The Financial Innovation in the Service of Technological Innovation : Lessons from the Contributions of the Capital Risk to the Moroccan Industrial SMEs
| Autor: | Samira Rifki, Abdessadeq Sadqi |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Economic growth
Financial innovation media_common.quotation_subject Working capital Equity (finance) Principal–agent problem Financial system Innovative financing Industrial SMEs – Venture Capital – Agency theory – Multicriteria performance Venture capital Capital (economics) Debt Business media_common |
| Zdroj: | Finance and Finance Internationale. :1-13 |
| ISSN: | 2489-1290 |
| DOI: | 10.12816/0040446 |
| Popis: | SMEs often show signs of fragility, due to the absence of a developed financial function, and the persistence of a financial environment that is misfit for it; along with high interest rates and inflated rationing mechanisms. This rationale leads to imbalances in the financial structure of SMEs, whose main symptoms are: • Lack of equity; • Volatility of self-financing; • A massive need for working capital; • A high level of debt predominated of bank loans. Going public is a double stake mechanism, that can be both a political and economical action of growth enhancement for SMEs, the essential pillars for any sustainable economic development. Venture capital is an innovative financing instrument that offers a perfectly suited second wind for this compartment of companies. This paper illustrates, based on a theoretical (referring to the agency theory) and empirical analysis (Test of Kruskal-Wallis and χ2: in the Moroccan context), how could venture capital surpass its narrow mobilization for redressing the financial situation of SMEs, to a furthermore organizational, operational and strategic performances role. Finance & Finance Internationale, No 5 (2016) |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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