2015-05-26
Financing structure of the company Financing structure of the company
A general rule of Assets funding A general rule of Assets funding  some dependings
FINANCIAL DECISIONS
BALANCE SHEET
FIXED EQUITY
ASSETS
Long-term
CURRENT
L & P
ASSETS
Short-term
KW +
Zob.
 fitting dług.
Is conducive
The age structure of Assets
The general rule to maintaining
liquidity
of asset financing
OPERATIONAL &
surplus
company
INVESTMENT
DECISIONS
nadwyżka
Financing structure of the company
Financing structure of the company
A general rule of Assets funding Working capital requirements (ZKO)  some dependings
KW
Operacyjne AO = Zapasy + Należności
AT
KS
Zob. dł.
KON
Zob.operacyjne = Zob. z tyt. dostaw i usług
AO
Zob. kr. + Zob. z tyt. wynagrodzeń
+ Zob. z tyt. podatków, ceł
i ubezpieczeń
+ Pozostałe zob. operacyjne
Operacyjne
Wymóg: ZKO = Operacyjne AO  Zob.operacyjne = aktywa
obrotowe
netto
Internal and external sources of
Financing structure of the company
financing
Working capital requirements (ZKO)  some dependings
Worked out by They come from funds
ZKO the company collected by other
entities
KW " generate profit
AT
KS
" depreciation of amortization
Zob.długoterminowe " any reduction in the assets of the
Finansowanie
długoterminowe netto company
Operacyjne
Aktywa obrotowe The decline in the status of one type of
Zob.operacyjne
asset is often accompanied by an
AO Sale of assets
Zob. increase in another asset
With the cash conversion
Finansowanie
Krótk.
krótkoterminowe netto cycle and the process of
Kredyty i pożyczki
The transformation of enterprise assets
obtaining cash from
krótkoterminowe
Krótkoterminowe aktywa
operating activities
finansowe
Within the operating cycle - followed by
continuous rotation (only it changes form
- the kind for cash and vice versa)
Zaspokajanie zapotrzebowania na KO w podziale na finansowanie długo i
krótkoterminowe
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Internal and external sources of
Internal and external sources of
financing
financing
" Zysk zatrzymany (nadwyżka P nad K, RZiS, różne rodzaje Z) " Obtained in the financial market
Equity
Financial surpluses
" Odpisy amortyzacyjne => kapitał amortyzacyjny
Monetary accumulated by investors
" Zmniejszenia stanu A
Deposit and credit
Banks' capital resources
" Nadwyżki ŚP => krótkot.AF strategia agresywna a
earmarked for lending
konserwatywna /bezpieczeństwo, a nie st.zwrotu/ " Leasing
" Securitization
" Utrata płynności wymusza uruchomienie  awaryjnego " Short-term operating liabilities
z
ródła finansowania
" Subsidies from the UE funds
Internal and external sources of financing
The theory of the hierarchy of sources of funding
" Companies prefer internal sources of financing that are
directly at their disposal
" If internal sources of funding are insufficient compared to
the needs - company goes back to the external sources,
but in the first instance by incurring liabilities (bank
credits, loans, securities emissions)
" Least preferred is to increase Equity from external sources
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