Abstract:

Financial management in modern enterprises becomes particularly important in crisis conditions. Many years of experience of scientists and researchers indicate that attention to the proper relations between the capital structure and the asset structure is the key to the success of an enterprise and a condition for its survival in the conditions of an unstable macro-environment. The COVID-19 pandemic and the war in Ukraine have left a mark on the global economy. The effects of these events also affected the Polish economy and Polish entrepreneurs.

This study attempts to identify macroeconomic factors influencing the capital structure of enterprises. Particular attention was focused on the relationship between the debt structure and the structure of assets responsible for maintaining financial liquidity. Researchers have often proven that deterioration of financial liquidity is the main reason for the bankruptcy of enterprises, despite their profitability.

In the light of the research carried out, based on data covering the non-financial enterprise sector in Poland, the main factors shaping the financial liquidity of Polish enterprises in the conditions of an unstable macro-environment were selected. Debt management and inflation had the greatest impact on the degree of liquidity ratios. Profitability and the economic situation did not have a significant impact on the degree of liquidity in crisis conditions. The Polish enterprise sector did not significantly suffer the effects of the COVID-19 pandemic, however, the negative effects of the war in Ukraine are noticeable. This is not a good prognosis for the future if the armed conflict in Ukraine lasts longer.
The time scope of the study spans over the period 2019-2023, and the discussed subject matter covers the sector of Polish non-financial enterprises. The following research methods were used in the study: critical analysis of the source literature, statistical analysis, financial analysis and Pearson linear correlation analysis.