Inwestycje a wielkość przychodów sektora MSP w Polsce

A N N A L E S

8 1 , 9 ( 5 6 , 7$7 , 6   0 $ 5 , $ (   & 8 5 , (  6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$ 92/;/9,,, 6(&7,2+  8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHMZ/XEOLQLH=DNáDG6WDW\VW\NLL(NRQRPHWULL 3,2753,:2:$56.,

,QZHVW\FMHDZLHONRĞüSU]\FKRGyZVHNWRUD063Z3ROVFH

,QYHVWPHQWDQGUHYHQXHRIWKH60(VHFWRULQ3RODQG 6áRZDNOXF]RZH063LQZHVW\FMHSU]\FKRG\NRUHODFMD .H\ZRUGV60(LQYHVWPHQWVUHYHQXHFRUUHODWLRQ :VWĊS 0DáHILUP\]DWUXGQLDMąFHSRQLĪHMRVyEMDNLILUP\ĞUHGQLHMZLHONRĞFLGR SUDFRZQLNyZVWDQRZLąZ3ROVFHRVLOHJRVSRGDUNLLZLHONRĞFLSURGXNWXNUDMRZHJR EUXWWR:QLQLHMV]\PDUW\NXOHVNRQFHQWURZDQRVLĊSU]HGHZV]\VWNLPQDDNW\ZQ\FK ILUPDFK]VHNWRUD063F]\OLWDNLFKNWyUHVą]DUHMHVWURZDQHLU]HF]\ZLĞFLHSURZDG]ą G]LDáDOQRĞüJRVSRGDUF]ą0DWHULDá\SRGGDQHDQDOL]LHSRFKRG]ąJáyZQLH]LQIRUPDFML XGRVWĊSQLDQ\FKSU]H]*áyZQ\8U]ąG6WDW\VW\F]Q\MDNUyZQLHĪRSUDFRZDĔ3ROVNLHM $JHQFML 5R]ZRMX 3U]HGVLĊELRUF]RĞFL &HOHP QLQLHMV]HJR DUW\NXáX MHVW ]EDGDQLH ]DOHĪQRĞFLSRPLĊG]\SU]\FKRGDPLDLQZHVW\FMDPLF]\QLRQ\PLSU]H]ILUP\VHNWRUD 063&]\ZLHONRĞüLQZHVW\FMLPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZPDLVWRWQ\ZSá\Z QDZ]URVWOXEVSDGHNLFKSU]\FKRGyZDMHĞOLWDNWRMDNMHVWRQVLOQ\"&]\LQZHVW\FMH PDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZ]ZUDFDMąVLĊZSRVWDFLZLĊNV]\FKSU]\FKRGyZ" 'RDQDOL]\Z\PLHQLRQ\FK]DOHĪQRĞFL]RVWDQąZQLQLHMV]HMSUDF\Z\NRU]\VWDQH WDNLHZVNDĨQLNLMDNSURGXNWNUDMRZ\EUXWWR3.%LZLHONRĞüQDNáDGyZLQZHVW\F\M-Q\FKQDWRPLDVWGOD]EDGDQLDLFK]DOHĪQRĞFL±ZVSyáF]\QQLNNRUHODFMLOLQLRZHMRUD] ZVSyáF]\QQLNGHWHUPLQDFML

