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Financing small and medium enterprises in the Republic of Moldova: the specific of innovative enterprises

Author: Viorica Cerbușca
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Galina Ulian
doctor habilitat, professor, Moldova State University
Institution: Academy of Economic Studies of Moldova


The thesis was presented on the 24 November, 2016
Approved by NCAA on the 28 December, 2016


Adobe PDF document1.04 Mb / in romanian


CZU 658.14/.15; 334.72.012.63/.64 (478) (043)

Adobe PDF document 3.33 Mb / in romanian
192 pages


SMEs, innovation, access to finance, financing sources, financial gap, financial guarantee, venture capital, microfinancing, economic development, investments, grants


Structure of the thesis: The paper was developed at the Department "Finance and Insurance", ASEM and includes introduction, three chapters, conclusions and recommendations, bibliography consisting of 141 sources, 18 annexes, 133 pages of main text, 11 tables, 45 figures. The researchers are reflected in 9 scientific publications and a practical guide.

Field of study: finance, currency and credit, development and financing of the SMEs sector

The purpose of this paper is to develop an efficient and sustainable model to facilitate access to finance for small and medium enterprises, including innovative companies, by reviewing and reconfiguring existing vision on supporting the SME sector.

The objectives of the research are the analysis of the correlation of the level of access to finance and SME development; the research of the international policies and instruments for SME development and elaboration of recommendations for adjusting the state policy in order to facilitate the access to finance; analysis of the impact of the budgetary funds allocated to the program "Support for small and medium enterprises" on the access to finance for SMEs; determination of the level of financing of small and medium enterprises in Moldova by classic institutions: banks, microfinancing organizations, leasing companies; exploring opportunities for innovative financial instruments implementation; assessment of the impact of the State Credit Guarantee Fund on facilitating access to credits for SMEs; analysis of the innovative companies and the impact of facilitating access to finance for their development; elaboration of proposals for SMEs financing instruments diversification.

The scientific novelty and originality consist in determination of the correlation between the concept of smart specialization and development of innovative SMEs; optimization of classic and modern financial instruments in order to improve SME access to finance; setting the innovative model for SME financing; formulation of proposals for improving the SME financing based on the results of the questionnaire "The perception of entrepreneurs on access to finance "; develop the model for assessing the degree of SME involvement in innovative activities; configuration of the tool which will improve the activity of the State Credit Guarantee Fund in order to multiply the budgetary funds allocated for improving the SME access to finance.

Important scientific issue solved consist in developing a modern visions on improving access to finance for small and medium enterprises, including innovative companies, based on the optimization of traditional financial instruments, configuration of tools and innovative funding models, formulation of a set of indicators for identification and assessing the innovative enterprises in the country, adaptation of financial instruments to the needs and capacities of the sector, which led to the revision of the existing approach on financing, involving in this process financial institutions, business sector, state.

Theoretical relevance of the thesis derives from the concept on improving access to finance for SMEs; development of the methodology for SME evaluation on innovative activities engaging; setting innovative model for financing of small and medium enterprises in Moldova.

The value of the work is represented by international financial instruments adapted for improved access to finance for SMEs (alternative financing, fiscal facilities, venture capital); optimization model of the Credit Guarantee Fund activity. Author's conclusions and recommendations could be the basis of further analysis and research.

Implementation of scientific results. The research has been accepted to be implemented by the Ministry of Economy of Moldova and ICS "Total Leasing and Finance" JSC.