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The aim of this article was to present a foreign p olicy of capital management in commercial companies operating in the branch purchasin g groups. In the article a detailed characteristics and classification of borrowed capital w s done. Borrowed capitals were divided into short-term liabilities, long-term liabilities and provisions for liabilities. The advantages and disadvantages of various external sources of fi nancing were presented. Then selected indicators to evaluate capital management policy in selected companies were presented. In the study the indicators showing the structure of b orrowed capitals and selected measures of financial analysis were applied. These were debt, l iquidity and turnover ratios. The study was conducted on a group of 17 small and medium-siz ed units in the construction industry. The companies tested belonged to the branch purchas ing group. The period of study concerned the year 2104. The study showed that in the majority of the companies involved the share of borrowed capitals in liabilities was littl e. A clear advantage have the equities. In the structure of borrowed capital a clear predominance have short-term liabilities and shortterm loans. In more than half of companies long-ter m liabilities do not exist, and several other companies are a negligible part in relation t o the total liabilities. The highest share in current liabilities are liabilities to suppliers, w hich is the cheapest source of financing. The studies have shown that in the analyzed units there is no threat of the loss of liquidity. This is the result of the application of good and safe m anagement policy of external sources of companies financing.

BORROWED CAPITAL IN COMPANIES OPERATING IN BRANCH PURCHASING GROUPS