UMCS

 3,2753,:2:$56., 5RODVHNWRUD063ZWZRU]HQLXSURGXNWXNUDMRZHJREUXWWR -HGQ\P]ZDĪQ\FKPLHUQLNyZ]QDF]HQLDVHNWRUD063ZJRVSRGDUFHNUDMXMHVW ZVNDĨQLNSURFHQWRZ\WZRU]HQLD3.%SRUWDEHOD 7DEHOD3URFHQWRZ\XG]LDáZWZRU]HQLX3.%SU]H]ILUP\]VHNWRUD063 5RG]DMSU]HGVLĊELRUVWZD 3URFHQWRZ\XG]LDáZ3.%            063RJyáHP            0DáHSU]HGVLĊELRUVWZD            ĝUHGQLHSU]HGVLĊELRUVWZD            ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHPDWHULDáyZ*86L3$53 :URNX063Z\WZRU]\á\SURGXNWXNUDMRZHJREUXWWRSU]\F]\P PDáH SU]HGVLĊELRUVWZD Z\SUDFRZDá\  3.% QDWRPLDVW ĞUHGQLH  $QD-ORJLF]Q\ ZVNDĨQLN GOD URNX  E\á QLHFR QLĪV]\ L PLDá ZDUWRĞü  3.% 2]QDF]DWRĪHZSRUyZQDQLXGRURNXXG]LDá063ZWZRU]HQLX3.%Z]UyVá RSXQNWXSURFHQWRZHJR:URNXZDUWRĞüZ\SUDFRZDQDSU]H]VHNWRU063 Z\QLRVáD3.%±PDáHSU]HGVLĊELRUVWZDZ\SUDFRZDá\DĞUHGQLH :]ZLą]NX]W\PQDOHĪ\]DXZDĪ\üQLH]QDF]Q\VSDGHNXG]LDáXĞUHGQLFKSU]HGVLĊ-ELRUVWZ Z WZRU]HQLX 3.% : NROHMQ\P URNX ]DREVHUZRZDQR XWU]\PDQLH XG]LDáX VHNWRUD063ZWZRU]HQLX3.%JG\ĪZ\QLyVáRQSU]\F]\PFRUD]ZLĊNV]ą UROĊ RGJU\ZDá\ PDáH SU]HGVLĊELRUVWZD  3.% :  URNX XG]LDá VHNWRUD 063ZWZRU]HQLX3.%E\áUyZQ\]F]HJRPDáHILUP\Z\SUDFRZDá\ QDWRPLDVWĞUHGQLHMZLHONRĞFLSU]HGVLĊELRUVWZD3.%:URNXRGQRWRZDQR WHQGHQFMĊDQDORJLF]QąGRODWZF]HĞQLHMV]\FKMHĞOLFKRG]LRXG]LDáZZ\WZRU]RQ\P 3.%ILUP]VHNWRUD063.V]WDáWRZDáVLĊRQQDSR]LRPLHQLH]QDF]Q\VSDGHN ZSRUyZQDQLXGRURNXSRSU]HGQLHJRVSRZRGRZDQ\E\áSU]HGHZV]\VWNLP]PQLHMV]H-QLHPXG]LDáXZWZRU]HQLX3.%PDá\FKILUP0DáHSU]HGVLĊELRUVWZDZW\PRNUHVLH Z\WZRU]\á\3.%FRR]QDF]DVSDGHNZ\QRV]ąF\SXQNWXSURFHQWRZHJR ZSRUyZQDQLX]URNLHPSRSU]HGQLP8G]LDáZWZRU]HQLXSURGXNWXNUDMRZHJREUXWWR ILUPVHNWRUD063NV]WDáWRZDáVLĊZURNXQDSR]LRPLH±QDVWąSLáQLH-ZLHONLVSDGHNZSRUyZQDQLXGRURNXRSXQNWXSURFHQWRZHJR: URNXPDáHSU]HGVLĊELRUVWZDZ\WZRU]\á\3.%QDWRPLDVWĞUHGQLH8G]LDá ILUPQDOHĪąF\FKGRJUXS\063ZWZRU]HQLX3.%ZURNXQLHXOHJáZLĊNV]\P ]PLDQRPLNV]WDáWRZDáVLĊQDSR]LRPLH]F]HJRPDáHSU]HGVLĊELRUVWZDZ\SUD-FRZDá\3.%QDWRPLDVWĞUHGQLHF]\OLSRGREQLHMDNZURNXSRSU]HGQLP : URNX  XG]LDá ILUP VHNWRUD 063 Z WZRU]HQLX 3.% Z\QLyVá  Z W\P PDáHSU]HGVLĊELRUVWZDZ\WZRU]\á\]DĞĞUHGQLH6WDQRZLáRWRLVWRWQ\



