Small and medium-sized enterprise is most advanced and vigorous in economic development. It is the main power of GDP growth, which can expand employment, promote technological innovation and strengthen the economic structure non-governmentally. But SMEs have great difficulties accessing finance all over the world. In this dissertation, we aim to compare the foreign trade SMEs betweenSwedenandChina, find the differences between SME financing inSwedenandChina, and try to find solutions to the financing problems inChinafrom the Swedish experience. We takeSwedenandChinaas cases, interview two companies and a bank to collect data and analyze the empirical findings with the Modigiliani-Miller Theorem, trade-off Theory, Packing order Theory, Financing gap, Transaction Cost Theory and Institution economics. Through making a comparison withSweden, we have found that the Aggregate Capital Trust for SMEs is one of the more innovative financial forms inChina, and Chinese SMEs still survive through people-to-people credit.

Submitted by Juliana Pacheco de Azevedo Lino (juliana.lino88@gmail.com) on 2019-02-09T01:31:10Z No. of bitstreams: 1 06-02-TA_Juliana_Lino_Cavalari vf.pdf: 847109 bytes, checksum: 8210890ec9644d00d8d5a1713b868bb6 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2019-02-12T15:49:41Z (GMT) No. of bitstreams: 1 06-02-TA_Juliana_Lino_Cavalari vf.pdf: 847109 bytes, checksum: 8210890ec9644d00d8d5a1713b868bb6 (MD5) / Approved for entry into archive by Jessica Chimatti Martins (jessica.martins@fgv.br) on 2019-02-13T13:05:11Z (GMT) No. of bitstreams: 1 06-02-TA_Juliana_Lino_Cavalari vf.pdf: 847109 bytes, checksum: 8210890ec9644d00d8d5a1713b868bb6 (MD5) / Made available in DSpace on 2019-02-13T13:05:11Z (GMT). No. of bitstreams: 1 06-02-TA_Juliana_Lino_Cavalari vf.pdf: 847109 bytes, checksum: 8210890ec9644d00d8d5a1713b868bb6 (MD5) Previous issue date: 2019-01-11 / O presente trabalho investiga se o dinheiro do financiamento público para inovar funciona como uma sinalização de bom investimento para novos investidores e também se é um instrumento para cobrir uma lacuna de financiamento do mercado. O argumento é de que as empresas normalmente enfrentam dificuldades para encontrar opções de financiamento adequadas à atividade de inovar, a qual apresenta maiores riscos e prazo de retorno mais alongado. Dentro desse aspecto, a tomada desse tipo de financiamento seria apenas uma maneira das companhias evitarem o subinvestimento. Por outro lado, o presente estudo também explora a possibilidade das empresas entenderem que o financiamento público para inovar sinaliza para o mercado que a companhia é uma empresa inovadora e, assim, seria uma boa opção de investimento. No caso, restringiu-se aos financiamentos concedidos pela Financiadora de Estudos e Projetos (Finep) por serem voltados exclusivamente ao apoio à inovação em empresas no território brasileiro. A primeira parte do referencial teórico fala sobre a importância da minimização do custo da dívida na escolha de financiamento, depois é analisada a teoria da atuação das agências de fomento em razão da lacuna existente no sistema financeiro de fontes de financiamento adequadas para a inovação, com posterior detalhamento das opções de financiamento para inovação via equity, mercado de capitais e fontes públicas de financiamento. Em seguida é exposta a teoria da sinalização de bom investimento. Posteriormente, é feita uma análise de como a reputação é importante para as empresas. Por fim, a pesquisa exploratória analisa o perfil de endividamento, capacidade de atração de novos investidores e nível de reputação das companhias que compõem a amostra da pesquisa. / This study investigates if the money raised through public agencies focused on innovation works as a sign of good investment as well as it analyses if it is an instrument to cover a gap of sources of funding. The argument is that companies often face difficulties to find funding options appropriate to the innovation activity, which presents higher risks and longer payback. In this regard, state-owned funding to innovate appears as a viable alternative for companies to avoid underinvestment. In addition to that, this study also explores the possibility that companies see this sort of funding as a signal to the market that the company is an innovative player and thus would be a good investment option. Concerning the present research, it was restricted to the financing granted by Financiadora de Estudos e Projetos (Finep) once it is exclusively focused on supporting innovation in companies operating within the Brazilian territory. The first part of the theoretical framework highlights the relevance of reducing the cost of debt when choosing the funding sources, next the present document analyzes the role of the development institutions as an agent to cover the lack of adequate financing sources to innovation. Further details are provided concerning the different sources of financing for innovation via equity, capital markets and public funding. Then, it is presented the theory of good investment signaling. Subsequently, an analysis is made of how reputation is important to companies. Finally, the exploratory research analyzes the debt profile, the capacity to attract new investors and the reputation level of the companies that comprise the research sample.