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ZARZĄDZANIE I EDUKACJA nr 100/2015 - maj - czerwiec

obligacji), okres zaniechania wypłat dywidendy przez spółki (akcyjne i z ograniczoną odpowiedzialnością).

SUMMARY

Time for centuries played an important role in human life. He divided his time: the time of religious practices, working time, rest time. Category of time has been discussed in the literaturę, among other religious, philosophical and economic. In operating activity time is occur as: time employment of workers, the life cycle of the enterprise, turnover cycle, time of exploitation of elements of fix assets, product cycle. In tum, investing activities includes time as-sociated with investments in: tangible fixed assets, intangible and legał, and financial assets. Development cycle of investments pro-ject in assets: tangible, intangible and legał, and financial includes definite phases. The duration of the cycle (phase) building, in rangę of investment in tangible fixed assets, can be measured using the indicator method. In the literaturę, there is no basis for the theory of financial investment cycle. There is a gap in this area. Hence the author's proposals supplement this gap.

From the point of view of methodical inyestments in intangible and legał assets can be treated similarly to financial inyestments (among other things due to the generał diyision of the investment cycle for phases). In financial actiyities can be distinguished: the time associated with the repayment installments and interest on bank credits and cash loans, and repayment of bond loans (bond period and the period of payment of interest on bonds), the period without payment of diyidend (the period ex-dividend) by compa-nies (joint - stock and limited liability company).

Słowa klucze: czas, działalność gospodarcza, działalność operacyjna, działalność inwestycyjna, działalność finansowa, wartość pieniądza w czasie.

Keywords: time, economic actiyity, operating actiyities, inve-sting actiyities, financial actiyities, time yalue of money.