Using alternative financial sources and instruments for funding SME: international and Russian practice
Ershov D.N.1
1 Федеральное государственное бюджетное учреждение Научно-исследовательский финансовый институт Минфина России
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Journal paper
Russian Journal of Entrepreneurship *
Volume 19, Number 5 (May 2018)
* Этот журнал не выпускается в Первом экономическом издательстве
Abstract:
Alternative finance for SME is important to diversify traditional banking lending. The article describes status of alternative finance practice in OECD countries and in Russia with regard to leasing, factoring, venture capital, on line channels and business angels. Conclusion is that alternative finance is currently underdeveloped in Russia and has big potential for growth. State financial and institutional support is of great importance especially for young growing innovative SMEs.
Keywords: venture capital, factoring, business angels, leasing, alternative finance, SMEs, online alternative finance
JEL-classification: L26, G30, M21
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Объем кредитов, предоставленных субъектам малого и среднего предпринимательства в рублях, иностранной валюте и драгоценных металлах за период 2009-2018 ггЦентральный Банк Российской Федерации. (in Russian). Retrieved March 26, 2018, from http://www.cbr.ru/statistics/udstat.aspx?TblID=302-17
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Business Development Canada. Retrieved April 09, 2018, from https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/glossary/pages/venture-capital-action-plan.aspx
Crowdfunding Hub. Current State of Crowdfunding in EuropeSbs. Retrieved April 03, 2018, from https://www.sbs.ox.ac.uk/sites/default/files/Entrepreneurship_Centre/Docs/OxEPR2/current-state-crowdfunding-europe-2016.pdf
Cultivating Growth. The 2nd Asia Pacific Region Alternative Finance Industry ReportJbs.cam.ac. Retrieved April 03, 2018, from https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-09-cultivating-growth.pdf
European Business Angel Network Statistics Compendium. Retrieved April 04, 2018, from http://www.eban.org/eban-2016-statistics-compendium
Financing SMEs and Entrepreneurs 2015. An OECD ScoreboardRcsme.ru. Retrieved April 06, 2018, from https://rcsme.ru/en/library/show/8763/Financing--SMEs-and-Entrepreneurs-2015-An-OECD--Scoreboard
Financing SMEs and Entrepreneurs 2018: An OECD Scoreboard, OECD PublishingRead.oecd-ilibrary. Retrieved April 12, 2018, from https://read.oecd-ilibrary.org/industry-and-services/financing-smes-and-entrepreneurs-2018_fin_sme_ent-2018-en#page1
Guide on the Implementation of a Security Rights RegistryUncitral. Retrieved April 09, 2018, from http://www.uncitral.org/pdf/english/texts/security/Security-Rights-Registry-Guide-e.pdf
International Accounting Standard 17. LeasesEc.europa.eu. Retrieved April 12, 2018, from http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias17_en.pdf
International Factors Group. Factoring Model LawFci.nl. Retrieved April 09, 2018, from https://fci.nl/about-us/model-factoring-law-cv-140221.pdf
Kulakova T.V., Moiseeva M.A. (2011). Otraslevaya diversifikatsiya proizvodstva: preodolenie barero [Industrial Diversification: How Can We Overcome the Barriers?]. The Journal of Finance. (1). 37-46. (in Russian).
Luchenko K.L. (2011). Ekonomiko-matematicheskaya model denezhnyh potokov pri kreditovanii malogo predpriyatiya [Loan Issuing to Small Enterprises and the Banks' Cashflow: A Mathematical Model]. The Journal of Finance. (2). 105-116. (in Russian).
Mary H. Rose American Factoring LawAmerican Bankruptcy Institute Journal. Retrieved April 09, 2018, from https://www.bna.com/uploadedFiles/BNA_V2/Legal/Products/Books/LESI/ABI_Journal_Review.pdf
New Approaches to SME and Entrepreneurship Financing: Broadening the Range of InstrumentsOECD Publishing. Retrieved March 27, 2018, from https://www.oecd.org/cfe/smes/New-Approaches-SME-full-report.pdf
Practical guide to IFRS. Leasing – overhauling lease accountingPwc.com. Retrieved April 12, 2018, from https://www.pwc.com/jp/ja/ifrs/publication/pwc/2010/assets/pdf/201009-01.pdf
Read.oecd-ilibrary. Retrieved April 02, 2018, from https://read.oecd-ilibrary.org/industry-and-services/financing-smes-and-entrepreneurs-2018_fin_sme_ent-2018-en#page1
Sophie Doove, Petra Gibcus, Ton Kwaak, Lia Smit, Tommy Span Survey on the access to finance of enterprises (SAFE)Analytical Report. Retrieved April 12, 2018, from https://www.researchgate.net/publication/271821875_Survey_on_the_access_to_finance_of_enterprises_SAFE_-_Analytical_Report_2014
Supporting Note to the Guidance Note on Diversified Financial InstrumentsG20/oecd. Retrieved April 12, 2018, from http://www.g20.utoronto.ca/2016/g20-oecd-note-smes.pdf
Survey on the Access to Finance of Enterprises in the euro areaЕвропейский Центральный банк. Retrieved April 12, 2018, from https://www.ecb.europa.eu/stats/ecb_surveys/safe/html/index.en.html
Tania Ziegler, E. G. Reedy, Annie Le, Bryan Zhang, Randall S. Kroszner, Kieran Garvey The Americas Alternative Finance Industry Report 2017. Hitting StridePolsky.uchicago. Retrieved April 03, 2018, from https://polsky.uchicago.edu/wp-content/uploads/2017/10/AmericasAltFinReport.pdf
The American Angel CampaignTheamericanangel.org. Retrieved April 04, 2018, from http://docs.wixstatic.com/ugd/ecd9be_82dfb24d28224c5bb9033ac5adb68519.pdf
Алексеева А.Н. Альтернативные источники финансирования малого и среднего бизнеса в РоссииA-economist.narod. (in Russian). Retrieved March 26, 2018, from http://a-economist.narod.ru/section2/2008-2009/alekseeva.htm
Национальная ассоциация бизнес-ангелов. (in Russian). Retrieved April 04, 2018, from http://rusangels.ru
Объем кредитов, предоставленных субъектам малого и среднего предпринимательства в рублях, иностранной валюте и драгоценных металлах за период 2009-2018 ггЦентральный Банк Российской Федерации. (in Russian). Retrieved March 26, 2018, from http://www.cbr.ru/statistics/udstat.aspx?TblID=302-17
Портал «Бизнес-ангелы России». (in Russian). Retrieved April 04, 2018, from http://www.ba-rf.ru
Рейтинг российских бизнес-ангелов 2017 годаVc.ru. (in Russian). Retrieved April 04, 2018, from https://vc.ru/30951-business-angels-2017
Российская ассоциация венчурного инвестирования. Обзор рынка. Прямые и венчурные инвестиции в РоссииRvca.ru. (in Russian). Retrieved April 05, 2018, from http://www.rvca.ru/download.php?file=lib/RVCA-yearbook-2017-Russian-PE-and-VC-market-review-ru.pdf
Рынок лизинга в 2016 году: оттепель начинается. Аналитический центр НАФИAssocleasing.ru. (in Russian). Retrieved March 30, 2018, from http://assocleasing.ru/files/File/Documents/Leasingmarket2016_restart.pdf
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