• Nie Znaleziono Wyników

Globalizacja a ryzyko bankructwa przedsiębiorstw

N/A
N/A
Protected

Academic year: 2021

Share "Globalizacja a ryzyko bankructwa przedsiębiorstw"

Copied!
8
0
0

Pełen tekst

(1)

$QGU]HM7RNDUVNL :\ĪV]D6]NRáD%DQNRZDZ7RUXQLX

*OREDOL]DFMDDU\]\NREDQNUXFWZDSU]HGVLĊELRUVWZ

-HGQą]RVWURQDVLODMąF\FKVLĊZRVWDWQLFKODWDFKFHFKJRVSRGDUNLLIXQNFMRQRZDQLDSU]HGVLĊELRU VWZDMHVWURVQąFDQLHSHZQRĞü&RUD]F]ĊĞFLHMSU]HGVLĊELRUVWZDNUDMHLFDáHUHJLRQ\JRVSRGDUNL JOREDOQHM]DVNDNLZDQHVąSU]H]VSORW\Z\GDU]HĔRUD]QHJDW\ZQ\FKWUXGQ\FKGRSU]HZLG]HQLD L RSDQRZDQLD ]MDZLVN JRVSRGDUF]\FK 6SHNWDNXODUQ\P WHJR GRZRGHP MHVW NU\]\V ¿QDQVRZ\ ZJRVSRGDUFH6WDQyZ=MHGQRF]RQ\FKNWyU\UR]SRF]ąáVLĊZUDNWyUHJRQDVWĊSVWZDGRWNQĊ á\WDNĪHLQQHNUDMH 0ąF]\ĔVNąJV 2G]ZLHUFLHGODWRVNRPSOLNRZDQąVLHüSRZLą]DĔ Z]JOREDOL]RZDQHMLJOREDOL]XMąFHMVLĊFRUD]EDUG]LHMJRVSRGDUFHĞZLDWRZHM:\VWĊSXMHWXVZHJR URG]DMXHIHNWGRPLQDGRW\F]ąF\]ZáDV]F]DEDQNUXFWZSU]HGVLĊELRUVWZ 0ąF]\ĔVNąEV  1LHSHZQRĞüLQLHWUZDáRĞüWRFHFKDZVSyáF]HVQHMJRVSRGDUNLZ\QLNDMąFDSU]HGHZV]\VWNLP ]QLHE\ZDáHMJZDáWRZQRĞFLJáĊERNRĞFLLQWHQV\ZQRĞFLRUD]EH]SUHFHGHQVRZHJRG\QDPL]PX LQQRZDFMLZW\P¿QDQVRZ\FKSU]HPLDQLSRVWĊSXWHFKQRORJLF]QHJRGRNRQXMąFHJRVLĊZVND OLĞZLDWRZHM7RZDU]\V]ąWHPXQLH]UyZQRZDĪRQ\QLHVWHW\Z]URVWJRVSRGDUF]\LSRJáĊELDMąFH VLĊG\VSURSRUFMHUR]ZRMRZHZVNDOLJOREDOQHM1DMEDUG]LHMVSHNWDNXODUQHSU]HMDZ\WHMV\WXDFML WREH]URERFLHLREV]DU\QĊG]\ SU]\UyZQRF]HVQHMNRQFHQWUDFMLERJDFWZD Z\QDWXU]HQLDZUH ODFML PLĊG]\ UROą SDĔVWZD Z SRV]F]HJyOQ\FK NUDMDFK D VLáą SRQDGQDURGRZ\FK NRUSRUDFML F]HPXWRZDU]\V]ąSU]HWDF]DMąFHVLĊSU]H]ĞZLDWIDOHEDQNUXFWZSU]HGVLĊELRUVWZ/LVWĊWĊSR ZLĊNV]DMąQDUDVWDMąFH]DJURĪHQLDGODĞURGRZLVNDQDWXUDOQHJRLMHJRUyZQRZDJLRUD]UR]PDLWH LQQH SDWRORJLH Z JRVSRGDUFH VSRáHF]HĔVWZLH L SROLW\FH SU]\ F]\P V]F]HJyOQLH JURĨQH Vą NRQÀLNW\Z\QLNDMąFH]F\ZLOL]DF\MQHJRSRG]LDáXLVNUDMQHJR]UyĪQLFRZDQLDĞZLDWD $VSHNWHNRQRPLF]Q\LSUDZQ\XSDGáRĞFL 8SDGáRĞFLLEDQNUXFWZDSU]HGVLĊELRUVWZVąQLHRGáąF]Q\PHOHPHQWHPJRVSRGDUNLU\QNRZHM %DXHU 6WDQRZLąQDVWĊSVWZRXWUDW\SU]H]SU]HGVLĊELRUVWZD]GROQRĞFLGRVSáDW\GáXJyZ 7RNDUVNL SHáQLąW\PVDP\PIXQNFMĊQLH]EĊGQHMVHOHNFMLZEL]QHVLHZW\PUDFMRQDOL ]DFMLRF]\V]F]DQLDU\QNX]MHGQRVWHNQLHPRJąF\FKVSURVWDüZ\PRJRPHIHNW\ZQRĞFL6WDQRZL WR]DUD]HPHOHPHQWRFKURQ\ZLHU]\FLHOLLLQQ\FKMHGQRVWHN 3RMĊFLDEDQNUXFWZR i XSDGáRĞüWUDNWRZDQHVąMDNRV\QRQLP\ 0ąF]\ĔVNDOV 1LH MHVWWRSUHF\]\MQHDOERZLHPEDQNUXFWZRWRSRMĊFLH]]DNUHVXSU]HGHZV]\VWNLPHNRQRPLL SRGF]DVJG\XSDGáRĞüWRZ]DVDG]LHNDWHJRULDSUDZQD Ä.ZDUWDOQLN1DXNR3U]HGVLĊELRUVWZLH´ V 8WRĪVDPLDQLHEDQNUXFWZD]XSDGáRĞFLąMHVW]DVDGQHMHG\QLHZSU]\SDGNXXSDGáRĞFL ]DZLQLRQHM SRGOHJDMąFHMNDU]HZVSyáPLHUQHMGRZLQ\FRUHJXOXMąV]F]HJyáRZHSU]HSLV\  8SDGáRĞüQLH]DZLQLRQDQDWRPLDVWQLHMHVWWUDNWRZDQDMDNREDQNUXFWZRZVHQVLHHNRQRPLF] Q\PDOERZLHPQLHZ\QLND]QLHSUDZLGáRZRĞFLZ]DU]ąG]DQLXSU]HGVLĊELRUVWZHPOHF]]SU]\ F]\QOHĪąF\FKSR]DQLPQS]SRZRGXRV]XVWZDSU]H]NRQWUDKHQWD 5yĪQLFHPLĊG]\EDQNUXFWZHPDXSDGáRĞFLąSU]HGVWDZLDWDEHOD

