A kis- és középvállalkozások tőkeszerkezete és finanszírozási problémái = The capital structures and the financial problems of the small-and medium-sized enterprises

Abstract

Micro, small and medium-sized enterprises function as the engine of the economy. They play an important role in employment and economic development. A low level of capitalisation is characteristic of SMEs everywhere. However, the size of them influences their profitability essentially. Their capacity for the inclusion of their own financial resources is rather limited. The proportion of the profit the entrepreneurs should reinvest in the business versus the proportion they should withdraw as some form of income is also questionable. The smaller the size of a company the more it is apparent that SMEs are constantly experiencing short and long term financial difficulties. Besides low level of risk-taking their external borrowing is also limited by the fact that they pose a significant risk themselves to their creditors too.