Rynek kapitałowy w procesie transformacji gospodarczej w Polsce

Abstract

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 market.