Management of Enterprises’ Finance - Theory and Practice. PN 325

In our memory, we still have the financial crisis that undermined global economy and impaired the trust for financial markets. Although leading world economies overpowered negative tendencies, the crisis exposed drawbacks and faults of global financial system. It is expected that European economies, including Poland, in the nearest future will function under the limited economic growth conditions and slow diminishing of uncertainty conditions. Nevertheless some problems, mainly high public indebtedness, will overshadow the functioning of the European Union members’ economies.

These issues inspire to set many questions about the future of economy and its components, especially about the future of companies that create the economic potential of a country. An urging need appears to introduce new business model encompassing changing conditions, supporting the concept of sustainable development and taking into account needs for development. It creates new challenges for researchers and entrepreneurs.

We hand on with pleasure the issue of Research Papers of Wrocław University of Economics that are the effect of scientific debates conducted during the XIVth edition of International Scientific Conference “Financial Management – Theory and Practice” that was held in May 2013. For several years, during the conference, we have been trying to create a forum for scientific discussions and meetings of academic and business representatives, always keeping in mind that the exchange of thoughts has a crucial impact on the development of science. We aim at joining and stimulating major trends of scientific research in Poland and all over the world, expecting that we will contribute to the science development.

Sessions during the conference covered the whole range of issues related to finance, with big emphasis on corporate finance and public finance. In the scope of corporate finance special attention was given to valuation, profitability and liquidity issues, emphasizing the scope of economic challenges striving for emerging from the crisis. The second field of interest of conference participants was public finance, especially local governments. Authors concentrated on the analysis of public sector functioning, proposing the implementation of tools dedicated to private sector. Therefore sharp limits existing up to date between those two disciplines seem to vanish.

We hope that this set of Research Papers will become an inspiration of future
scientific research as well as the basis for innovations implementation in private
and public sector.

• public finance
• corporate finance