,1:(67<&-($:,(/.2ĝû35=<&+2'Ï:6(.725$063:32/6&(

VSDGHN U]ĊGX  SXQNWX SURFHQWRZHJR MHĞOL FKRG]L R XG]LDá Z WZRU]HQLX 3.% SU]H]PDáHILUP\QDVWąSLáQDWRPLDVWZ]URVWXG]LDáXZWZRU]HQLX3.%SU]H]ILUP\ ĞUHGQLHMZLHONRĞFLRSXQNWXSURFHQWRZHJRZ]JOĊGHPURNX:URNX XG]LDáVHNWRUD063ZSURGXNFLHNUDMRZ\PEUXWWRZGDOV]\PFLąJXVLĊ]PQLHMV]Dá LZ\QLyVá]F]HJRPDáHILUP\Z\SUDFRZDá\3.%QDWRPLDVWĞUHGQLH :SRUyZQDQLXGRURNXPLDáPLHMVFHQLHZLHONLVSDGHNXG]LDáXZ3.% ]DUyZQRILUPPDá\FKMDNLĞUHGQLFK:URNXPDáHLĞUHGQLHSU]HGVLĊELRUVWZD Z\JHQHURZDá\ EOLVNR SRáRZĊ 3.% Z 3ROVFH ±  SU]\ F]\P XG]LDá PDá\FK ILUPWRDĞUHGQLFK:SRUyZQDQLXGRURNXSRSU]HGQLHJRQDMZLĊNV]\ ZSá\Z QD ]ZLĊNV]HQLH XG]LDáX VHNWRUD 063 Z SURGXNFLH NUDMRZ\P EUXWWR PLDá Z]URVWXG]LDáXZQLPPDá\FKILUPRSXQNWXSURFHQWRZHJR:URNXXG]LDá VHNWRUD063ZWZRU]HQLXSURGXNWXNUDMRZHJREUXWWR]PDODáZSRUyZQDQLXGR LZ\QLyVáPDáHILUP\Z\WZRU]\á\3.%DĞUHGQLH6SDGHNWHQ VSRZRGRZDQ\E\áJáyZQLH]PQLHMV]HQLHPXG]LDáXZJHQHURZDQLX3.%SU]H]PDáH ILUP\RSXQNWXSURFHQWRZHJR 1DU\VXQNXSU]HGVWDZLRQRDQDOL]Ċ]PLDQMDNLHQDVWĊSRZDá\ZXG]LDOHILUP ]VHNWRUD063SU]\WZRU]HQLX3.%Z3ROVFHZODWDFK±NLHG\WRQDVWąSLá VSDGHNRSXQNWXSURFHQWRZHJRXG]LDáXVHNWRUD063ZWZRU]HQLX3.% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 8G]LDá Z 3.% Z   Lata 063RJyáHP 0DáHSU]HGVLĊELRUVWZD ĝUHGQLHSU]HGVLĊELRUVWZD 5\VXQHN3URFHQWRZ\XG]LDáZWZRU]HQLX3.%Z3ROVFHSU]H]ILUP\VHNWRUD063 ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHPDWHULDáyZ*86L3$53 1DNáDG\LQZHVW\F\MQHILUPVHNWRUD063 =PLDQ\ZXG]LDOHQDNáDGyZLQZHVW\F\MQ\FKRJyáHPLZVHNWRU]HPDá\FKLĞUHG-QLFKILUPQDSU]HVWU]HQLODW±SUH]HQWXMHWDEHOD