(2)

 *OREDOL]DFMDDU\]\NREDQNUXFWZDSU]HGVLĊELRUVWZ

Tab. 1. UpadłoÊç a bankructwo

8SDGáRĞü& bankructwo 8SDGáRĞü bankructwo

QLH]DZLQLRQD ]DZLQLRQH

QLHSRGOHJDNDU]H

QLHXP\ĞOQH XP\ĞOQH XP\ĞOQH]FKĊFL]\VNX

SRGOHJDNDU]H

RGSRZLHG]LDOQRĞüNDUQDSU]HGVLĊELRUFyZ JU]\ZQDSR]EDZLHQLH SUDZDVSUDZRZDQLDRNUHĞORQ\FKIXQNFMLNDUDSR]EDZLHQLDZROQRĞFL NDUDáDJRGQLHMV]D kara ostrzejsza kara najostrzejsza èródło: E. Màczyƒska, Ocena ryzyka upadłoÊci przedsi´biorstwa [w:] A. Fierla, Ryzyko w działalnoÊci przedsi´biorstw. Wybrane aspekty, SGH, Warszawa 2009, s. 58.

=SXQNWXZLG]HQLDHNRQRPLLEDQNUXWHPMHVWSU]HGVLĊELRUVWZRNWyUHQLHMHVWZVWDQLHUHJX ORZDüVZRLFKGáXJyZRUD]ZDUWRĞüMHJRPDMąWNXQLHZ\VWDUF]DQDSRNU\FLHZV]\VWNLFK]RER ZLą]DĔ EDQNUXWHPMHVWWDNĪH¿UPDNWyUDPLPRLĪ]DLVWQLDá\SRZ\ĪV]HSU]HVáDQNLQDGDOSUR ZDG]LG]LDáDOQRĞü 

:DVSHNFLHSUDZQ\PXSDGáRĞüSU]HGVLĊELRUVWZDQDVWĊSXMHGRSLHURSRRJáRV]HQLXEDQNUXF WZD SU]H] VąG 0D WR QD FHOX UyZQRPLHUQH ]DVSRNRMHQLH ZV]\VWNLFK ZLHU]\FLHOL GáXĪQLND NWyU\QLHMHVWZVWDQLH]DVSRNRLüNDĪGHJR]RVREQD3RZLQQR]DSRELHFSURZDG]HQLXHJ]HNXFML SU]HFLZNRGáXĪQLNRZLSU]H]QLHNWyU\FKW\ONRZLHU]\FLHOL ZZ\SDGNXJG\LQQLQLHPDMąMHV] F]HW\WXáXHJ]HNXF\MQHJRQSZWHG\JG\LFKZLHU]\WHOQRĞFLQLHVąMHV]F]HSáDWQH RUD]ZSU]\ SDGNXJG\LVWQLHMHV\VWHPSLHUZV]HĔVWZDZSRVWĊSRZDQLXHJ]HNXF\MQ\P2]QDF]DWRĪHIDNW EDQNUXFWZDMHVWXVWDODQ\VąGRZQLHQDSRGVWDZLHZQLRVNXVNLHURZDQHJREąGĨWRSU]H]GáXĪQL NDEąGĨSU]H]NWyUHJRĞ]ZLHU]\FLHOLOXESU]H]NLONXZLHU]\FLHOL:SLHUZV]\PSU]\SDGNX PRĪQDPyZLüREDQNUXFWZLHGREURZROQ\PZGUXJLP±REDQNUXFWZLHSU]\PXVRZ\P *áyZQąSU]HVáDQNąGR]áRĪHQLDZQLRVNXRRJáRV]HQLHXSDGáRĞFLZZ\SDGNXSUDZRGDZVWZD SROVNLHJRMHVW]DSU]HVWDQLHSáDFHQLD]RERZLą]DĔZGáXJLPRNUHVLHF]DVX7DNZLĊFNUyWNRWUZD áHZVWU]\PDQLHSáDFHQLDGáXJyZZVNXWHNSU]HMĞFLRZ\FKWUXGQRĞFLQLHMHVWSRGVWDZąGRRJáR V]HQLDXSDGáRĞFL3U]HSLV\SUDZDVWDQRZLąLĪXSDGáRĞüRJáDV]DVLĊZVWRVXQNXGRGáXĪQLND NWyU\VWDáVLĊQLHZ\SáDFDOQ\ 7RNDUVNL$7RNDUVNL0 =JRGQLH]DUW\NXáHP3UDZD XSDGáRĞFLRZHJRLQDSUDZF]HJRÄGáXĪQLNMHVWQLHZ\SáDFDOQ\MHĪHOLQLHZ\NRQXMHVZRLFKZ\ PDJDOQ\FK]RERZLą]DĔSU]\F]\P]DQLHZ\SáDFDOQ\XZDĪDVLĊSRGPLRWZWHG\JG\MHJR]R ERZLą]DQLDSU]HNUDF]DMąZDUWRĞüPDMąWNXQDZHWZWHG\JG\QDELHĪąFRWH]RERZLą]DQLDZ\ NRQXMH 3UDZRXSDGáRĞFLRZHLQDSUDZF]H  'UXJąSU]HVáDQNąPRĪHE\üZ\VWąSLHQLHQDGZ\ĪNLVWDQXF]\QQHJRQDGVWDQHPELHUQ\P :MĊ]\NXHNRQRPLF]Q\PR]QDF]DáRE\WREUDNPRĪOLZRĞFLSRNU\FLDZV]\VWNLFK]RERZLą]DĔ ]SRVLDGDQHJRPDMąWNX %DQNUXFWZRZVHQVLHHNRQRPLF]Q\PQLHPXVLR]QDF]DüXSDGáRĞFLZVHQVLHSUDZQ\PDOH NDĪGDXSDGáRĞüRJáRV]RQDSU]H]VąGR]QDF]DEDQNUXFWZRHNRQRPLF]QH

(3)

