tailieunhanh - The importance of leasing for SME finance

Whether or not investing in SRI funds carries a price in terms of a reduced financial performance is an essential question for those investors who are concerned about the ethical consequences of their investments and, at the same time, want to obtain an adequate financial return from those investments. Previous research on socially responsible investment (SRI) mutual funds has, thus, focused on comparing the financial performance of SRI and conventional funds. In this paper, we make four main contributions to the debate on the financial performance of SRI funds. First, we make a clear distinction between the two components of. | I EUROPEAN INVESTMENT FUND The importance of leasing for SME finance Helmut Kraemer-Eis Frank Lang Working Paper 2012 15 EIF Research Market Analysis Helmut Kraemer-Eis heads EIF s Research Market Analysis. Contact Tel. 352 248581 394 Frank Lang works in EIF s Research Market Analysis team. Contact Tel. 352 248581 278 Editor Helmut Kraemer-Eis Head of EIF s Research Market Analysis Contact European Investment Fund EIF 96 Blvd Konrad Adenauer L-2968 Luxembourg Tel. 352 248581 394 http news_centre research Luxembourg August 2012 Disclaimer The information in this working paper does not constitute the provision of investment legal or tax advice. Any views expressed reflect the current views of the author s which do not necessarily correspond to the opinions of the European Investment Fund or the European Investment Bank Group. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents including other research published by the EIF. The information in this working paper is provided for informational purposes only and without any obligation. No warranty or representation is made as to the correctness completeness and accuracy of the information given or the assessments made. Reproduction is authorized except for commercial purposes provided the source is acknowledged. 2 Abstract It is well known that Micro and Small and Medium sized Enterprises SMEs are the backbone of the economy. Most of these companies use external financing sources like debt and equity capital to finance their activities. However in general in the area of SMEs access to finance there are market imperfections - not only in times of crisis but on an on-going basis as a fundamental structural issue based on uncertainty and asymmetric information between the demand side entrepreneur and the supply side financial intermediary . SMEs access to finance is often a topic of economic or financial .