M. Syrek (red.), "Dylematy funkcjonowania i rozwoju polskiej gospodarki w latach dziewięćdziesiątych" (S. 69-80). Katowice : Wydawnictwo Uniwersytetu Śląskiego
In this article is presented the essence and the structure of the capital
market, understood as the financial mechanism of allocation of resources and
the valuation of the property of enterprises. A discussion is given of two basic
types of stock: shares and bonds. The fundamental differences between them
are shown and also the mechanisms governing price changes of these securities
on the secondary market.
As from April 1991, that is from the first session of the Stock Market in
Warsaw, we have here a process of formation of a capital market in Poland.
In the opinion of the author of this article, the appreciable rise in prices and
turnover on the Warsaw stock market in 1993, coupled with the optimistic
projections of further development of this market, should not be allowed to mask
the fact of its significant drawbacks. One of these is the small number of firms
noted in the stock exchange, which means that it is automatically a speculator’s