Znaczenie długu w finansowaniu innowacji w sektorze małych i średnich przedsiębiorstw w Polsce
The importance of debt on innovation financing in the sector of small and medium enterprises in Poland

Summary/Abstract: This aim of the paper is to analyze how companies innovativeness impacts the use of debt to finance the company activity in Poland. We investigated whether the company which declared itself as innovative looks more often for debt than non-innovative ones, and whether the success rate differs between those two groups. The study used microdata obtained from the European Central Bank and the European Commission concerning Poland in year 2008 and 2011 (2094 questionnaires). Binary and ordered probit model was employed in the studies. Based on the survey it was found that the companies which declared innovation more often sought debt (credit lines, bank loans) than non-innovative ones, while in the case of credit lines, the probability of obtaining funding for them was lower. The research presented in the article, and previously carried out is a prerequisite to devote more attention to the tools that improve access to debt financing for innovative firms also those longer being on the market.

• Details
• Contents