Finanse

The selection of appropriate financial sources by enterprises is one of the key tasks faced by the management board. In the presented article, the Authors decided to verify the capital structure of companies from selected European economies and to compare this capital structure between developed and advanced developing markets. The research was conducted on 18 European economies, taking into consideration data for 2017 and five variables defining the structure of financing. The results of the analysis show that the economies in the basket of developed countries are characterised by a higher level of indebtedness, with the major difference in taking on interest-bearing liabilities.

The research on default cases of the issuers of Catalyst-listed bonds, encompassing observation period between the years 2011 and 2017, showed that the credit quality of issuers was highly diversified and positively correlated with the size of the issue (the bigger the issue the lower the risk). Catalyst has been an important part of the Polish bond market for several years now, gathering more than 1/3 of the value of all outstanding bond issues. The advantage of trading on organized market such as Catalyst’s includes the presence of specific legal requirements, including market discipline (information obligations), concentration of turnover in one place and the universal availability of quotations (prices, turnover, submitted offers, etc.). The organised market reduces information asymmetries by giving everyone concerned the opportunity to follow price developments, trading and information on the issues and issuers present on the market. Furthermore, regular sessions should provide a higher level of liquidity. In the case of Catalyst, the liquidity level for most listed bonds is still quite low, but some features of organised markets determine the advantages of its existence. From the perspective of funds seekers, especially small ones, the organised market provides better access to the investor base and is often the only chance for them to obtain financing. On the other hand, this segment - i.e. small issuers - is unfortunately the source of the greatest number of problems (defaults and bankruptcies). This picture is not altered by the common practice of offering secured bonds. As we have shown in this article, collaterals of bonds listed on Catalyst can be ineffective for various reasons, especially in the case of issuers who do not cooperate with investors or even deliberately avoid paying off the bonds after defaults. The persistently high share of default rates and the high level of expected loss (EL) in the Gr1 group despite the very favourable economic situation, should lead to an analysis of the admission to trading criteria, exploring the possibility of strengthening the legal protection of bonds as well as the possibility of tightening the subsequent control over the performance of information duties by issuers.

Blockchain technology currently receives a lot of public attention with its disruptive potential to rebuild a currently state of economy. While blockchain technology is treated potentially disruptive in socio-economic environment, there is a lack of understanding where and how blockchain technology is effectively applicable and where it has mentionable practical effects. The use of this technology inside many businesses caused a need to create a system of tools and methods allow properly description to generate valuable information for governments, management, customers etc. Due to a lack of information related to blockchain technology it is a must to explore potential of blockchain in the context of risk. This paper examinees a problem of implementation blockchain technology within finance industry. The main aim of the article was to outline how important is to understand potential of blockchain technology and its limitations, therefore the author prepared a model which can be used to classify blockchain technology implementations in finance industry. This study describes existing issues in the financial aspect.

W artykule rozważa się zagadnienia wartości inwestowanego kapitału, sposobów jego pomiaru i mechanizmów jego przyrostu. Autor zwraca uwagę na istnienie związku pomiędzy wartością kapitału a paradygmatem ekonomii, co ostatecznie wskazuje na istnienie związków pomiędzy efektywnością inwestowania i filozofią ekonomii. Głównym celem artykułu jest zidentyfikowanie istnienia nieprawidłowości w wycenie aktywów przez inwestorów z powodu ich błędnego lub niepełnego rozumienia mechanizmu wzrostu wartości, czego skutki przybrać mogą znaczenie w skali makroekonomicznej.