ABSTRACT
This chapter explains the reasons behind the increase in corporate savings in the era of financialization. It explores the opportunity to improve the financial situation due to valuation at fair value encourages companies to increase their scale of financial investment and create or develop business groups. Valuation at fair value, by virtue of the Polish Accounting Act, concerns financial investment and investment property. According to the pecking order theory a company prefers to finance future investments from internal sources of financing, including own cash resources. As in the National Accounts methodology, non-financial corporate savings are calculated based on net profit, less the payment of dividends and repurchase of own shares. Financial assets are not only a capital conservation buffer in case of shock liquidity changes, but also a speculative component of investors' portfolio because assets' rate of return is as high as non-financial investments', for which financial assets became a substitute.
