Ekonometryczna analiza czynników wpływających na wzrost wartości przedsiębiorstwa
The econometric analysis of factors influencing on the value of firm
The aim of the paper is the identification of factors which into the essential manner bear on the increase in value of firms in Polish economic conditions. The value of firm is represented by the difference between a rate of return from the equity capital and a minimum rate of return expected by owners, represented by the cost of the equity capital - so-called spread, that is to say over the average rate of return from the book-keeper of the value of the equity capital. Analyzed data referred to 393 companies of the Treasure of State and proceeded from years 2002-2004. In the model with endogenous variable spread one made allowance for 15 potential explanatory variables. Because of the great number of potential explanatory variables, at final choice of explanatory variable backward and forward stepwise regression methods were used. After the use of these procedures one received in every year 3 explanatory variables. Estimated models were characterized with the high adjustment and statistically significant parameters. In every year appeared as explanatory variable return of assets, in two years appeared inventory turnover and also the capital multiplier. So the final conclusion is that these variables have the greatest influence on the creation of value of Polish firms.