BORROWED CAPITAL IN COMPANIES OPERATING IN BRANCH PURCHASING GROUPS

The aim of this article was to present a foreign policy of capital management in commercial companies operating in the branch purchasing groups. In the article a detailed characteristics and classification of borrowed capital was done. Borrowed capitals were divided into short-term liabilities, long-term liabilities and provisions for liabilities. The advantages and disadvantages of various external sources of financing were presented. Then selected indicators to evaluate capital management policy in selected companies were presented. In the study the indicators showing the structure of borrowed capitals and selected measures of financial analysis were applied. These were debt, liquidity and turnover ratios. The study was conducted on a group of 17 small and medium-sized units in the construction industry. The companies tested belonged to the branch purchasing group. The period of study concerned the year 2104. The study showed that in the majority of the companies involved the share of borrowed capitals in liabilities was little. A clear advantage have the equities. In the structure of borrowed capital a clear predominance have short-term liabilities and short-term loans. In more than half of companies long-term liabilities do not exist, and several other companies are a negligible part in relation to the total liabilities. The highest share in current liabilities are liabilities to suppliers, which is the cheapest source of financing. The studies have shown that in the analyzed units there is no threat of the loss of liquidity. This is the result of the application of good and safe management policy of external sources of companies financing.

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