Abstract:R&D intensive SMEs have been the one of major pillars of world economy. Thus, the financing constraints they are facing are worthy of studying thoroughly. Basically, innovative SMEs mainly face two major problems: the scarcity of collaterals and informational asymmetries with lenders or investors. The existing solutions, such as increase liquidity of intangible assets, the signaling effect of patents and credit rating tools of banks, could be widely used. VC and BA eliminate partial informational asymmetries. … Show more
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