Възможности за финансиране чрез капиталовия пазар на малките и средни предприятия (сравнителен анализ на примера на капиталовите пазари в Полша, Румъния и България)
Opportunities for Financing of Small and Mediumsized Enterprises Through the Capital Market (Comparative Analysis on the Example of the Capital Markets in Poland, Romania and Bulgaria)

Author(s): Snezhana Yotinska
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Economic policy, Evaluation research, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: capital market; SME specialized markets
Summary/Abstract: This study is dedicated to research and presentation of the experience of Poland, Romania and Bulgaria in the field of financing of small and medium-sized enterprises (SMEs) through the capital market. The criteria and procedures for listing companies on the SME markets in the three countries have been analysed. The stages of listing and the peculiarities of trading on the SME growth market of the Warsaw Stock Exchange – NewConnect, the SME market of the Bucharest Stock Exchange - AeRO and the SME growth market of the Bulgarian Stock Exchange - BEAM have been examined. On this basis, a comparative analysis of the opportunities for financing the SMEs through the capital market on the stock exchanges in the three countries has been made and the main comparative characteristics of the SME specialized markets have been derived.

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