UMCS

 3,2753,:2:$56., 7DEHOD3URFHQWRZ\XG]LDáZQDNáDGDFKLQZHVW\F\MQ\FKILUP]VHNWRUD063 5RG]DMSU]HGVLĊELRUVWZD 8G]LDáZQDNáDGDFKLQZHVW\F\MQ\FKRJyáHPZ            0DáH            ĝUHGQLH            'XĪH            ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86L3$53 8G]LDáILUPVHNWRUD063ZFDáNRZLW\FKQDNáDGDFKLQZHVW\F\MQ\FKZURNX Z\QLyVá:GXĪ\PVWRSQLXZSá\ZQDWDNZ\VRNLXG]LDáPLDá\LQZHVW\FMHUH-DOL]RZDQHSU]H]PDáHSRGPLRW\JRVSRGDUF]H:URNXPLDáPLHMVFH]QDF]ąF\ VSDGHNXG]LDáXLQZHVW\FMLILUP]DWUXGQLDMąF\FKRGGRSUDFRZQLNyZĞUHGQLR RSXQNWXSURFHQWRZHJRZ]JOĊGHPURNXSRSU]HGQLHJRFR]QDOD]áRRG]ZLHUFLHGOH-QLHZVSDGNXXG]LDáXFDáHJRVHNWRUD063ZQDNáDGDFKLQZHVW\F\MQ\FKRSXQNWX SURFHQWRZHJR 5RN  SRJáĊELá UyĪQLFĊ Z QDNáDGDFK LQZHVW\F\MQ\FK SRPLĊG]\ GXĪ\PLSU]HGVLĊELRUVWZDPLDILUPDPL]VHNWRUD063GRSXQNWXSURFHQWRZHJR : NROHMQ\P URNX Z SU]\SDGNX ILUP ĞUHGQLHM ZLHONRĞFL QDOHĪ\ RGQRWRZDü Z]URVW ]SR]LRPXZURNXGRSRQDGZ-HGQDNLZW\PURNXQDNáDG\ GXĪ\FKILUPQDLQZHVW\FMHSU]HZ\ĪV]Dá\FDáNRZLWHQDNáDG\VHNWRUD063:URNX QLHQDVWąSLá\]QDF]ąFH]PLDQ\MHĞOLFKRG]LRXG]LDáILUPĞUHGQLHMZLHONRĞFL Z QDNáDGDFK LQZHVW\F\MQ\FK QDWRPLDVW VZyM XG]LDá Z LQZHVW\FMDFK SRZLĊNV]\á\ SU]HGVLĊELRUVWZDPDáH8G]LDáQDNáDGyZLQZHVW\F\MQ\FKPDá\FKILUPZNROHMQ\P URNX  ]QDF]ąFR VSDGá R  SXQNWX SURFHQWRZHJR Z SRUyZQDQLX ] URNLHP ZF]HĞQLHMV]\P2JUDQLF]HQLHQDNáDGyZLQZHVW\F\MQ\FKQDVWąSLáRUyZQLHĪZVHNWRU]H ĞUHGQLFKILUPQDWRPLDVWGXĪHSU]HGVLĊELRUVWZDXPRFQLá\VLĊQDSR]\FMLOLGHUDZW\P ]DNUHVLHRVLąJDMąFSXáDSRJyáXQDNáDGyZ:URNXQDNáDG\LQZHVW\F\M-QH Z VHNWRU]H 063 L GXĪ\FK SU]HGVLĊELRUVWZ ]DF]Ċá\ VLĊ SRQRZQLH Z\UyZQ\ZDü LUyĪQLFDZZLHONRĞFLW\FKQDNáDGyZZ\QLRVáD]DOHGZLHSXQNWXSURFHQWRZHJR :Lą]DáRVLĊWRSU]HGHZV]\VWNLP]H]ZLĊNV]HQLHPLQZHVW\FMLSU]H]PDáHLĞUHGQLH SU]HGVLĊELRUVWZDRGSRZLHGQLRRLSXQNWXSURFHQWRZHJRZSRUyZQDQLXGRURNX ZF]HĞQLHMV]HJR5RNE\áSU]HáRPRZ\GODPDá\FKLĞUHGQLFKILUPJG\ĪRGWHJR PRPHQWXGRURNXQDNáDG\LQZHVW\F\MQHPDá\FKSU]HGVLĊELRUVWZV\VWHPDW\F]QLH VLĊ]ZLĊNV]Dá\QDWRPLDVWVSDGDá\QDNáDG\LQZHVW\F\MQHW\FKĞUHGQLFK6\VWHPDW\F]QH Z]URVW\XG]LDáXZQDNáDGDFKLQZHVW\F\MQ\FKPDá\FKILUPVSRZRGRZDá\ĪHZURNX  LFK XG]LDá VWDQRZLá QLHPDO  RJyOQHM ZLHONRĞFL LQZHVW\FML ZV]\VWNLFK SU]HGVLĊELRUVWZ:SU]\SDGNXILUPĞUHGQLHMZLHONRĞFLVSDGHNXG]LDáXZQDNáDGDFK LQZHVW\F\MQ\FKQRWRZDQ\RGURNXVSRZRGRZDáLĪZURNXQDNáDG\LQZH- VW\F\MQHILUPWHJRVHNWRUDZ\QLRVá\QLHZLHOHSRQDGRJyOQ\FKQDNáDGyZLQZH-VW\F\MQ\FKZV]\VWNLFKSROVNLFKSU]HGVLĊELRUVWZ:]ZLą]NX]V]\ENLP]ZLĊNV]DQLHP

