爱尔兰中小企业多元化融资组合分析
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摘要
爱尔兰经济从金融危机中复苏并恢复快速增长,构成爱尔兰主要经济实体的中小企业对爱尔兰经济增长、就业和创新贡献巨大。金融危机之后,爱尔兰中小企业改变对银行贷款单一融资渠道的依赖,通过增加非银行债务融资和股权融资的使用,逐步实现多元化融资组合,降低中小企业的财务脆弱性,促进了国家金融稳定和经济增长。爱尔兰中小企业融资组合优化过程的国际经验值得学习和借鉴。
引文
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[2] O’Toole,C.,C.Newman& T.Hennessy.Financing Constraints and Agricultural Investment:Effects of the Irish Financial Crisis[J].Journal of Agricultural Economics,2014,65(1):152-176.
[3] Martina Lawless,Conor M.O’Toole&Derek Lambert .Financing SMEs in Recovery Evidence for Irish Policy Options[R].Ireland,Department of Finance,2014.
[4] James Carroll,Fergal McCann.SME Collateral:risky borrowers or risky behavior?[R].Dublin:Central Bank of Ireland ,2017.
[5] Conor M.O’Toole,Martina Lawless ,Derek Lambert.Non-Bank Financing in Ireland:A Comparative Perspective[J].The Economic and Social Review,2015,46(1):133-161.
[6] Berger,Allen N.and Gregory F.Udell.The Economics of Small Business Finance:The Roles of Private Equity and Debt Markets in the Financial Growth Cycle[J].Journal of Banking and Finance,1998,22(6-8):613-673.
[7] Casey,E.,and C.O’Toole.Bank Lending Constraints,Trade Credit and Alternative Financing During the Financial Crisis:Evidence from European SMEs[J].Journal of Corporate Finance,2014 ,27 (C):173-193.
[8] Carpenter,Robert E.and Bruce C.Petersen.Is the Growth of Small Firms Constrained by Internal Finance?[J].Review of Economics and Statistics,2002,84(2):298-309.
[9] Hogan,Teresa and Elaine Hutson.Capital structure in New Technology-based Firms:Evidence from the Irish Software Sector[R].Dublin:University College.2004.