Nakłady inwestycyjne w przemyśle spożywczym

The aim of the paper is to present some factors influencing the level of investment outlays in enterprises as well as changes in absolute and relative levels of investments in entire food industry and its selected branches. The analysis covers period of 1992-2000. The study results show that investments in enterprises are mainly determined by the following variables: anticipated demand for own product, the real interest rates, own prices, tax policy and availability of credit. Absolute and relative level of investments as well as inputs to depreciation ratio indicate that food industry benefited from opportunities created by the economy transformation. Empirical analysis discovers that the most prosperous branches include food concentrates, bakeries, feeding-stuffs, brewery and non-alcoholic beverages, whereas the less successful are: potato processing, sugar industry, spirits and wines. Two industries: oil and sugar have not maintained the high level of investments recorded in the first decade of the transformation where in the case of such industries as meat, fruit and vegetables, and dairy the investments have been stable. Observed tendency in the investments results from the changes in consumption patterns in Poland, different rate of ownership transformation process, trade policy and the changes in the methods of animal feeding.