The financing structure of Polish non-financial enterprises in the face of financialisation challenges

Purpose: The aim of this article was to examine whether financialization phenomena affected the financing structure of non-financial enterprises operating in Poland. Changes in the financing structure in the era of financialization are manifested by the growing share of debt (foreign capital), the increase in the importance of securities while reducing the share of credit as sources of financing business activities and the growing involvement of (passive) derivatives. Design/methodology/approach: The analysis was conducted on the basis of indicators identifying the share of foreign capital in total liabilities, the structure of passive financial instruments and the structure of passive derivatives. Findings: Based on the empirical analysis, it was found that the phenomenon of the financing structure of financialization is not noticeable on the example of the surveyed business entities. The share of foreign capital in total liabilities of enterprises in 2010-2018 was around 0.5. In the financial assessment, it is the optimal financing structure. Research limitations/implications: Financialization is a developing phenomenon. The presented research covered the years 2010-2018, therefore research on the discussed issue should be continued. Originality/value: The originality of the article is associated with the analysis of the increase in the importance of debt in financing operations in relation to enterprises in Poland, including by industry.