Verification of the Financial Security of Small and Medium-Sized

Enterprises in Poland

JAN ZWOLAK

Faculty of Economic Sciences,

John Paul II University of Applied Sciences in Biala Podlaska,

ul. Sidorska 95/97, 21-500 Biała Podlaska,

POLAND

Key-Words: - financial security, EU Funds, model, small and medium-sized enterprises.

Received: September 13, 2021. Revised: May 17, 2022. Accepted: June 10, 2022. Published: July 22, 2022.

1 Introduction

Nowadays the importance of the development of

individual regions is increasing in every economy. It

results from the increased ability to adapt them to

turbulent changes in the economic environment and

from the accurate forecasting of the economic

security of regions (provinces) and the economy.

Financial security forecasts also allow the

verification of the appropriateness of the distribution

of financial funds among individual regions and

enterprises in Poland. The intensity of support will

be diversified depending on the enterprise’s status,

project type and location, and the category of

eligible costs. For these reasons this study was

limited to the category of mini, small and medium-

sized enterprises (SMEs) in regions (provinces). The

novelty in the implementation of the Regional

Programmes in the financial perspective 2014-2020

is the application of two funds in individual regions

(provinces) in Poland. Combining sources of

financing will allow the undertaking of more

comprehensive and flexible ventures in enterprises.

Enterprises (SME) also have corporate social

responsibility for their business. This responsibility

includes the impact of enterprises on people, society

and environmental protection. A socially

responsible business is a holistic activity which

translates into competitiveness and profits, as well

as into prolonging the lifecycle and usability of

products. Especially mini, small and medium-sized

enterprises focus on the main direction of business.

The financial security of enterprises in regions

(provinces) is not secured in full due to the various

types and character of risks, including economic,

social and political ones. This means that the

financial security of enterprises may have both

direct and indirect impacts on its relative

neutralisation.

The objective of the studies is to determine the

regression dependence of mini, small and medium-

sized enterprises on funds from the European

operational fund distributed among regions

(provinces) and enterprises, and on special resources

from the fund for supporting access to markets and

capital in Poland in the financial perspective in the

years 2014-2020. Furthermore, the studies included

the verification of the effectiveness of the financial

security using the average and marginal financial

security per enterprise.

The basis for the study was the hypothesis that

new special funds for support for access to markets

and easier access to capital will have a greater

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Abstract: The objective of this study is to verify, using the Cobb-Douglas model, the regression dependence of

the number of mini, small and medium-sized enterprises on funds from the European operational fund and the

European fund for supporting access to markets and capital in Poland in the years 2014-2020. It has been

determined on the basis of empirical data and the aforementioned model that an increase in the number of

enterprises in total by 10% will result in a gain in the operational fund and the fund supporting access to markets

and capital amounting to 10.17%. The analysed enterprises will have more than proportional financial security

ensured in the years 2014-2020. Research shows that the average pace of growth in the number of enterprises

may increase at a growth rate of 6 times faster. The average growth rate of the average and marginal financial

security by supporting the market and capital is the same close to 5%. This indicates that the flexibility of this

fund may come close to 1. The growth rate of the average and marginal financial security is more than twice as

fast as the increase in the operational fund. The latter is important, albeit high per unit, as it expresses an

assessment of companies' production and product processes.

impact on the financial security of the analysed

enterprises than previously (and currently) existing

operational funds under the Regional Programmes

in the financial perspective in the years 2014-2020.

Section 1 presents a selection of theoretical and

empirical literature. Section 2 describes the applied

methodology. Section 3 presents the results and the

discussion. Finally, section 4 features the final

conclusion.

2 Literature Review

In the U.S. made payments for the then established

federal guarantees of deposit protection in savings

institutions [1]. The separation of new funds for

deposit protection became necessary due to the

impact of the crisis in the late eighties. Another

important security of deposits and their investment

funds in a given period of time is the necessary re-

allocation of deposits (funds) [2]. Insecurity leads to

concentration on those sectors of the economy

which enjoy the highest level of protection. As a

result, resources flow to where financial security

and economic surplus are higher. In this way, the

final result may be the limitation of income and

growth. Therefore, a broader network of financial

security means greater opportunities for the growth

of the economy [3].

