Ryzyko kredytowe a wykorzystanie długu krótkoterminowego przez przedsiębiorstwa
Credit risk and the use of short-term debt by companies

Summary/Abstract: The main aim of this article is to define the relationship of credit risk with the use of short-term debt by companies in Poland. The analysis did not confirm the results of Flannery`s model and the Diamond`s model about a relatively high level of short-term debt in companies with high credit risk. In my opinion, the reason of these findings is that companies in Poland obtain debt through bank loans, rather than public debt securities. Banks have other than short maturity debt instruments effectively protecting them from the negative effects of high credit risk.

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