ABSTRACT

The aim of this article is to compare financial performance of the largest non-financial state-owned enterprises (SOEs) and privately owned enterprises in the years 2013–2015. We performed a univariate as well as discriminant analysis using various indicators assessing profitability, financial liquidity, and financial operational efficiency. When observing several aspects of financial performance, it is difficult to state whether SOEs underperform. Compared to privately owned enterprises, state companies achieve higher returns on assets. However, they underperform in terms of fixed capital employed, inventory management and have less financial liquidity.

中文翻译：

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与私有公司相比，国有企业的表现是否逊色？波兰最大的企业考察

摘要

本文旨在比较2013–2015年最大的非金融国有企业（SOE）和私营企业的财务绩效。我们使用评估盈利能力，财务流动性和财务运营效率的各种指标进行了单变量和判别分析。当观察财务绩效的多个方面时，很难说明国有企业是否表现不佳。与私有企业相比，国有公司获得更高的资产收益率。但是，它们在固定资本使用，库存管理方面表现不佳，财务流动性较低。