 ,1:(67<&-($:,(/.2ĝû35=<&+2'Ï:6(.725$063:32/6&( VLĊXG]LDáyZZLQZHVW\FMDFKPDá\FKILUPZURNXXG]LDáQDNáDGyZLQZHVW\F\M-Q\FKILUP]VHNWRUD063ZRJyOQHMZLHONRĞFLLQZHVW\FMLSU]HGVLĊELRUVWZRVLąJQąá SR]LRP 7DEHODSU]HGVWDZLDSR]LRPQDNáDGyZLQZHVW\F\MQ\FKILUPZODWDFK± 7DEHOD1DNáDG\LQZHVW\F\MQHILUPZHGáXJVHNWRUyZZODWDFK± 5RG]DMSU]HGVLĊELRUVWZD 1DNáDG\LQZHVW\F\MQHZPOG]á          0DáH          ZW\PPLNUR          ĝUHGQLH          'XĪH          ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86L3$53 1DU\VXQNXPRĪQD]DREVHUZRZDü]PLDQ\MDNLH]DFKRG]Lá\ZZLHONRĞFLDFKQD-NáDGyZQDLQZHVW\FMHSRQRV]RQ\FKSU]H]ILUP\]VHNWRUD063LGXĪHSU]HGVLĊELRUVWZD 0,0 10000,0 20000,0 30000,0 40000,0 50000,0 60000,0 70000,0 80000,0 90000,0 100000,0 2003 2004 2005 2006 2007 2008 2009 2010 2011 ,QZ HVW\ FM H Z P OQ ]á Lata 0DáH w tym mikro ĝUHGQLD 'XĪH 5\VXQHN1DNáDG\LQZHVW\F\MQHILUPZHGáXJVHNWRUyZZODWDFK±ZPOQ]á ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86L3$53 3U]\FKRG\ILUPVHNWRUD063ZODWDFK± :LHONRĞüSU]\FKRGyZJHQHURZDQ\FKSU]H]ILUP\PDáHĞUHGQLHLGXĪH]XZ]JOĊG-QLHQLHPPLNURSU]HGVLĊELRUVWZ±]DWUXGQLDMąF\FKGRSUDFRZQLNyZQDSU]HVWU]HQL ODW±SU]HGVWDZLDU\VXQHN

UMCS

 3,2753,:2:$56., 0 200000 400000 600000 800000 1000000 1200000 1400000 1600000 1800000 2003 2004 2005 2006 2007 2008 2009 2010 2011 3U]\FKRG\ Z P OQ ]á Lata 0DáH w tym mikro ĝUHGQLD 'XĪH 5\VXQHN3U]\FKRG\SU]HGVLĊELRUVWZ]SRV]F]HJyOQ\FKVHNWRUyZ ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86 -DNPRĪQDRGF]\WDü]U\VXQNXZLHONRĞüSU]\FKRGyZFDáHJRVHNWRUDSU]HGVLĊ-ELRUVWZZODWDFK±G\QDPLF]QLHVLĊ]ZLĊNV]DáDRGPLOLDUGD]áRW\FK ZURNXGRPLOLDUGDZFRR]QDF]DZ]URVWRQLHPDOSXQNWyZ SURFHQWRZ\FK8G]LDáSU]\FKRGyZJHQHURZDQ\FKSU]H]PLNURSU]HGVLĊELRUVWZDZRJyO-Q\FKSU]\FKRGDFKPDá\FKILUPZEDGDQ\PRNUHVLHVWDOHXWU]\P\ZDáVLĊSRZ\ĪHM  1DMV]\EFLHM MHGQDN ]ZLĊNV]Dá\ VLĊ SU]\FKRG\ GXĪ\FK ILUP ]  PLOLDUGD ]áRW\FKZURNXGRPLOLDUGDZF]\OLQDSU]HVWU]HQLODWRSRQDG  2G URNX  GR  SU]\FKRG\ JHQHURZDQH SU]H] ILUP\ ] VHNWRUD 063 V\VWHPDW\F]QLHURVá\DĪGRSU]HáRPXODWLURNX±ZURNXSU]\FKRG\ VHNWRUD063Z\QLRVá\]DOHGZLHPLOLDUGD]áRW\FKZSRUyZQDQLXGR PLOLDUGDSU]\FKRGyZZURNXSRSU]HGQLPE\áWRVSDGHNSU]HV]áRSURFHQWRZ\2G URNX  QDVWĊSRZDá VWRSQLRZ\ Z]URVW SU]\FKRGyZ PDá\FK L ĞUHGQLFK SU]HGVLĊ-ELRUVWZRSRQDGSURFHQWDĪGRPLOLDUGD]áRW\FKZURNX3RGREQLH MDNXG]LDáSU]\FKRGyZPLNURSU]HGVLĊELRUVWZZRJyOQ\FKSU]\FKRGDFKPDá\FKILUP NV]WDáWRZDáVLĊXG]LDáSU]\FKRGyZJHQHURZDQ\FKSU]H]063ZFDáNRZLW\FKSU]\-FKRGDFKX]\VNLZDQ\FKSU]H]ILUP\ZEDGDQ\PRNUHVLH 7DEHODREUD]XMHZZDUWRĞFLDFKEH]Z]JOĊGQ\FKZLHONRĞüSU]\FKRGyZX]\VNL-ZDQ\FKSU]H]SRV]F]HJyOQHVHNWRU\SU]HGVLĊELRUVWZZRNUHVLHSRGGDQ\PDQDOL]LH ±