 $1'5=(-72.$56., *OREDOL]DFMDEDQNUXFWZMDNRQDVWĊSVWZRQRZHJRSDUDG\JPDWXF\ZLOL]DF\MQHJR± NDSLWDOL]PXJOREDOQHJR SRVWLQGXVWULDOQHJR 3RVWĊSXMąFHSURFHV\JOREDOL]DFMLUR]ZyMU\QNyZNDSLWDáRZ\FKLSU]HGVLĊELRUVWZSRQDGQDUR GRZ\FKRUD]]áRĪRQDL]DJĊV]F]DMąFDVLĊZZ\QLNXWHJRVLHüSRZLą]DĔ JOREDOQDSDMĊF]\QD  ZJRVSRGDUFHVSUDZLDMąĪHQLHW\ONRJRVSRGDUNDSU]HGVLĊELRUVWZDDOHLU\]\NRSRGOHJDMą JOREDOL]DFML'RW\F]\WRWDNĪHU\]\NDEDQNUXFWZD .XFLĔVNL0ąF]\ĔVND 3UDNW\NDZ\ ND]XMHSU]\W\PĪHZLUXVEDQNUXFWZDUR]SU]HVWU]HQLDVLĊW\PV]\EFLHMLPVLOQLHMV]HVąSRZLą ]DQLD]DDWDNRZDQHJRFKRUREąQLHZ\SáDFDOQRĞFLSU]HGVLĊELRUVWZD]LQQ\PLNUDMRZ\PLL]D JUDQLF]Q\PL SDUWQHUDPL *OREDOL]DFMD SRWĊJXMH VLáĊ UR]SU]HVWU]HQLDQLD VLĊ EDQNUXFWZ 0ąF]\ĔVNDGV  *RVSRGDUNDZHZVSyáF]HVQ\PĞZLHFLHQDELHUDZFRUD]ZLĊNV]\PVWRSQLXFHFKJRVSRGDUNL QLHWUZDáRĞFL1LHWUZDáHVWDMąVLĊSURIHVMHVWDQRZLVNDSUDF\LSR]\FMHZKLHUDUFKLLPHQHGĪHUVNLHM 3RQDGQDURGRZ\PIX]MRPLSU]HMĊFLRPWRZDU]\V]\SRZVWDQLHQRZHMJUXS\]DWUXGQLRQ\FK± NRUSRUDF\MQ\FKF\JDQyZ 0ąF]\ĔVNDFV 1LHWUZDáHVWDMąVLĊE\W\SURGXNF\MQHMDN UyZQLHĪWHRULHZW\PHNRQRPLF]QH .DĪGDF\ZLOL]DFMDPDVZyMPRGHOIXQNFMRQRZDQLDVSRáHF]HĔVWZDLJRVSRGDUNL=PLDQD SDUDG\JPDWXF\ZLOL]DF\MQHJRZ\SLHUDGRW\FKF]DVRZHPRGHOHQLHW\ONRJRVSRGDUNLLSURGXN FMLZRJyOHDOHL]DU]ąG]DQLDLQZHVWRZDQLDKDQGOXNV]WDáFHQLDSUDF\]DWUXGQLHQLD3U]H NV]WDáFDVLĊZLĊNV]RĞüPHWRGNRPXQLNRZDQLDVLĊSURGXNRZDQLDLZ\PLDQ\KDQGORZHM 3URFHV\WHVąSU]HGPLRWHPZLHOXDQDOL]LSXEOLNDFMLPLQV]F]HJyáRZHMDQDOL]LHSRGGDáMH $7RIÀHUSU]HGHZV]\VWNLPZRVáDZLRQHM7U]HFLHMIDOL-HGQDNĪHREHFQLHG\QDPLNDSU]HPLDQ MHVWWDNZLHONDĪH7RIÀHURZVNDWU]HFLDIDODWRMXĪSUDZLHSU]HV]áRĞüKLVWRULDD]GUXJLHMVWUR Q\SLHUZV]DIDODF]\OLF\ZLOL]DFMDED]XMąFDQDRVLDGá\PUROQLFWZLHGRSLHURQLHGDZQRÄVNRĔ F]\áDRJDUQLDüJORE´ 0ąF]\ĔVNDDV  1DWRPLDVWGUXJDIDODNWyUDZ;9,,,ZSU]\QLRVáDUHZROXFMĊSU]HP\VáRZąSURZDG]ąFGR UR]ZRMXVSRáHF]HĔVWZDLQGXVWULDOQHJRFKRüQDGDOREHMPXMHNROHMQHREV]DU\LVSRáHF]HĔVWZD ]QDMGXMHVLĊZID]LHVFK\áNRZHMLMHVWVND]DQDQDZ\JDVDQLH 1DVWĊSXMąFDSRQLHMWU]HFLDIDODED]XMąFDQDUR]ZRMXPLNURHOHNWURQLNLSRJDQLDQDMHVWMXĪ SU]H]NROHMQH)DODF]ZDUWDWRUHZROXFMDZVIHU]HLQIRUPDFML ,QWHUQHW FR]NROHLVSU]\MD SRQDGQDURGRZ\PSU]HSá\ZRPNDSLWDáRZ\P±SLąWHMIDOL ĞZLDWRZHIX]MHLSU]HMĊFLD 1DWRPLDVW ZVSyáF]HVQ\UR]ZyMQDXNRZRWHFKQLF]Q\RUD]UR]VWU]\JDMąFDURODLQIRUPDFMLZLHG]\LNZDOL ¿NDFMLWZRU]ąQRZ\SDUDG\JPDWUR]ZRMRZ\WMJRVSRGDUNĊRSDUWąQDZLHG]\ DUDF]HMQDSR WHQFMDOHLQWHOHNWXDOQ\P 3U]\W\PZLHG]DLQIRUPDFMDWRVSHF\¿F]QHFDáNLHPRGPLHQQHRG WUDG\F\MQ\FKĨUyGáRERJDFWZDQLH]XĪ\ZDVLĊNWRMHVSU]HGDMHSRVLDGDMHQDGDO:LHG]D VWDMHVLĊXQLZHUVDOQ\PVXEVW\WXWHP0RĪQDMąMHGQRF]HĞQLHZ\NRU]\VW\ZDüGRWZRU]HQLDER JDFWZDLSRPQDĪDQLDVDPHMZLHG]\:SU]HFLZLHĔVWZLHGRGyEUPDWHULDOQ\FKLVXURZFyZMHVW QLHZ\F]HUS\ZDOQD 7ZRU]\ WR SRWHQFMDá SURGXNW\ZQRĞFL WDN GXĪ\ ĪH QDMZ\ĪHM UR]ZLQLĊWH VSRáHF]HĔVWZDEĊGąZVWDQLHSyMĞüZNLHUXQNXPRGHOXVSRáHF]HĔVWZDF]DVXZROQHJRLUR]U\Z NL0DWRFKDUDNWHUVZHJRURG]DMXV]yVWHMIDOLNWyUDREHMPXMHQDUD]LHW\ONRQDMEDUG]LHMXSU]\ ZLOHMRZDQHVSRáHF]HĔVWZD=DUD]HPZ\JRVSRGDURZDQ\F]DVZROQ\VáXĪ\üPRĪHNUHDW\ZQRĞFL NWyUDVWDMHVLĊSRGVWDZRZ\PF]\QQLNLHPERJDFWZD

