Problems of Financing of SMEs in the Countries of the European Economic Area (EEA) Till its Enlargement of 1st May 2004 and Bulgaria - a Comparative Analysis

• Autorzy: Orlin Todorov
• Języki publikacji: EN

Abstrakty

EN

The author considers that there exist considerable differences in the economic development of the member-states of the European Economic Area (EEA) till its last enlargement of 01.05.2004, and the newly adhered and newly adhering countries. (...) The main objective of the study is to make a comparative analysis of the problems of financing of the small and medium enterprises (SMEs) in the EEA and Bulgaria and of the government policies in their support, as well as to draw some conclusions. In this connection some important issues of the impact of information asymmetry on the financial markets are examined in the first part (...) In the second section, three presumptions are drawn and proofs are being given that SMEs in the EEA are affected in a greater degree by the problems of financing that the large-scale enterprises. In the third part an assumption is also made and proven that the Bulgarian SMEs are affected in a greater degree by the information asymmetry than the SMEs from EEA, which explains why they meet relatively greater problems in financing. (fragment of text)

Słowa kluczowe

EN

Small business; Small business financing; Small business support; European Economic Area

PL

Małe i średnie przedsiębiorstwa; Finansowanie small businessu; Wspieranie small businessu; Europejski Obszar Gospodarczy

• Czasopismo: Prace Naukowe / Akademia Ekonomiczna w Katowicach
• Rocznik: 2005
• Tom: Entrepreneurship Governance Local and Regional Development
• Strony: 115--124

Twórcy

autor

Orlin Todorov

• University of Economics in Varna, Bulgaria

Bibliografia

• Akerlof G.A.: The Market for "Lemons": Quality Uncertainty and the Market Mechanism. "The Quarterly Journal of Economics" 1970, Vol. 84, August.
• Annual Report 2003. Transparency International, New York 2004.
• Arrow K.J.: Essays in the Theory of Risk Bearing. Markham-Chicago 1971.
• Bannock G., Peacock A.: Governments and Small Business. Paul Chapman, London 1989.
• Berger A.N., Udell G.F.: Collateral, Loan Quality and Bank Risk. "Journal of Monetary Economics", Vol. 25.
• Besanko D., Thakor A.: Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets. "International Economic Review" 1987, Vol. 28, No 3, October.
• Bester H.: The Role of Collateral in the Credit Markets with Imperfect Information. "European Economic Review" 1987, Vol. 31.
• Comment beneficier des Mesures auxquelles vous avez droits. Ministere des petites et moyennes entreprises, Paris 2000.
• Cosh A., Hughes A.: Size, Financial Structure and Profitability: UK Companies in the 1980s. [in:] Finance and the Small Firm. Eds. A. Hughes, D. Storey. Routledge-London 1989.
• Cowling M., Samuels J., Sugden R.: Small Firms and Clearing Banks. Research Centre for Industrial Strategy. University of Birmingham, England 1996.
• Daly M.: Business Failure Statistics, Statistical Services, Employment Department. London 1996, July.
• Economic Consequences and Perspectives for the European Union. Report, Center for European Integration Studies. University of Bonn, 2003.
• Egeln J., Licht G., Steil F.: Firm Foundations and the Role of Financial Constraints in Small Business Economics. Kluwer Accademic Publishers, The Netherlands 1997, No 9.
• European Observatory for SMEs Research. ENSR, EIM, The Netherlands 1995.
• European Observatory for SMEs Research. Third Annual Report. European Network for SMEs Research. EIM, The Netherlands 1996.
• European Observatory for SMEs Research. Fourth Annual Report. European Network for SMEs Research. EIM, The Netherlands 1998.
• European Observatory for SMEs Research. ENSR, EIM, The Netherlands 2000.
• European Observatory for SMEs Research. Eigth Annual Report. European Network for SMEs Research. EIM, The Netherlands 2002.
• Greenwald B., Stiglitz J.E., Weiss A.: Information Imperfections in the Capital Market and Microeconomic Fluctuations. "American Economic Review" 1984, Vol. 74, No 2.
• Hughes A., Storey D.J.: Finance and the Small Firm. Routledge-London-New York 1994.
• Intelligence Economist Unit. London 2004, May.
• Levratto N.: Small Firms Finance in France. Small Business Economics. Kluwer Accademic Pulishers, The Netherlands 1996, No 8.
• Moore B.: Financial Constraints to the Growth and Development of Small High Technology Firms. [in:] A. Hughes, D.J. Storey: Finance and the Small Firm. Routledge-London-New York 1994.
• Observatory of European SMEs 2003. No 2. Report SMEs and Access to Finance. European Commission, Belgium 2003.
• Observatory of European SMEs 2002. No 8. Higligths from the Survey 2002. European Commission, Brussels 2002.
• Observatory of European SMEs 2002. No 8. European Commission, Brussels 2003.
• Prets CODEVI. Agence pour la creation d' entreprises, Principales aides financieres. Fonds propres et quasi fond propres. Prets a long et moyen terme. Guarantie divers. Agence pour la creation d' entreprises (APCE), Paris 2000.
• Produits d'assurance prospection. Produits d'assurance change import-export. Produits d'assurance change negotiation. COFACE, Paris 2002.
• Smallbone D., North D., Leigh R.: The Use of External Assistance by Mature SMEs. [in:] Entrepreunership and Regional Development. Vol. 5, London 1993.
• Stiglitz J.E., Weiss A.: Credit Rationing in Markets with Imperfect Information. "American Economic Review" 1981, Vol. 73, June.
• Todorov O.: Problems of Financing of the SMEs in the EEA and Bulgaria. Steno-Varna 2003.
• Williamson O.E.: Markets and Hierarchies: Analysis and Antitrust Implications. The Free Press, London 1975.
• www.bmz.de Bundesministerium fur Wirtschaftliche Zusamenarbeit. Bund-AKA- Exportfinanzierungskredite, Bund Innovationskompetenz Mittelstandsdischer Unternehmen.
• www.kfw.de Kreditanstalt fur Wideraufbau. KfW SME Programme for Business Investment; KfW SME Programme-Liquidity Aid.
• Годишен отчет на БНБ за 2001г. БНБ,София 2002.
• Годишен отчет на БНБ за 2002г. БНБ,София 2003.
• Годишен отчет на БНБ за 2003г. БНБ,София 2004.
• Доклад за корупцията в България за 2003 г. Коалиция 2000, София 2004, Коалиция 2000.
• Доклад за малките и средни предприятия в България за 2000 г. АМСП, София 2001.
• Доклад за малките и средни предприятия в България за 2001 г. АМСП, София 2002.
• Доклад за малките и средни предприятия в България за 2001-2002 г. АМСП, София 2003.
• Икономиката на България през четвъртото тримесечие на 2003 г., доклад на ЦИР, доклад, София 2004.
• Кредитнa политика на фирмите от нефинансовия сeктор в България, доклад, Кредитреформ България,Софиа 2004.
• Малки и средни предприятия и конкурентоспособност, Център за икономическо развитие, София 2001.
• Небанкови източници за фнансиране на дребните и cрeдни предприятия, Институт за икономическа пoлитика, София, май 1999.
• Осовни тенденции във външното съдействие на мeждyправителствeнa oснова за малките и cредни предприятия в Бългaрия през периода 1999-2001 г., изследване, Институт по търговия, София 2001.
• Редовен доклад за напредъка на България в процеса на присъединяване за 2002 г.Брюксел 2002.
• Рeдoвен доклад за напредъка на България в процеса на присъединяване за 2003 г. Брюксел 2003.