Decyzyjny próg samofinansowania inwestycji na przykładzie przedsiębiorstw przetwórstwa spożywczego

The aim of the study was to determine the relationship between the level of internal financing which will determine growth of investments expenditures. The study was conducted among food processing enterprises in 2010–2014. The companies with the highest relation of financial surplus to assets noticed two times lower level of capital expenditures. This reflects the preferences of managers to maintain the financial flexibility which could lead to reducing the expenses incurred on investments. The increase of self-financing level in a study population determined a higher level of capital expenditures. Decision investment threshold which condition the increase in self-financing on the basis of the estimated regression model amounted 10%. In addition, in a research group of enterprises appeared a high level of investment rate, which reflected the utilization of all the capital accumulated in depreciation for investments purpose. These investments were also co-financed by retained income an increase in financial debt.