Abstract
The financial crisis undoubtedly exerted much pressure on the companies operating inPoland. Thus, it is important to undertake researches that reveal the paths and strength of financial crisis transmission with regard to the business entities. This paper presents partial results of the research dedicated to the analysis of the impact of financial crisis on the financial situation of companies operating in the Silesian Voivodship. It analyzes and discusses the general changes of the two sets of financial ratios that inform about the general financial condition of the business: the financial balance and the level of bankruptcy risk. Scientific aim: The paper aims at analyzing the changes of the financial situation and bankruptcy risk of a population of Silesian companies with regard to the improvement or deterioration. In particular, it aims at reflecting the differences visible with the application of aggregated data characterizing the population of Silesian companies as compared to the population of all companies operating inPoland. Methodology: The study is based the application of a part of authors’ self-developed method – the CFS Watch, which consists of five analytical modules. In the study, two modules are applied: the GPA Module (General Performance Assessment) with regard to financial balance and the MDA Module (Multidiscriminant Analysis) with regard to the bankruptcy risk. Grounded on the theory of financial analysis and its application for corporate finance purposes, the modules are based on the selected financial ratios that are a subject for further comparison regarding their height and dynamics of changes. The analytical modules are applied for aggregated data provided by the Polish Central Statistical Office.
Highlights
It is beyond doubt that the latest financial crisis had an impact on the situation in the real sphere of the economy
The GPA module is designed to observe the changes of the general financial situation in terms of maintaining financial balance of the analyzed population of companies
The MDA module is dedicated to the analysis of the changes in the level of bankruptcy risk of the analyzed populations of companies
Summary
It is beyond doubt that the latest financial crisis had an impact on the situation in the real sphere of the economy. It is clear, that it will cause some turbulences in the following years, as the impact of such events is often delayed in time. It represents a useful set of tools that allow monitoring the financial situation of the companies. This is a subject for more extended methods – such as multidiscriminant analysis – that are useful in bankruptcy prediction and in generating early warning signals. The researches cover the period before, during and after the boost of the global financial crisis
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