Finansowanie działalności innowacyjnych MMSP – w kontekście teorii wyboru kolejności źródeł finansowania i teorii finansowania cyklu wzrostu

• Authors: Duda Joanna

Title variants

EN

Financing of innovative activities of SMEs in the context of the pecking order theory and the financial growth cycle theory

• Languages of publication: PL

Abstracts

EN

The paper raises the subject of financing innovative activities in the Polish SME sector. In the literature a lot of work in this field can be found, but most of them concern the cost of capital and barriers and problems in raising capital for the SME sector or look for an optimal financing structure. However, the purpose of this paper is to identify the sources of funding for innovative investments by Polish SMEs in the context of the presented theories: choose the order of financing sources (pecking order theory) and the theory of the growth cycle of funding (financial growth cycle). In order to achieve this ambitious objective, the results derived from secondary research, primarily reports published by the Ministry of Economic Forecasting Department of Market and the Polish Confederation of Private Employers “Lewiatan” were used. The results for Polish SMEs were then related to the research studies conducted in German SMEs, in order to compare the structure of capital used to finance innovative investments. The essence of this paper is to answer the question whether the structure of capital is dependent on the degree of innovation of enterprises. Therefore, the degree of innovativeness of Polish SMEs broken down by the size of enterprise and set out common sources of financing, specific to each of these groups of companies. The obtained results of the research were finally referred to the mentioned theories.

Keywords

EN

SME; innovation; financing sources; pecking order theory; financial growth cycle

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
• Journal: Nauki o Zarządzaniu
• Year: 2016
• Issue: 1(26)
• Pages: 27-43

Contributors

author

Duda Joanna

References

• Arrow K.J, 1962, Economic welfare and the allocation of resources for invention, [w:] R.R. Nelson (red.), The Rate And Direction of Inventive Activity, Princeton University Press, New Jersey.
• Backes-Gellner U., Werner A., 2007, Entrepreneurial signaling via education: A success factor in innovative start-ups, Small Business Economics, vol. 29, s. 173-190.
• Berger A.N, Udell G.F., 1995, Relationship lending and lines of credit in small fi rm fi nance, Journal Bus., vol. 68, s. 351-381.
• Berger A.N, Udell G.F., 1998, The economics of small business fi nance: the roles of private equity and debt markets in the fi nancial growth cycle, Journal of Banking & Finance, vol. 22, s. 613-673.
• Berggren B., Olofsson C., Silver L., 2000, Control aversion and the search for external fi nancing in Swedish SMEs, Small Business Economics, vol. 15, no. 3, s. 233-242.
• Bozkaya A., De La Potterie B., 2008, Who funds technology-based small firms? Evidence from Belgium, Economics of Innovation and New Technology, Taylor and Francis J, vol. 17, no. 1-2, s. 97-122.
• Chittenden F., Hall G., Hutchinson P., 1996, Small fi rm growth, access to capital markets and fi nancial structure: review of issues and an empirical investigation, Small Business Economics, vol. 8, s. 59-67.
• Działalność innowacyjna przedsiębiorstw w latach 2011-2013, 2014, Główny Urząd Statystyczny, Warszawa, http://stat.gov.pl (14.10.2015).
• Działalność innowacyjna w Polsce, GUS, Warszawa 2014.
• Finansowanie MMSP w Polsce w 2012 roku − raport, 2013, Polska Agencja Rozwoju Innowacji, Warszawa.
• Fryges H. i in., 2007, Hightech-Gruendungen und Business Angels, Bundesministerium fur Wirtschaft und Technologie (BMWi) (Hrsg.), Berlin.
• Gompers P.A., Lerner J., 2003, Equity fi nancing, [w:] Z.J. Acs, D.B. Audretsch (red.), Handbook of entrepreneurship research, Kluwer Academic Publishers, Dordrecht.
• Gottschalk S. i in. 2007, Start-Ups zwischen Forschung und Finanzierung: Hightech Grundungen in Deutschland, Mannheim.
• Hummel D., Karcher B., Schulz Ch., 2013, The fi nancial structure of innovative SMEs in Germany, Business Economics, Springer – Verlag Berlin Heidelberg, vol. 83, s. 471-503.
• Hyytinen A., Pajarinen M., 2002, Financing of technology intensive small business: Some evidence from the ICT industry, The Research Institute of the Finnish Economy, Discussions paper no. 813.
• Innowacyjna przedsiębiorczość w Polsce. Odkryty i ukryty potencjał innowacyjności w Polsce, 2015, PARP.
• Innovation Union Scoreboard 2013, 2013, H. Hollanders, N. Es-Sadki, Belgium.
• Jensen M.C., Meckling W.H.,1976, Theory of the fi rm: managerial behaviour, agency costs and ownership structure, Journal of Financial Economics, vol. 3, s. 305-360.
• KfW, 2007, Mittelstands- und Strukturpolitik, KfW Diskussionspapier Nr. 39, Frankfurt am Main.
• Krohmer O., 2010, Zur Verdrangungswirkung staatlicher FuE-Forderung, [w:] ifo Dresden berichtet, vol. 1, s. 49-51.
• Meyer J.R., Kuh E., 1957, The Investment Decision: An Empirical Study, Cambridge.
• Myers S.C., 1984, The capital structure puzzle, Journal of Finance, 34, s. 575-592.
• Myers S.C, Majluf N.S., 1984, Corporate fi nancing and investment decisions when fi rms have information that investors do not have, Journal of Financial Economics, vol. 13, s. 187-221.
• Nelson R.R., 1959, The simple economics of basic scientifi c research, Policy Economics, vol. 49, s. 297-306.
• Norton E.,1990, Similarities and differences in small and large corporation beliefs about capital structure policy, Small Business Economics, vol. 2, no. 3, s. 229-245.
• Oakey R.,1984, Innovation and regional growth in small high-technology fi rms: Evidence from Britain and the USA, The Journal of the Regional Studies, vol. 18.
• Sohl J.E., 2008, Angel investors steady but more cautious in fi rst half of 2008, Analysis Report, vol. 1, no. 2, Washington.
• Trendy rozwojowe sektora MMSP w ocenie przedsiębiorców w drugiej połowie 2013 roku, 2014, Warszawa, Ministerstwo Gospodarki Departament Prognoz i Analiz, www.mg.gov.pl (14.10.2015).
• Trendy rozwojowe sektora MMSP w ocenie przedsiębiorców w drugiej połowie 2012 roku. 2013, Warszawa, Ministerstwo Gospodarki Departament Prognoz i Analiz, www.mg.gov.pl (14.10.2015).
• Trendy rozwojowe sektora MMSP w ocenie przedsiębiorców w drugiej połowie 2012 roku, 2012, Warszawa, Ministerstwo Gospodarki Departament Prognoz i Analiz, www.mg.gov.pl (14.10.2015).
• Trendy rozwojowe sektora MMSP w ocenie przedsiębiorców w drugiej połowie 2010 roku, 2011, Warszawa. Ministerstwo Gospodarki Departament Prognoz i Analiz, www.mg.gov.pl (14.10.2015).
• Walker E.W., Petty J.W., 1978, Financial differences between large and small fi rms, Financial Management, vol. 7, no. 4, s. 61-68.
• Wyżnikiewicz B., 2013, Polskie MMSP na drodze ku nowoczesności, Instytut Badań nad Gospodarką Rynkową, PKPP Lewiatan, Warszawa.