In the source literature another element of the

growth of the economy, i.e. corporate social

responsibility as a collective obligation, is also

considered important [4]. Most literature studies

support the thesis that there is a convergent

relationship between social responsibility and

economic and financial security.As suggested [5]

suggests that certain collisions in the consequences

of relations may result from differences in study

methodologies and differences in the categories of

financial security. Also, high collective

responsibility is in line with the pollution control

activity measured.

Bankruptcy of enterprises should not be at all

surprising. The results of the studies by [6] indicate

the need to use information from various financial

indicators which could lead to information of a

synthetic character, which allows for the accurate

prognosis of enterprise bankruptcy. That's why

[7],[8] proposes that the dynamics of assets in total

or of sales revenues be measured. It turns out that

the category of cash is more objective, more

universal and easier in terms of the verification of

changes in an enterprise than profit, which is also a

stream. In their studies, [9] also indicated having at

their disposal and having recourse to data of a

pecuniary character; they also confirmed the better

suitability of a model including variables in the form

of cash streams in the evaluation of enterprises.

Financial indicators with the construction based on

relations among relevant cash streams are the basis

for the evaluation of the growth possibilities of an

enterprise and its solvency [10]. Furthermore,

financial indicators should be constructed on the

basis of assigning costs to the period to which they

relate. The results of enterprises are the reflection

of various phenomena of conducted activity, and

they are not perfect substitutes as regards signals

delivered to market participants [11]. Both the

results and cash flows are important measures, and

their use should be complementary [12]. It is worth

noting that cash flows allow transposing

(transforming) cash streams into cash results [13].

Autors [14] stated that the category of financial

security is not homogeneous, and determined the

state of economic distress (financial stability,

bankruptcy and liquidation of an enterprise). The

main areas of creating and ensuring the financial

security of an enterprise, leading to the continuation

and development of its activity, are provisions for

certain or probable losses and expenses [15]. They

follow the principles of precaution, of matching

revenues and costs, and of going concern and

growth.

There is a general tendency in the current

business environment and business model lifecycles

that future streams of profit are insecure [16]. This

enforces new market proposals and building higher

levels of competitiveness in relation to new

entrepreneurship in the market [17]. Studies on

these businesses indicate that the enterprises which

adopt more strategic orientation will perform better

[18]. In turn, the internal characteristics relating to

small enterprises, access to financial capital,

provides the necessary loose parts of resources in

order to encourage experimenting in the enterprise

with the aim to make use of new opportunities in the

market [19]. The strategic orientation of an

enterprise and entrepreneurship aspects, including

styles of decision-making, methods and practices of

operation, are more indicative of how the enterprise

acts than what it does [20]. The enterprises which

are capable of matching a number of certain strong

features to the characteristics of their environment

are superior to other enterprises.

The importance of the business model consists in

its interpretation in the circumstances of its

integration (logical cohesion), relative explanation

and reference [21]. The enterprise’s resources are

valuable if they allow decreasing costs or increase

product price [22]. The imitation-related costs co-

vary in historical conditions – with causal ambiguity

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and social complexity of resources [23]. This causes

varying impacts of financial resources on business

in small enterprises. This is the source of

competitive benefits in maintaining and developing

these enterprises [24]. The author last referred to

indicates that the existence of unique structural

features is an important determinant of strategic

results. The theory of economic structure indicates

that the aforementioned changes are the result of

structural and qualitative changes. Such a process of

changes in relations requires re-investments and is

easier when large amounts of financial capital are

accessible.

The business model is typical for the integration

of various theoretical perspectives; it also includes

incompatibility and process theory [25]. For this

reason, the study of entrepreneurship with the use of

business model parameters and their relations is not

clear [26]. This author points out the causes,

including external environment, its needs and value,

and proposals for an enterprise, as well as its

internal factors. These approaches focus on the

growth of whole businesses (sets of enterprises), and

thus the notion of business models is used. The

studies suggest the asymmetric impact of the

financial crisis on the ability to secure external

funding. There were no differences in accessibility

to credit in Hungary and in Poland before and

during the crisis [27].

