The author analyzes the structure of financing enterprises in Poland in 1992-2005. She looks at her findings through the lens of key business financing theories as well as data yielded by international research. In doing so, Nawrot aims to fill a gap in international research because most other researchers dealing with the subject focus on emerging markets in South America and Asia rather than Central and Eastern Europe. The paper features a research method based on a detailed analysis of individual sources of financing in the analyzed period, taking into account changes in enterprises’ ownership structures as well as changes in the choice of sources of funds in the context of the overall changes in the economy. Nawrot’s analyses reveal that changes in the structure of financing Polish enterprises—though consistent with international business financing theories and congruent with the results of analyses made for other emerging markets—largely stemmed from the specific conditions in which these companies operated in the analyzed period, following market-oriented reforms in the Polish economy.