(4)

 *OREDOL]DFMDDU\]\NREDQNUXFWZDSU]HGVLĊELRUVWZ

Tab. 2. Przemiany cywilizacyjne

&\ZLOL]DFMH =PLDQ\V\VWHPX±ustroju JRVSRGDUF]HJR =PLDQ\W\SX SU]HND]X NRPXQLNDFML :áDG]DLSRGZáDGQL JyUQHLGROQHZDUVWZ\ VSRáHF]QH

,5ROQD IHXGDOL]P HSRNDVáRZDSLVDQHJR FKáRSLIHXGDOQLIHXGDáRZLH± ,,,QGXVWULDOQD NDSLWDOL]P HSRNDVáRZDGUXNRZD

nego

fabrykanci, bankierzy – pracownicy, robotnicy

najemni ,,,3RVWLQGXVWULDOQD

±WU]HFLDIDOD 7RIÀHU NDSLWDOL]P """" SRVWLQGXVWULDOQ\ HSRNDMĊ]\ND cyfrowego

netokracja VLHFLRZD DU\VWRNUDFMD ± NRQVXPWDULDW ,9,QWHUQHW 93RQDGQDURGRZH IX]MHLSU]HMĊFLD 9,*RVSRGDUNDRSDUWD na wiedzy 9,,:LHN NUHDW\ZQRĞFL

èródło: E. Màczyƒska, Sytuacje kryzysowe w przedsi´biorstwach [w:] I. Lichniak, Nauka o przedsi´biorstwie. Wybrane zagadnienia, SGH, Warszawa 2009, s. 201.

:V]\VWNLHZ\PLHQLRQHIDOHF\ZLOL]DF\MQHáąF]\á\VLĊ]NU\]\VDPLZVIHU]HSURGXNFML3UR GXFHQFLNWyU]\QLHPRJOLSU]\VWRVRZDüVLĊGRQRZ\FKZ\PRJyZZVNUDMQ\FKZ\SDGNDFK EDQNUXWRZDOL1DLQQ\FK]DĞV\WXDFMDNU\]\VRZDZ\PXV]DáDSU]HPLDQ\SURZDG]ąFHGRVXN FHVX 2EHFQLH]PLDQ\Z]RUFDF\ZLOL]DF\MQHJRVąV]F]HJyOQLHJáĊERNLH7UDG\F\MQ\IDEU\F]Q\ SU]HP\VáRZ\NDSLWDOL]PZ\SLHUDQ\MHVWSU]H]QRZ\PRGHOJRVSRGDUNLPRGHONWyUHJRNV]WDáW MHV]F]HGRNRĔFDQLH]RVWDáUR]SR]QDQ\LNWyU\QD]\ZDQ\MHVWUyĪQLHNDSLWDOL]PHPJOREDOQ\P NDSLWDOL]PHPWU]HFLHMIDOLOXESRVWNDSLWDOL]PHP 8SDGáRĞüDJOREDOQDQLHSHZQRĞü 'RNRQXMąF\PVLĊZVNDOLJOREDOQHMSU]HáRPRZ\P]PLDQRPWRZDU]\V]\QDUDVWDQLHQLHSHZQR ĞFLZHZV]\VWNLFKQLHPDOĪHREV]DUDFKĪ\FLDHNRQRPLF]QHJRLVSRáHF]QHJR1LHSHZQRĞü]DĞ ZRGUyĪQLHQLXRGU\]\NDMHVWQLHPLHU]DOQDVWąGWHĪZRFHQDFKSU]HPLDQJRVSRGDUF]\FKLVSR áHF]Q\FKNZHVWLDWDMHVWF]ĊVWREDJDWHOL]RZDQDFRSURZDG]LGRDPELZDOHQWQRĞFLRFHQ$PEL ZDOHQFMDSU]HMDZLDVLĊ]DUyZQRZVIHU]HPDNURMDNLPLNURHNRQRPLF]QHMZVIHU]HWHRULLRUD] praktyki. %H]SUHFHGHQVRZHV]\ENLHWHPSRSU]HPLDQVSUDZLDĪHWHRULDF]ĊVWRQLHSU]\VWDMHGRSUDN W\NL]DĞGRĞZLDGF]HQLD]SU]HV]áRĞFLQLHZ\VWDUF]DMąDSRGVWDZRZąXPLHMĊWQRĞFLąVWDMHVLĊ ]DSRPLQDQLHZ\]E\ZDQLHVLĊVWDU\FKQDZ\NyZLZ]RUFyZ=DUD]HPQDMZLĊNV]ąEDULHUąUR] ZRMRZąVWDMHVLĊQLHZLHG]DRZáDVQHMQLHZLHG]\%DUG]RSU]\VWDMHWXP\ĞO.RQIXFMXV]DÄ:LH G]LHüĪHVLĊZLHFRVLĊZLHLZLHG]LHüĪHVLĊQLHZLHF]HJRVLĊQLHZLH±RWRSUDZG]LZD ZLHG]D´ 6]WXFNL 

(5)