3 Methodology

There are more than three categories of enterprises

(SMEs). In addition to the fact that the enterprise

itself is an economic category, the set of analysed

enterprises is the unobservable value of a

characteristic of continuous character. Recent

studies on the observance of the going concern

principle in Polish mini, small and medium-sized

enterprises indicate that approximately half of them

go bankrupt after five years of activity. It can be

supposed that the set of analysed enterprises may

have the character of the proportionality of the odds

for growth. Where following the going concern

principle becomes difficult, the valuation of assets

and liabilities, as well as their mutual relations, are

subject to change. This indicates the universal

character of the search for solutions suiting the

needs of all participants of the financial market.

Financial security has a direct relationship with

prices and their relationships. It is related to the

emergence of deficits (the deficit theory) in the

economic activity of economic entities, which may

result from the excess of own costs over the

production value (economic deficit) or from a low

level of prices (financial deficit). This article

contributes to the Theory of Scarcity, especially

with financial security resulting from low price

levels (cost advantage in the market).

The novelty of the model consists in the use of

the mixed intensity function in the process of

securing events of various types occurring as

arranged in relation to each other in time. The mixed

intensity function is a method used to analyze the

relationship between events of different types

(production and product safety fund, and market and

capital safety fund), i.e. economic security and

financial security considered jointly with respect to

time.

The financial security of enterprises shall be

understood as access to financial resources. In the

conducted studies of the financial verification of

two financial funds which potentially ensure

financial security, they have been presented as

independent variables (explaining the financial

security of enterprises).

The linear character of financing leads to the

linear paradox which does not ensure financial

perspectives for enterprises, conditions for

continuing and developing their activities. Only

more than proportional financing from European

funds may constitute the basis for their verification

and usability in the scope the financial security of

the analysed enterprises. Therefore, the Cobb-

Douglas power function model was used for the

econometric evaluation of two European funds

proposed for supporting the growth and

development of the analysed enterprises in the

financial perspective in the years 2014-2020.

The selection of empirical variables for the

Cobb-Douglas model was conducted using the

matrix of coefficients of logarithm correlation,

while the basis for the selection of variables for the

model was the principle of strong correlation

between the independent variable and the dependent

variable, and poor correlation among independent

variables. Numerical calculations were conducted

using the SPSS software.

The Cobb-Douglas power function is describable as follows:

Enterprises (SME) = f (EU operational fund, EU market and capital support fund) (1)

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The Cobb-Douglas function in a symbolic form:   e* (2)

(e* – estimation error)

Average the financial security of contribution: the operating fund and on aid of market and the capital:



 󰇛󰇜

Marginal the financial security of operating fund and on aid of market and the capital:



 󰇛󰇜

The above measures of economic effects have been used in the econometric analysis in question.

4 Results and Discussion

The study was carried out on the basis of sets of

empirical data of mini, small and medium-sized

enterprises and two EU financial funds in all

provinces and enterprises in Poland in 2014. The

starting point for the discussion on the curvilinear

Cobb-Douglas power model is the definition of the

dependent variable. This results from the studies

conducted by [28] which show that there is a

negative correlation between the level of financial

standing (determined with the use of methods of

multidimensional comparative analysis) of the

specialised households and subventions realised in

the framework of the Common Agricultural Policy.

Therefore, the problem of determining the

dependent variable arises. The variability of

economic and financial factors depends on many

factors. This means that here there is a problem of

interactions among various types of determinants.

This indicates difficulties with the definition and

measurement of the financial security of enterprises.

This definition is open-ended and dynamic, and

difficult as regards its unambiguous quantification.

Determining the dependent variable as the

positive net result also explains the return on the

invested capital. However, this result may be

distorted by the investments made. Furthermore, the

number of enterprises may therefore be a

characteristic of the independent (descriptive)

variable, but it can also determine the dependent

(described) variable. Enterprise as the economic

category may be a dependent variable in the

situation where the financial security is of an

evolving, and therefore long-term nature (EU

Funds).

