Płynność finansowa w Małych i Średnich Przedsiębiorstwach [streszczenie]

Abstract

Small and medium-sized enterprise (SME) financial liquidity is primarily maintained as a hedge against the risk of losing the ability to regulate the full amount of the current commitments in the required time period. The potential increase in the risk of loss of financial liquidity, and by the loss of a positive image in business partners’ eyes, result in the higher interest cost of capital financing for SMEs and works to reduce the efficiency of the enterprise; this reduced efficiency is expressed in lower forecasted growth of SMEs’ value. The considerations contained in the monograph focus on the problem of making decisions related to the allocation, acquisition or transfer of money from the managers of SMEs in the context of maintaining financial liquidity at the best use of such a decision. The research presented in the monograph addresses the phenomena associated with managing business operations of SMEs. The activities involving the flows of money and most of all phenomena related to the area of financial management of SME resources, focus on increasing value for SME owners. Issues examined in the book include, in particular, the analysis of the causes and effects of the flow of money between operators. That flow of money between SME and its cooperators interact with the increased risk for SME. The actors also are actively working with SME managers during the implementation of their objectives, one of which is to create value for the SME owners. Models presented in this monograph consider the effect of management components of current assets on financial liquidity criteria, the motives, and decisions of the SME. In the section of the book devoted to measuring the levels of financial liquidity empirical data from Polish firms is used. The study involves the use of financial reporting and analysis of financial information for making decisions about the size of investment funds in liquid assets at the disposal of SMEs. Measurement and liquidity in SMEs, as compared to other companies, is illustrated using data collected from over 3000 Polish enterprises as well as data from research conducted by Dudycz, Hamrol, Skoczylas, Niemiec, published in the “Rachunkowosc” journal. The statistical methods and tools used to analyze the data focused on financial information in relation to both individual firms in the SME sector and SME sector as a whole. As presented in the book, the results allowed us to propose a uniform method of financial liquidity management in SMEs. The author of the monograph includes original proposals regarding the approach to cash management, based on the intensity, probability, and size of cash inflows and outflows. That section of the book also presents the modified from value creation perspective, accounts receivables incremental analysis application, as well as modifications under the same terms of inventory management models: VBEOQ and VBPOQ. Similarly, the approach to determining the strategy proposed target level of investment in working capital and financing of that capital is unique and based on SME individual resistance to risk. Using the functional point of view, this monograph presents decisions in financial liquidity management from the perspective of SME investment decisions related to the financial policy of SMEs, associated with obtaining capital financing assets that form financial liquidity levels. It also presents the impact of financial markets on the development of financial liquidity in SMEs. The subject of the presentation is the analysis and transfer of risk arising from the management decision of financial liquidity. The book covers issues from the perspective of corporate finance. In smaller enterprises, these decision have roots in parallel convergent reasoning parallel to family finance management.