costs of operations mostly from their own savings and money, if any, borrowed from family and friends. In the case of entities with legal personality, the founding capital consists of contributions made by shareholders when the company is established. For instance, the share capital of joint-stock companies consists of contributions made by their founders. The minimum share capital is PLN 100, and the minimum nominal value of one share is 1 grosz (1/100 of PLN 1). The minimum founding capital for Polish limited liability companies has been considerably reduced and at present amounts to PLN 5, (by December 31, 2008 it was PLN 50,000.00). The contributions to the share capital may be made in cash or in kind, with the minimum value of one share being PLN 50. The funds invested by business entities at the very start of their activity are not sufficient for them to grow further 73, which is why they need to raise capital from other sources. It is commonly held that retained earnings are the major source of financing for businesses. Organizations making high profit improve their economic independence and creditworthiness. Earnings retained in the business may be used to finance such business ッs operations, with no additional costs and no changes in the shareholding structure. It looks a bit different in practice though. Businesses often generate high costs which may not be covered from available funds ィC there is a physical lack of money. High inventories which should be turned into cash may imply that there are slow moving goods in the warehouses. Good performance indicators and liquidity ratios do not mean that the organization is able to use its earnings to finance its further operations. The internal sources related to the conversion of assets in a company, e.g. sale of 72 Data of the Central Statistical Office for Godziszewski B. et al., Przedsibiorstwo. Teoria i praktyka zarzdzania., Polskie Wydawnictwo Ekonomiczne, Warsaw 2011., p. 383

62 13redundant assets or improvement of current assets turnover, are only of marginal significance. In such a case it is necessary to use other sources of financing. One of these may be depreciation. Higher depreciation charges (obtained, for example, through application of a degressive rate) make the tax base lower in that they increase the costs of core business. Depreciation is made on paper only and does not require any money to be spent in order for tax-deductible expenses to be incurred. Thanks to appropriate depreciation policy a business may influence the amount of direct tax paid, and therefore improve its financial liquidity. It should be remembered that correct profitability calculation should take into account the costs involved in reconstructing the fixed asset base. Yet another source of financing for a business may be contributions made by its shareholders. In the context of the procedures involved, it is one of the simplest forms of financing. Depending on the organizational and legal form, the capital flowing into the business may take the form of: contributions, shares, payments for stocks, in-kind contributions, subsidies, registration fees ( ーshare premium ア) of shareholders. Each type of capital raised improves the financial liquidity of the organization. The business is building up its assets without increasing its liabilities or costs (no interest), thus improving its security. The business becomes a better guarantor towards its debtors. The owners may also contribute to the company ッs assets by granting loans. This process is, however, costly and necessitates the payment of tax on civil law transactions and accrual of interest. Basically, the rate of interest on loans granted by shareholders should not be lower than the minimum interest rate for bank deposits. The form of additional contributions and loans makes it necessary for shareholders to possess sufficient funds. If owners have no available funds, it is possible to obtain financing by attracting a new shareholder that contributes capital or makes an in-kind contribution in exchange for acquiring shares in a given company. Such a new shareholder brings additional experience and new contacts to the company. On the other hand, having another shareholder changes the shareholder structure, which may result in capital dilution and introduction of a new management and decision-making structure in the company. In joint-stock companies, capital may be increased through issuance of shares, which makes it possible to raise non-refundable funds. For the money raised through public offering of their shares, companies implement growth plans, thus making themselves more attractive for shareholders. Listed companies obtain permanent daily valuation of their operations and thus become more reliable: 6モ1 easy benchmark with competitors 6モ1 attractiveness for mergers and acquisitions (payment with liquid shares) 6モ1 credibility in the eyes of banks and financial institutions (hence it is easier to raise capital). Companies achieve the marketing result in a market environment (suppliers and customers). It is easier for investors to assess the condition of companies which have a relatively stronger position to win a tender or succeed in being awarded a contract. Listed companies are seen as involving less risk because of their improved credibility in the market and the requirement to comply with disclosure obligations. After the company goes public, there is more interest in its products and trademark. The issuance of shares has also its drawbacks. Given that the shareholders ッ claims are last to be satisfied (bankruptcy), the shareholders require a higher rate of return. The role of a dividend should also be borne in mind (it may increase or decrease the capital cost ィC if not paid). This may result in the reduction of the profit share of the current owners. However, if the investment proves successful, future profit will be higher, which means that it may ultimately be profitable for ーold ア shareholders. Yet another drawback is less control on the part of the current shareholders (unless they have been secured by certain provisions contained in the statutes/rights under shares). In the case of public offering, it is necessary to prepare a prospectus and successfully complete the procedure before the Commission (duration: several months; 3-6 for the prospectus and 2-5 months more). A strong argument in favor of internal sources of financing is that it is the owners themselves who may decide on their purpose and manage them on their own. Internal funds do not involve any significant additional costs. There is also no need to provide sureties, collaterals etc., which could also affect the financial condition of the company.

63 13Using only or predominantly own capital in financing the operations may slow down the growth of business entities because of limited amount of capital. 74 As a result, in order for such entities to be able to grow at a satisfactory rate and be competitive in the market, external sources of financing need to be used. There are plenty of offers for the sources of financing. Still, the choice is not easy because not all of the forms available are within the reach of all companies. Besides, not all of them are advantageous from the company ッs economic perspective. BIBLIOGRAPHY 1. Data of the Central Statistical Office for Godziszewski B. et al., Przedsibiorstwo. Teoria i praktyka zarzdzania., Polskie Wydawnictwo Ekonomiczne, Warsaw Skowronek-Milczarek A. Ma00e i rednie przedsibiorstwa. rィョd00a finansowania, C.H. Beck, Warsaw ,,,. 39,,,,,,..,, 74 Godziszewski B. et al., Przedsibiorstwo. Teoria i praktyka zarzdzania., Polskie Wydawnictwo Ekonomiczne, Warsaw 2011., p. 385.,. 2013,,. -,...,,,,,., ィC.. ィC., -.,,, - ィC.,,,,,,., 2013,,...,,., ( ; ;

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