Търговското кредитиране – бариери пред използването му за финансиране на иновации
Trade Crediting – Barriers to Its Use for Financing the Innovations

Summary/Abstract: Trade credit is one of the traditional sources of firm financing, which keeps its significance in the modern conditions of development of the financial markets and innovations. It is a means of increasing the flexibility and adaptivity of the firms. Its significance as a financial and operative instrument for carrying out the enterprise activity additionally increases in crisis and lowering the access to institutional financing. As an alternative source of financial resource, the trade credit encourages the innovation activity of the enterprises. However, its impact could be opposite as well. The increase of intra-firm debts above certain sizes, particularly of the share of delayed and uncollectable debts becomes a factor, which moves the focus of the management attention from the opportunities of innovative development to insuring liquidity necessary for survival of the firm.

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