DOSTĘP DO FINANSOWANIA JAKO CZYNNIK ROZWOJU MAŁYCH PRZEDSIĘBIORSTW W STREFIE EURO
Abstrakt
Summary
The article examines access to finance of small enterprises in euro zone and financial constraints
affecting firm growth. It results from the research that the factors that have an impact
on the availability of external financing include i.a. general economic outlook, firm-specific
outlook and willingness of banks to lend. Recently a fragile economic growth has negatively
impacted availability of external financing for all firms in the euro area. In the case of small
enterprises access to bank loans has stabilized, however it has deteriorated and remained
a key issue in the case of microfirms. Financial obstacles, including availability of external
financing, are the most important growth constraints. They impact the smallest firm the most.
It suggests that finance should be treated with the first priority in countries interested in creating
the environment that facilitates business activity.
Key words: access to finance, small and medium-sized enterprises, economic growth, growth
constraints, bank loan, trade credit
Bibliografia
Bibliografia
Ayyagari M., Demirguc-Kunt A., Maksimovic V., How Important Are Financing Constraints?
The role of finance in the business environment, 2008, http://siteresources. worldbank.org/DEC/
Resources/How_Important_Are_Financing_Constraints.pdf, dostęp 21.03.2015
Beck T., Demirguc-Kunt A., Levine R., SMEs, growth and poverty: Cross-country evidence,
, http://siteresources.worldbank.org/INTFR/Resources/SMEs_Growth_and_Poverty_Cro
ss_Country_Evidence.pdf, dostęp 21.03.2015
Beck, T., Demirgüç-Kunt A., Small and medium-size enterprises: Access to finance as a growth
constraint, Journal of Banking and Finance 30 (2006), s. 2931-2943.
Beck T., Finance and growth – lessons from the literature and the recent crisis, 2012; http://
www.lse.ac.uk/researchAndExpertise/units/growthCommission/documents/pdf/contributions/
lseGC_beck_Finance.pdf, dostęp 21.03.2015
Klapper L, Laeven L, Rajan R., Barriers to entrepreneurship, 2004, http://faculty.chicagobo oth.
edu/raghuram.rajan/research/papers/entrepreneurship_klr_luc_laeven.pdf,dostęp 21.03.2015
Mikta M., Wpływ regulacji rynku finansowego Unii Europejskiej na finansowanie małych
i średnich przedsiębiorstw przez banki, Studia BAS, Nr 1 (37) 2014, s. 49-64
Survey on the access to finance of enterprises in the euro area, April 2014- September 2014,
European Central Bank, November 2014
The euro area bank lending survey, 3rd quarter of 2014, European Central Bank, October 2014
