Finansowanie działalności innowacyjnych MMSP – w kontekście teorii wyboru kolejności źródeł finansowania i teorii finansowania cyklu wzrostu
Financing of innovative activities of SMEs in the context of the pecking order theory and the financial growth cycle theory

Summary/Abstract: The paper raises the subject of financing innovative activities in the Polish SME sector. In the literature a lot of work in this field can be found; but most of them concern the cost of capital and barriers and problems in raising capital for the SME sector or look for an optimal financing structure. However; the purpose of this paper is to identify the sources of funding for innovative investments by Polish SMEs in the context of the presented theories: choose the order of financing sources (pecking order theory) and the theory of the growth cycle of funding (financial growth cycle). In order to achieve this ambitious objective; the results derived from secondary research; primarily reports published by the Ministry of Economic Forecasting Department of Market and the Polish Confederation of Private Employers “Lewiatan” were used. The results for Polish SMEs were then related to the research studies conducted in German SMEs; in order to compare the structure of capital used to finance innovative investments. The essence of this paper is to answer the question whether the structure of capital is dependent on the degree of innovation of enterprises. Therefore; the degree of innovativeness of Polish SMEs broken down by the size of enterprise and set out common sources of financing; specific to each of these groups of companies. The obtained results of the research were finally referred to the mentioned theories.

• Details
• Contents