The main objective of this study is to examine the long run relationship between stock market development and economic growth in the case of South Africa. The study used quarterly data covering the period from 1990Q1 to 2010Q4. To empirically test the link between the two variables, the study used the Johnson’s cointegration approach and Granger causality so as to test the direction of the relationship. The Vector Error Correction Model was also employed to capture both short run and long run dynamics. Generally, the results reveal that a long run relationship exists between the two variables and the causality flows from economic growth to stock market development. Also, the extent to which of stock market development impacts on growth is statistically weak.

The aim of the Master's thesis is to analyze the current literary environment in relation to the coming digitalization. The work is focused on several sub-themes that are essential and have an impact on shaping the market as the technology used, the legal concept of electronic documents, protection against illegal distribution of documents and also the economic aspects of electronic publishing. The work is based on the experience of the author, who deals with this issue in great detail on multiple levels.

The subject of the thes is is the development project AZ Tower, implemented by Brno developer PROPERITY Ltd. The thesis describes the process of construction, manager's work and management risks of the project. It also describes organizational structure of the company and project management process. The work also includes an analysis of the developer market in Brno, focusing mainly on logistics, office and residential development. The thesis tracks construction of new flats and property market development as well.

資本市場對於一國社會經濟的發展，佔有舉足輕重的地位。一方面，企業生產所需之資本，透過股票或債券等證券的發行，在資本市場迅速籌集資金，推動國家經濟不斷成長；另一方面，國民儲蓄認購企業發行之證券，分享企業經營之成果，從而達成「均富」之目標。台灣資本市場的建立，可以民國51年2月9日「台灣證券交易所」成立為里程碑，發展迄今已逾37年，市場規模日益壯大，並朝向國際化的方向發展。臺灣資本市場的發展就如臺灣經濟發展之縮影，二者亦步亦趨，密不可分。藉由對臺灣資本市場深化程度之探究，將能清楚地看出資本市場在臺灣經濟發展歷程中所佔的比重與發揮的功能。所謂「資本深化」（Capital Deepening），係指資本市場中資金累積的速度。民國五O年代是臺灣經濟的黃金時期，此階段之資本深化程度於五十二至五十五年間為最高；民國六O年代經歷兩次能源危機，但我國堅強之因應能力使得資本市場得以順利發展，深化程度維持穩定；到了七O年代，台灣經濟呈現起伏不定的變化，尤其是七O年代末期，資本市場深化程度大幅提升，但這是市場不正常發展的結果；八O年代迄今，資本市場全力朝自由化與國際化發展。在臺灣資本市場的發展歷程中，遭逢七次重大危機。此七次危機是以股票市場之「十年均線」為標的，本文開創性地歸納出六段加權股價指數於十年均線以下的時期，這六個時期分別為民國71年8月至72年1月、民國79年2月至79年10月、民國81年9月至82年1月、民國84年8月至85年3月、民國87年8月至87年9月與民國88年1月至88年2月；此外，民國83年10月，洪福證券公司發生鉅額跳票，造成股市連續暴跌一個星期，股價指數於六個交易日內重挫1059.04點，跌幅達14.75%，資本市場受創程度不亞於前述六個時期。從臺灣資本市場發展的軌跡中，可以發現影響資本市場起伏變化的因素主要有： 經濟循環、政治因素( 國際形勢的變化、 戰爭的影響、 國內重大政治事件、 國家的重大經濟政策)、 貨幣供給與利率、油價、 企業經營狀況與人為操縱等。此六項因素左右資本市場發展過程之盛衰起伏。 第一章 緒論 ……………………………………………………1~9 第一節 研究背景與目的 …………………………………1~4 第二節 研究內容與流程 …………………………………5~7 第三節 研究方法與限制 …………………………………8~9 第二章 資本市場與國家經濟發展 ……………………………10~29 第一節 「資本」概念的論述 ……………………………10~15 第二節 資本的形成－儲蓄和投資的相關理論 …………16~26 第三節 資本市場在經濟發展中所扮演的角色 …………27~29 第三章 臺灣資本市場之發展歷程 ……………………………30~82 第一節 臺灣資本市場的建立 ……………………………30~41 第二節 臺灣資本市場運作制度之演變歷程 ……………42~62 一、 證券市場管理方面 ……………………………42~47 二、 證券發行市場方面 ……………………………48~51 三、 證券流通市場方面 ……………………………52~55 四、 證券服務業方面 ………………………………56~59 五、 證券市場國際化方面 …………………………60~62 第三節 臺灣資本市場發行與交易之變遷 ………………63~82 一、 股票之發行與交易情形 ………………………63~78 二、 債券之發行與交易情形 ………………………78~82 第四章 臺灣資本市場深化程度之演進 ………………………83~123 第一節 衡量「資本深化」程度指標的建立 ……………83~105 第二節 民國五o年代 ……………………………………106~109 第三節 民國六o年代 ……………………………………110~114 第四節 民國七o年代 ……………………………………115~119 第五節 民國八o年代 ……………………………………120~123 第五章 臺灣資本市場遭逢七次危機之背景、成因、解決政策與借鑒 ………………………124~160 第一節 民國71年8月至72年1月 ……………………124~130 第二節 民國79年2月至79年10月 ………………… 131~136 第三節 民國81年9月至82年1月 ……………………137~143 第四節 民國83年10月 ………………………………144~147 第五節 民國84年8月至85年3月 ……………………148~152 第六節 民國87年8月至87年9月 ……………………153~156 第七節 民國88年1月至88年2月 ……………………157~160 第六章 結論 ………………………………………………… 161~170 第一節 本文主要發現 …………………………………161~164 第二節 本文政策性意涵 ………………………………165~169 第三節 可進一步研究之方向 …………………………170 參考文獻 ……………………………………………………171~180 / Capital market plays a key role in one country's economic development. On the one hand, enterprises can acquire the capital that they demand through issuing securities in capital market; on other hand, the public can share the profits of enterprises by purchasing securities in capital market. The foundation of "Taiwan Stock Exchange" on February 9, 1962 was a milestone in Taiwan's capital market history. Taiwan's capital market development is a miniature of Taiwan's economic development. The significance and functions of Taiwan's capital market in different stages of Taiwan's economic development can be observed clearly by exploring "Capital Deepening". "Capital Deepening" is the speed of capital accumulation in capital market. From 1962 till now, Taiwan's capital market has encountered seven severe crisives-from August 1982 to January 1983, from February 1990 to October 1990, from September 1992 to January 1993, from August 1995 to March 1996, from August 1998 to September 1998, from January 1999 to February 1999, and October 1994. Overall, there are six main factors which influence Taiwan's capital market deeply. They are business cycles, political factors, money supply and interest rate, oil price, enterprises, and personal manipulation.

