SME's bank financing in europe
| dc.contributor.author | Papadopoulos, Georgios | en |
| dc.contributor.author | Gallou, Erasmia | en |
| dc.date.accessioned | 2015-03-23T14:22:38Z | |
| dc.date.available | 2015-09-27T05:58:38Z | |
| dc.date.issued | 2015-03-23 | |
| dc.identifier.uri | https://repository.ihu.edu.gr/xmlui/handle/11544/43 | |
| dc.rights | Default License | |
| dc.title | SME's bank financing in europe | en |
| heal.abstract | 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 | en |
| heal.academicPublisher | School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance | en |
| heal.academicPublisherID | ihu | |
| heal.access | free | el |
| heal.advisorName | Leventis | en |
| heal.bibliographicCitation | Papadopoulos Georgios and Gallou Erasmia, 2011, SME's bank financing in europe : credit loan criteria and evaluation methods,Master's Dissertation, International Hellenic University | en |
| heal.committeeMemberName | Leventis | en |
| heal.committeeMemberName | Kosmidou | en |
| heal.committeeMemberName | Katrakilidis | en |
| heal.fullTextAvailability | true | |
| heal.keyword | Bank loans--Europe | en |
| heal.keyword | Banks and banking--Europe | en |
| heal.keyword | Risk management--Europe | en |
| heal.keyword | Small business--Europe | en |
| heal.keyword | Dissertations, Academic | en |
| heal.keywordURI.LCSH | Altman Z-Score | en |
| heal.keywordURI.LCSH | Bankruptcy | en |
| heal.keywordURI.LCSH | Discriminant Analysis | en |
| heal.keywordURI.LCSH | Logistic Regression | en |
| heal.keywordURI.LCSH | Credit risk | en |
| heal.keywordURI.LCSH | Default risk | en |
| heal.keywordURI.LCSH | Credit scoring models | en |
| heal.language | en | |
| heal.license | http://creativecommons.org/licenses/by-nc/4.0 | |
| heal.publicationDate | 2012-01 | |
| heal.recordProvider | School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance | |
| heal.secondaryTitle | Credit loan criteria and evaluation methods | en |
| heal.tableOfContents | Abstract ............................................................................................................ 5 Chapter 1: Introduction ................................................................................. 6 Chapter 2: Literature review ......................................................................... 8 Chapter 3: SMEs’ Description ..................................................................... 12 3.1 Definition of SME .................................................................................... 12 3.2 Special characteristics of SMEs ................................................................ 14 3.3 The importance of the SME sector in Europe ............................................ 15 3.4 Sources of SME financing......................................................................... 17 3.4.1 Internal sources of finance ................................................................ 18 3.4.2 External sources of finance ............................................................... 19 Chapter 4: Difficulties SMEs face in raising funds ..................................... 25 4.1 SME‟s constraints to access to finance ...................................................... 25 4.2 Challenges for SMEs ............................................................................... 28 4.3 The impact of Basel I, II and III on SMEs‟ financing ................................ 29 Chapter 5: Alternative evaluation approaches to default prediction ......... 31 5.1 Introduction .............................................................................................. 31 5.2 Credit evaluation scoring models .............................................................. 32 5.2.1. MDA (Multivariate Discriminant Analysis) ..................................... 33 5.2.2 The Linear Probability Model........................................................... 35 5.2.3 Logistic Regression Model ............................................................... 36 5.2.4 Probit Regression Model .................................................................. 37 Chapter 6: Hypotheses, variable selection and Altman tool model ............ 39 6.1 Introduction .............................................................................................. 39 6.2 Description and selection of variables & ratios .......................................... 39 6.3 Variable Measurement and Data consideration .......................................... 40 3 6.4 Description of the tool model – Altman model (1968) &Altman Revised Z-Score (2000)………………………………………………………………………………41 6.4.1 Variable selection, weightings and construction of the Revised Altman Z-score model………………………………………………………………………...43 6.4.2 A Further Revision – Model for Non-Manufacturing Firms…………….44 Chapter 7: Data Collection…………………………………………………….. .46 7.1 Data sources and the construction of dataset…………………………………..46 7.2 Data Sample…………………………………………………………………….47 7.3 Financial condition of SMEs…………………………………………………...48 Chapter 8: Methodology approach and Empirical Results……………………..51 8.1 NLME model and data analysis………………………………………………....51 8.2 Interpretation of findings……………………………………………………......53 Chapter 9: Conclusions and limitations................................................................66 Bibliography…………………………………………………………………………68 Websites……………………………………………………………………………..72 | en |
| heal.type | masterThesis |
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