企业融资的替代来源和COVID-19大流行的影响

Alina Ianioglo
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摘要

在数字化转型和传统融资困难的当前条件下,替代融资来源尤为重要。与此同时,关于发展中国家替代金融市场的知识仍处于起步阶段,几乎没有证据表明2019冠状病毒病大流行对摩尔多瓦共和国替代金融市场的影响。因此,本文旨在探索摩尔多瓦共和国企业的融资选择,并确定Covid-19大流行对替代金融市场的影响。此外,还有来自其他参考国家的分析数据。为了达到研究目的,采用了基于一手数据和二手数据的混合研究方法:统计数据分析、国际排名、比较、综合、演绎,以及针对中小企业设计的问卷调查。事实证明,中小企业很容易受到危机的影响。对摩尔多瓦共和国的替代金融市场进行了分析,结果表明,尽管近年来有所增加,但替代融资来源仍然不发达。研究表明,企业面临的最大问题是获得风险投资、在证券市场融资以及利用电子平台吸引资金(众筹、加密货币等)。与此同时,自疫情开始以来,获得众筹的情况有所改善。一般来说,获得的结果对于进一步的研究、从业人员和确定促进获得融资的措施至关重要。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
ALTERNATIVE SOURCES OF ENTERPRISE FINANCING AND THE IMPACT OF COVID-19 PANDEMIC
In current conditions of digital transformation and difficulties in accessing traditional financing, alternative sources of finance acquire particular importance. At the same time, the knowledge regarding the alternative finance market in developing countries is yet in its infancy, with little evidence of the effects of the Covid-19 pandemic on the alternative finance market in the Republic of Moldova. Therefore, the article aims to explore financing alternatives for enterprises in the Republic of Moldova and determine the effects of the Covid-19 pandemic on the alternative finance market. Additionally, there were analysed data from other reference countries. In order to achieve the objective of the study, a mixed research approach, based on both primary and secondary data, was used: analysis of statistical data, international rankings, comparison, synthesis, deduction, as well as a questionnaire-based survey designed for small and medium-sized enterprises. SMEs have proven to be vulnerable to crises. The alternative finance market in the Republic of Moldova was analysed, showing that despite a rise in recent years, alternative sources of financing are still poorly developed. The study shows that enterprises face the biggest problems in accessing venture capital, financing on the securities market and use of electronic platforms to attract funding (crowdfunding, cryptocurrencies, etc.). At the same time, there was registered an improvement in accessing crowdfunding since the beginning of the pandemic. Generally, obtained results are essential for further research, practitioners and in determining measures to facilitate access to finance.
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