This thesis is about the quest to build effective strategies to support the development of enterprise on the margins of the economy, to create jobs and reduce poverty. A core part of this challenge includes grappling with the role of markets in development, and of markets as a critical part of the context in which enterprise development in rural and peri-urban areas can either provide a path out of poverty – or instead serve to lock people into poverty. The thesis explores these issues by tracking the experience of the Mineworkers Development Agency (MDA) as it attempted to grapple with this challenge. MDA is the development wing of South Africa’s National Union of Mineworkers (NUM) , and was set up to create jobs and support enterprise development for communities affected by the loss of jobs on the mines. The thesis covers a fourteen-year period in MDA’s history, from its inception in 1988 until 2002. It tracks the learning process across several phases in the development of MDA’s approach. These included the development of worker co-operatives, the establishment of business service centres, value-chain work in the craft sector, and the commercialization of a juice product from the indigenous marula berry. In the process, MDA engaged with an emergent paradigm in the development sector called ‘Making Markets Work for the Poor’. Can markets really be made to work for the poor? Or even just made to work ‘better’ for the poor? Or is the process of inclusion in markets inexorably and inevitably one of making the poor work for markets? The thesis explores these issues in the context of MDA’s experience, locating this within a wider set of theoretical concerns over the role of markets in society, and the ways in which societies have protected themselves from the negative impacts of the development of market economies. It draws on wider political economy approaches to argue that markets are institutions that are socially constructed, and explores what scope there might therefore be to construct them differently. While recognising the importance of social protection, the thesis argues that there is a need to go beyond defensive strategies aimed at protecting society from markets, to identify new terms of engagement within markets to shape markets, and to harness their wealth-creating potential in ways that have different distributional consequences, as part of a long-term agenda of eradicating poverty.

