The Financing of Small and Medium-Sized Enterprises: An Analysis of the Financing Gap in Brazil

被引：12

作者：

Godke Veiga, Marcelo ^{[1
,2
,3
,4
,5
]}

McCahery, Joseph A. ^{[1
]}

机构：

[1] Tilburg Univ, Sch Law, Tilburg Law & Econ Ctr TILEC, Tilburg, Netherlands

[2] FAAP, Sao Paulo, SP, Brazil

[3] Insper Inst Ensino & Pesquisa, Sao Paulo, SP, Brazil

[4] CEU Law Sch, Sao Paulo, SP, Brazil

[5] Univ Sao Paulo, Sao Paulo, SP, Brazil

来源：

EUROPEAN BUSINESS ORGANIZATION LAW REVIEW | 2019年 / 20卷 / 04期

关键词：

Bank loans; Entrepreneurial financing; Interest rate; SME funding; BANK COMPETITION; CREDIT; MARKET; ACCESS;

D O I：

10.1007/s40804-019-00167-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

While small and medium-sized enterprises (SMEs) are important for economic growth and employment, they face numerous obstacles in accessing external finance. In this article, we review recent developments in the availability of financing for SMEs in Brazil, focusing on the greater use of equity and debt for SMEs. In assessing the barriers to external financing, we focus on the role of bank characteristics, market structure and variations of interest rate spreads across banks and time. Moreover, as banks retreat from SME financing, we examine the potential for SMEs to seek new sources of financing from private equity and venture capital funds. We examine the changes in the availability of bank loans between 2014 and 2016. By considering demand, we estimate the SME loan gap based on Central Bank and publicly available data. Our results show that the loan gap in Brazil is substantial.

引用

页码：633 / 664

页数：32

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