Thesis (M.H.A.)--University of Michigan, 1971.

Thesis (M.H.A.)--University of Michigan, 1971.

Small and medium-sized enterprises (SMEs) contribute to China's economic growth and help maintain social stability. However, SME business leaders have cited access to finance as an obstacle of SMEs' survival and success. The purpose of this multiple case study was to identify main strategies SME entrepreneurs and business leaders used to attract venture capital (VC) investments to achieve financial sustainability and business expansion. Data were collected from a purposive sample of 23 entrepreneurs and leaders from 4 SMEs in China and an analysis of organizational artifacts. The resource-based view theory served as the primary conceptual framework. The data analysis process entailed using coding techniques to identify keywords, narrative segments, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to 4 themes including developing a unique and pioneering business model, assembling a management team with industry experience, indicating use of raised capital in investing in technology, and engaging with superior principal endorsements during the fund-raising efforts. The implication for positive social change included the potential to enhance the capability of SME entrepreneurs and business leaders to obtain VC funding to support their businesses, which can increase economic development and improve the social stability of local communities in China. The findings from the study may contribute to the development of the SME sector in China and benefit their owners, business leaders, employees, future entrepreneurs, the local community, as well as economy of China.

This thesis will discuss the role of government in venture capital market and illustrate the national difference of that through a comparative study of government expenditure supporting policies of venture capital investment in the USA, Canada and China. Firstly, the prototype programs designed by Small Business Administration (SBA) of the United States and Canadian policies by the Business Development Bank of Canada (BDC) will be discussed. Secondly, the current Chinese government expenditure supporting policies will then be studied in the context of the Chinese venture capital market’s unique political, economical and legislative background. Ultimately, potential improvements in the future expenditure incentive programs in China will be explored.

This thesis will discuss the role of government in venture capital market and illustrate the national difference of that through a comparative study of government expenditure supporting policies of venture capital investment in the USA, Canada and China. Firstly, the prototype programs designed by Small Business Administration (SBA) of the United States and Canadian policies by the Business Development Bank of Canada (BDC) will be discussed. Secondly, the current Chinese government expenditure supporting policies will then be studied in the context of the Chinese venture capital market’s unique political, economical and legislative background. Ultimately, potential improvements in the future expenditure incentive programs in China will be explored.

This thesis focuses on the issue of European pension systems from a standpoint of their structure and sustainability in view of ageing of the population. The structure of systems is examined through pension models which embody combinations of financing (pay-as-you-go or capital funded) and pension calculation (defined contribution or defined benefit). The main object is to reveal how much are the European pension systems threatened by ageing of the population and sort them out according to this discovery. The risk rate is calculated as a ratio of the difference between expense rate on public pension pillars in 2012 and 2060 to the difference between dependency ratio in the same interval. The final figure shows the percentage of relative expenses per capita in 2060 compared to the base year of 2012. The main object is carried out by dividing the studied states into three groups. According to thesis' results, the most endangered state is Poland with a value of 28 % while the least endangered state is Luxembourg with a value of 110 % or relative expenses per capita compared to the base year of 2012.

El propósito de la presente investigación ha sido identificar aquellos factores que afectan el acceso al financiamiento de las pymes, esto debido a que a la fecha existen muchas limitantes que funcionan como barrera en el desarrollo de dichas empresas. Es preciso indicar que en el mercado en donde se desarrollan existen diversas formas de financiamiento; sin embargo, estas normalmente benefician o aportan un mayor apoyo y valor a las grandes empresas o a las que tienen un historial crediticio previo. Por ello, es que en este trabajo de investigación nos enfocamos en analizar específicamente el apoyo o facilidades de financiamiento que reciben las pymes para su desarrollo. Los tipos de financiamiento que existen para las pymes son con capital propio y/o con capital de terceros: el primero consiste en el inicio y financiamiento de las operaciones con los fondos propios de los inversionistas, y el segundo consiste en el otorgamiento de financiamiento mediante el capital semilla, préstamos informales, proveedores, subsidios del Estado, entidades bancarias-financieras y la emisión de bonos-acciones. Es importante mencionar que existen diversos factores que dificultan o facilitan el acceso al financiamiento de las pymes, los cuales se hacen referencia en esta investigación: la asimetría de la información, el riesgo crediticio, la calidad de los proyectos de negocios pymes y la experiencia previa del cliente. / The purpose of this research has been to identify those factors that affect access to financing for SMEs, due to the fact that to date there are many limitations that function as a barrier in the development of these companies. It is necessary to indicate that in the market where they are developed there are various forms of financing; however, these typically benefit or provide greater support and value to large companies or those with a prior credit history. Therefore, in this research work we focus on specifically analyzing the support or financing facilities that SMEs receive for their development. The types of financing that exist for SMEs are with own capital and / or with third-party capital: the first consists of starting and financing operations with investors' own funds, and the second consists of granting financing through seed capital, informal loans, suppliers, State subsidies, banking-financial entities and the issuance of bond-shares. It is important to mention that there are various factors that hinder or facilitate access to financing for SMEs, which are referenced in this research: the asymmetry of information, credit risk, the quality of SME business projects and previous experience. the client's. / Trabajo de Suficiencia Profesional