Emisja akcji jako podstawa rynkowego pozyskiwania kapitału własnego w sektorze małych i średnich przedsiębiorstw
Issue of Shares as a Basis for Raising Equity in the Sector of Small and Medium-sized Enterprises

Summary/Abstract: Purpose – Issue of equity securities may offer an opportunity to raise equity for the sector of small and medium-sized enterprises. However, it is required to prepare appropriate strategies in order to effectively issue shares. In this regard setting the appropriate issuing price and timing of the issue are the most important problems. The aim of this article is to assess the circumstances and consequences of the strategy of raising capital for small and medium-sized enterprises in the capital market. Design/Methodology/approach – This article is based on the critical analysis of the literature in the field of corporate finance, with respect to the acquisition of equity by issuing shares. The evaluation of the existing normative solutions and the analysis of the business practice with respect to transactions executed on the New Connect market has been also applied. Findings – The analysis of market data has shown that, despite many advantages of acquiring funds by issuing share, Polish companies operating in the SME sector, use this form of financing in a limited way. The opportunities offered by the New Connect market are still not fully utilized. Originality/value – Article identifies the main elements of the strategy of raising equity capital important for a successful issue of shares on the New Connect market. These elements include: the i ssuing price, the timing of the issue, the expected rate of return for investors. This article also presents the reasons explaining the limited use of the New Connect market in financing Polish SMEs, among which should be emphasized: the lack of sufficient knowledge about the functioning of the capital market, fears of market volatility, relatively low interest rates offering access to debt financing (mainly by the banking sector), or the dominance of legal forms of business that exclude shares issue.

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