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PL
Największą ułomnością polskiego prawa przetargowego jest uznawanie kryterium najniższej ceny za decydujące. Do niedawna dla przeciętnego obywatela sprawa była dość prosta: prace wykonane za niższą cenę - więcej pieniędzy zostaje w publicznej kasie.
PL
W artykule przedstawiono próbę analizy stanu finansowania gospodarki wodnej w latach 1996-2003, celowo pomijając 2004 r. (ze względu na brak ostatecznych danych) i wskazano kierunki niezbędnych działań zmierzających do poprawy sytuacji.
EN
In the paper there is presented an attempt to analyse the state of water management financing in the years 1996-2003 as well as directions for indispensable actions to be undertaken in order to improve the situation. The year 2004 has been omitted because of lack of final data.
EN
Concept of innovation induces a high degree of association with the problem of high costs and the highest possible risk. Many companies solves a significant problem in the management of production associated with the financing of technological development and innovation. In every large company manufacturing managers declare that they have more projects they would like implemented as funds that may be used. Reasons for this are : low expected return, risk and unreliability associated with the project, and excessive optimism group managers. This article focuses on the theoretical aspects of innovation financing and outlines the importance of venture funds to finance innovation in companies. Summarizes and gives an overview of the most important works and basic ideas in this area of research, together with an outline of the capabilities and limitations posed by venture funds as a source of innovation funding for SMEs. Refine addresses factors affecting the financing of innova tion, and specifically discussed in this context the problem of asymmetric information, moral hazard, fiscal aspects and cash flow. Opens the problem size Companies. capital flows and based on extensive studies, particularly in the United States supports the view that small businesses have specialized as a suitable alternative to finance their venture capital for innovative projects.
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Content available remote Źródła finansowania rozwoju transportu
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PL
Znaczenie dobrze rozwiniętej i należycie utrzymywanej infrastruktury dla rozwoju społeczno-gospodarczego kraju. Nakłady na infrastrukturę drogową i kolejową przewidziane w projekcie Narodowego Planu Rozwoju (NPR) na lata 2007-2013 z uwzględnieniem środków unijnych i prywatnych. Trudności z wykorzystaniem pomocy finansowej UE i jak je przezwyciężać.
EN
The meaning of well developed and properly affirm infrastructure for social and economical country development. The outlays on road and railway infrastructure predicted for the project of National Development Plan for years 2007-2013 including union and private resources. The difficulty with using of EU financial aid and methods of their overpasses.
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Content available remote Kvalita českých vysokých škol v systému financování
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EN
The goal of this contribution is to analyse principles of financing the public tertiary educational sector in the Czech Republic and evaluate a connection to quality results of institutions. There are also mentioned strengths and weakness of implementation a link between quality results and financing the schools whereon an analysis of situation in the Czech Republic is done. This analysis includes evaluation of income items of public higher schools’ budgets and their impact to factor of quality after which possible ways of modification are discussed.
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Content available remote Football Talent-Nurture after the 1989-1990 Political Transformation in Hungary
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EN
Hungarian football used to be in the first line of the international arena but for the last five decades a steady and strong setback has been a characteristic feature. The main purpose of this paper is to discover the major problems related to the education of young players and to make suggestions to improve the current situation. The study is based on a research in which three different but complementary methods, called "triangulation" were used: fieldwork, content analysis and in-depth interviews. The results show that although sport had always been the area which served political interests, this situation has dramatically changed after 1989-1990. Since then moral and economic crisis could be observed and this has resulted in the collapse of the Hungarian football. Concerning the talent care program there is no a common educational project for young players. This could be explained by the lack of cooperation between professionals who believe that they have different professional and financial interests and act accordingly. In conclusion it can be stated that success could only be reached if politics and the central budget were be independent and the cooperation between decision makers and experts in football were stronger. The unskilled managers and coaches responsible for the education of young players should be exchanged for real professionals.