The linear correlation of the variable of the

number of enterprises with the variable of revenues

from the sale of products, goods and services of

these enterprises is 0.982, and with the variable of

the surplus of revenues over costs it is 0.819, at the

significance of correlation 0.00. Pearson's

correlation coefficient r in the finite group of the

analysed empirical distributions determines the

direction of dependence, which is characterised by a

high degree of correlation between the number of

enterprises (r = 1) and the above variables. This

explains the accurate selection of the number of

enterprises as the dependent variable when

analysing the verification of the performance of two

EU funds which constitute the financial security of

mini, small and medium-sized enterprises in Poland

in the years 2014-2020. In turn, Pearson's

correlation coefficient r of the dependent variable of

the number of enterprises with the independent

variable of the European operational fund is 0.808,

and with the variable of the (new) European fund

supporting markets and capital it is 0.991, at the

significance level of 0.00. At the same time,

Pearson's correlation coefficient r between the

independent variables (EU funds) is 0.757, at the

significance level of 0.001. This means that the

strength of dependence between the dependent

variable of the number of enterprises and the

independent variables (funds) is greater than

between the independent variables. The included

determinations of the strength of the linear

correlation of characteristics enable the presentation

of the parameters of variable characteristics in table

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Table 1. Parameters of variable characteristics in mini, small and medium-sized enterprises (SMEs) in Poland

in 2014 and in the years 2014-2020

Specification

Unit of

measurement

Symbol

Arithmetic

mean

Range

min.-max.

Variation

coefficient %

Mini, small and medium-sized

enterprises in 2014

number

119132.56

39707-

332071

66.7

European operational fund

available in the years 2014-2020

million euro

1952.9

906.1-

3473.6

34.7

European fund for supporting

markets and capital in the years

2014-2020

million euro

147.7

45.3-484.2

80.5

Source: Statistical Yearbook of Provinces, Central Statistical Office in Warsaw, 2015. Regional Operational

Programmes for the years 2014-2020. Ministry of Development, Warsaw, 2014.

It results from the data in table 1 that the number of

enterprises as a dependent variable demonstrates,

intermediate between independent variables, relative

differentiation of the characteristic in the

distribution. At the same time, the lowest relative

differentiation of the characteristic in the

distribution can be seen in the European operational

fund. Micro, small and medium-sized enterprises

will be able to receive support from this fund for

investments in new machines, increasing energy

efficiency, renewable energy sources, information

technologies, research and development, and

scientific cooperation. These are the areas of support

which relate mainly to the production process and

the product. The relative differentiation of the

characteristic in the distribution of the European

fund for supporting markets and capital is more than

2.3 times higher. This indicates that the values of

the characteristic of units are more scattered around

the average in the set of the latter fund. This means

that the role of this variable in shaping the financial

security of the analysed enterprises will be the

greatest.

Building the financial security network is

connected with the economic activity of a given

country. These conditions are contained in the

information about the value of the characteristic of

empirical data, while their regression dependence

has been expressed by the function of Cobb-

Douglas type with its statistical evaluations. This

curvilinear regression dependence in tabulated form

is presented in table 2.

Table 2. Power regression of the number of enterprises (SMEs) (Y1) from the European operational fund (X2)

and the European fund for supporting markets and capital (X3) in the years 2014-2020

Regression

coefficient

Standard error

Test t

Significance level

428.37

0.229

0.788

0.41

0.07

0.04

14.7

3.3

21.3

0.00

0.01

0.00

0.99

Source: Own calculations

a - delogarithmized absolute term.

