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Bratkowski Andrzej, Grosfeld Irena
Investment and Finance in de novo Private Firms: Empirical Results from the Czech Republic, Hungary and Poland
The Economics of Transition, 2000, vol. 8, nr 1, s. 101-116
Małe i średnie przedsiębiorstwa, Sektor prywatny w gospodarce, Kredytowanie działalności przedsiębiorstwa
Small business, Private sector in economy, Business activity lending
Węgry, Republika Czeska, Polska
Hungary, Czech Republic, Poland
Studium badawcze, którego celem jest sprawdzenie czy nowopowstające małe firmy prywatne doświadczają ograniczeń w dostępie do kredytów. W oparciu o próbę 281 firm z Czech, Węgier i Polski autorzy stwierdzają brak mechanizmów zagrażających powstawaniu nowych przedsiębiorstw w badanych krajach.

In this paper the authors use a survey of 281 Czech, Hungarian and Polish newly-established small private firms in order to shed some light on the constraints these firms face in the credit market. The results of the survey show that imperfections in capital markets in Central European economies do not seem to actually inhibit the growth of new private firms. Credit markets do exist for de novo private firms in the three Central European transition economies studied, and they provide quite a large amount of financing from an early stage of the existence of firms. Financial intermediation works reasonably well as far as de novo private firms are concerned: loss-making de novo firms have a lower probability of getting credit than profitable ones. Banks protect themselves against the risk of a deteriorating pool of borrowers by requiring collateral for their loans. We do not find convincing evidence concerning the existence of adverse selection. Loss-making firms are not ready to pay higher interest rates than profitable firms and are not more likely to ask for credit than profitable firms.
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