Realizacja strategii zarządzania finansowaniem działalności przez spółki giełdowe przemysłu przetwórczego w latach 2008–2012
Implementation of Management Strategy of Financing Business Activity by Stock Exchange Companies of Processing Industry in the Years 2008-2012

Summary/Abstract: All businesses operating in the market should possess consciously formulated strategy for managing the financing of their activities. Preparation and implementation of such a strategy is not easy because it requires extensive knowledge of financial issues and management from the managerial staff, managers should also possess analytical skills. A particularly difficult period for formulating financial strategies is work in an unstable economic environment which was the years 2008-2012. Decisions regarding the development and selection of financial management strategies belong to sovereign decisions made by the company. They are associated with the formation of future business relationships with the environment and determine its possibilities of development. The strategy of financial management, forming part of the financial strategy, is the primary role among all functional strategies. It decides about the feasibility of these strategies because every strategy will remain only a postulate on paper if the supply of funds for its implementation is not guaranteed. Strategy of financial management should be directed towards the formation of the target capital structure, which would be at the same time optimal structure and conducive to the maintenance of liquidity in the short and long term. The article adopted the term ‚overall strategy of financial management’, which has been divided into partial strategies, i.e.: management strategy of financing structure, management strategy of financing fixed assets and management strategy of financing current assets. In each of these strategies, there are three basic types of strategies: aggressive, conservative and moderate. The article concerns the analysis of preferences to choose financial management strategy which allows primarily to diagnose the factors determining the choice of the strategy realized by the company and, on this basis, formulate recommendations for economic practice.

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