The data in table 2 present the regression

dependence of the number of enterprises (Y1) on the

European operational fund (X2) and European fund

for supporting markets and capital (X3) (newly

introduced). The above variables (X2 and X3)

explain 99% of the variability of enterprises. The

number of enterprises of regression expressed by the

coefficient of determination (R2) above 0.9 indicates

a very good explanation of the financial security of

enterprises. Furthermore, the higher the R2, the

better the matching to the empirical data and the

higher the confidence in the regression model. The

strength of the relationship expressed by the

multiple correlation coefficient (R) between the

number of enterprises and the European operational

fund and the European fund for supporting markets

and capital as the positive square root from R2 is

99.5%. The correlation does not mean there is a

causative relationship. Therefore, herein the

regression dependence has been analysed. Standard

errors of regression coefficients (parameters) are

lower than 50% of their absolute values. In turn, the

absolute values of the t test are several times higher

than the values of regression coefficients, while the

significance level of regression coefficients remains

in the range of 0.00-0.01.

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The randomness test of the random component

distribution was performed by graphical analysis

and number series test, at 0.05 significance level.

The graphical analysis and number series test

confirmed the verification of the hypothesis

assuming the accuracy of the choice of analytical

form of these model (Table 2). The random

component normality was checked with the Shapiro-

Wilka test. The achieved values, compared with

critical values at the 0.05 significance level did not

substantiate the rejection of the hypothesis that the

random component distribution was normal.

Autocorrelation checked with the Durbin-Watson

test proved the absence of random component

autocorrelation at the 0.05 significance level. The

hypothesis of random component

homoscedasticity was verified with the Goldfeld-

Quandt test. Assuming that the significance level

was 0.05, the obtained critical values of Snedecor’s

F distribution were higher than the calculated ones;

therefore there was no reason to reject the

hypothesis of homoscedasticity of random

components [29]. Mutual correlating independent

variables (0.757) it does not make up problem, if it

does not cross the general level of multiple

correlation (0.995) (0.757<0.995) [30].

The above statistical evaluations of the

regression coefficients (parameters) provide

information about the possibility of using them in

the econometric analysis of the variability of the

number of enterprises in relation to the financial

security provided by the EU funds (X2 and X3) in

the years 2014-2020.

Regression coefficients, function parameters at

X2 and X3, describe the flexibility (flexibility

coefficients) of the number of enterprises in relation

to EU funds (X2 and X3) (of the financial security).

They are the flexibility of Y1 in relation to X2 and

X3, and according to the marginal theory of

distribution by J.B. Clark, they are the shares of the

European funds (X2 and X3) in relation to

enterprises.

The flexibility of the analysed enterprises (table

2) is higher in relation to the EU fund for supporting

markets and capital (0.788) than to the EU

operational fund (0.229). The impact of the EU fund

for supporting markets and capital on the analysed

enterprises in the years 2014-2020 will be nearly 3.5

times greater than that of the operational fund

connected with processes and products. It also has

to be stressed that the EU fund for supporting

markets and capital may have the character of a

multiplier, increasing the value of revenues from

sales in the analysed enterprises in Poland.

However, the decisions relating to the

implementation of the fund for supporting markets

and capital will be shaped by the environment of a

given enterprise [31].

This results from the sum of flexibility

coefficients (powers) (table 2) greater than unity

(1.017) that the number of enterprises in relation to

the combined impact of the EU funds increases

more than proportionally at the relatively constant

level of other financial assets. Therefore, constant

economies of scale and revenues will be secured as

a result of the impact of the EU funds (X2 and X3).

The discussed model has the character of a

homogeneous function, meaning a function where

EU Funds and enterprises increase by the same

percentage (1%). An increase in the number of

enterprises in total by 10% results in an increase in

the EU funds by 10.17%. The newly introduced EU

fund supporting access to markets and capital in the

years 2014-2020 will increase the dynamics of the

entire economic system. It will contribute to the

emergence of new sales markets. On one hand, the

system will undergo integration (will gain strength);

on the other hand, it will stimulate technological

development [32].

This results from the proportion of impact (sum

of flexibilities = 100%) (table 2): in the analysed

enterprises the impact of the European operational

fund is 22.52%, while the impact of the European

fund for supporting markets and capital is 77.48%.

The financial security ensured by the EU Funds

expresses varying ability to exert this impact on

enterprises [33]. Theoretical relations between the

analysed EU funds include financial relationships.