Cette thèse est composée en quatre chapitres distincts. Dans le premier chapitre, nous examinons le lien à long terme entre le développement des marchés boursiers, le développement du secteur bancaire et la croissance économique du groupe BRICS en utilisant l’analyse de données de panel. Notre analyse empirique indique que l'indicateur du développement du marché boursier ainsi que l'indicateur du développement du secteur bancaire ont un impact positif et significatif sur la croissance économique. Cependant, l'indicateur de la profondeur du système financier a un effet négatif et significatif sur la croissance. Dans le deuxième chapitre, nous étudions l'impact direct des investissements directs étrangers (IDE) ainsi que l’interaction entre de l’IDE et de la liberté économique sur la croissance économique dans un panel des pays en voie de développement en utilisant l’analyse de données de panel dynamiques et la méthode des moments généralisée (GMM). Nos résultats mettent en évidence de l’effet significatif et positif de la liberté économique sur la croissance économique. En outre, l'impact de l'IDE via le canal de la liberté économique est positif et significatif. Cependant, l'effet de l’IDE sur la croissance économique pourrait varier en termes de développement des pays. Le troisième chapitre étudie l'impact direct de l'IDE et l'effet interactif de l'IDE via les indicateurs de marché financier sur la croissance économique de 20 pays en utilisant l’analyse de données de panel dynamiques et la méthode GMM. Notre analyse empirique indique que l'IDE a un effet significatif et positif sur la croissance économique à travers deux indicateurs du secteur bancaire. De même, les mêmes résultats ont conclu pour l'indicateur de la capitalisation boursière. Cependant, l'effet de l'IDE via l'indicateur de la liquidité du marché boursier est négatif. Dans le quatrième chapitre, nous examinons l'effet de la crise financière à travers les indicateurs du marché boursier sur la croissance économique dans le cas des pays du groupe D8 en utilisant des données de panel dynamiques et la méthode GMM. Les résultats concernant trois modèles employés dans cette étude montrent que la crise financière a un effet négatif et significatif via les indicateurs du marché boursier sur la croissance économique. Par conséquence, la crise financière cause de la réduction de l'impact positif du développement des marchés boursiers sur la croissance économique. Cependant, l'impact direct du développement des marchés boursiers est positif. De même, l’indicateur du secteur bancaire a un effet positif sur la croissance. Aussi, nous montrons que l'impact du secteur bancaire sur la croissance est significativement plus important que l'impact du marché boursier. / This thesis is composed of four separate chapters. In the first chapter, the long-term relationship between stock market development, banking sector development and economic growth in the BRICS group countries has been investigated using panel data analysis. The findings reveal that the proxy of stock market development and also the employed proxy of banking sector development have positive and significant impact on economic growth. However, the channel of financial depth in study countries has a negative and significant effect on growth. In the second chapter, the direct and interactive impact of foreign direct investment and economic freedom on economic growth has been studied in a panel of developing countries using dynamic panel data and generalized method of moments (GMM) approach. The results depict a significant and positive effect of economic freedom on economic growth. Also the impact of FDI through economic freedom channel is positive and significant. However, the effect of FDI on growth may vary in terms of development. The third chapter sought to study the direct impact of FDI and also the interactive effect of FDI through proxies of financial market on economic growth of 20 countries using dynamic panel data and GMM approach. In this regard, the interaction of FDI with four indicators of financial market development has been examined. The results indicate a significant and positive impact of FDI through two proxies of banking sector on economic growth. Similarly, the same results concluded for the indicator of stock market capitalization. However, the effect of FDI through the indicator of stock market liquidity is negative. The fourth chapter aims to examine the effect of global financial crisis through the proxies of stock market on economic growth in case of D8 group countries using dynamic panel data and GMM method. The results concerning three employed models in this study reveal that financial crisis has a significant negative effect through stock market development proxies on economic growth. Accordingly, financial crisis cause to reduction of positive impact of stock market development on economic growth. However, the direct impact of stock market development is positively correlated with economic growth. Likewise, the proxy of banking sector has a positive effect on growth. Also by comparison the effect of stock market development and banking sector development, it can be concluded that impact of banking sector on growth is significantly more than the impact stock market

