Determinanty inwestycji przedsiębiorstw w środki trwałe. Zależność od cash flow i warunków kredytowych

The article examines the determinants of corporate investments in fixed capital. The analysis was conducted based on unbalanced panel data of individual companies, employing at least 10 workers, contained in the annual reports of GUS F-02 for the years 1995- -2012. The systemic Generalized Method of Moments (robust) was used for the estimations. An empirical analysis of the determinants of corporate investments (in fixed capital) shows a strong investment – cash flow sensitivity, and consequently their less dependence on conditions prevailing in the credit market. The results of research suggests that it exerts influence on the operation of the credit channel of monetary policy transmission mechanism.