This EIF Working Paper takes a holistic approach to investigate SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, statesubsidised SMEs,...

In recent years, with the quickly development of the supply chain finance, the cost of corporate finance would become an important way for enterprises to solve their financial problems. In China, the financing model of supply chain finance mainly for accounts receivable financing, inventory financing pledge financing, advances and financing. Three financing models are used in different larger c...

We develop a model of investment under uncertainty for a firm facing external financing costs. Such a firm prefers to fund its investment through internal funds, so that the firm’s optimal investment policy and value now depend on the size of its retained earnings. We show that the standard real options results are significantly modified when there are external financing costs. Importantly the ...

INTRODUCTION Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financi...

From the existing literature, it is not clear what effect financing constraints have on the sensitivities of firms’ investment to their cash flow. I propose an explanation that reconciles the conflicting empirical evidence. I present two models: The unconstrained model, in which firms can raise external funds, and the constrained model, in which firms cannot do so. Using low dividends to identi...