Janusz Cichy

University of Economics in Katowice Poland

janusz.cichy@ue.katowice.pl

Innovative economy, and the activity of financial market institutions.

Case of Poland

Witold Gradoń

University of Economics in Katowice Poland

wgradon@ue.katowice.pl

Abstract. The article presents the institutional arrangements in Poland concerning the sup- port of innovative activity of enterprises, mainly in the scope of availability of financing sources. The main aim of the study is to assess the activity of financial market institutions in the field of innovations financing and the attempt to present the relations between the availability of capital and the level of economy’s innovativeness.

Innovativeness of the economy is the result of interrelatedness between companies, science and government, but the factor determining innovativeness is capital avail- ability. Although the offer of funding sources of innovation is wide, it can be argued that its use is unsatisfactory. Mainly banks are responsible for such a situation, which are characterized by, in addition to certain regulatory restrictions, risk aversion. Banks, achieving financial benefits during conducted activities, do not see, so far, a need to engage in risky ventures, that innovation financing is considered.

Received: September, 2015

1st Revision: December, 2015

Accepted: March, 2016

DOI: 10.14254/2071-8330.2016/9-1/11

JEL Classification: G21, G23, G24, O31.

Keywords: innovation, financial market, financial capital, economy, enterprise