Ryzyko finansowania polskich przedsiębiorstw w latach globalnego kryzysu ze szczególnym uwzględnieniem oceny wykorzystania rezerwy pojemności zadłużeniowej

Abstract

The article presents research findings on capital structure and financial risk changes in Polish companies during the global economic crisis of 2007–2008. Authors evaluated financial data for 4188 companies, both listed and unlisted within particular sectors. The whole population of companies was split into two parts based on the average value of the debt ratio calculated for pre-crisis years (2005–2007). The first group was composed of companies with average debt ratio below industry norm expressed in sector mean value of the debt ratio. These companies were assumed to have reserve debt capacity. The second group consisted of companies with average debt ratio above industry norm expressed in sector mean value of the debt ratio. These companies were assumed to have not reserve debt capacity.

Keywords

• capital structure
• debt ratios
• financial crisis
• debt capacity
• financial flexibility