Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia

ISSN: 2450-7741     eISSN: 2300-4460    OAI    DOI: 10.18276/frfu.2017.86-24
CC BY-SA   Open Access 

Issue archive / 2/2017 (86)
Koncepcja i zastosowanie syntetycznego wskaźnika stopnia finansyzacji przedsiębiorstw

Authors: Piotr Szczepankowski
Wyższa Szkoła Finansów i Zarządzania w Warszawie
Keywords: financialisation; non-financial corporations; financial ratios; synthetic indicator
Year of publication:2017
Page range:16 (287-302)
Cited-by (Crossref) ?:


Purpose – Indication the need to prepare and presenting proposal of the non–financial corporations financialisation synthetic indicator with a discussion of its possible use in financial analysis and forecasting the development of a business unit. Design/Methodology/Approach – Based on the theoretical arguments and actual methods or techniques for financialisation assessing, the synthetic indicator of financialisation degree for the non–financial enterprises was developed. It consists twelve, partial financial ratios, calculated on the basis of data from the financial statements, grouped on three financialisation indexes of the basic financial decision-making areas. The internal consistency of partial indicators was verified statistically, examining financial results of the non-financial corporations in Poland, listed on the Warsaw Stock Exchange and included in the stock index WIG–30. Findings – The research was confirmed the correctness construction of the non–financial corporations financialisation synthetic indicator. The indicator was also used for conducted a trial to assess financialisation degree of the analyzed companies. It has been shown that the level of the financialisation of the largest listed companies in Poland is moderate and stable, which does not threaten their further growth and development. Originality/value – Taking into account the fact that excessive financialisation can make crisis, financial distress and slowing economic growth, assessment of its level by using the synthetic indicator can become a way of facilitating a comprehensive diagnosis of this phenomenon at the degree of the non–financial corporations and a tool to signal a threat to the stability of the real economy.
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