They concern pecuniary relations of varying

character and level of complexity which will arise

among enterprises in economic and social processes.

The basis for the study is the market model relating

to financial security, which permits the existence of

the administrative model of allocation of the EU

funds within provinces (regions) and enterprises.

Thus, the obtained model of the Cobb-Douglas

power regression will be used to determine and

evaluate the average and marginal financial security

of enterprises in the years 2014-2020 in Poland.

Therefore, it is necessary to determine, within the

range of extrema, the level of the EU operational

fund corresponding to the number of enterprises.

They have been used to determine the average and

marginal financial security of enterprises, which is

presented in table 3.

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Table 3. Average and marginal financial security enterprises ensured by the European operational fund (X2) in

Poland in the years 2014-2020

Number of mini, small

and medium-sized

enterprises Y1

Gain in the European

operational fund in

million euro X2

Financial security enterprises (SMEs):

average million

euro/enterprise

X2/Y1

marginal million

euro/enterprise

(X2/Y1*power at X2)

108721.6

1191.4

0.0110

0.0025

114200.1

1476.7

0.0129

0.0030

118914.3

1762.0

0.0148

0.0034

123072.0

2047.3

0.0166

0.0038

126804.3

2332.6

0.0184

0.0042

130199.7

2617.9

0.0201

0.0046

133320.7

2903.2

0.0218

0.0050

136213.5

3188.5

0.0234

0.0054

Source: data from tables 1 and 2. Author’s calculations.

The average and marginal financial security of

enterprises (table 3 and 4) in relation to each other is

proportional through the constant flexibility of

enterprises in relation to the EU operational fund

and the EU fund for supporting markets and capital

in enterprises.

The average financial security of enterprises

(table 3) increases more than 2 times in the range of

the EU operational fund together with the increase

in the number of enterprises. The average financial

security is connected through constant flexibility

with the marginal financial security, which also

increases 2 times. In turn, the relation of the

marginal financial security to the average financial

security is 1:4.3 and has a relatively constant

character. The implementation of the EU

operational fund together with the increase of

enterprises will significantly ensure financial

security (will cause the increase in marginal gains)

in the years 2014-2020.

The average and marginal financial security

ensured by the EU fund supporting access to

markets and capital in enterprises is presented in

table 4.

This results from the data in table 4 which show

that the average and marginal financial security of

enterprises is similar and increases with the increase

in the number of enterprises in the years 2014-2020.

This means that the implementation of the EU fund

for supporting markets and capital will remain in the

sphere of rational management of this fund of the

financial security in the years 2014-2020. The fund

for supporting markets and capital, introduced as the

new source of financing, will be the efficient

(economic) source of financial security as regards

securing the revenues from sales in the analysed

enterprises in the years 2014-2020.

Table 4. Average and marginal financial security of enterprises ensured by the EU fund for supporting markets

and capital (X3) in Poland in the years 2014-2020

Number of mini, small

and medium-sized

enterprises Y1

Gain in the European

fund for supporting

market and capital in

million euro X3

Financial security of enterprises (SMEs):

average million

euro/enterprise at X3/Y1

marginal million

euro/enterprise

(X3/Y1*power at X3)

87212.2

94.1

0.0011

0.0009

121214.3

142.9

0.0012

0.0009

152789.9

191.7

0.0013

0.0010

182686.8

240.5

0.0013

0.0010

211315.4

289.3

0.0014

0.0011

238933.0

338.1

0.0014

0.0011

265715.1

386.9

0.0015

0.0011

291788.6

435.7

0.0015

0.0012

Source: data from tables 1 and 2. Author’s calculations.

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2022.19.108

Jan Zwolak

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Volume 19, 2022

Based on the data presented in tables 3 and 4, the

average growth rate was calculated within the range

of extrema of the individual analysed categories of

the financial security ensured by the EU funds in

Poland in the years 2014-2020. It results from table

5 that the average growth rate of the number of

enterprises (3%) will be secured by the 3 times

faster growth rate of the gain of the financial

operational fund in the enterprises in Poland in the

years 2014-2020.

