Do financial instruments or grants have a bigger effect on SMEs’ access to finance? Evidence from Hungary
Do financial instruments or grants have a bigger effect on SMEs’ access to finance? Evidence from Hungary
复制标题
匈牙利的证据表明，金融工具或赠款对中小企业获得融资的影响更大吗？
DOI：
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
Gergő Závecz
中科院分区：
文献类型：
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作者：
G. Nyikos;A. Béres;Tamás Laposa;Gergő Závecz
欧洲的经济形势正在改善，但在中欧和东欧，企业家和中小企业仍然缺乏资金。在这种情况下，公共资金可以发挥重要作用。除了赠款，金融工具的使用最近在中东欧也越来越受欢迎。本文件旨在研究不同金融工具的微观影响，以了解哪种类型的融资最适合政策制定者在改善中小企业获得融资的机会，从而实现长期、可持续的经济增长方面的建议。所使用的数据库是一个以企业年度为分析单位的小组，变量包括企业一级的特点、关于欧洲联盟（欧盟）补贴的年度汇总信息和关于企业获得的信贷的年度汇总信息。使用倾向评分匹配进行分析。最终目标是显示欧盟基金-赠款和金融机构-是否在微观层面上对匈牙利后共产主义经济的发展做出了贡献。结果表明，补贴的使用对就业、销售以及在某些情况下对生产力产生了积极影响。值得注意的是，赠款似乎得到了有效利用。然而，研究结果也表明，提供金融服务与先进生产力有更直接的关系。结论是金融机构对匈牙利经济产生了更积极的影响。，在为欧盟2021-2027年多年度金融框架制定方案时，本文介绍了获得融资领域的原创研究，展示了证据并评估了使用赠款与金融机构的效果，强调了两种发展工具之间的差异。它为决策者提供了宝贵的见解，以便以最有效和最高效的方式规划政策工具和使用资金。
The economic situation in Europe is improving, nevertheless in Central and Eastern Europe (CEE) entrepreneurs and small and medium enterprises (SMEs) are still lacking in finances. In this situation, public funding can play an important role. Besides grants, the use of financial instruments (FIs) has become increasingly popular lately in CEE as well. This paper aims to examine the micro-level effects of the different financial tools to understand which type of finance could be most recommended for policymakers in relation to improving access to finance for SMEs, and thus achieving long-term, sustainable economic growth.,The database used is a panel with firm-years as the units of analysis, the variables contain firm-level characteristics, yearly aggregated information on European Union (EU) subsidies and yearly aggregated information on credits received by the firms. The analyses are done using propensity score matching. The ultimate goal is to show whether the EU funds – grants and FIs – have contributed to the development of the Hungarian post-communist economy at micro level or not.,The result shows that the use of subsidies has a positive impact on employment, sales and in certain settings on productivity. It is very important to notice, that grants seem to be used effectively. However, the results also show that the provision of the FI holds more direct relevance to advanced productivity. The conclusion is that FIs have more positive impact on the Hungarian economy.,At the time of the programming for the EU 2021-2027 multiannual financial framework, the paper presents original research in the field of access to finance showing evidence and evaluating the effect of using grants versus FIs, emphasiing differences between the two development tools. It is providing an invaluable insight to the policymaker for planning policy tools and use of funds in a most effective and efficient way.