Factors Determining the Financial Condition on the Example of WSE Listed Companies

Monika Bolek; Agata Gniadkowska-Szymańska

doi:10.18778/2391-6478.2.38.01

Autor

Monika Bolek Faculty of Economics and Sociology, Department of Corporate Finance, University of Lodz https://orcid.org/0000-0001-9376-1105
Agata Gniadkowska-Szymańska Faculty of Economics and Sociology, Department of Capital Market and Investments, University of Lodz https://orcid.org/0000-0002-7321-3360

DOI:

https://doi.org/10.18778/2391-6478.2.38.01

Słowa kluczowe:

model Altamna, współczynnik Q Tobina, kondycja ekonomiczna przedsiębiorstwa, wzrost spółki

Abstrakt

Cel artykułu/hipoteza: Celem niniejszego artykułu jest ocena kondycji spółek na rynku kapitałowym, która jest ważną informacją dla interesariuszy, w tym inwestorów i menedżerów.

Metodyka: W niniejszym opracowaniu jako zmienną, na którą mogą wpływać strategie odzwierciedlone w poziomach wskaźników finansowych, zaproponowano miarę sytuacji finansowej firmy opartą na Z-Score Altmana, współczynniku wzrostu Q Tobina i EPS. Artykuł przedstawia nowe podejście do sposobu oceny kondycji finansowej.

Wyniki/Rezultaty badania: Na podstawie analizy danych stwierdzono, że sytuacja firm związana z 3-letnim wzrostem EPS, prawdopodobieństwem upadłości i potencjałem wzrostu jest ujemnie determinowana przez sumę aktywów i dodatnią rentowność aktywów. Kondycję spółek związaną z 5-letnim wzrostem EPS, prawdopodobieństwem upadłości i potencjałem wzrostu determinuje w pozytywny sposób struktura kapitałowa i zwrot z kapitału. Wzrost krótkoterminowy jest więc determinowany przez zarządzanie aktywami, a wzrost długoterminowy przez optymalizację struktury kapitału. Ponadto stwierdzono, że istnieją różnice pomiędzy firmami w dobrej i słabej kondycji pod względem wdrażanych strategii.

Pobrania

Brak dostępnych danych do wyświetlenia.

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