Teoria hierarchii źródeł finansowania w praktyce innowacyjnych MŚP w Polsce
Theory of financing hierarchy in the practice of innovative smes in Poland

Summary/Abstract: Under conditions of full availability of innovative SMEs to the capital, and possibility to choose one of three major sources of financing: internal or external (debt or equity) financing, entrepreneurs mostly behave in compliance with the theory of financing hierarchy. In Poland the structure of financing the innovative SMEs is quite different from the theory. More than 40% of micro, small and medium sized enterprises use only external financing. Circa 27% use both internal and external financing, and 13% use only internal sources of financing. This structure can be a result of low innovative level of our economy, the strength of identified barriers and lack of full access to every source of the capital.

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