Financing SMEs in Europe
Rym Ayadi (),
Vitor Gaspar and
Reinhilde Veugelers ()
No 2009/3 in SUERF Studies from SUERF - The European Money and Finance Forum, currently edited by Natacha Valla
Small and medium-sized enterprises are a centrepiece of Europe?s economy. Due to their limited size and their generally lower creditworthiness, their access to financial market instruments is more limited than for large enterprises, which benefit from more elaborate Treasury operations, economies of scale also in their financing operations and, in particular, from access to securitized lending and stock markets. These limitations for SMEs may seriously limit their expansion potential and, in particular when it comes to lack of risk capital, their innovation and R&D activity. Against this background, a conference on "Financing SMEs in Europe" was jointly organised by SUERF and the Banque de France on 11 and 12 September 2008 in Paris. The conference addressed three issues: First, major theories of SMEs? financing behaviour were presented and evaluated. Second, the nexus between financing constraints and the growth and profitability of SMEs was investigated empirically on the basis of cross-country and a number of individual country case studies. Third, the special role of bank credit for SMEs, the consequences of Basel II on credit risk analysis and SMEs? possible strategic replies were discussed. This article aims to provide an overview of major lines of argument and insights derived from the conference, and draws some conclusions for the current financial crisis and economic downturn and for the longer-term.
Keywords: Banks Rating Models; SME Financing; Ex-ante Risk Classification; Basel Capital Accord (Basel II); Capital Requirements Directive (CRD); capital structure; business start-ups; innovation; young innovative companies (search for similar items in EconPapers)
JEL-codes: G21 G32 O52 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
https://www.suerf.org/docx/s_43351f7bf9a215be70c2c2caa7555002_2289_suerf.pdf Main Text (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:erf:erfstu:55
Ordering information: This item can be ordered from
SUERF c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna, Austria
The price is Electronically free of charge, Print: free for members, 40 euro for non-members.
Access Statistics for this book
More books in SUERF Studies from SUERF - The European Money and Finance Forum SUERF c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna, Austria. Contact information at EDIRC.
Bibliographic data for series maintained by Dragana Popovic ().