In turn, the average and marginal financial

security of these enterprises will increase at the

same growth rate (over 11%). This will be the basic

financial security for the operations of these

enterprises, aiming at the rationality of management

in the years 2014-2020.

Table 5. Average growth rate in the range of variability: enterprises (Y1), financial funds (X2 and X3) and the

average and marginal financial security of enterprises, %

Specification

% (table 3)

% (table 4)

Number of enterprises (Y1)

3.27

18.83

Gain in the financial operational fund (X2)

15.10

Gain in the financial fund for supporting markets

and capital (X3)

24.48

Financial security:

-average

11.45

4.75

- marginal

1145

4.75

Source: data from tables 3 and 4. Calculations made using dynamics based on variable and geometric mean.

In turn, at the average growth rate of the number of

enterprises close to 19%, financial security will

increase 1.3 times faster by supporting markets and

capital from the European fund. Although the

relations between the average growth rates are

slowed down, the average growth rate of the number

of enterprises may increase at a rate close to 6 times

faster. At the same time the average growth rate of

the average and marginal financial security ensured

by the financial fund supporting markets and capital

will similarly be close to 5%. This growth rate is

nearly slower by half than for the average and

marginal financial security ensured by the financial

operational fund. It has to be noted, however, that

supporting markets and capital from the financial

fund will ensure rational financial security in the

growth and stabilisation of the revenues from sales

in the analysed enterprises in the years 2014-2020.

5 Conclusion

The conducted empirical studies confirmed the

hypothesis that new special funds for support for

access to markets and easier access to capital will

have a greater impact (0.788) on the financial

security of the analysed enterprises than previously

(and currently) existing operational funds under the

Regional Programmes in the years 2014-2020.

The European operational fund and the European

fund for support for access to markets and easier

access to capital explained 99% of the variability of

enterprises (R2). This explanation is very high. At

the same time, the strength of the relationship

described by the correlation coefficient, between the

number of enterprises and the EU operational fund

and the fund supporting access to markets and

capital was 99.5% (R) ( = R).

The financial security of mini, small and

medium-sized enterprises in relation to the

combined impact of the operational fund and the

fund supporting access to markets and capital will

increase more than proportionally (1.017). An

increase in the number of the analysed enterprises in

total by 10% will result in a gain in the EU funds -

operational and supporting access to markets and

capital - by 10.17%.

Together with the increase in the number of

enterprises, the average and marginal financial

security of enterprises ensured by the EU

operational fund will increase more than 2 times in

the years 2014-2020. Also, the average and

marginal financial security of enterprises ensured by

the fund supporting access to markets and capital is

similar and will increase. This means that the

financial support ensured by the latter fund will

remain in the sphere of rational management of

financial security in enterprises in the years 2014-

2020.

Research shows that the average pace of growth

in the number of enterprises may increase at a

growth rate of 6 times faster. The average growth

rate of the average and marginal financial security

by supporting the market and capital is the same

close to 5%. This indicates that the flexibility of this

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DOI: 10.37394/23207.2022.19.108

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Volume 19, 2022

fund may come close to 1. The growth rate of the

average and marginal financial security is more than

twice as fast as the increase in the operational fund.

The latter is important, albeit high per unit, as it

expresses an assessment of companies' production

and product processes.

The average growth rate of the number of the

analysed enterprises (3%) will be connected with a 3

times faster growth rate of the gain in the financial

operational fund, while the average and marginal

financial security of these enterprises ensured by the

aforementioned fund will increase at the same rate

(over 11%). At the same time, an average growth

rate of the number of analysed enterprises close to

19% will be connected with a 1.3 times faster

growth rate of support for markets and capital from

the European fund. Nevertheless, support for

markets and capital will ensure rational financial

security in the growth and stabilisation of the

revenues from sales in the analysed enterprises in

Poland in the years 2014-2020.

Research in financial security will continue

towards finding the dependent variable that would

be best explained by independent variables.

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