Determinanty płynności finansowej przedsiębiorstw

The company's ability to pay its liabilities on time is influenced by both macro-economical factors (such as the development of financial markets, the market of fusions and takeovers, interest rate, tax systems, etc.) and internal micro-economical factors. The factors have been included in the model of determinants of financial liquidity. The empirical observations that have been carried on proved that the structure of the assets depends on the specification of trade. In the laborious clothing industry the current assets dominate the total assets. On the contrary the total assets of capital-intensive steel industry are dominated by fixed assets. Although in both industries the companies are not over-indepted the structure of debts is not correct enough. The overwhelming part of the companies' debts consist of short term liabilities what results in difficulties in retaining the finance liquidity.