Prepreke financiranju malih i srednjih poduzeća na tržištu kapitala u Europskoj uniji

master's thesis

• Title (english): Barriers to Small and Medium Enterprises financing through Capital Markets in the European Union
• Author: Laura Božić
• Mentor: Alen Stojanović (mentor)
• Committee member: Alen Stojanović (predsjednik povjerenstva)
• Committee member: Branka Tuškan Sjauš (član povjerenstva)
• Committee member: August Cesarec (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2023-09-29, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Ovisnost malih i srednjih poduzeća (MSP) u Europi o bankovnim izvorima financiranja uzrokovala je njihovu osjetljivost na kretanja u bankovnom sustavu te ograničenu dostupnost financiranja u vremenima financijskog stresa. S obzirom na navedeno, potrebno je unaprijediti financiranje MSP-a na tržištu kapitala kako bi se povećala njihova otpornost na buduće šokove. Međutim, MSP suočena su s brojnim poteškoćama u pristupu tržištu kapitala. Visoko regulatorno opterećenje, visoki troškovi uvrštenja, niska razina educiranosti, pristranost prema dužničkom financiranju te nedostatak informacija neki su od najvažnijih izazova u slučaju tržišno orijentiranog financiranja MSP-a. Također, važan čimbenik niske prisutnosti poduzeća u Europskoj uniji na tržištima kapitala je i nedostatak kulture preuzimanja rizika. Olakšavanje pristupa financiranju MSP-ima putem javnih tržišta kapitala nalazi se u srži Unije tržišta kapitala – plana za mobilizaciju kapitala u Europi. U sklopu akcijskog plana osnivanja Unije tržišta kapitala predstavljena je i nova multilateralna trgovinska platforma, ‘SME Growth Markets’, koja omogućuje uvrštenje MSP-ima uz niže troškove i niže regulatorne zahtjeve. Ipak, mnogi izazovi još su prisutni. Potrebno je potaknuti formiranje baze investitora koji će biti zainteresirani za ulaganje u MSP na europskim tržištima kapitala, reducirati troškove uvrštenja na burzu, educirati MSP o financijskom izvještavanju i korporativnom upravljanju te kreirati porezne poticaje za poduzeća uvrštena na uređenom tržištu. Pritom, fokus ne bi trebao biti samo na tome kako dovesti MSP na tržište kapitala, već na strukturnim promjenama koje će omogućiti stvaranje poticajnog regulatornog i tržišnog ekosustava koji će pomoći MSP-ima da ostvare svoj puni potencijal.

Abstract (english)

Small and Medium Enterprises (SMEs) reliance on bank lending has made small companies within Europe vulnerable to banking system dynamics, with constrained access to lending arising in times of financial stress. Therefore, it is important to develop capital market financing for SMEs in order to increase their resistance to shocks. However, SMEs face many challenges in accessing capital markets. High regulatory burden, high costs of listing for SMEs, educational gap, absence of level playing field between debt and equity and lack of equity research are some of the most important challenges. Also, an important limitation of market-based financing for SMEs in the European union is lack of equity culture. Making it easier for SMEs to access financing through public markets lies at the heart of the Capital markets union – the plan to mobilize capital in Europe. The action plan has also introduced a new category of multilateral trading facilities called ‘SME Growth Markets’ which enables listing of SMEs at lower costs and lower regulatory requirements. However, much remains to be done. Specifically, further work is needed to encourage a diverse and attractive funding base in European public markets for SMEs, reduce administrative costs of listing for SMEs, educate SMEs on financial reporting and corporate governance and create tax incentives for listed firms. Importantly, the focus should not only be on how to get SMEs to the public markets, but rather on the structural changes needed to create a regulatory and market ecosystem that will help SMEs to reach their potential.

• Keywords: mala i srednja poduzeća; tržište kapitala; izvori financiranja; tržišno orijentirano financiranje
• Keywords (english): Small and Medium Enterprises; Capital Markets; sources of financing; market-based financing
• Language: croatian
• URN:NBN: urn:nbn:hr:148:414273
• Study programme: Title: Business economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2023-09-29 16:09:08