UMCS

 ,1:(67<&-($:,(/.2ĝû35=<&+2'Ï:6(.725$063:32/6&( 7DEHOD3U]\FKRG\ILUPZHGáXJVHNWRUyZZODWDFK± 5RG]DMSU]HGVLĊELRUVWZD 3U]\FKRG\ZPOG]á          0DáH          ZW\PPLNUR          ĝUHGQLD          'XĪH          ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86]ODW± =DWUXGQLHQLHZVHNWRU]HPDá\FKSU]HGVLĊELRUVWZ 6HNWRUPDá\FKSU]HGVLĊELRUVWZZGXĪ\PVWRSQLXVWDQRZLRVLOHJRVSRGDUNLQDUR-GRZHMJG\ĪREUD]XMHMDNGXĪDMHVWVNáRQQRĞüRE\ZDWHOLGR]DNáDGDQLDLXWU]\P\ZDQLD PLHMVFSUDF\6HNWRUVDP\FKW\ONRPDá\FKILUPZ\SUDFRZXMHRNRáRSURGXNWX NUDMRZHJREUXWWRZ]ZLą]NX]W\PMHVWZDĪQ\PRJQLZHPJRVSRGDUNLQDURGRZHM :DUWR Z WHM V\WXDFML SU]\MU]Hü VLĊ WDNĪH OLF]ELH PLHMVF SUDF\ MDNLH VHNWRU PDá\FK SU]HGVLĊELRUVWZWZRU]\ 7DEHOD3UDFXMąF\L]DWUXGQLHQLZVHNWRU]HPDá\FKSU]HGVLĊELRUVWZZODWDFK± 3UDFRZQLF\ /LF]ED]DWUXGQLRQ\FKLSUDFXMąF\FKZPDá\FKSU]HGVLĊELRUVWZDFKZW\VRVyE            =DWUXGQLHQL            3UDFXMąF\            ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86]ODW± :LHONRĞü]DWUXGQLHQLDZVDP\PVHNWRU]HPDá\FKSU]HGVLĊELRUVWZRGURNX GRZ]URVáDSRQDGGZXNURWQLHQDWRPLDVWRJyOQDOLF]EDSUDFXMąF\FKF]\OL]DWUXG- QLRQ\FKZILUPLHRUD]ZáDĞFLFLHOLEąGĨZVSyáZáDĞFLFLHOLW\FKILUPQLHPDOWU]\NURW-QLH=GDQ\FKW\FKZ\QLNDLĪOLF]EDRVyE]DNáDGDMąF\FKZáDVQHILUP\ZSRGDQ\P RNUHVLH]QDF]QLHVLĊ]ZLĊNV]\áD1DMZLĊNV]\Z]URVWPRĪQD]DXZDĪ\üQDSU]HáRPLH ODWLNLHG\WROLF]EDRVyESUDFXMąF\FKZPDá\FKILUPDFKZ]URVáDSU]HV]áR GZXNURWQLH]SR]LRPXW\VLĊF\GRW\VLĊF\RVyEREOLVNRSURFHQW 7HQGHQFMHSU]HGVWDZLRQHZWDEHOLREUD]XMHU\VXQHNQDNWyU\PZ\V]F]HJyOQLRQR RVRE\SUDFXMąFHL]DWUXGQLRQHZPDá\FKSU]HGVLĊELRUVWZDFK:]URVWUyĪQLF\SRPLĊ-G]\OLF]Eą]DWUXGQLRQ\FKLSUDFXMąF\FKZVHNWRU]H063Z\QLNDáSU]HGHZV]\VWNLP ]HVNRNXZURNXVSRZRGRZDQHJRSU]\VWąSLHQLHPGR8(L]H]PLDQSU]HSLVyZ GRW\F]ąF\FKSURZDG]HQLDG]LDáDOQRĞFLJRVSRGDUF]HM

