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Financing of the EU SMEs by the Capital Markets: An Overview

Author

Listed:
  • Angela Roman

    (“Alexandru Ioan Cuza” University of Iasi)

  • Valentina Diana Rusu

    (Department of Interdisciplinary Research – Human and Social, “Alexandru Ioan Cuza” University of Iasi)

Abstract

Improving access to finance for SMEs by promoting the development of alternative non-banking financing channels represents in the current context a highly debated topic by European and national authorities, and academics. This paper discusses the possibility of EU28 SMEs financing through the capital markets, highlighting the difficulties faced by SMEs when seeking to obtain finance in these markets, but also the funding opportunities based on the market that have emerged in recent years. Furthermore, our study highlights the main recent EU initiatives used to develop alternative sources for SMEs financing, which are intended to complement bank lending. By its content, our paper emphasizes the need to promote and develop of market-based financing instruments in order to reduce excessive dependence of SMEs by banks, but also to strengthen the resilience of real economy to shocks and banking crises

Suggested Citation

  • Angela Roman & Valentina Diana Rusu, 2015. "Financing of the EU SMEs by the Capital Markets: An Overview," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 546-551, May.
    • Handle: RePEc:ovi:oviste:v:xv:y:2015:i:2:p:546-551
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    File URL: http://stec.univ-ovidius.ro/html/anale/RO/2015/i2/ANALE%20vol%2015%20issue_2_2015_site.pdf
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    Citations

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    Cited by:

    1. Kovač, Jakov & Šesnić, Frane & Krišto, Jakša, 2018. "Perspectives of SME Financing Through Capital Markets: the Case of Croatia," 6th International OFEL Conference on Governance, Management and Entrepreneurship. New Business Models and Institutional Entrepreneurs: Leading Disruptive Change (Dubrovnik, 2018), in: 6th International OFEL Conference on Governance, Management and Entrepreneurship. New Business Models and Institutional Entrepreneurs: Leading Disrupt, pages 583-597, Governance Research and Development Centre (CIRU), Zagreb.

    More about this item

    Keywords

    SMEs financing; bank lending; alternative financing; capital markets;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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