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Game Analysis of the Influences of Converse Selection on Enterprise Financing  [cached]
Jingting Ma,Shumei Wang,Jian Gui
Asian Social Science , 2009, DOI: 10.5539/ass.v6n1p174
Abstract: Converse selection is the phenomenon commonly existing in the market, and its connotation is the asymmetry of information. Converse selection influences the trading between two or among above two different individuals or enterprises. Enterprise financing comes down to the trading between at least two different enterprises such as the financing party and the loan party, i.e. the behavior of converse selection influences the enterprise financing, and under different financing modes, these influences are different, which can be better opened out by the game analysis. And the theory of signal can be used to reduce or eliminate the bad influences on the enterprise financing brought by the behavior of converse selection.
Small and Medium Enterprises’ Access to Financing – A European Concern: Evidence from Romanian SME  [cached]
Ionica Oncioiu
International Business Research , 2012, DOI: 10.5539/ibr.v5n8p47
Abstract: While small and medium enterprises (SME) are experiencing a period of financial and economic crisis, the European Union is providing interesting business funding opportunities for the 27 European Members States. Empirical research shows that the factors driving SME financing decisions are complex, a state of fact reflected also by an ambiguous theoretical literature. On the one hand, this paper discusses the main characteristics of SME financing in Europe and provides against this background an analysis of the impact of the funds absorption on sustaining economic growth for Romanian SME. The results confirm the fact that for Romanian SME the access to financing is a priority issue in the actual economic situation. On the other hand, the paper points out some avenues for further research on this topic.
Indian Streams Research Journal , 2013,
Abstract: Financial services are vital in developing a vibrant SME sector. However access to financial services to this sector remains severely constrained. Lack of access to financing is consistently cited by SME's as one of the barrier to growth. Commercial banks are the oldest institutions having a wide network of branches, commanding utmost public confidence and having lion's share in the total banking operations. Often commercial banks consider SME financing as risky and costly to serve because of insufficient assets, low capitalization, vulnerability to market, and lack of accounting records. The study attempts to understand the commercial banks lending to priority sector and non priority sector lending and to identify problems and prospects of SME lending. Overcoming the challenges can results in excellent opportunities to commercial banks by proving a wide market to serve and make SME lending a profitable banking operation. Moreover SME has multiple banking needs. This in turn can provide excellent opportunities in the other banking operations. Commercial banks should be proud of serving an important sector of the economy, which is the key engine growth of the Indian economy.
Research on Risk Evaluation of SME Financing based on Grey Theory
Zhangliu Wang,Lan Wang,Kai Wang
International Journal of Financial Research , 2012, DOI: 10.5430/ijfr.v3n1p73
Abstract: Small and medium enterprises (SMEs) play an important role in China’s impressive economic growth and make substantial contribution to employment and outputs in last decades. Nevertheless, a lot of bottlenecks and obstacles appear for further growth of SMEs, especially with respect to financing. SME financing is different from that of larger corporations, since they are younger and subject to more growth uncertainty than large firms, especially in developing countries. The main problems related to SME access to finance in China are the risk involved in performing bad loans is higher. So it is significant for managers and investors both in theoretical and practical fields to assess the financing risk of SMEs. This paper’s aim is to propose an analytical framework of risk evaluation on SME financing based on grey theory. Firstly, this paper discusses the current SME financing in China. Secondly, it sets up a multi-hierarchy index system. Thirdly, it confirms the weight of every index with AHP and gave a general assessment by means of a grey clustering method. Finally, a case study is conducted to validate the evaluation model and the evaluation process.
Bridging the SME Financing Gap in Ghana: The Role of Microfinance Institutions  [PDF]
Isaac Quaye, Eugene Abrokwah, Alfred Sarbah, Joseph Yaw Osei
Open Journal of Business and Management (OJBM) , 2014, DOI: 10.4236/ojbm.2014.24040
Abstract: Financing Small and Medium-Scale Enterprises (SMEs) to achieve the desirable growth and expansion has been topical for governments, policymakers, non-governmental organizations (NGOs), financial and non-financial institutions. The recent upsurge in the interest of finding ways of bridging the financing gap faced by SMEs by these stakeholders have been necessitated by the enormous contributions of SMEs to the economic development and growth of countries in areas of job creation, GDP and entrepreneurial skill development. This research therefore sought to access the role of one of the stakeholders, microfinance institutions (MFIs) in helping to bridge the financing gap faced by SMEs in Ghana. The research established that there was indeed the existence of SME financing gap in the country as most of them were denied access to credit by commercial banks and other financial institutions. The research revealed that the operations of microfinance institutions (MFIs) are having positive impact on SMEs. The study also revealed some risk mitigation tools used by MFIs in granting loans to SMEs which included provision of collateral security in the form of land or any other valuable asset, business records, credit history among others. The research concluded with some recommendations on how the SME financing gap can further be bridged by MFIs and other stakeholders which included provision of support services to SMEs by MFIs such as training services in credit management as well as the need for MFIs to improve service delivery such as faster loan approval times.
