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Autor
Łasak Piotr (Jagiellonian University)
Tytuł
The Role of Financial Technology and Entrepreneurial Finance Practices in Funding Small and Medium-Sized Enterprises
Źródło
Journal of Entrepreneurship, Management and Innovation (JEMI), 2022, vol. 18, nr 1, s. 7-34, tab., bibliogr. s. 26-34
Tytuł własny numeru
Entrepreneurship and Innovation in the Age of Digital Transformation
Słowa kluczowe
Technologie finansowe, Małe i średnie przedsiębiorstwa, Kraje rozwijające się
FinTech, Small business, Developing countries
Uwagi
Klasyfikacja JEL: D21, G21, G32, L26, O39
streszcz., summ.
Abstrakt
CEL: Tradycyjne źródła finansowania (kredyty bankowe) nie mogą być traktowane jako podstawowe źródło finansowania MŚP w krajach rozwijających się. Z tego powodu wskazana grupa podmiotów korzysta z wielu alternatywnych źródeł, od bootstrappingu, po mikrofinansowanie i crowdfunding. W ciągu ostatniej dekady znaczący wkład w tym obszarze ma technologia finansowa. Cel artykułu można sprowadzić do trzech aspektów: 1) przedstawienia roli technologii finansowych w finansowaniu MŚP, 2) zbadania roli podmiotów opartych na technologii finansowej w finansowaniu MŚP w krajach rozwijających się 3) analizy innych pozabankowych aspektów finansowania MŚP, prowadzących do poprawy sytuacji finansowej tych podmiotów. Dogłębna analiza praktyk stosowanych w ramach finansów przedsiębiorczych zostanie rozwinięta w kolejnych artykułach prezentowanych w tym numerze. METODYKA: Niniejsze badanie wykorzystuje podejście teoretyczne oparte na narracyjnym przeglądzie literatury. Główna uwaga skupia się na zastosowaniu technologii finansowej jako stymulatora finansowania MŚP w krajach rozwijających się. WYNIKI: W konsekwencji występowania luki w finansowaniu MŚP w ramach tradycyjnego systemu finansowego, podmioty te korzystają z finansowania pozabankowego, opartego na technologii finansowej. Badania potwierdzają, że technologia finansowa odgrywa kluczową rolę w poprawie sytuacji finansowej MŚP w krajach rozwijających się i zapewnia inkluzję finansową tych podmiotów. Zarówno technologia finansowa, jak i przedsiębiorstwa oparte na tej technologii w znaczący sposób przyczyniają się do poprawy efektywności finansowania MŚP w badanej grupie krajów. Umożliwiają one również świadczenie szerszego zakresu usług, niż oferował tradycyjny sektor finansowy. W odniesieniu do innych aspektów finansowania MŚP, konieczne jest wdrożenie w jak najszerszym zakresie mikrofinansowania i finansowania społecznościowego. Mechanizmy te, wraz z procesem budżetowym oraz dostosowaniem do elektronicznego systemu podatkowego są ważnymi determinantami współczesnego finansowania MŚP. IMPLIKACJE: Artykuł opisuje finansowanie MŚP w krajach rozwijających się. Zapewnia wgląd w obecną sytuację finansową MŚP w tych krajach oraz podkreśla istotne znaczenie rozwoju technologicznego, zapewniającego wsparcie finansowania. Artykuł wskazuje również na przesłanki do kształtowania post-pandemicznej polityki w zakresie finansowania MŚP.ORYGINALNOŚĆ/ WARTOŚĆ: Mimo dużego wzrostu teoretycznej i empirycznej literatury dotyczącej przedsiębiorczości finansowej (entrepreneurial finance), niniejsze badanie również ma na celu wniesienie wkładu w ten obszar badawczy. Wpływ technologii finansowych na MŚP w krajach rozwijających się i oddziaływanie podmiotów działających w oparciu o technologie fintech na tę grupę przedsiębiorstw jest nadal słabo zbadany. Ponadto badanie zawiera krótki przegląd innych źródeł finansowania MŚP w krajach rozwijających się oraz ich uwarunkowań. (abstrakt oryginalny)

PURPOSE: The traditional sources of financing (bank loans) cannot be treated as an essential source of financing for SMEs in developing countries. For this reason, this group of entities uses many alternative sources, from bootstrapping to microfinance and crowdfunding. During the last decade, a significant contribution in this area has been done by financial technology. The purpose of this study is threefold: 1) to present the role of financial technologies in financing SMEs, 2) to examine the role of entities based on financial technology in financing SMEs in developing countries, and 3) to consider other non-bank aspects of financing SMEs, leading to the improvement of the financial situation of these entities. The in-depth analysis of these entrepreneurial finance practices will be developed in the following papers presented in this Issue. METHODOLOGY: This study employs a theoretical approach based on a narrative literature review. The primary attention is focused on applying financial technology as a stimulant for the finance of SMEs in developing countries. FINDINGS: As a consequence of the financing gap for SMEs within the traditional financial system, these entities use non-bank financing based on financial technology. The research confirms that financial technology plays a crucial role in fostering the financial situation of SMEs in developing countries and providing greater financial inclusion for these entities. Both, financial technology and enterprises based on this technology contribute significantly to the improvement of efficiency of financing SMEs in emerging markets. They also provide a broader range of services, than were offered by the traditional financial sector. Regarding the other aspects of SME finance, it is essential to implement such ways of financing like microfinance services and crowdfunding. Such funding mechanisms, together with the budget process and the compliance under the conditions of e-tax systems, are important determinants of current entrepreneurial finance. IMPLICATIONS: The paper describes the financing of SMEs in developing countries. The in-depth picture of the SME's financial situation, focusing on the technological development in this area, provides essential insight into this still poorly explored area. It also offers important premises for shaping the post-pandemic policy to support their further growth. ORIGINALITY/VALUE: Despite growing theoretical and empirical literature about entrepreneurial finance, this study aims to contribute to the role of financial technology in this area. The impact of financial technologies and the role of fintech-based entities on SME activity in developing countries are still poorly researched. Moreover, the research provides a brief overview of other SME funding sources and their determinants in this group of countries. (original abstract)
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Bibliografia
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Cytowane przez
Pokaż
ISSN
2299-7075
Język
eng
URI / DOI
https://doi.org/10.7341/20221811
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