 $1'5=(-72.$56., &\NOHĪ\FLDZLHG]\VWDMąVLĊFRUD]NUyWV]HF]HPXWRZDU]\V]\Z\GáXĪDQLHVLĊĪ\FLDOXG] NLHJR6WąGWHĪZLHG]DVWDMHVLĊFRUD]EDUG]LHMQLHGHPRNUDW\F]QDVNUDMQLHUyĪQLFXMąFSRGPLR W\LLFKV]DQVĊ1RZDIDODF\ZLOL]DF\MQD]DWDSLDQLHSU]\JRWRZDQ\FKNWyU\FKVWDOHSU]\E\ZD 3U]\VSDU]DSUDF\RVRERPZ\VRNRZ\NZDOL¿NRZDQ\PVND]XMąFQDEH]URERFLHLQQ\FK 3DUDGRNVDOQLHMHGQDNZHSRFHJRVSRGDUNLRSDUWHMQDZLHG]\ZJUXQFLHU]HF]\PDVLĊGR F]\QLHQLD]HNRQRPLąQLHGRVNRQDáHMZLHG]\ZLHG]\QLHSHZQHM:WDNLFKZDUXQNDFKÄQLHGR VNRQDáDMHVWSUDZGDLQLHSUDZG]LZDSHZQRĞü"´ 0ąF]\ĔVNDHV (NRQRPLD]DĞMHVW QDXNąED]XMąFąQDEDGDQLXSHZQ\FKUHJXODUQRĞFLSUDZLGáRZRĞFL-HĞOLQDWRPLDVWF]DV\Vą EXU]OLZHWRSRZVWDMąWUXGQRĞFL]H]LGHQW\¿NRZDQLHPW\FKUHJXODUQRĞFLSUDZLGáRZRĞFL'OD WHJRWHĪQLH]EĊGQDMHVW]PLDQDSRGHMĞFLDZQDXNDFKHNRQRPLF]Q\FK2EHFQLHPRGHOHZW\P PDWHPDW\F]QH]DZRG]ą%D]XMąERZLHPQDSHZQ\FK]DáRĪHQLDFKWUZDá\FKLSUDZLGáRZRĞFLDFK ]DWHPZZDUXQNDFKJZDáWRZQ\FKSU]HPLDQVWDMąVLĊPQLHMSU]\GDWQH:NV]WDáWRZDQLXVWUDWH JLLNRQLHF]QHMHVWSRGHMĞFLHKROLVW\F]QH]XZ]JOĊGQLHQLHPQLHW\ONRNZHVWLLHNRQRPLF]Q\FK DOHWDNĪHVSRáHF]Q\FKLHNRORJLF]Q\FKERSU]HFLHĪQDMOHSV]DQDZHWWHRULDHNRQRPLLDOHEH] XZ]JOĊGQLHQLDF]\QQLNDVSRáHF]QHJRF]áRZLHNDEH]DQDOL]\]DFKRZDĔOXG]NLFKQLHPRĪH SU]\QLHĞüVDW\VIDNFMRQXMąF\FKHIHNWyZ 8F\ZLOL]RZDüSURFHV\EDQNUXFWZD 8SDGáRĞüWRQLHW\ONRSUREOHPVáDER]GLDJQR]RZDQ\QLHU]DGNRWRWHPDWWDEX:\UDĨQDMHVW ERZLHPWHQGHQFMDGRX]QDZDQLDEDQNUXFWZD]DSUREOHPZ\áąF]QLHSU]HGVLĊELRUVWZVáDE\FK 3RGVWDZRZ\PSUREOHPHPZIXQNFMRQRZDQLXZVSyáF]HVQ\FKSU]HGVLĊELRUVWZMHVWJZDáWRZ QRĞüL]DZLáRĞüSU]HPLDQF\ZLOL]DF\MQ\FKMDNLPREHFQLHSRGOHJDJRVSRGDUNDZVNDOLĞZLDWR ZHMLORNDOQHM3U]HPLDQ\WHVSUDZLDMąĪHRERNEHQH¿FMHQWyZURĞQLHOLF]EDR¿DU*áĊERNLH SU]HPLDQ\]DZV]HREDUF]RQHVąGXĪ\PU\]\NLHP]ZDĪ\ZV]\]ZáDV]F]DQDURVQąFąZZDUXQ NDFKJOREDOL]DFMLáDWZRĞüUR]SU]HVWU]HQLDQLDVLĊV\WXDFMLNU\]\VRZ\FKLZLUXVDEDQNUXFWZD 0ąF]\ĔVNDKV 2GSRZLHGQLRV]\ENLHLGHQW\¿NRZDQLHV]DQVL]DJURĪHĔSU]HGVLĊ ELRUVWZMHVWQLH]EĊGQ\PF]\QQLNLHPRSW\PDOL]DFMLELHĪąF\FKLVWUDWHJLF]Q\FKGHF\]MLSRGHM PRZDQ\FKQDUyĪQ\FKV]F]HEODFK]DU]ąG]DQLD 1LHGRUR]ZyMZVIHU]HWHRULLLSUDNW\NLXSDGáRĞFLZ\VWĊSXMHZZLHOXNUDMDFK8QLL(XURSHM VNLHMZW\PWDNĪH3ROVNLLĞZLDWD&KRüĞZLDWVLĊJOREDOL]XMHJOREDOL]XMHVLĊEL]QHVWRFLąJOH MHV]F]HF]\QLVLĊ]E\WPDáRDE\ZVNDOLJOREDOQHMÄXF\ZLOL]RZDü´]UDFMRQDOL]RZDüSURFHV\ EDQNUXFWZDPLPRĪH]EDQNUXFWZHPSU]HGVLĊELRUVWZDPRĪHVLĊZLą]DüJOREDOQ\HIHNWGRPL QD 7RNDUVNL  ']LDáDQLDQDU]HF]XF\ZLOL]RZDQLDEDQNUXFWZDSRGMĊáDGRSLHURZU8QLD(XURSHMVND =RVWDá\RQHSRGMĊWHZUDPDFKSURMHNWX6WLJPDRIIDLOXUHDQGHDUO\ZDUQLQJWRROVNWyUHJR JáyZQ\PLFHODPLVą ‡ RSUDFRZDQLHPDWHULDáyZLQIRUPDF\MQ\FKGRW\F]ąF\FKUDG]HQLDVRELH]SLĊWQHP]ZLą]DQ\P ]EDQNUXFWZHP ‡ RSUDFRZDQLHQDU]ĊG]LZF]HVQHJRRVWU]HJDQLDVáXĪąF\FK]DSRELHJDQLXXSDGáRĞFL :8(SRGHMPRZDQHVąWHĪG]LDáDQLDSUDNW\F]QHXNLHUXQNRZDQHQD ‡ ZVSLHUDQLHSU]HGVLĊELRUVWZSU]HĪ\ZDMąF\FKWUXGQRĞFL ‡ XVXZDQLHSU]HV]NyGQDGURG]HGRGUXJLHMV]DQV\ 1LHSUDZLGáRZRĞFLZIXQNFMRQRZDQLXSUDZDXSDGáRĞFLRZHJRGRW\F]ąWDNĪH3ROVNL0LPR ]PLDQ\WHJRSUDZDZSUDNW\FHQDGDOZ\UDĨQLHZLGDüMHJRXáRPQRĞFL3U]HGHZV]\VWNLPFLąJOH QLHGRFHQLDQ\MHVWGUXJLQXUWZSUDZLHXSDGáRĞFLRZ\P±QXUWQDSUDZF]\:LHU]\FLHOHFKFą UDF]HMMDNQDMV]\EFLHMRG]\VNDüVZRMHZLHU]\WHOQRĞFLRG]\VNDüWRFRMHVWMHV]F]HPRĪOLZH 3URFHV\QDSUDZF]HF]ĊVWRQLHVąEUDQHSRGXZDJĊQDZHWMHĞOLLVWQLHMąV]DQVHQDX]GURZLHQLH

