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Title: Development of small and medium enterprises: the EU and east-partnership countries experience
Other Titles: Development of small and medium enterprises: the EU and east-partnership countries experience
Authors: Брітченко, Ігор Геннадійович
Britchenko, Igor
Polishchuk, Yevheniia
Dyba, M.
Svyrydenko, O.
Jarosh, Piotr
Machashtchik, Paweł
Danshina, Yulia
Cherniavska, Tetiana
Cherniavskyi, B.
Keywords: SME development, new financial instruments, SMEs innovation projects, SME financing, financing method an investor, Participating loans, Mezzanine finance, Venture capital, crowd-funding, SME-bonds, analysis of SMEs’ entrepreneurial potential
Issue Date: Mar-2018
Publisher: Wydawnictwo Państwowej Wyższej Szkoły Zawodowej im. prof. Stanisława Tarnowskiego w Tarnobrzegu
Citation: Igor Britchenko Development of small and medium enterprises: the EU and east-partnership countries experience/[Britchenko I., Polishchuk Ye. and all]/Edited by Igor Britchenko and Yevheniia Polishchuk: Wydawnictwo Państwowej Wyższej Szkoły Zawodowej im. prof. Stanisława Tarnowskiego w Tarnobrzegu, 2018. - P. 378.
Series/Report no.: УДК 334.78:336.1;
Abstract: The monograph reveals challenging issues of small and medium enterprises development in the European Union and East-Partnership countries. Special attention is paid to a new paradigm of financing investments and fostering innovations at all levels of legal entities including SMEs, enhancing innovative entrepreneurship in conditions of global social and technological challenges as well as determining priority sectors for small and medium enterprises as drivers of economic growth. The authors of the monograph emphasize on such European approaches to financing SMEs as crowd-funding and SME-bonds, analyze experience of applying fiscal instruments to support investment and innovations. The researchers underline the role of social investment as an innovative strategy for European SMEs that could be applied in Ukraine and East-partnership countries, suggest new conceptual approach to the evaluation of innovative business development. They also analyse trends of Ukrainian IT enterprises development in the context of modern information services in a global market. Additional attention is paid to the analysis of SMEs’ entrepreneurial potential in conditions of global social and technological changes, estimation effects of applying electronic governance technologies to provide administrative services by public authorities of various levels of governance. Finally, the researchers disclose economic mentality of legal entities as an informal side of financial assets and substantiate the necessity of creation entrepreneurial universities as drivers of innovative development of economy. The materials of the monograph will be useful to scholars, financial managers of companies, financial analysts, representatives of state bodies who implement the state policy in the field of SMEs development in the East-partnership countries, as well as students of economic universities.
Description: Last twenty years small and medium enterprises (here and after — SME) play crucial role and make a great impact on the growth economy. Latest research shows their incresing part in GDP in the most highly developed countries. High developed SME sector became a feature of wealthy economy and prosperous country. In the Investopedia the definition of SME looks like small and midsize enterprises are businesses that maintain revenues, assets or a number of employees below a certain threshold. Every country and economic organization has its own definition of what is considered a small and medium- sized enterprise. In the United States, there is no distinct way to identify SMEs, but in the European Union, a small-sized enterprise is a company with fewer than 50 employees, while a medium-sized enterprise is one with fewer than 250 employees. As statistics shows, more than 15,2 thousand of medium and 328 thousand of small business representatives function in Ukraine. On these enterprises more than 6.1 million employees are involved. This is not very high indicators for such a big country as Ukraine. There is a range of obstacles which exist and do not allow SME to develop. Most of them were described in huge number of scientific and popular literature. Among them there are: – Poor entrepreneurial culture in the countries. People do not know how to start and then how to run their businesses; risk of capital loosing is also make potential entrepreneurs to refuse from further actions, – The pressure of authorities on SMEs decrease the incentives of development. The cost of running business is much higher because of the corruption; – The strategy of SME development, does not fit general government policy of economic growth; – Poor literacy of knowledge about different finding sources leave SMEs on the sidelines of financial flows; – The focus on only trading activity does not accept SMEs to create innovations. This means that their competitiveness is lower than other innovative enterprises. That is why for most SMEs the grant funding, which supports innovations, is closed; – Ukrainian banks nowadays are more strictly than before in risk assessments of business. The banks suffer from the lack of clients in SME sector, but in the same time they must follow the requirements of Central Banks. Situations can be changed with the adoption of a number of measures in such directions: to develop modern and traditional instruments of SMEs projects financing; to work out the tax incentives and instruments of development innovations and investments in SME; to develop entrepreneurial culture as a background for the SMEs growth; to transform the ways of governmental support of SMEs development in the context of global challenges; to measure of the effectiveness of international support programs for the SMEs development; to propose new forms of business associations and their role in the SMEs development; to identify the priority sectors of small and medium enterprises as drivers of economic growth; to develop social investments as a contribution to SMEs development. Due to this, the goal of the study is to find out the main changes in different directions of SME development in EU and Eastern-European countries and to give recommendations for Ukrainian situation. Ukrainian situation. Mentioned issues were studied be such authors as: Ye. Polishchuk, M. Dyba, I. Britchenko, Т.Мayorova, І.Petrenko, P. Rubanov, O. Subochev, O. Yurkevych, O. Tymchenko, Yu. Sybirianska, Yu.Vasylyshen, Z.Varnalii, M. Romanyuk, D. Nikytenko, Z. Matsuk, V.Gura, I.Mazur, P. Jarosh, Iu. Gernego, O. Dyba, V. Dyba , I. Kubareva, P. Machashtchik, V. Lavrenenko , N. Harashchenko , V. Vostriakova, I. Riepina, K. Riepin, L. Petrenko, A. Pavlenko, I.Pavlenko , Ch.Chyzhov, G. Shvydanenko, O. Borodkov , O. Pereverzieva, A.Ivashchenko, O. Chukurna, Yu. Danshina, O. Zubko, K. Kravets, T. Cherniavska, B. Cherniavskyi, Iu. Ignatova, N. Rudyk, M. Borowska. The materials of the monograph will be useful to researchers, managers of SMEs, representatives of government agencies implementing the state policy in the field of SMEs, as well as students studying finance and investment.
Type: Text
Publication type: Монографія
ISBN: 978-83-89639-84-4
Appears in Collections:Наукові праці кафедри фінансів і банківської справи

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