期刊名称：Annals of the University of Craiova: Economic Sciences Series
印刷版ISSN：1223-365X
电子版ISSN：1843-3723
出版年度：2018
卷号：1
期号：46
页码：90-96
语种：English
出版社：Universitaria Craiova
摘要：In all stages of life cycle for the Small and Medium Enterprises (SMEs) - creation,survival and growth - it is necessary the access to financing sources.Even the bank financing almost recovered after the international financial crisis,the SMES still have to face structural challenges and market failures,information asymmetries,high transaction costs,lack of financial skills and training of small business owners.Beside the traditional forms of financing (credit loans,overdrafts,credit lines) there is a need of new and modern financing tools for SMEs in order to cover a wide range of financing needs,to increase the SMEs flexibility and adaptation to challenging situation on financial markets.Therefore,the alternative financing instruments - asset-based finance,alternative debt,equity instruments and hybrid instruments - could offer new opportunities for the SME financing needs.In this paper are presented the main characteristics of the alternative financing instrument in comparision with the traditional financing techniques,the main barriers faced by small and medium firms in accesing the financing sources and the recend measures adopted by the governments to improve the access to finance for SMEs.