(6)

 *OREDOL]DFMDDU\]\NREDQNUXFWZDSU]HGVLĊELRUVWZ %DGDQLDZ\ND]XMąĪHEDQNUXFWZDZQDV]\PNUDMXVą]QDF]QHMF]ĊĞFLZ\UHĪ\VHURZDQHDLFK SU]\F]\Q\QLHPDMąFHFKSU]\F]\QF]\VWRHNRQRPLF]Q\FK 0ąF]\ĔVNDLV 3RWZLHU G]DMąWRRSLQLHSUDNW\NyZZW\PVĊG]LyZVąGXJRVSRGDUF]HJR3DUDGRNVDOQLHZEUHZQD]ZLH XVWDZ\3UDZRXSDGáRĞFLRZHLQDSUDZF]HPDUJLQDOL]RZDQHVąQDSUDZ\QDU]HF]OLNZLGDFML LXSDGáRĞFLSU]HGVLĊELRUVWZ3U]HGVLĊELRUF\ZSRVWĊSRZDQLXQDSUDZF]\PZLG]ąUDF]HM]DJUR ĪHQLHGODVZRMHJRZL]HUXQNXLSR]\FMLU\QNRZHMDQLĪHOLV]DQVHQDZ\EUQLĊFLH]GRUDĨQ\FK SUREOHPyZLSRSUDZLHZáDVQHMNRQNXUHQF\MQRĞFL

:VSyáF]HĞQLH IXQNFMRQRZDQLH SU]HGVLĊELRUVWZ FKDUDNWHU\]XMą URVQąFH QDSLĊFLD URVQąF\ VWRSLHĔU\]\NDLQLHSHZQRĞFLFR]QDMGXMHRG]ZLHUFLHGOHQLHZURVQąF\P]DJURĪHQLXEDQNUXF twem. -HGQą]]DVDGQLF]\FKSU]\F]\QRJUDQLF]HĔSU]HPLDQXNLHUXQNRZDQ\FKQDUyZQRZDĪQLH Z]URVWXJRVSRGDUF]HJRLáDJRG]HQLHQDSLĊüMHVWQLHGRVWRVRZDQLH]DVDGXVWURMXJRVSRGDUF]HJR GRZ\PRJyZQRZHJRSDUDG\JPDWXF\ZLOL]DF\MQHJRGRGRNRQXMąFHJRVLĊSU]HáRPXF\ZLOL ]DF\MQHJRZ\UDĪDMąFHJRVLĊZZ\SLHUDQLXF\ZLOL]DFMLLQGXVWULDOQHMSU]H]F\ZLOL]DFMĊRSLHUD MąFąVLĊQDZLHG]\LLQIRUPDFMLF\ZLOL]DFMĊJRVSRGDUNLZLUWXDOQHMVNUDMQLHUyĪQHMRGVZHMLQ GXVWULDOQHMSRSU]HGQLF]NL 3RVWĊSXMąFHSURFHV\JOREDOL]DFMLUR]ZyMU\QNyZNDSLWDáRZ\FKLSRQDGQDURGRZ\FKSU]HG VLĊELRUVWZRUD]]ZLą]DQD]W\P]áRĪRQRĞüJRVSRGDUNLDW\PVDP\PURVQąFHU\]\NREL]QHVX VSUDZLDMąĪHQLHW\ONRJRVSRGDUNDLSU]HGVLĊELRUVWZDDOHWDNĪHU\]\NRSRGOHJDJOREDOL]DFML :VND]XMHWRQDNRQLHF]QRĞüVWDáHJRPRQLWRURZDQLDSU]HPLDQZJRVSRGDUFHĞZLDWRZHMNWyUD ZRVWDWQLFKODWDFK]QDMGXMHVLĊSRGVLOQ\PZSá\ZHPSURFHVyZ]DFKRG]ąF\FKZNUDMDFK$]ML ZW\P]ZáDV]F]DSU]HáRPRZHMWUDQVIRUPDFMLZ&KLQDFK6WąGNRQLHF]QRĞüSU]HGHZV]\VWNLP DQDOL]]WHJR]DNUHVXW\PEDUG]LHMĪHZLąĪąVLĊ]W\P]áRĪRQH]MDZLVNDRIIVKRULQJXGHORND OL]DFMLSU]HP\VáRZHMLJRVSRGDUF]HM 0ąF]\ĔVNDPV  *OREDOL]DFMDJHQHUDOQLHPLPRV]HUHJXHIHNWyZSR]\W\ZQ\FKZ\UDĨQLHZ\ZRáXMHHIHNW Z\S\FKDQLD SU]HPLHV]F]DQLD QHJDW\ZQ\FK ]MDZLVN VSRáHF]QRJRVSRGDUF]\FK ] REV]DUyZ NUDMyZ UHJLRQyZ DJORPHUDFML SU]HGVLĊELRUVWZ  VLOQLHMV]\FK HNRQRPLF]QLH GR VáDEV]\FK 'RW\F]\ WR SU]HGH ZV]\VWNLP PDá\FK L ĞUHGQLFK SU]HGVLĊELRUVWZ RUD] PDá\FK JRVSRGDUHN NWyUHQDGHUF]ĊVWRSU]HJU\ZDMąZNRQNXUHQFML]JLJDQWDPL 0ąF]\ĔVNDMV 

:REHF QRZHJR SDUDG\JPDWX UR]ZRMRZHJR RUD] Z\]ZDĔ JOREDOL]DF\MQ\FK ZDUXQNLHP UR]ZRMXSU]HGVLĊELRUF]RĞFLLXPDFQLDQLDNRQG\FMLSU]HGVLĊELRUVWZVWDMHVLĊRGSRZLHGQLDV\Q FKURQL]DFMDSROLW\NLPLNURLPDNURHNRQRPLF]QHM:EUHZQLHNWyU\PWHRULRPZW\PREV]DU]H QLH]PQLHMV]DVLĊDSU]HFLZQLH±Z]UDVWDURODSDĔVWZDZNUHRZDQLXRWRF]HQLDSU]HGVLĊELRUVWZ ]ZáDV]F]DRWRF]HQLDHGXNDF\MQHJR 0ąF]\ĔVNDNV 1RZ\SDUDG\JPDWUR]ZRMRZ\ Z\PXV]D]PLDQ\ZUHODFMDFKPLĊG]\EL]QHVHPDZáDG]DPLVDPRU]ąGRZ\PLRUD]LQVW\WXFMDPL SR]DEL]QHVRZ\P:\PDJDWRUDFMRQDOQHMSROLW\NLZ]DNUHVLHSRPRF\SXEOLF]QHMXG]LHODQHM SU]HGVLĊELRUVWZRP

