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EN
The segment of small and medium-size enterprises makes 50% of added value and 70% of employment in Slovakia. This was the reason why we decided to make a research about the problems of small and medium-size enterprises with obtaining financial resources. The achievement of research is writing factors which influence companies when they obtain resources. The most important factors are information, interest about new information, needed capital, experiences with doing business plan, and another. The conclusion of research is application of solving system, which should small and medium-size enterprises to make easier with obtaining financial resources.
EN
The article deals with financial controlling in theory and praxis of small and medium-size enterprises. The first part of the article presents results and conclusions of theoretical research of financial controlling. In the second part there are presented the results and knowledge from research to determine the level of understanding and implementation of controlling issue (focusing on the financial controlling) in the praxis of Slovak small and medium-size enterprises in wood working and furniture industry. At the end of the paper, we present the need of complexity and continuity of the financial controlling instruments implementation from the view of their effectiveness in the context of controlling-oriented concept of enterprise management.
EN
The aim of this paper is to identify whether small and medium enterprises, i.e. SMEs’ access to finance can increase given the context of Capital Markets Union (CMU) project. For this purpose, identifying the main drivers of SMEs’ access to different types of financing having the SMAF index as proxy is a matter of great importance. Based on a panel of sixteen European countries we have performed a threshold analysis via PSTR methodology that reveals some very interesting facts. First of all, we have found strong empirical evidence of a threshold effect with stock market capitalization as threshold variable when studying the dynamics of the SMAF index. When the capitalization is lower than 35.34%, a large series of macroeconomic variables like interest rate spreads, GDP per capita, inflation rate, unemployment or cost/revenues ratio generate a powerful influence when it comes to finance a SME. When stock market capitalization exceeds the threshold, a different story is narrated and the existence of other directions of influence is visible. Hence, our results suggest that the CMU project with all its initiatives and impact measures will not facilitate SMEs’ access to finance in developed capital markets with stock market capitalization below the threshold level of 35.34%.
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