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BUSINESS INFORM №12-2018

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50

Section: Finance, Money Circulation and Credit
UDC 330.322.011
Danko T. V., KlunkoViktoriia A.
The Criteria for Investment of Financial Institutions in the Small and Medium-Size Enterprises (p. 352 - 357)
The article is aimed at carrying out a comparative analysis of the criteria of investment of non-banking financial institutions in the small and medium-size enterprises on the example of business angels and venture funds. In the current conditions of operation of small and medium-size enterprises the popular source of financing are banks, but they are not always profitable and accessible, therefore alternative tools of development of enterprises are present. In order to attract financial intermediaries, the business must visualize their objectives and decision-making criteria in order to ensure their compliance. There is a problem of the insufficient level of knowledge as to the criteria of international investors who could build a «foundation» for further development of enterprises. The analysis of 22 venture fund websites and 30 websites of business angels and syndicates showed that, first, not all investors displayed requirements for the subjects of financing; second, most of them were focused on start-ups exclusively. As a result, the main difference of the analyzed sources has been identified: business angels, first of all, pay attention to the current achievements of enterprise, and venture funds focus on the industry in which enterprise operates. Also, the business angels are found to have more requirements, and so, accordingly, more criteria than the venture funds.
Keywords: investment criteria, source of financing, SME, business angels, venture funds, investment decisions, international investment, financial institutions.
Fig.: 2. Tabl.: 3. Bibl.: 9.

Danko Taras V. – Candidate of Sciences (Economics), Professor, Department of International Business and Finance, National Technical University «Kharkiv Polytechnic Institute» (2 Kyrpychova Str., Kharkіv, 61002, Ukraine)
Email: [email protected]
KlunkoViktoriia A. – Student, National Technical University «Kharkiv Polytechnic Institute» (2 Kyrpychova Str., Kharkіv, 61002, Ukraine)
Email: [email protected]

Reference to this article:
Danko, Taras V., and KlunkoViktoriia, A. (2018) “The Criteria for Investment of Financial Institutions in the Small and Medium-Size Enterprises.” Business Inform 12:352–357.

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