*OREDOL]DFMD U\]\ND VSUDZLD ĪH ZDUXQNL IXQNFMRQRZDQLD SU]HGVLĊELRUVWZ VWDMą VLĊ W\P WUXGQLHMV]HZLPZLĊNV]\PVWRSQLXQD]PLDQ\XVWURMRZHZJRVSRGDUFHQDNáDGDMąVLĊGRNRQX MąFHVLĊZĞZLHFLHSU]HPLDQ\SDUDG\JPDWXUR]ZRMRZHJRGH]LQGXVWULDOL]DFMDLSU]HFKRG]HQLH GRJRVSRGDUNLRSDUWHMQDZLHG]\ZW\PJRVSRGDUNLZLUWXDOQHM:LąĪHVLĊ]W\P]DJURĪHQLH XSDGáRĞFLSU]HGVLĊELRUVWZ3RGZSá\ZHPW\FKSU]HPLDQEDQNUXFWZDPRJąVLĊQDVLODüFRU]X WXMHQDIXQNFMRQRZDQLHLSU]HWUZDQLHSU]HGVLĊELRUVWZ6WąGWHĪURVQąFDZDJDDQDOL]]]DNUHVX GHPRJUD¿LSU]HGVLĊELRUVWZ :SROLW\FHPDNURLPLNURHNRQRPLF]QHMLVWRWQHVąSRQDGWRJZDUDQFMHĪHV\VWHPQLHZ\ P\NDVLĊVSRGNRQWUROLSU]HFLZQLHMHVWQDW\OHSU]HMU]\VW\LĪXPRĪOLZLDZF]HVQHLGHQW\¿NR

(7)

 $1'5=(-72.$56.,

ZDQLHQLHSUDZLGáRZRĞFLZVHNWRU]HSU]HGVLĊELRUVWZJZDUDQWXMąFW\PVDP\PZF]HVQHRVWU]H JDQLH LQZHVWRUyZ L NRQWUDKHQWyZ 0ąF]\ĔVND I V   àąF]\ VLĊ WR ] NRQLHF]QRĞFLą HOLPLQRZDQLDOXNLQIRUPDF\MQ\FKZW\PW]ZOXNLUDSRUWRZDQLD

0RQLWRULQJ L ZF]HVQH UR]SR]QDQLH ]DJURĪHĔ MHVW ZDUXQNLHP VLQH TXD QRQ podejmowania WUDIQ\FKGHF\]MLHNRQRPLF]Q\FK,VWRWQHMHVWSU]\W\PUR]SR]QDQLHUHDNFMLSU]HGVLĊELRUVWZQD ]PLDQ\ ZW\P]ZáDV]F]D]DRVWU]DQLH SROLW\NLJRVSRGDUF]HMLRWRF]HQLDLQVW\WXFMRQDOQRSUDZ nego.

: ]ZLą]NX ]H ]PLDQDPL SDUDG\JPDWX UR]ZRMRZHJR GOD SUDZLGáRZHJR IXQNFMRQRZDQLD LUR]ZRMXSU]HGVLĊELRUVWZQLH]EĊGQDMHVWHIHNW\ZQDLQVW\WXFMRQDOQDLQIUDVWUXNWXUDEL]QHVXZW\P LQIUDVWUXNWXUDXSDGáRĞFLRF]\PSU]HNRQXMąXMDZQLDMąFHVLĊZRVWDWQLPRNUHVLH]FDáąRVWURĞFLą VáDERĞFLQRZRF]HVQHMJRVSRGDUNLL]DJURĪHQLDGODĞZLDWRZHJRV\VWHPXJRVSRGDUF]HJR PLQ SRSU]H]VSHNWDNXODUQHEDQNUXFWZDZLHONLFKSU]HGVLĊELRUVWZLDJUHV\ZQąUDFKXQNRZRĞü 

/LWHUDWXUD

 %DQNUXFWZDSU]HGVLĊELRUVWZ±]JRGQLH]SUDZHPF]\HNRQRPLą"Ä.ZDUWDOQLN1DXNR3U]HGVLĊELRU VWZLH´QU %DXHU.=DU]ąG]DQLHLQIRUPDFMDPLZSURFHVLHXSDGáRĞFLRZRQDSUDZF]\PSU]HGVLĊELRUVWZ 8QLZHUV\WHW-DJLHOORĔVNL.UDNyZ .XFLĔVNL.0ąF]\ĔVND(:SURZDG]HQLH>Z@..XFLĔVNL(0ąF]\ĔVND=DJURĪHQLHXSD-GáRĞFLą6*+:DUV]DZD 0ąF]\ĔVND(D%DQNUXFWZD±JOREDOQ\HIHNWGRPLQD>Z@,/LFKQLDN:\]ZDQLDHNRQRPLF]QH ZZDUXQNDFKNU\]\VX6*+:DUV]DZD 0ąF]\ĔVND(E%DQNUXFWZDSU]HGVLĊELRUVWZMDNRQLHGRVWRVRZDQLHGRSU]\V]áRĞFL DQDOL]D ZNRQWHNĞFLHIXQNFMRQRZDQLDVąGyZJRVSRGDUF]\FK>Z@)LQDQVH±WHRULDLSUDNW\ND)LQDQVH SU]HGVLĊELRUVWZ=HV]\W\1DXNRZH8QLZHUV\WHWX6]F]HFLĔVNLHJR6]F]HFLQ 0ąF]\ĔVND(F%DQNUXFWZDSU]HGVLĊELRUVWZ:\EUDQHDVSHNW\LQVW\WXFMRQDOQH6*+:DUV]DZD 0ąF]\ĔVND(G*OREDOL]DFMDU\]\NDDV\VWHP\ZF]HVQHJRRVWU]HJDQLDSU]HGXSDGáRĞFLą>Z@

