Research of EU tools for financial support of small and medium-sized enterprises

Authors

  • Юрій Олександрович Нікітін V. Bakul Institute for Superhard Materials of the National Academy of Sciences of Ukraine, Avtozavodskaya Str., 2, Kyiv, 04074, Ukraine https://orcid.org/0000-0002-8361-7115
  • Марина Василівна Мельник V. Bakul Institute for Superhard Materials of the National Academy of Sciences of Ukraine, Avtozavodskaya Str., 2, Kyiv, 04074, Ukraine https://orcid.org/0000-0001-5731-9088
  • Станіслав Олександрович Хвалінський V. Bakul Institute for Superhard Materials of the National Academy of Sciences of Ukraine, Avtozavodskaya Str., 2, Kyiv, 04074, Ukraine https://orcid.org/0000-0002-4716-1819
  • Василь Миколайович Невмержицький State University of Technology and Infrastructure, Frunze Str., 9, Kyiv, 04071, Ukraine https://orcid.org/0000-0002-1788-010X

DOI:

https://doi.org/10.15587/2312-8372.2016.87240

Keywords:

innovative enterprises, small and medium-sized enterprises, financial instruments for SME development

Abstract

Research and the comparative analysis of tools and financial support of small and medium-sized enterprises (SMEs) by European Union (EU) were provided. The features and problems of access to finance for innovative SMEs EU were defined.

In the EU after searching of customers for SMEs the second problem for SMEs is lie in accessing to funding sources. Urgency of this problem was increased in recent years. The gap between the needs for SMEs and the available external financing was increased, and for improve the situation, the public guarantee system was created by some of the EU countries. This situation can have the negative side-effects by reducing the incentive to improve the capacity of financial institutions, impedes restructuring, enables weak SMEs to survive, and encourages SMEs to remain small for ordering to maintain the right to receive the state support. In accordance with the stages of SMEs development in our research was shown that the bank lending is the bad tool for supporting the innovative SMEs. Such type of financing is attractive for the companies with stable cash flows and long-term positive financial history.

It was established that the sources of external financing of innovative SMEs must not only bank loans, and bank overdrafts, credit lines, leasing, factoring, trade credit and instruments of grant and credit financial support to the Horizon 2020 and other European funds.

The advantages, disadvantages of financial instruments to support the development of innovative SMEs of the European Union were defined. Such practice provides the right guidance and opportunities for the development of such tools in Ukraine.

Author Biographies

Юрій Олександрович Нікітін, V. Bakul Institute for Superhard Materials of the National Academy of Sciences of Ukraine, Avtozavodskaya Str., 2, Kyiv, 04074

Doctor of Technical Sciences, Professor

Sector of Innovation and Technology Transfer

Марина Василівна Мельник, V. Bakul Institute for Superhard Materials of the National Academy of Sciences of Ukraine, Avtozavodskaya Str., 2, Kyiv, 04074

Sector of Innovation and Technology Transfer

Станіслав Олександрович Хвалінський, V. Bakul Institute for Superhard Materials of the National Academy of Sciences of Ukraine, Avtozavodskaya Str., 2, Kyiv, 04074

Candidate of Economic Sciences

Sector of Innovation and Technology Transfer

Василь Миколайович Невмержицький, State University of Technology and Infrastructure, Frunze Str., 9, Kyiv, 04071

Department of Economics and Management

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Published

2016-11-24

How to Cite

Нікітін, Ю. О., Мельник, М. В., Хвалінський, С. О., & Невмержицький, В. М. (2016). Research of EU tools for financial support of small and medium-sized enterprises. Technology Audit and Production Reserves, 6(4(32), 24–29. https://doi.org/10.15587/2312-8372.2016.87240

Issue

Vol. 6 No. 4(32) (2016): Economics and management of enterprise

Section

Economics and Enterprise Management: Original Research

License

Copyright (c) 2016 Юрій Олександрович Нікітін, Marina Melnik, Stanislav Khvalinskyi, Vasylii Nevmerzhitskiy

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