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Łuczka Teresa (Poznań University of Technology,, Poland), Małecka Joanna (Poznań University of Technology,, Poland)
Selected Factors Affecting the Choice of Financial Instruments by Small and Medium-Sized Enterprises in Poland
Business and Non-profit Organizations Facing Increased Competition and Growing Customers' Demands, 2017, vol. 16, s. 375-387, tab., bibliogr. 27 poz.
Małe i średnie przedsiębiorstwa, Źródła finansowania, Instrumenty finansowe
Small business, Source of financing, Financial instruments
The ongoing economic changes have directly affected the development of SMEs. Although these enterprises make a major contribution to basic macroeconomic performance indicators and flexibility, they are capable of adapting to changing environmental conditions and dynamic in their operations, and still do not fully exploit the opportunities offered to them by the capital market. Legislative and administrative burdens on small and medium-sized enterprises are disproportionately high compared to those faced by large companies. On the one hand, market imperfections, increased pressures, limited access to research, innovation, supply networks and chains do not help SMEs to grow. On the other hand, through their resilience in the face of sudden economic changes and competitive pressures, SMEs demonstrate a determination that allows them to continue to influence economic growth of individual countries directly. Moreover, make the EU economy competitive in international markets. What are the key factors that impede the diversification of funding sources preventing their efficient growth? Why are SME owners and managers still regarded as having insufficient knowledge about the efforts to provide them with guidance and support, in particular at the European level? The article attempts to identify internal factors underlying the use of the available financial instruments by SMEs. On the basis of statistics and the author's research, an attempt has been made to identify internal factors that prevent or hamper the proactive use of modern capital market instruments by SMEs. From this point of view, it is also interesting to see the results of the author's own research on the approaches taken by prospective entrepreneurs who plan to start their own business within the next three years. (original abstract)
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