'$SSHQ]HOOHU 8SDGáRĞü SU]HGVLĊELRUVWZ Z 3ROVFH Z ODWDFK ± 7HRULD L SUDNW\ND$( 3R]QDĔ3R]QDĔ  0ąF]\ĔVND(H0HDQGU\XSDGáRĞFLSU]HGVLĊELRUVWZ.OĊVNDF]\GUXJDV]DQVD", 6*+Warszawa. 0ąF]\ĔVND(I2FHQDU\]\NDXSDGáRĞFLSU]HGVLĊELRUVWZD>Z@$)LHUOD5\]\NRZG]LDáDOQRĞFL SU]HGVLĊELRUVWZ:\EUDQHDVSHNW\6*+:DUV]DZDV 0ąF]\ĔVND(J5DFKXQNRZRĞüDZF]HVQHRVWU]HJDQLHSU]HG]DJURĪHQLDPLG]LDáDOQRĞFLJRVSR-GDUF]HM>Z@(0ąF]\ĔVND=0HVVQHU=DJURĪHQLHG]LDáDOQRĞFLJRVSRGDUF]HMDSUDZRELODQVRZH 37(6.Z3ROVFH:DUV]DZD 0ąF]\ĔVND(K6LáDWUDG\FMDLJU]HFK\UDFKXQNRZRĞFLÄ5DFKXQNRZRĞü´QU 0ąF]\ĔVND(L6\QGURPKLHQ\XSDGáRĞFLRZHMÄ*D]HWD%DQNRZD´ 0ąF]\ĔVND(M6\VWHP\ZF]HVQHJRRVWU]HJDQLDÄ1RZHĩ\FLH*RVSRGDUF]H´QU 0ąF]\ĔVND(N6\WXDFMHNU\]\VRZHZSU]HGVLĊELRUVWZDFK>Z@,/LFKQLDN1DXNDRSU]HGVLĊ-ELRUVWZLH:\EUDQH]DJDGQLHQLD6*+:DUV]DZD 0ąF]\ĔVND(O8SDGáRĞüSU]HGVLĊELRUVWZD=DSU]HVWDQLHG]LDáDOQRĞFL>Z@,/LFKQLDN1DXND RSU]HGVLĊELRUVWZLH:\EUDQH]DJDGQLHQLD6*+:DUV]DZD 0ąF]\ĔVND(P=DU]ąG]DQLHZZDUXQNDFKHNRQRPLLQLHSHZQRĞFL6\VWHP\ZF]HVQHJRRVWU]H-JDQLD >Z@ / /HZDQGRZVND 1RZH NRQFHSFMH ]DU]ąG]DQLD L ¿QDQVRZDQLD UR]ZRMX ¿UP UHJLRQX áyG]NLHJR37(àyGĨ

(8)

 *OREDOL]DFMDDU\]\NREDQNUXFWZDSU]HGVLĊELRUVWZ 6]WXFNL70\ĞOLREL]QHVLH'L¿Q:DUV]DZD 7RNDUVNL$3U]\F]\Q\LV\PSWRP\XSDGáRĞFLSU]HGVLĊELRUVWZZJRVSRGDUFHU\QNRZHM>Z@ 30DĞORFK-06WDQNLHZLF]=DU]ąG]DQLHZ;;,ZLHNX:6%7RUXĔ7RUXĔ 7RNDUVNL$5RODUDFKXQNRZRĞFLZSRVWĊSRZDQLXXSDGáRĞFLRZ\P>Z@7.L]LXNLHZLF] Ra-FKXQNRZRĞüZ]DU]ąG]DQLXMHGQRVWNDPLJRVSRGDUF]\PLÄ=HV]\W\1DXNRZH8QLZHUV\WHWX6]F]HFLĔ VNLHJR´8QLZHUV\WHW6]F]HFLĔVNL6]F]HFLQ 7RNDUVNL$7RNDUVNL05DFKXQNRZRĞüĨUyGáHPLQIRUPDFMLRSU]HZLG\ZDQLXXSDGáRĞFLSU]HG-VLĊELRUVWZZSROVNLHMJRVSRGDUFH>Z@7.L]LXNLHZLF]5DFKXQNRZRĞüZ]DU]ąG]DQLXMHGQRVWNDPL JRVSRGDUF]\PL$NDGHPLD5ROQLF]D±8QLZHUV\WHW6]F]HFLĔVNL6]F]HFLQ  8VWDZD]OXWHJRURNXÄ3UDZRXSDGáRĞFLRZHLQDSUDZF]H´ ']8QUSR] 

7KH*OREDOL]DWLRQRI%XVLQHVVDQGWKH%DQNUXSWF\5LVN

7KHHFRQRP\LQWKHZRUOGWRGD\LVEHFRPLQJLQFUHDVLQJO\VLPLODUWR³HFRQRPLFLQVWDELOLW\´ 7KHSURJUHVVLYHSURFHVVHVRIJOREDOL]DWLRQWKHGHYHORSPHQWRIFDSLWDOPDUNHWVDQGWUDQV QDWLRQDOFRPSDQLHVDQGWKHFRPSOH[DQGFRQFHQWUDWHGDVDUHVXOWRIWKLVQHWZRUNRIFRQQHFWLRQV JOREDOVSLGHUZHE LQWKHHFRQRP\PHDQWKDWQRWRQO\WKHHFRQRP\EXVLQHVVEXWDOVRULVNDUH VXEMHFWHGWRJOREDOL]DWLRQ7KLVDOVRLQFOXGHVDULVNRIEDQNUXSWF\ 3UDFWLFHVKRZVWKDWWKHIDVWHUYLUXVVSUHDGVWRWKHEDQNUXSWF\WKHVWURQJHULVWKHFRQQHFWLRQ EHWZHHQEXVLQHVVDWWDFNHGZLWKWKHGLVHDVHVRILQVROYHQF\DQGRWKHUGRPHVWLFDQGIRUHLJQ SDUWQHUV*OREDOL]DWLRQLQWHQVL¿HVWKHSRZHURIVSUHDGLQJRIEDQNUXSWFLHV 7KHDUWLFOHSUHVHQWVWKHLPSDFWRIWKHULVNRIJOREDOL]DWLRQRQWKHEDQNUXSWF\ULVNRI¿UPVLQ the economy.

Cytaty

Powiązane dokumenty

Wykonaj obliczenia wpisując wyniki mnożenia w odpowiednie

Materiał edukacyjny wytworzony w ramach projektu „Scholaris – portal wiedzy dla nauczycieli"1. współfinansowanego przez Unię Europejską w ramach Europejskiego

[r]

[r]

– Je suis veuf mais j’habite avec mon fils, ma belle-fille et ma petite- fille Mathilde. La cave –

[r]

[r]

Rozdział III KWANTYTATYWNE SYMPTOMY BANKRUCTWA NA DRODZE DO UPADŁOŚCI PRZEDSIĘBIORSTW.. Przebieg procesu pozyskania danych finansowych – opis