SME's bank financing in europe
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2015-03-23
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Papadopoulos Georgios and Gallou Erasmia, 2011, SME's bank financing in europe : credit loan criteria and evaluation methods,Master's Dissertation, International Hellenic University
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The study aims to provide a better understanding of SME default risk modeling in European Union (EU). The determinants of financial leverage decisions are different for micro, small, medium and large firms. The main objective of this dissertation is the review of the most important models and techniques developed through all these decades, especially the implementation of the revised Z-Score credit technique created by Altman (2000). This model is based on financial statement analysis of corporations in order to assess the creditworthiness of them and identify the financial problems of the firms by classifying them into defaulted or non-defaulted. The data collected for the implementation of this model refer to manufacturing and non-manufacturing small and medium-sized corporations of the private sector in Europe.
Being able to predict corporate failure is the most interesting matter for all banks. The process followed, included a correlation matrix and econometric models such as Altman z-score, probit and logit regression models, helped us to verify our findings and to explain the probability of a firm raising debt or avoiding bankruptcy. Finally, our findings strongly indicate the exact effect of each parameter to the firms‟ financial activity and must be seen as a complementary supplement in bank‟s assessment of SMEs‟ default probability.
Key Words: Altman Z-Score, Bankruptcy, Discriminant Analysis, Logistic Regression, Credit risk, Default risk, Credit scoring models