دانلود رایگان مقاله ترجیحات و شیوه های تامین مالی شرکت های کوچک و متوسط هند

عنوان فارسی
ترجیحات و شیوه های تامین مالی شرکت های کوچک و متوسط هند
عنوان انگلیسی
Financing preferences and practices of Indian SMEs
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
45
سال انتشار
2017
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
کد محصول
E5406
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مدیریت
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مدیریت کسب و کار
مجله
مجله جهانی مالی - Global Finance Journal
دانشگاه
American University - Kogod School of Business - Department of Finance and Real Estate - USA
کلمات کلیدی
SME ها، ترجیحات مالی، شیوه های تامین مالی، هند
چکیده

Abstract


Using survey data from 309 small and medium sized enterprises (SMEs) from the northwest region of India, this study examines the financing preferences and practices of these SMEs. It also investigates the differences in the financing preferences across firm and owner/manager characteristics and documents the drivers of financing practices in India. Respondents prefer internal funds followed by bank financing mainly in the form of long-term loans and funds from government and financial institutions. Among informal sources, SMEs prefer trade credit followed by funds from family friends, relatives, and money lenders. The least preferred source of financing is external equity. The study contributes to the extant literature on SME financing by comparing the financing preferences and practices of SMEs and identifying a financing gap. By providing a holistic view of financing sources to SME owners and managers, the study can assist policymakers in designing appropriate policies for these individuals and help identify underutilized financing sources for SMEs.

نتیجه گیری

1.5 Summary and Conclusions


The following summarizes the key findings involving our six research questions involving Indian SME:


 Preferred types of internal and external financing sources. The results show that respondents prefer internally generated funds. Although they also prefer formal short- and long-term funds, they often do not use these sources. Instead, they rely on trade credit, funds from family, friends, and relatives as well as funds from money lenders. Thus, Indian SMEs use informal financing sources more often than formal ones. A statistically significant difference exists between financing preferences and practices of Indian SMEs, especially involving formal and informal lending.


 Preference for short-, medium-, or long-term financing sources. Respondents indicate a preference for short-term financing over medium- and long-term financing. Because Indian SMEs often lack liquidity and need funds for their daily operations, they rely on short-term sources. Liquidity constraints may also curtain focusing on long-term financing for expansion and growth.


 Ranking of preferred internal and external financing sources. Although the financing preferences of SMEs vary for different sources, respondents express a preference for internal funding followed by funding from commercial banks and the government. The majority of respondents rank external equity last.


 Consistency of stated financing preferences and practices. Statistically significant differences exist between the financing preferences and practices involving internal equity financing as well as short- and long-term financing.


 Drivers of financing preferences. Firm characteristics including legal status, business state, firm size, sector, and export activity affect financing preferences. Private limited firms exhibit a higher preference for all types of financing sources than do sole proprietorships and partnerships. Business state also affects financing preferences. For example, the preference for IEF increases as a firm moves from the incubation and growth stages to the maturity and expansion stage but the preference for EEF decreases. Financing preferences for IEF, STF, and LTF increase with firm size. Respondents from export-oriented firms exhibit a greater preference for STF, OFF, and EEF than non-exporters.


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