Financial structure and diversification of European firms
Financial structure and diversification of European firms
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欧洲企业的财务结构和多元化
DOI：
10.1080/00036846.2015.1005829
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
C. O’Toole
中科院分区：
文献类型：
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作者：
M. Lawless;B. O'connell;C. O’Toole
事实证明，中小企业主要依赖银行提供资金，与大公司不同，它们很少直接进入资本市场。这篇文章着眼于中小企业在多大程度上利用更广泛的融资选择，以及它们的使用在不同公司和国家之间是如何不同的。在所有国家，我们发现，公司目前正在使用两到三个资金来源来为其运营提供资金，并且以前有过其他类型的融资经验。不同国家之间存在一些明显的差异，外围经济体的多元化程度普遍较低。公司规模和年龄组之间的差异比跨国差异更为明显，较小和较年轻的公司明显更依赖于有限的一组融资类型，而较老的较大公司的财务结构更加多样化。看看个别融资来源，我们发现贸易信贷和非正式融资来源在所有国家都非常普遍，爱尔兰公司特别可能将其用作融资来源。
Small and medium enterprises have been shown to rely mainly on banks for funding and, unlike larger firms, rarely have direct access to capital markets. This article looks at the extent to which SMEs avail of a wider range of funding options and how their use differs across firms and countries. Across all countries, we find that firms are currently using two or three sources of finance to fund their operations and have had previous experience of other types of funding. There are some noticeable differences across countries with peripheral economies generally being less diversified. Differences across firm size and age groups are more marked than cross-country variation, with smaller and younger firms significantly more reliant on a limited set of finance types and older, larger firms having more diversified financial structures. Looking at individual sources of financing, we find that trade credit and informal sources of finance are extremely prevalent across all countries, with Irish firms being particularly likely to use them as sources of funding.
DOI：
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发表时间：
2022
期刊：
影响因子：
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作者：
Giang Nguyen
通讯作者：
Giang Nguyen