Ebiringa,Oforegbunam Thaddeus
International Journal of Economics and Research , 2011,
Abstract: This paper aims to identify the critical determinants of start-up capital structure for SMEs. It observed that due to high information asymmetries outsiders are averse to providing start-up financing to SMEs, while entrepreneurs often prefer the benefits of self control to the extent that they are averse to outside funds at start-up. However, SME start-ups with higher leverage are not only more profitable, but also report higher growth in earnings over time. Yet, leverage also makes firms vulnerable to financial market predation, which reduces their sustainability if not well managed
Analysis of Financing Dilemma of Local Government Financing Platform  [PDF]
Zefang Hu
Modern Economy (ME) , 2018, DOI: 10.4236/me.2018.912124
Abstract: With the advancement of structural deleveraging and the strengthening of regulatory policies, local government financing platform is facing a certain financing dilemma. Starting from the financing dilemma of the financing platform, this paper analyzes the specific manifestations of the financing dilemma and the external and internal causes, and on this basis explores the direction of the financing platform to break the financing dilemma and carry out the market-oriented transformation. On the basis of matching local governments’ financial and administrative powers, the paper holds that we should promote the separation of government and enterprises, optimize the business model and debt structure of the financing platform, promote the formation of market competitiveness of the financing platform, and become the market subject of self-management and self-responsibility for profits and losses.
Costandachi Gheorghe
Lex et Scientia , 2008,
Abstract: In this work is made analysis concern basically state structures of culture and arts activities, is describes the problems are met during the reforming process the financial mechanisms in cultural sphere. Author disclosed the ways evolve private and estate financing cultural sphere, also is disclosed why is need estate financial support. The work contains something detailed measures actions to improve financial and mechanisms financing of cultural sphere. Analyzing questions of modernization of budgetary financing of branch the author have formulated effectiveness of use of budgetary funds at all levels in cultural structures and proposed the ways of finishing of market reforms in cinematography. In the final of work is presented scheme system of financing, formation and distribution of financial resources in cinematography and is making conclusions and is offered wais of the solutions created present situation in this sphere in Moldova.
ICT industry and resources based analysis of maintenance SME in the Central Europe  [PDF]
?. Tesar,Z. Havlícek,V. Ocená?ek
AGRIS on-line Papers in Economics and Informatics , 2010,
Abstract: Highly competitive situation in Information and Communication technology (ICT) maintenance industryrequires a precise analysis of all important factors and carefully defined company strategy which addresses eachof these aspects. This paper presents a resource based analysis of family run SME, operating in IT parts andconsumables market. In order to understand this complex view, it first describes the company background. Itbriefly presents the industry key success factors and company strategy of the SME. The value chain analysishelps to name the main organization’s capabilities and evaluates them in terms of costs and customer willingnessto pay. Resource audit provides an analysis of key company tangible, intangible and human resources. Theoutcome of this audit shows that most of SME resources are of an intangible nature. Contrary to the highermobility of today’s resources, intangible resources of SME such as company reputation, culture and strategicbusiness relations, are mostly immobile and inimitable. Based on the audit all key resources and capabilities areappraised by their strength and importance relative to closest rivals. Results are presented in graph whichrecognizes the key strengths (family run business related) and weaknesses (IT and finance). The results of theresourced based analysis lead to recommendations for changes in order to create and retain competitiveadvantage.
Analysis of Financing Plan for Real Estate Development Project  [PDF]
Tingting Wu
Open Journal of Business and Management (OJBM) , 2019, DOI: 10.4236/ojbm.2019.73092
Abstract: Financing plan plays a key role in prophase plan of real estate development project, which attempts to find and decide the optimal scheme to offer enough capital in the real estate development. This paper firstly conducts a comparative analysis of different financing channels, then aiming at the disadvantages in real estate financing practice; the concrete improved thinking is posed. Furthermore, based on the features of financing demand in different phases of real estate development, financing procedure and methods are thoroughly analyzed to demonstrate in detail how to draw out a rational financing plan with the integrated application of diversified financing channels.
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