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Access to finance and venture capital for industrial SMEs

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

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    Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 97.

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    Date of creation: 2008
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    Handle: RePEc:zbw:fsfmwp:97
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    1. Anders, Dietmar & Binder, Andreas & Hesdahl, Ralf & Schalast, Christoph & Thöne, Thomas, 2004. "Aktuelle Fragen des Bank- und Kapitalmarktrechts I: Non-Performing-Loans/Faule Kredite - Handel, Work-Out, Outsourcing und Securitisation," Frankfurt School - Working Paper Series 54, Frankfurt School of Finance and Management.
    2. Heidorn, Thomas & Kaiser, Dieter G. & Muschiol, Andrea, 2007. "Portfoliooptimierung mit Hedgefonds unter Berücksichtigung höherer Momente der Verteilung," Frankfurt School - Working Paper Series 77, Frankfurt School of Finance and Management.
    3. Demidova-Menzel, Nadeshda & Heidorn, Thomas, 2007. "Gold in the investment portfolio," Frankfurt School - Working Paper Series 87, Frankfurt School of Finance and Management.
    4. Schalast, Christoph, 2008. "Der deutsche NPL-Markt 2007: aktuelle Entwicklungen, Verkauf und Bewertung ; Berichte und Referate des NPL-Forums 2007," Frankfurt School - Working Paper Series 90, Frankfurt School of Finance and Management.
    5. Schalast, Christoph & Stralkowski, Ingo, 2008. "10 Jahre deutsche Buyouts," Frankfurt School - Working Paper Series 89, Frankfurt School of Finance and Management.
    6. Ansgar Belke & Thorsten Polleit, 2007. "How the ECB and the US Fed set interest rates," Applied Economics, Taylor & Francis Journals, vol. 39(17), pages 2197-2209.
    7. Schalast, Christoph & Daynes, Christian, 2005. "Distressed debt-investing in Deutschland: Geschäftsmodelle und Perspektiven," Frankfurt School - Working Paper Series 66, Frankfurt School of Finance and Management.
    8. Heidorn, Thomas & Hoppe, Christian & Kaiser, Dieter G., 2006. "Heterogenität von Hedgefondsindizes," Frankfurt School - Working Paper Series 71, Frankfurt School of Finance and Management.
    9. Bannier, Christina E. & Hänsel, Dennis N., 2007. "Determinants of banks' engagement in loan securitization," Frankfurt School - Working Paper Series 85, Frankfurt School of Finance and Management.
    10. Hirsch, Christian & Bannier, Christina E., 2007. "The economics of rating watchlists: Evidence from rating changes," CFS Working Paper Series 2008/02, Center for Financial Studies (CFS).
    11. Böttger, Marc & Guthoff, Anja & Heidorn, Thomas, 2008. "Loss Given Default - Modelle zur Schätzung von Recovery Rates," Frankfurt School - Working Paper Series 96, Frankfurt School of Finance and Management.
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