BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Ayadi Rym
Tytuł
SME Financing in Europe : Measures to Improve the Rating Culture Under the New Banking Rules
Źródło
Prace Naukowe / Akademia Ekonomiczna w Katowicach. Finance and Real Economy - Selected Research and Policy Issues, 2008, s. 97-135, tab., wykr., bibliogr. 72 poz.
Słowa kluczowe
Małe i średnie przedsiębiorstwa, Finansowanie small businessu, Sektor bankowy
Small business, Small business financing, Banking sector
Kraj/Region
Europa
Europe
Abstrakt
Sektor MSP odgrywa główną rolę w promowaniu zatrudnienia, wzrostu gospodarczego i innowacji w Europie. Dlatego też jest bardzo ważnym upewnić się, że warunki finansowania MSP nie są zbyt restrykcyjne z powodu bardziej rygorystycznych zasad kapitałowych, zwłaszcza kiedy już występują trudności w dostępie do funduszów na rynku kapitałowym, wynikające z ich ograniczonej wielkości i reputacji. Niniejszy artykuł objaśnia kwestię źródeł finansowania MSP w Europie; wykorzystanie i strukturę finansowania MSP, jak również, główne ograniczenia i środki umożliwiające poprawę kultury rankingowej przy nowych zasadach bankowych. (AT)

It is widely accepted that the SME sector plays a central role in promoting employment, growth and innovation in Europe. Therefore, it is very important to ensure that financing conditions for SMEs are not overly tight because of more stringent capital rules, particularly when they already have difficulties in accessing finance in capital markets given their limited size and reputation. This paper gives insight into sources of SME financing in Europe; use and structure of SME financing, main constrains, as well as, measures to improve the rating culture under the new banking rules.
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Ade B., Heimer T., Loch F., Lehmann T., Steimle V. (2003): The New Framework for Capital Adequacy (Basel II). Consequences for Small and Medium-sized Enterprises (SMEs) and Presentation of Political Options for the Implementation. Background paper prepared for the European Parliament, EB/IV/A/2003/07/02, Hochschule fur Bankwirtschaft (HfB), Frankfurt.
  2. Altman E.I., Sabato G. (2005): Global Effects of the New Basel Capital Accord’s Implementation on SMEs. Discussion paper presented at the conference of the Swedish Network for European Studies in Economics and Business in Molle, May.
  3. Altman E., Resti A., Sironi A. (2002): The Link between Default and Recovery Rates, Effects of the Procyclicality on Capital Requirements. BIS Working Paper No. 113, Bank for International Settlements, Basel.
  4. Ayadi R., De Rossi F. (2004a): Practical Implications of the New Basel Capital Accord for the European Financial System: Results and Analysis of an Industry Survey. Centre for European Policy Studies, Brussels (see http://www.ceps.be/Article.php?article _id=349).
  5. Ayadi R., De Rossi F. (2004b): Facing the Credit Squeeze: Effects of the Capital Adequacy and Late Payments Directives on SMEs. Report of a joint CEPS-Intrum Justitia roundtable, Centre for European Policy Studies, Brussels, November (see http://shop.ceps.be).
  6. Ayadi R., Resti A. (2004): The New Basel Capital Accord and the Future of the European Financial System. CEPS Task Force Report No. 51, Centre for European Policy Studies, Brussels, April.
  7. Bank of International Settlements (BIS) (1988): International Convergence of Capital Measurements and Capital Standards. Basel, July.
  8. Bank of International Settlements (BIS) (2000): Range of Practice in Banks’ Internal Ratings Systems. BIS, Basel, January.
  9. Bank of International Settlements (BIS) (2001a): Consultative Document - The New Basel Capital Accord. BIS, Basel, January.
  10. Bank of International Settlements (BIS) (2001b): Progress Towards the Completion of the New Basel Capital Accord. Press release, BIS, Basel, December.
  11. Bank of International Settlements (BIS) (2002): Basel Committee Reaches Agreements on New Capital Accord Issues. Press release, BIS, Basel, July.
  12. Bank of International Settlements (BIS) (2003a): Consultative Document - The New Basel Capital Accord. BIS, Basel, April.
  13. Bank of International Settlements (BIS) (2003b): Quantitative Impact Study 3 - Overview of Global Results. BIS, Basel, May.
  14. Bank of International Settlements (BIS) (2003c): Supplementary Information on QIS-3, Bank for International Settlements. BIS, Basel, May.
  15. Bank of International Settlements (BIS) (2003d): Basel II: Significant Progress on Major Issues. Press release, BIS, Basel, October.
  16. Bank of International Settlements (BIS) (2004): International Convergence of Capital Measurements and Capital Standards - A Revised Framework. BIS, Basel, June.