PL
Wskaźnik innowacyjności polskiej gospodarki jest jednym z najniższych w Europie. Niniejsze opracowanie prezentuje możliwości wdrażania przedsięwzięć innowacyjnych, przy wykorzystaniu różnych źródeł finansowania. Uzyskanie dostępu do nich wymaga posiadania odpowiednich pomysłów oraz właściwego przygotowania projektów. Praktyka potwierdza, że wymaga to dysponowania odpowiednio kwalifikowanymi ekspertami na etapie tworzenia koncepcji projektów jak również w czasie ich realizacji. Należy podkreślić znaczenie procedur formalnych, w tym w szczególności związanych z etapem rozliczania projektów. Dostępne źródła finansowania przedsięwzięć innowacyjnych dają możliwość realizacji dużych projektów o znaczeniu międzynarodowym, o czym świadczy podany w opracowaniu przykład oraz projektów wdrażanych przez podmioty należące do sektora MŚP, które wymagają szczególnego zainteresowania ze strony instytucji wspierających innowacyjność. Uczestnictwo w Unii Europejskiej stwarza możliwość korzystania z różnych źródeł finansowania przedsięwzięć o charakterze innowacyjnym, których realizacja wymaga współdziałania wszystkich zainteresowanych podmiotów.
EN
The study presents actual level of creativity of polish economy, comparing with other European Union countries. There were also presented current directons of pro-innovative policy in Poland and possiblities of implementation of innovative enterprises, using various sources of financing. The effective use of financial sources needs approppriate ideas, proper preparing of projects, both in formal and in essential sense, and appropriate implemantation of projects, as well. The practice and experience confirm, it requires qualified consultans on the stage of preparing drafts of projects and implementation of projects. There must be pointed out, the significance of formal procedures, especially on the stage of accounting of projects. Available financing sources of innovative enterprises, give a real possibility of implementation of large projects of international importance, what has been presented by the example in the study, and projects of Small and Medium-sized Enterprises, which need special care from the institutions supporting creativity. Participation in UE creates a chance to benefit from various financial sources of innovative enterprises with a participation of all the concerned subjects.
PL
Finansowanie każdej działalności gospodarczej wymaga poniesienia określonych kosztów, których poziom uzależniony jest od struktury oraz kosztów poszczególnych źródeł finansowania. Bez wątpienia, poziom tych kosztów jest istotnym czynnikiem wpływającym na wyniki ekonomiczne każdego przedsiębiorstwa. Artykuł niniejszy przedstawia ekonomiczne związki zachodzące pomiędzy strukturą finansowania przedsiębiorstwa a jego wynikami ekonomicznymi. Składa się ze wstępu, trzech części oraz spisu literatury. Pierwsza część artykułu została poświęcona omówieniu pojęcia ekonomicznej efektywności oraz jej podstawowych miar wykorzystanych do analizy empirycznej. W drugiej części zostały przestawione główne relacje zachodzące pomiędzy strukturą finansowania oraz zyskownością przedsiębiorstwa. Natomiast w trzeciej części artykułu została przeprowadzona analiza empiryczna mająca na celu przedstawienie wpływu struktury finansowania na wyniki ekonomiczne 44 polskich przedsiębiorstw w latach 2003-2004. Do analizy wykorzystano współczynniki korelacji Spearmana oraz Pearsona.
EN
The business financing requirements include the costs, which level depends on the structure and individual acquisition costs. Undoubtedly, the level of acquisition costs is an essential factor influencing financial results of economic operations. This paper presents economic connections between the financing structure of business enterprise and its accounting results. This is consists of an introduction and three descriptive sections. The first section aims at explaining a concept of economic efficiency and its basic measures used in empirical analysis. The second section focuses on main relations between the business financing and profitability of company. The third and final section presents empirical results covering data from 44 Polish enterprises. In research have been used the Spearman and Pearson factors.
PL
Przedsiębiorcy zobowiązani są do podejmowania inwestycji w zakresie ochrony środowiska, jeżelii działalność przyczynia się do degradacji środowiska. Inwestycje te finansowane są zarówno ze środkówwl snych, jak i obcych. Prócz zysku i wpływów ze sprzedaży akcji, dodatkowym źródłem finansowania sąsi sydia i dotacje z funduszy ekologicznych, budżetu państwa lub funduszy pomocowych UE. Ponadto, prze siębiorcy mogą korzystać z różnych form kapitałów obcych, takich jak np. pożyczki preferencyjne z ftmdos ekologicznych lub kredyty na ochronę środowiska z sektora bankowego.
