Competitiveness, innovation and financing - a trilemma for the Romanian SMEs
Part of : MIBES Transactions : international journal ; Vol.4, No.1, 2010, pages 1-13
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Pages:
1-13
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Abstract:
The development of Romanian economy and the increase of firms' competitiveness are specific requirements generated by the globalization process and the fundamental changes in the world economy. Therefore, the analysis of the needs of Romanian SME sector can reveal the capacity of these enterprises to participate and compete on external market and to face the recent challenges generated by the international financial crisis. At present, not all Romanian SMEs are prepared for acting their role of economy engine. The lack of their competitiveness and innovation is caused mostly by the lack of adaptation to the European standards or their incapacity to attract financing sources for investment in new technologies, new products and implementing the quality and the environment protection systems. In fact, access to financing is one of the most significant obstacles to the survival and growth of SMEs. Moreover, the limited market power, the lack of management skills, the insufficient capitals, all tends to increase the risk profile of SMEs. Uncertainty and informational asymmetries that characterize SMEs are amplified for innovative SMEs making the access to finance even more difficult. The main influencing factors based on which the correlation competitiveness-innovation-financing should be analyzed are the followings : economic achievements of SMEs; their capacity to make investments ; their innovation capacity, their capacity to compete both on the local market and international markets.
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Keywords:
SMEs, financing, competitiveness, investment, innovation
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Περιέχει διαγράμματα, πίνακες και βιβλιογραφία