  17. Berger A.N. (2004): Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States. Board of Governors of the Federal Reserve System, Washington D.C., February.
  18. Berger A.N., Udell G.F. (1998): The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. “Journal of Banking and Finance”, Vol. 22, pp. 613-673.
  19. Berger A.N., Saunders A., Scalise J.M., Udell G.F. (1998): The Effects of Bank Mergers and Acquisitions on Small Business Lending. “Journal of Financial Economics”, Vol. 50, pp. 187-229.
  20. Boot A.W.A. (2000): Relationship Banking: What do We Know? “Journal of Financial Intermediation, Vol. 9, pp. 7-25.
  21. Bottazzi L., Da Rin M., Hellmann T. (2004): The Changing Face of the European Venture Capital Industry: Facts and Analysis. “Journal of Private Equity”, Vol. 8, No. 1, Winter.
  22. Catarineu-Rabell E., Jackson P., Tsomocos D. (2003): Procyclicality and the New Basel Accord, Banks’ Choice of Loan Granting System. Working Paper No. 181, Bank of England, London.
  23. Creditreform (2003): Insolvenzen in Europa, Jahr 2002/2003. Neuss.
  24. Crouhy M., Galai D., Mark R. (2001): A Comparative Analysis of Current Credit Risk Models. “Journal of Banking and Finance”, Vol. 24, pp. 59-117.
  25. Euler Hermes (2005): The Role and the Importance of Credit Insurance in Credit Management. A survey of UK businesses by the Credit Management Research Centre for Euler Hermes, London, April.
  26. European Commission (2000): The European Observatory for European SMEs, Sixth Report. The European Observatory for SMEs, prepared by KPMG and EIM Small Business Research Consultancy, in cooperation with the European Network for SME Research, Luxembourg.
  27. European Commission (2001): Enterprises’ Access to Finance. Commission Staff Working Paper, SEC (2001) 1667, Brussels, October.
  28. European Commission (2002): SMEs in Europe, Including a First Glance at EU Candidate Countries. The European Observatory for SMEs, Report No. 2, Enterprise Publications, Luxembourg.
  29. European Commission (2003): The European Observatory for European SMEs, SMEs and Access to Finance. Brussels.
  30. European Commission (2003a): Review of the Capital Requirements for Credit Institutions and Investment Firms - Third Quantitative Impact Study: EU Results. Brussels, July.
  31. European Commission (2003b): Review of the Capital Requirements for Credit Institutions and Investment Firms, Third Quantitative Impact Study: Methodological Annex. Mimeo, Brussels, July.
  32. European Commission (2003c): Commission Recommendations of 06/05/2003 Concerning the Definition of Micro, Small and Medium-sized Enterprises. Brussels.
  33. European Commission (2003d): Review of Capital Requirements for Banks and Investment Firms. Commission Services Third Consultation Paper, Brussels, July.
  34. European Commission (2003e): Review of the Capital Requirements for Credit Institutions and Investment Firms. Brussels (retrievable at: www.bis.org/bcbs/qis/ QIS-3).
  35. European Commission (2003f): Access to Finance of Small and Medium-sized Enterprises. Communication from the Commission to the Council and the European Parliament, December, Brussels.
  36. European Commission (2004a): Study on the Financial and Macroeconomic Consequences of the Draft Proposed New Capital Requirements for Banks and Investment Firms. Study prepared by PricewaterhouseCoopers and the National Institute for Economic and Social Research, MARKT/2003/02/F, Brussels.
  37. European Commission (2004b): The New Capital Requirements for Banks and Investments Firms. Brussels, July.
  38. European Commission (2004c): Code of Conduct between Credit Institutions and SMEs. Commission Staff Working Document, Brussels.
  39. European Commission (2005): Credit Insurance for European SMEs - A Guide to Assessing the Need to Manage Liquidity Risk. Brussels.
  40. European Commission (2005a): The New SME Definition: User’s Guide and Model Declaration. Brussels.
  41. European Commission (2005b): Results from the Survey of European Banks. Survey undertaken by McKinsey and Company and Company and System Consulting Network S.r.l (Notably Prof. Riccardo De Lisa), May, Brussels.
  42. European Commission (2005c): How to Deal with the New Rating Culture - A Practical Guide to Loan Financing for Small and Medium-sized Enterprises. Study undertaken by McKinsey and Company and System Consulting Network S.r.l (Notably Prof. Riccardo De Lisa), July, Brussels.
  43. European Network for SME Research (2002). Enterprise Survey (retrieved from http://europa.eu.int/comm/enterprise/enterprise_policy/analysis/observatory_en. htm).
  44. European Network for SME Research (2003). Enterprise Survey (retrieved from http://europa.eu.int/comm/enterprise/enterprisej_policy/analysis/observatory_en. htm).