EN
Entrepreneurs are obligated to invest in the environmental protection field if their activity leads to a vironment degradation. These investments are financed both from own and foreign sources. Apart fromprofi and incomes from shares sale, additional sources of financing the environmental protection are subsidies grants from environmental funds, the national budget or the European Structural Funds. Moreover, business men may use different forms of outside capital, like e.g. preferential loans from environmental funds or envi ronmental protection credits from bank sector.
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The financing of innovations is an extensive problem which is theoretically greatly developed and elaborated. This problem represents an important topic of the economic research viewed from diverse angles in last decades. The contribution focuses to the development of theoretical views on the financing of innovations, together with different accompanying problems. It summarizes the possibilities and sources of the innovations financing with accent on the role of banks, financial markets, venture capital and government agencies. In the conclusion we are attempting to review and evaluate the described possibilities of innovation financing.
EN
This paper describes factoring as a source of business activities financing. Th considers the three main aspects of the issue: the pace of the factoring mark* opment, its main participants and advantages and disadvantages of factoring entrepreneur point of view. Additionally the way of correct cost calculation for < sources of short term financing is presented. The author also emphasized that the cost of capital is not only and the mair for financing decisions, but also other factors like capital availability and the ment financial data disclosure.
EN
The article contributes to the overall body of knowledge about investments made by small and medium-sized enterprises (SMEs) and their sources of financing. The author conducts an empirical research through a direct interview method on two samples: a sample of 1,001 microbusinesses (meaning those with up to nine employees) and a sample of 1,202 SMEs with 10 to 249 employees. The research shows that only 41 percent of Poland’s SMEs carried out investments in 2004. Investment indicators were the highest among medium-sized enterprises (74 percent), while microbusinesses showed the lowest indicators (41 percent). In the case of individual types of investments (day-to-day maintenance and modernization, purchase of computer hardware and software, purchase of individual machines and equipment, purchase of means of transportation, construction of new plants and purchase of turnkey production lines), the highest investment indicators were invariably recorded among medium-sized enterprises. The percentage of investing companies increased with an increase in employment. The same is true of the percentage of companies declaring investment plans for the next 12 months. Most of the companies polled used their own funds to finance their investments. An important (though usually only supportive) role in financing some investments (in particular, the purchases of means of transportation, turnkey production lines, machines and equipment) was played by loans and leasing. In analyses by market segment, the following rule was observed: companies with a higher level of employment displayed a greater tendency to use loans and leasing programs. Other sources of funds for investment projects in the SME sector were of marginal importance. Comparative analyses reveal that the use of external sources of funds to finance SME investment projects in Poland is usually two to three times lower than in other EU countries and the United States. However, no evidence of discrimination against SMEs in lending by banks was obtained. Only 2.5 percent of the companies polled have been refused bank loans over the past three years. An increased propensity to invest among Polish SMEs could be stimulated by appropriate activities of the government, banks and entrepreneurs themselves.
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Content available remote Dylematy wyboru samorządowych instrumentów dłużnych
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EN
Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.
EN
The present study is intended to discuss the way in which the state is constituted as a major element for the management of Brazilian university teams, pointing out, above all, the most recent moment that represents a hybrid model of development. To do so, empirical resources of research has been used: 1. Documents that belong to the file of the FPDU (an institution in the state of Paraná which is in charge of university teams), 2. The existing legislation on the theme, 3. Interviews with some of the agents who took part in the FPDU as members of the directory board throughout its history. It has been concluded that the state is directly responsible for the development of university sports in Brazil, mainly because between them there is an inter-dependence relationship through the financial support of sports.
PL
Sektor MSP pełni kluczową rolę w rozwoju polskiej gospodarki. Jest on często postrzegany przez banki jako obiecujący i dochodowy, ale jednocześnie dość ryzykowny. Ryzyko to wynika najczęściej z dość krótkiej obecności tych firm na rynku oraz braku dobrej jakości zabezpieczeń spłaty kredytu. Analizując sytuację różnych grup podmiotów na rynku usług finansowych można powiedzieć, iż pozycja MSP jest raczej słaba. Wynika to z wielu czynników: gorszego dostępu do informacji, niższej ich jakości oraz niższego poziomu wiedzy merytorycznej w zakresie świadczonych usług finansowych. Jednym z wielu problemów, z którymi borykają się te przedsiębiorstwa jest utrudniony dostęp do zewnętrznych źródeł finansowania. Są one niezbędne do prowadzenia bieżącej działalności, jak również umożliwiają ich dalszy rozwój. Problem ten pogłębił od 2008 roku globalny kryzys gospodarczy i finansowy, a zwłaszcza brak zaufania m.in. pomiędzy instytucjami finansowymi i podmiotami gospodarczymi. Celem artykułu jest ukazanie wpływu globalnego kryzysu na relacje pomiędzy bankami a MSP.
