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Access to finance and venture capital for industrial SMEs

Author

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  • Heimer, Thomas
  • Hölscher, Luise
  • Werner, Matthias Ralf

Abstract

SMEs play a crucial role for European economies. The numbers show the high importance of SMEs for national economies. Accordingly, it is no surprise that the regulatory framework SMEs are imbedded in is the subject of an important political discussion. In the discussion it is frequently mentioned by representatives of SMEs as well as associations of SMEs, that the access to finance for SMEs is still inferior. Based on the importance of SMEs for national economies and the discussion on the accessibility of financial resources for SMEs, it is the main objective of this study to provide solid data on the access of SMEs to financial resources. To provide the data, the study is focusing on four main issues. First of all, the importance of SMEs for national economies will be shown. After that the financing of SMEs in selected countries will be analysed. Then the availability of venture capital for SMEs will be discussed. Finally the tax regimes and the influence of the tax system on the access to finance for SMEs will be analysed. Since there is still a large variety among the tax systems of the European Union member states, the study has focused on Austria, France, Germany, Poland and the United Kingdom.

Suggested Citation

  • Heimer, Thomas & Hölscher, Luise & Werner, Matthias Ralf, 2008. "Access to finance and venture capital for industrial SMEs," Frankfurt School - Working Paper Series 97, Frankfurt School of Finance and Management.
  • Handle: RePEc:zbw:fsfmwp:97
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    File URL: https://www.econstor.eu/bitstream/10419/27863/1/577675613.PDF
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    References listed on IDEAS

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    Cited by:

    1. Hartmut Hirsch-Kreinsen, 2011. "Financial Market and Technological Innovation," Industry and Innovation, Taylor & Francis Journals, vol. 18(4), pages 351-368.

    More about this item

    Keywords

    SME; financial structure; venture capital; tax framework; accounting standards;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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