UMCS

 3,2753,:2:$56., 0 1 000 2 000 3 000 4 000 5 000 6 000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 /LF]ED R Vy E Z W \V  Lata Zatrudnieni 3UDFXMąF\ 5\VXQHN3UDFXMąF\L]DWUXGQLHQLZVHNWRU]HPDá\FKSU]HGVLĊELRUVWZ ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86]ODW± :Sá\ZLQZHVW\FMLQDSU]\FKRG\ 'RRNUHĞOHQLDVLá\RGG]LDá\ZDQLDLQZHVW\FML]UHDOL]RZDQ\FKSU]H]ILUP\VHNWRUD 063QDLFKSU]\FKRG\ZODWDFK±]DVWRVRZDQRZVSyáF]\QQLNNRUHODFMLOL-QLRZHM3HDUVRQD'ODPDá\FKILUPGRSUDFRZQLNyZSU]\MPXMHRQZDUWRĞüSRQDG FRR]QDF]DĪHLQZHVW\FMHSRF]\QLRQHSU]H]PDáHILUP\ZRNUHVLHRGURNX GRPLDá\EDUG]RGXĪ\ZSá\ZQDZLHONRĞüRVLąJDQ\FKSU]H]QLHSU]\FKRGyZ 'OD PLNURSU]HGVLĊELRUVWZ ZVSyáF]\QQLN WHQ Z EDGDQ\P RNUHVLH SU]\Mąá ZDUWRĞü ZLĊFUyZQLHĪLZW\PSU]\SDGNXPRĪQDPyZLüRVLOQ\PSRZLą]DQLXQDNáDGyZ LQZHVW\F\MQ\FK]RVLąJDQ\PLSU]\FKRGDPL:SU]\SDGNXĞUHGQLFKSU]HGVLĊELRUVWZ ZVSyáF]\QQLNNRUHODFMLOLQLRZHMZ\QLyVá]DWHPWDNĪHZW\PSU]\SDGNXZLGDü VLOQą]DOHĪQRĞüEDGDQ\FKFHFK 7DEHOD=ZLą]HNSRPLĊG]\LQZHVW\FMDPLDSU]\FKRGDPLILUPVHNWRUD063ZODWDFK± 5RG]DMSU]HGVLĊELRUVWZD :VSyáF]\QQLNNRUHODFML OLQLRZHM3HDUVRQD :VSyáF]\QQLN GHWHUPLQDFML 0DáH   ZW\PPLNUR   ĝUHGQLH   ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHGDQ\FK*86]ODW±

