Ryzyko upadłości przedsiębiorstwa a wartość dla akcjonariuszy

Purpose – The purpose of this article is to analyze the impact of the risk of bankruptcy on the shareholder value, by examining the relationships between values of the discriminant function and value creation efficiency. Design/methodology/approach – Article is based on an analysis of the literature and the use of financial analysis tools in the form of efficiency measures and discriminant models in relation to the selected companies in the energy sector in Poland. Findings – The analysis confirmed the existence of a relationship between the risk of bankruptcy and changes of the shareholder value and efficiency of its creation. Originality/value – The study should be regarded as a continuation of earlier research on determinants of the enterprise value creation and a starting point for further in-depth analysis of the impact of risk, as one of enterprise value drivers, on its value.