Dr. Daniel Ioan Dumitrescu (danidumitrescu@yahoo.com)
Dr. Diana Valentina Dumitrescu (dianavalentinadumitrescu@yahoo.com)
Abstract
Imbunatatirea accesului la finantare pentru intreprinderile mici si mijlocii (IMM) este una din prioritatile politicilor economice si financiare ale Uniunii Europene. Comparativ, in Statele Unite ale Americii, de exemplu, volumul finantarii IMM-urilor prin piata de capital este de aproape 5 ori mai mare. La un nivel similar, piata Europeana de investitii de risc ar fi generat peste 90 de miliarde de euro fonduri in ultimii 5 ani. De asemenea, o atitudine pozitiva asupra securitizarii portofoliilor bancare ar fi adus un volum suplimentar de 100 miliarde euro in noi finantari bancare catre mediu privat, din care cel putin o cincime s-ar fi indreptat catre IMM-uri. Si Romania are ca obiectiv cresterea capacitatii de finantare a intreprinderilor, prin diversificarea surselor de finantare, cea bancara, neputatnd acoperi necesarul existent de capital provenit din partea intreprinderilor autohtone. Un segment aparte al IMM-urilor, ce merita o atentie sporita, este reprezentat de strat-up-uri si spin-off-uri inovative, intreprinderi aflate in stadii incipiente de dezvoltare. Datorita riscului mare asociat finantarii acestor tipuri de entitati, finantarea de tip bancar este inca putin disponibila, ceea ce fundamenteaza necesitatea identificarii de surse alternative de finantare care sa vina in sprijinul dezvoltarii acestora. De altfel, Romania si-a asumat un angajament fata troica financiara formata din Uniunea European, Banca Mondiala si Fondul Monetar International de a identifica solutii viabile de finantare care sa vina in completarea celor deja existente.
Cuvinte cheie: IMM-uri, finantare alternativa, investitori privati, multifinantare, piata de capital
Alternative financing of SMEs in Romania
Abstract
Improving access to finance for small and medium-sized enterprises (SMEs) is one of the priorities of the European Union’s economic and financial policies. For example, in the United States, for example, the volume of SME financing through the capital market is nearly 5 times higher. At a similar level, the European venture capital market would have generated over 90 billion euros in the past 5 years. Also, a positive attitude towards securitization of bank portfolios would have added an extra 100 billion euros in new bank funding to the private environment, of which at least one fifth would be directed to SMEs. Romania also aims to increase the financing capacity of enterprises by diversifying the financing sources, the banking one, unable to cover the existing capital needs of the domestic enterprises. A special segment of SMEs, which deserves increased attention, is innovative innovators, spin-offs and spin-offs, enterprises in the early stages of development. Due to the high risk associated with the financing of these types of entities, bank financing is still not available, which underlies the need to identify alternative sources of funding to support their development. In fact, Romania has made a commitment to the financial troika of the European Union, the World Bank and the International Monetary Fund to identify viable financing solutions to complement those already in place.
Keywords: SMEs, alternative financing, private investors, multi-financing, capital market
