民生证券

2020年10月15日

企业中长期贷款持续高增长，指向实体经济融资需求强劲

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非银存款占用是银行存款荒原因之一

资本金不足问题值得关注

社融拐点更多取决于实体经济融资需求和银行资本金压力

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“345” 融资新规进一步规范行业健康发展

内房板块专题报告

2020年10月6日

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山证国际研究部

分析师：高景东

中央编号：AYP093

电话：852 2501 1037

电邮：tony.ko@ssif.com.hk

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

The SME Financing Gap

THEORY AND EVIDENCE

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Volume I

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Financing Technology-Based Small Firms in Europe: what do we know?

Valérie Revest* Sandro Sapio**

Abstract

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This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. The main findings in the literature are that 1) European TBSFs finance new investments by relying primarily on internal funds, due to capital market failures induced by asymmetric information; 2) European venture capital has caught up with US venture capital, but this is mainly because of the growth in UK venture investments, and it is unclear whether European venture capital has been able to certify the quality and to enhance the growth of funded companies; 3) the development of trading in high-technology stocks has been limited, if compared with the NASDAQ: the so-called “New Markets” established in the Nineties have collapsed in the wake of the Internet bubble crash; 4) public venture capital and R&D tax incentives seem to have positively affected high-tech firms. Issues for future research on all these topics are suggested.

Keywords: Technology-based small firms, capital structure, venture capital, high-tech stock markets, public support.

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This internet appendix presents additional details on the procedure followed to distinguish main markets versus non-main markets and on the filters imposed on the issuance data. It includes an overview table containing all SDC market names in our sample with corresponding issuance activity, Market Identifier Codes (MICs), Operating MICs, and classification as main or non-main market; a table on all filters imposed in retrieving the equity issues data; and a figure showing the level of market liquidity and the number of issues over time for France, Japan, the NYSE, and NASDAQ.

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Internet Appendix

accompanying the paper:

“Do firms issue more equity when markets become more liquid?”

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A Guide to Financing Innovation

© European Communities, 2002. All rights reserved. 1/28

A GUIDE TO FINANCING

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INNOVATION

This guide is intended to help you identify the sources of finance which are most relevant for technology based business ventures.

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FINANCE FOR SMALL FIRMS

A SEVENTH REPORT

Bank of England January 2000

FINANCING ENTREPRENEURIAL FIRMS IN EUROPE: FACTS, ISSUES, AND RESEARCH AGENDA

LAURA BOTTAZZI

MARCO DA RIN

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CESIFO WORKING PAPER NO. 958

CATEGORY 9: INDUSTRIAL ORGANISATION

JUNE 2003

PRESENTED AT CESIFO CONFERENCE ON VENTURE CAPITAL,

ENTREPRENEURSHIP AND PUBLIC POLICY, NOVEMBER 2002

An electronic version of the paper may be downloaded

• from the SSRN website: www.SSRN.com

• from the CESifo website: www.CESifo.de

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