Research output: Contribution to journal › Article › peer-review
Sources of high-tech business financing : Experience of empirical research. / Kravchenko, Nataliya A.; Glinskiy, Vladimir V.; Serga, Lyudmila K. et al.
In: Academy of Accounting and Financial Studies Journal, Vol. 21, No. 3, 01.11.2017.Research output: Contribution to journal › Article › peer-review
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TY - JOUR
T1 - Sources of high-tech business financing
T2 - Experience of empirical research
AU - Kravchenko, Nataliya A.
AU - Glinskiy, Vladimir V.
AU - Serga, Lyudmila K.
AU - Anokhin, Nikolay V.
PY - 2017/11/1
Y1 - 2017/11/1
N2 - The present paper studies the peculiarities of the structure of small and medium-sized high-tech and innovative companies' activities financing. The empirical base of the work was the survey data of small and medium-sized high-tech and innovative companies located in the city of Novosibirsk, the Russian Federation. The results of the survey of high-tech companies have shown that lack of financial resources is the main obstacle for the creation and development of high-tech and innovative small business, for developing business it is one of the main barriers to development. Although the main sources of financing are own funds of companies, it is necessary for the development of the increase in external funding. Attracting external financing, companies adhere to a certain hierarchy of sources of capital, the preferred sequence of which includes bank loans, partners' funds and state budget sources. Venture investment is still available to a small number of companies. Venture investment is still available to a small number of companies. Differences in the financial behaviour of high-tech companies that are associated with the stage of the company's life cycle are revealed. As the company matures, it uses a greater number of financing sources.
AB - The present paper studies the peculiarities of the structure of small and medium-sized high-tech and innovative companies' activities financing. The empirical base of the work was the survey data of small and medium-sized high-tech and innovative companies located in the city of Novosibirsk, the Russian Federation. The results of the survey of high-tech companies have shown that lack of financial resources is the main obstacle for the creation and development of high-tech and innovative small business, for developing business it is one of the main barriers to development. Although the main sources of financing are own funds of companies, it is necessary for the development of the increase in external funding. Attracting external financing, companies adhere to a certain hierarchy of sources of capital, the preferred sequence of which includes bank loans, partners' funds and state budget sources. Venture investment is still available to a small number of companies. Venture investment is still available to a small number of companies. Differences in the financial behaviour of high-tech companies that are associated with the stage of the company's life cycle are revealed. As the company matures, it uses a greater number of financing sources.
KW - Activities financing
KW - Capital structure
KW - Development barriers
KW - High-tech companies
UR - http://www.scopus.com/inward/record.url?scp=85040904644&partnerID=8YFLogxK
M3 - Article
AN - SCOPUS:85040904644
VL - 21
JO - Academy of Accounting and Financial Studies Journal
JF - Academy of Accounting and Financial Studies Journal
SN - 1096-3685
IS - 3
ER -
ID: 9872506