Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27863
Authors: 
Heimer, Thomas
Hölscher, Luise
Werner, Matthias Ralf
Year of Publication: 
2008
Series/Report no.: 
Working paper series // Frankfurt School of Finance & Management 97
Abstract: 
SMEs play a crucial role for European economies. The numbers show the high importance of SMEs for national economies. Accordingly, it is no surprise that the regulatory framework SMEs are imbedded in is the subject of an important political discussion. In the discussion it is frequently mentioned by representatives of SMEs as well as associations of SMEs, that the access to finance for SMEs is still inferior. Based on the importance of SMEs for national economies and the discussion on the accessibility of financial resources for SMEs, it is the main objective of this study to provide solid data on the access of SMEs to financial resources. To provide the data, the study is focusing on four main issues. First of all, the importance of SMEs for national economies will be shown. After that the financing of SMEs in selected countries will be analysed. Then the availability of venture capital for SMEs will be discussed. Finally the tax regimes and the influence of the tax system on the access to finance for SMEs will be analysed. Since there is still a large variety among the tax systems of the European Union member states, the study has focused on Austria, France, Germany, Poland and the United Kingdom.
Subjects: 
SME
financial structure
venture capital
tax framework
accounting standards
JEL: 
E44
E62
M13
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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