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The financial situation, capacity to compete in the SMEs sector of the Hungarian construction industry in the crisis period (The lessons of an empirical study)

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Parragh B.

Zeszyty Naukowe ZPSB Firma i Rynek

2017

issue 1(51)

31-52

In the last twenty-five years the Hungarian economy has been undergoing profound changes that companies have had to keep up with in order to survive. The rapidly changing economic environment, and the world crisis impacting Hungary as well, forced companies to make constant adaptation and radical changes. The pre-condition of effective activity and of the survival of Hungarian small- and medium-sized companies is the possession of a suitable and well-conceived financial strategy; for its implementation they have to be ready to make structural changes following a new way of thinking. The targeted goal is not limited to being cost efficient and technologically-orientated. The general financial crisis, which originated from the American mortgage credit cataclysm, must now be considered a global phenomenon, and the consequent uncertainty in the financial situation shows its multifaceted effects. This study examines the financial difficulties, the possibilities for growth, and the survival chances of the small- and medium-sized companies, and analyses their situations and problems with special regard to one of our industries in crisis, i.e. the construction industry.

On two successful programs for lending to SMEs in Hungary

100%

Parragh B.

Zeszyty Naukowe ZPSB Firma i Rynek

2018

issue 2(54)

21-29

While we are discussing the decade that preceded economic stabilisation and the turn in economic policy in 2010, the improvement of the financial and economic situation of Hungarian small and medium-sized enterprises and the enhancement of their competitiveness keep remaining a goal to be achieved. The problems that domestic micro-, small and medium-sized enterprises face for decades originate from factors that prevent their growth and set the track of their growth in the one and a half decades that have passed since the change in the regime. The long-term effect of chronical under-financing that also weakens corporate competitiveness appeared in all levels of corporate operations. Along with EU accession, challenges grew larger and competitive conditions became harder, which trend was further intensified with the onset of the financial and economic crisis in 2008. It became a key issue for domestic enterprises to have financial resources and borrowing possibilities at their disposal in sufficient quantity and quality and their possibilities for development and their track of growth were not hindered.

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2 Zeszyty Naukowe ZPSB Firma i Rynek

1 2018

1 2017

2 Parragh B.

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The financial situation, capacity to compete in the SMEs sector of the Hungarian construction industry in the crisis period (The lessons of an empirical study)

On two successful programs for lending to SMEs in Hungary