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STRESZCZENIA

DECISION PROCESSES IN THE INVESTMENT ACTIVITY OF SMALL COMPANIES IN POLAND. EMPIRICAL RESEARCH RESULTS

Summa ry

Studies canied out in tlie smali business sector show the application of a liighly simplified procedurę of preparing and niaking imestment decisions in smali enterprises. The basie instmment used in the decision-making proccsscs connected with the iiwestment actiyily is inluition of tlie business owners. The basie reason for this stale of affairs is tlie lack of Capital, professional managerial slaff and time. The mentality of entrepreneurs prone to overestimate their own abilities is also an important factor. The article presents the cltanges taking place in the approach of smali companies' owners to the decision-making processes during the years 1998-2005.

FORMS AND INSTITUTIONS SUPPORTING INVESTMENT ACTIVITY OF SMALL ENTERPRISES IN AUSTRIA Summa ry

The naturę of smali enterprises is the reason for the existence of serious barriers in the implementation of imestment processes. The basie problem is limited Capital. Also lite limitations of organizational naturę or access to information - including Ute new technologies are a significani barrier in the imestment activity. These problems. known so well by Polish entrepreneurs. do not omit Austrian businessmen of the smali and medium-enlrepreneurship sector. Hence. the importance of the trend in the activities of the Austrian federal govemment and Land authorities aimed at extending a support to the development of tlie activity of smali business. The article discusses the most important elements in the Austrian system of the supporting entrepreneurship.

SOME REMARKS ON COMMUNITIES’ INVESTMENT EFFORT Summa ry

The paper is aimed at the necessity of cliange of current registration and assessement of the local communities' im estment tendency. The author presents a defmition of the local communities' investment activity. its functions, forms and comparison possibilitics. The mcasures of the imestment effort based on the im estment expcnditures are not objectiye but they infomi about the willingness of tlie local community to iroest. Since not all the local communities' expenditures are expressed in their budgets. an objective imestment efforfs index should also take into account an influence of tlie imestment transfers.

SPECIALIZED (TRADING) REAL ESTATES' MARKET VALUE ASSESSMENT AND THE VALUE USAGE IN A DECISION - MAKING PROCESS

Summa ry

Certain types of properties - specialized or trading properties - (e.g. hotels. motels, bowling alleys. oil refineries. power plants. paper mills) are among the most difflcult appraisal assignments. Complexity and tlie lack of good comparable market data (sales or renlal) make comparison and income capitalization approaches impossible to use. These real estates are integral parts of an ongoing business which produces income and therefore value. The main problem is division the stream (and value) between real estate and business enterprise. Two generał valuation methods liave been presented in tlie article: profits method (accounts method, earning multiplier approach) and the bridge model. Thcn the assuinptions and conditions for profits method in Poland liave been discussed. Conclusions have been madę on such cases where a separatc real estate value can be used or is reąuired in decision niaking process.

REAL ESTATE AS A COMPONENT OF THE INVESTMENT PORTFOLIO Summary

Observations of investors’ preferences reveal a growing interest in the real estate imestments. The significant attributes of a real estate such as its profitability. as well as the ability to maintain valuc and even appreciate the invested Capital, generale great interest in the real estate as tlie object of Capital allocation among individual and primarily institutional imestors. who want to accumulate their Capital by including a property into im estment portfolios which become diversified and thus cliaracterized by a lower risk level. The real estate's relatiyely high profitability and slabie influence on the diyersification of risk result in becoming a frequent element of the imestment portfolio on the contemporary Capital market. The present paper shows the specificity of the real estate as the object of imestment. as well as the selected methodological aspects of measuring profitability and the risk that real estate imestment entails.