EN
The sector of SMEs plays a key role in the economic development in Poland. On the other hand they belong to the group of units that is characterized with the weakest position in the market. Practice and theory show that SMEs seek for the financial means for running their activities and for investments. The problem with the financing strongly appeared in the time of the financial and economic crisis, when SMEs and entrepreneurs have suffered a double shock: a drastic plummet in demand for goods and services and the tightening in credit terms, which were ruthlessly disturbing their cash flows.
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Content available remote Zewnętrzne źródła finansowania działalności gmin
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PL
Przypadające samorządom źródła dochodów służą finansowaniu zadań publicznych nałożonych na nie przez ustawy. Nałożenie, zwłaszcza na podstawowe jednostki samorządu terytorialnego, nowych zdań powoduje, że zaczynają one coraz częściej poszukiwać zewnętrznych źródeł finansowania inwestycji, aby wywiązać się z nałożonych na nie obowiązków.
EN
In the paper the authors described the outer financing sources of community activity. The basic tasks and incomes of the local authority unit were presented. The authors characterised such outer sources of capital as: stock emission, credits, foreign funds, Polish institution's funds, leasing. It is also showed the usage of outer income sources of the former Voivodeship of Katowice communities in the years 1995-2000.
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In this paper, the effects of financing of agricultural holdings in new member states of the EU and the development of these holdings are assessed. The income of a family-owned agricultural holding was accepted as the basic measure of a holding’s capability for extended reproduction and development. Selected elements of financial analysis were also applied. The level of family farm income and reinvestment of fixed assets was varied in EU-10 agricultural holdings over the years 2004-2009. The level of family farm income was mainly dependent on subsidies and subventions. A low dependence between the value of family farm income and net investment value was observed (R2=0.243), and a high dependence between labour productivity and labour profitability was observed (R2=0.734). Positive changes took place in the equipping of agricultural holdings with fixed assets. Growth of capital saturation of land was observed in all countries. Holdings taking advantage of external sources of financing had greater developmental capabilities. The net investment value was positively correlated with the debt ratio, although this dependence was low.
EN
One of the main issues connected with terrorism – a “crime without borders”, a complex phenomenon the definition of which has proven elusive, is terrorism financing and money laundering. The Polish legislator – in the Polish Banking Law – imposes on banks (within the scope of their legal definition) a duty of counteracting money laundering and terrorism financing, which corresponds with the significant role of banks and other financial institutions when it comes to the prevention of terrorist crimes. On the basis of the Act on Counteracting Money Laundering and Terrorism Financing, a special system was created – the aim of the regulations is to facilitate successful performance by banks of their duties. In the Act, the office of the General Inspector of Financial Information was created, with an important task of controlling the realization of banks’ duties, as well as cooperation with relevant services and improvement of international antiterrorist activity. Beyond any doubt, the functioning of the Polish system could be guaranteed by broader legal and institutional frameworks on an international level, the achievement of which is contingent upon the activity of the European Union and the United Nations. A significant element in the fight against terrorism financing crimes is also proper training of the banking sector employees and officers, as well as ensuring proper communication and cooperation between them.
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Content available remote Financování terciárního vzdělávání v ČR v kontextu evropského vývoje
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The goal of this contribution is to describe and analyse the existing model of financing the public tertiary educational sector in the Czech Republic and de- fine important principles which are there applied. There are also mentioned strengths and weakness of current financing model after which possible ways of modification to more fair and efficient allocation of public recourses are discussed.
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Very often, touched on the issues on the basis of economic theory and practice in the legitimacy of the business MSP and the role they play in the economy. Much attention is paid to the sources of supply of the capital of the group of companies, and in fact the problems experienced in this matter.
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