Surse de finantare a investitiilor intreprinderilor central si est europene: aspecte comparative si factori de impact - Sources of Funding Business Investments in Central and Eastern European Countries: Comparative Aspects and Impact Factors (Romanian version)

In this paper I analyze the proportions of capital formation for financing investments of the enterprises that operate in several countries in Central and Eastern Europe: Bulgaria, Czech Republic, Poland, Romania, Slovakia, Slovenia and Hungary, using Enterprise Surveys data recently compiled by the World Bank. The statistical analysis, taking into account the firms size, in 2005 and 2009, reflects mainly the usage of internal resources, more tnan 45%, to finance investments in all countries. Loans are another important source for funding, but the proportion does not exceed 40%. The equity funds are the least practiced for financing investments. Such ratios for financing investment are consistent with the peckong-order theory of financial structure, emphasizing the low cost of self-financing, followed by the loans, respectively, by the new contributions from shareholders.