UMCS



,1:(67<&-($:,(/.2ĝû35=<&+2'Ï:6(.725$063:32/6&(

=DNRĔF]HQLH

1D SRGVWDZLH SU]HSURZDG]RQHM DQDOL]\ SU]\FKRGyZ L QDNáDGyZ LQZHVW\F\M-Q\FK SRQLHVLRLQZHVW\F\M-Q\FK SU]H] 063 PRĪQD Z\FLąJQąü ZQLRVHN LĪ VHNWRU WHQ Z FLąJX RVWDWQLFKODWUR]ZLMDáVLĊEDUG]RV]\ENR3U]HáRPRZ\PPRPHQWHPE\áURN NLHG\ WR 3ROVND ZVWąSLáD GR 8QLL (XURSHMVNLHM L ]QDF]ąFR Z]URVáD OLF]ED PDá\FK SU]HGVLĊELRUVWZ,VWRWQ\RND]DáVLĊWDNĪHURNNLHG\PLDáPLHMVFHQLH]QDF]Q\ VSDGHNRVLąJDQ\FKSU]\FKRGyZLZ\KDPRZDáZ]URVWLQZHVW\FMLZVHNWRU]HPDá\FK LĞUHGQLFKSU]HGVLĊELRUVWZ:ODWDFK±RG]ZLHUFLHGOHQLHPEDUG]RVLOQHJR ZSá\ZX]UHDOL]RZDQ\FKLQZHVW\FMLQDRVLąJDQHSU]\FKRG\PDá\FKLĞUHGQLFKILUP E\á SR]LRP ZVSyáF]\QQLND NRUHODFML OLQLRZHM NWyU\ ]DUyZQR GOD PLNUR PDá\FK MDNLĞUHGQLFKILUPRVLąJQąáZDUWRĞü]QDF]QLHSRZ\ĪHM'RVWU]HJDOQ\MHVWWDNĪH ]ZLą]HNPLĊG]\ZLHONRĞFLDPLEH]Z]JOĊGQ\PLSU]\FKRGyZLQDNáDGyZLQZHVW\F\M-Q\FK1DMZLĊNV]\Z]URVW]DUyZQRSU]\FKRGyZMDNLZLHONRĞFLLQZHVW\FMLQDVWąSLá ZURNXQDWRPLDVWZGZyFKNU\]\VRZ\FKODWDFKLZLGDüZ\UDĨQH ]DPURĪHQLHLVSDGHNLQZHVW\FML %LEOLRJUDILD  'RPLQLDN36HNWRU063ZHZVSyáF]HVQHMJRVSRGDUFH:\GDZQLFWZR3:1:DUV]DZD  3LHWUDV3*áRGHN3)LQDQVRZDQLHSU]HGVLĊZ]LĊüLQQRZDF\MQ\FKZ063 3$53àyGĨ  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS  5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS

 5DSRUW R VWDQLH VHNWRUD PDá\FK L ĞUHGQLFK SU]HGVLĊELRUVWZ Z 3ROVFH 3$53 :DUV]DZD  GRVWĊS

 5DSRUWRVWDQLHVHNWRUDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZ3ROVFHZODWDFK± 3$53 :DUV]DZDGRVWĊS

 6LNRUVNL - 3U]\FKRFND , )LQDQVRZDQLH UR]ZRMX 063 :\GDZQLFWZR 8QLZHUV\WHWX %LDáRVWR-FNLHJR%LDá\VWRN

 6REF]\N06WDW\VW\ND$VSHNW\SUDNW\F]QHLWHRUHW\F]QH:\GDZQLFWZR80&6/XEOLQ  6WDU]\ĔVND:UHG3RGVWDZ\VWDW\VW\NL'LILQ:DUV]DZD

 3,2753,:2:$56.,  7URFNL0.UDMHZVNL.UHG3U]HGVLĊELRUF]RĞüZ3ROVFHZZDUXQNDFKLQWHJUDFML]8QLą(XUR-SHMVNą,QVW\WXW3U]HGVLĊELRUF]RĞFLL6DPRU]ąGQRĞFL:DUV]DZD  ĩRáQLHUVNL$3RWHQFMDáLQQRZDF\MQ\SROVNLFK0633$53:DUV]DZD 6WURQ\LQWHUQHWRZH  KWWSZZZSDUSJRYSOVWURQD3ROVNLHM$JHQFML5R]ZRMX3U]HGVLĊELRUF]RĞFLGRVWĊS  KWWSZZZVWDWJRYSOVWURQD*áyZQHJR8U]ĊGX6WDW\VW\F]QHJRGRVWĊS ,QYHVWPHQWDQGUHYHQXHRIWKH60(VHFWRULQ3RODQG ,QWKLVVWXG\DWWHQWLRQLVIRFXVHGSULPDULO\RQDFWLYHFRPSDQLHVLQWKH60(VHFWRU7KHSXUSRVH RIWKLVDUWLFOHLVWRILQGWKHUHODWLRQEHWZHHQUHYHQXHVDQGLQYHVWPHQWVUHDOL]HGE\WKH60(VHFWRULQ 3RODQG,QSDUWLFXODUWKHSDSHUWULHVWRDQVZHUWKHTXHVWLRQZKHWKHUWKHVL]HRIWKHLQYHVWPHQWRIVPDOO DQG PHGLXPVL]HG HQWHUSULVHV KDYH D VLJQLILFDQW LPSDFW RQ WKH JURZWK RI WKHLU UHYHQXHV DQG LI WKH DQVZHULVSRVLWLYHKRZVWURQJWKDWLPSDFWLV

UMCS