一、金融發展對經濟成長的影響：動態門檻效果的分析 本研究旨在探討於全球的架構下，各國金融發展對於經濟成長之關係為何？並且進一步探討銀行發展及股市發展是否對經濟成長有不對稱效果。對於過去相關文獻無法獲得金融發展與經濟成長間一致的關係，我們懷疑應與金融發展與經濟成長之間為非線性關係有關。延伸 Shen and Lee (2006) 我們將探討是否於金融發展與經濟成長間存在著銀行的門檻效果，並提出兩個假說，第一是「blessing-in-low-regime」，即在低度銀行發展區域，金融發展對於經濟成長有正面影響。第二是「curse-in-high-regime」即在高度銀行發展區域，金融發展對於經濟成長有負面影響。本文發展一個新的模型：dynamic panel threshold model (DPTM)是延伸Hansen (1999)的panel threshold model，認為經濟成長會受到自己上一期變數所影響，結果指出就銀行發展對於經濟成長的影響而言，在低度銀行發展區域支持「blessing-in-low-regime」；在高度銀行發展區域支持「curse-in-high-regime」。反之，就股市發展對於經濟成長的影響，在低度銀行發展區域並不支持「blessing-in-low-regime」;在高度銀行發展區域亦不支持「curse-in-high-regime」。 二、金融發展與經濟成長的雙向因果關係 本研究探討是否金融發展與經濟成長之間存在一項非線性的雙向因果關係，且此項因果關係是否受到金融發展以及經濟成長程度的影響。在全球的架構下，利用42個國家1976年到2005年的資料，使用一項新發展的計量模型：dynamic panel threshold model (DPTM)來探討此項因果關係。實證結果顯示，當使用銀行發展做為門檻變數時，在低度銀行發展區域，銀行發展對於經濟成長有正面影響，然而股市發展則對經濟成長有負面影響；而在高度銀行發展區域，銀行發展對於經濟成長的影響性則轉向負面影響，而股市發展則轉向正向支持經濟成長。相對地，無論在低度銀行發展區域或是高度銀行發展區域，經濟成長對於銀行發展皆有正面影響。最後，當使用經濟成長做為門檻變數時，本文發現金融發展與經濟成長的因果關係並未改變。 三、金融發展如何影響所得分配？倒U型分配假說與線性假說 本研究使用1976年到2005年42個發展中與已發展國家的資料，分析金融發展與所得分配的關係，並且進一步探討金融發展是否對所得分配有不對稱效果，隨著銀行發展程度的不同，其對所得分配的影響性將隨之改變。過去金融發展與所得分配的相關文獻提出兩項相對的理論假說，分別為Greenwood and Jovanovic (1990)的「倒U型分配假說」與Galor and Zeira (1993)的「線性假說」。本研究發展一項計量模型dynamic panel threshold model (DPTM)來檢驗這兩項假說。分析結果顯示，在低度銀行發展區域，股市發展將提升所得不均；而在高度銀行發展區域，股市發展則轉為減緩所得不均，支持「倒U型分配假說」。相對地，無論在低度銀行發展區域或是高度銀行發展區域，銀行發展對所得不均的影響性皆為負向的減緩效果，不支持「倒U型分配假說」，然而其對所得分配的影響性仍存在不對稱的門檻效果。 / Essay 1: Blessing or Curse? The Role of Financial Development to Economic Growth This study aims to investigate the asymmetric effect between financial development and economic growth by considering the threshold effect. Based on Shen and Lee's (2006) findings, we examine whether the effect of financial development on economic growth depends on the threshold variable of bank development. Our hypothesis is that bank development is a blessing to economic growth at the low bank development regime, but it is a curse at the high bank development regime. To examine the “blessing-in low-regime” and “curse-in high-regime” hypothesis, we develop a dynamic panel threshold model (DPTM) to test this hypothesis. The DPTM is a direct extension of the non-dynamic panel threshold model of Hansen (1999). We conclude that the effect of bank development on economic growth supports the hypothesis. Nevertheless, the effect of stock market development on economic growth does not support the hypothesis. Essay 2: A Bivariate Causality between Financial Development and Economic Growth This study hypothesizes that causal relationship between financial development and economic growth is not linear; however, it may be influenced by the level of financial development or economic growth. A new econometric method, dynamic panel threshold model (DPTM) is proposed to investigate conditional causality. Herein, the thresholds of “bank development” and “economic growth” are applied. When bank development is used as threshold in the low bank-developed regime, bank development is beneficial for economic growth. However, it poses adverse effects on the stock market. In contrast, in the high bank-developed regime, bank development exhibits an adverse effect on economic growth whereas the stock market manifests the opposite effect. Nevertheless, economic growth is beneficial for bank development in both regimes, though the influence is stronger in the low bank-developed regime. Results are robust when the income level of a country is utilized as a threshold. Essay 3: How does Financial Development Affect the Distribution of Income? Inverted U-shaped Hypothesis or Linear Hypothesis This study analyzes the relationship between financial development and income distribution using panel data from both developing and developed countries between 1976 and 2005. Specifically, we analyze whether financial development has an impact on income inequality and whether this impact depends on the threshold variable of bank development. We define the low and high bank development regimes when a country's bank development is below and above the threshold and test two alternative hypotheses the “inverted U-shaped hypothesis” and the “linear hypothesis” with a dynamic panel threshold model (DPTM). The DPTM is a direct extension of the non-dynamic panel threshold model of Hansen (1999). We find little evidence to support the inverted U-shaped relationship between inequality and finance, the effect of stock market development on inequality supports the inverted U-shaped hypothesis. Nevertheless, the effect of bank development on inequality does not support the inverted U-shaped hypothesis. However, the relationship between financial development and income distribution is nonlinear.