  45. European Private Equity and Venture Capital Association (EVCA) (2004): Further Comments to the Basel Committee: The Risk Profile of Private Equity and Venture Capital, February.
  46. Exco Grant & Thornton Survey (2001): Enterprises’ Access to Finance. Annual survey on SMEs, published as European Commission (2001): Commission Staff Working Paper, SEC (2001) 1667, Brussels, October.
  47. Global Conference on Credit Scoring (2001): Conference Proceedings. 2-3 April, Washington D.C.
  48. Greater London Enterprise Ltd. (2003): Analysis of Use of Factoring. London.
  49. Heitfield E. (2004): Rating System Dynamics and Bank-reported Default Probabilities under the New Basel Capital Accord. Federal Reserve Board, Washington, D.C. (retrieved from www.defaultrisk.com).
  50. Intrum Justitia (2005): European Payment Index: All Time High Number of Insolvencies - Lower Payment Risks. Stockholm, Spring.
  51. Jordan J., Peek J., Rosengren E. (2003): Credit Risk Modelling and the Cyclically of Capital. Working Paper, Federal Reserve Bank of Boston.
  52. Kashyap A.K., Stein J.C. (2003): Cyclical Implications of the Basel II Capital Standards. Working Paper, University of Chicago, Chicago, I1.
  53. Leaseurope (2002): Leasing Activity in Europe: Key Facts and Figures. Brussels.
  54. Mercer Oliver Wyman (2004): The Future of Business Banking in Europe. NY, January (retrieved from http://www.merceroliverwyman.com).
  55. Ong M.K. (2003): Internal Credit Risk Models: Capital Allocation and Performance Measurements. Risk Books, London.
  56. Ong M.K. (2004): The Basel Handbook: A Guide for Financial Practitioners. Risk Books, London.
  57. Prowse S. (1998): Angel Investors and the Market for Angel Investments. “Journal of Banking and Finance”, Vol. 22, pp. 785-92.
  58. Sahlman W.A. (1990): The Structure and Governance of Venture Capital Organisations. “Journal of Financial Economics”, pp. 471-521.
  59. San José Riestra A. (2002): Credit Bureaus in Today’s Credit Markets. ECRI Research Report No. 4. Centre for European Policy Studies, Brussels, September.
  60. San José Riestra A. (2003): Credit Insurance in Europe: Impact, Measurement and Policy Recommendations. CEPS Research Report in Banking and Finance No. 31, Centre for European Policy Studies, Brussels, February.
  61. Saurina J., Trucharte C. (2004): The Impact of Basel II on Lending to Small- and Medium-sized Firms: A Regulatory Policy Assessment Based on Spanish Credit Register Data. “Journal of Finance Services Research”, Vol. 26, pp. 121-44.
  62. Schure P., Wagenvoort R., O’Brien D. (2004): The Efficiency and Conduct of European Banks, Developments after 1992. “Review of Financial Economics”, Vol. 13.
  63. Schwaiger W.S.A. (2002): Basel II: Quantitative Impact Study on Austrian Small and Medium-sized Enterprises. Technical University of Vienna.
  64. Soley Sans J., Rahnema A. (2004): Basilea II: Una nueva forma de relacion Banca-Empresa, IESE Business School. McGraw Hill, New York.
  65. Standard & Poor’s (S&P) (2003). http://www.standardsandpoors.com
  66. Stiglitz J.E., Weiss A. (1981): Credit Rationing in Markets with Imperfect Information. “American Economic Review”, No. 71/3, pp. 393-410.
  67. Udell G.F. (2004): SME Lending: Defining the Issues in a Global Perspective. Working Paper, Kelley School of Business, Indiana University.
  68. Wagenvoort R. (2003a): Are Finance Constraints Hindering the Growth of SMEs on Europe? “EIB Papers”, Vol. 2, No. 2, European Investment Bank, Luxembourg.
  69. Wagenvoort R. (2003b): SME Finance in Europe, Introduction and Overview. “EIB Papers”, Vol. 2, No. 2, European Investment Bank, Luxembourg.
  70. Wagenvoort R. (2003c): Bank Survey Evidence on Bank Lending to SMEs in the European Union. Economic and Financial Report 2003/01, European Investment Bank, Luxembourg.
  71. Wetzel Jr. W.E (1994): Venture Capital. In: The Portable MBA in Entrepreneurship. Ed. W.D. Bygrave. John Wiley & Sons, New York, pp. 172-94.
  72. World Bank (2004): Financing Small and Medium-sized Enterprises with Factoring: Global Growth in Factoring and its Potential in Eastern Europe. A Joint publication of the World Bank’s private and financial sector development department and the development economics research group, Washington, D.C., May.
Cytowane przez
Pokaż
Język
eng
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu