Zależność między wydatkami inwestycyjnymi a operacyjnymi przepływami pieniężnymi
The relationship between investment expenditures and operating cash flows

Summary/Abstract: The aim of the study is to analyze the correlation between investment expenditures and operating cash flows. The hypothesis settled in the paper says that there exists at least average, positive stochastic interdependence between those two mentioned above variables. The research was conducted on a sample of 58 small and medium enterprises. The time scope to realize the research covered the period between 2005 and 2010. The results of the study show that hypothesis can be proved only when relation between investment expenditures from t year and a sum of the net result and amortization from t + 1 year are taken into account. When other variables are used the hypothesis should be rejected.

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