The systemic transformation in Poland, aimed, among others, at activating market mechanisms, has resulted in a change in the ownership structure and privatization that has accompanied it. Privatization processes are commonly considered to be principally motivated by an increase in efficiency of the economy based on the assumption that efficiency of private enterprises is higher than that of public sector ones. The main aim of the article is to verify the above hypothesis. An analysis of efficiency of public and private sector enterprises, taking into account their organizational and legal forms, made on the basis of Central Statistical Office information, confirmed the above hypothesis. Private enterprises use their assets better and take advantage of the financial leverage mechanism to a larger extent. It should be emphasized, however, that private enterprises are more adversely affected by economic fluctuations caused by the crisis.
The system transformation which started in the last decade of the previous century and the accompanying transition into market oriented economy have contributed to the increase of foreign investors’ interest in committing their capital in Poland. The interest grew even more after Poland joined the European Union. With limited national financial resources and great demand for the same, foreign investment has been a desirable factor supporting and accelerating economic growth.
The objective of this paper is to evaluate the changes in the level and structure of foreign capital in Poland in the years 2008–2013, that is during the period of economic downturn following the global financial crisis. The point is, first of all, to find an answer to the following question: to what extent has the economic destabilisation caused by the crisis influenced the decisions of foreign investors concerning investing their capital in Poland? This allows to verify the following scientific hypothesis: during crisis stability of the financial system of the country in which parent companies have their seats is more important for foreign investors than financial security of the host country. The analysis covers total foreign capital, that is both direct and portfolio investment, as well as derivatives and credit facilities. The empirical part of the study has been based on the information published by the National Bank of Poland.