This diploma thesis is focused on description, breakdown and objective analysis of available development indicators of the Information and Communication Technology market in the Czech Republic. In certain ways it relates to some prior theses prepared on the department of Information Technologies at The Prague University of Economics. The paper breakdowns period of last ten years, ideally years 1997 -- 2007, but in some parts the period is adjusted according to availability of statistical data. Also description of contemporary market situation and outline of trends is included to serve as future development estimation. Specific contribution of this work is analysis of data extracted from annual overview presented in Computerworld Top 100 by IDG Czech a.s. and data obtained from European Information Technology Observatory (EITO) yearbooks. Objective recognition of this data, their verification against information from different available sources and explanation by factual event provides comprehensive and independent view on particular influences which formed and affect Information and Communication Technology market in the Czech Republic. Whole paper and its individual chapters are as much as possible drafted as standalone parts and are seamlessly designated to overview dealt topic. Their objective is to provide summarized view of the topic with objective interpretation and comments. The most important from each part are basis for conclusion of the thesis. Conclusion provides the most important and interesting findings as well as future prospects considering areas of Information and Communication Technology market with great potential. Paper does not have the ambition of being isolated ultimative source of information about analyzed matters. It should be synoptical summary for anyone who wants to orientate oneself and as a good-quality source with references to external documents and other sources for those who want to deal with the problematics in more details.

The aim of the thesis is the determination of investment cash flows generated from Finnish market development activities of a selected Russia-based small company, performing investment valuation using discounted cash flow method and presenting improvements which can rise the attractiveness for potential investors. It includes comprehensive investment valuation of the selected company at the seed stage of its` development, including the overview of current financial situation, usage a valuation model followed by stable growth and terminal value determination. Provided and copulated data serves as an example of complete valuation model for capital injections of future projects in the company, thanks to which the author is able to come to particular conclusions on the funding perspectives for the company. The results obtained through the analysis is assessed through the critical prism to be used as a basis for further suggestions on improvement.

Im ersten Abschnitt der Arbeit werden, neben dem grundlegenden Ablauf, die unterschiedlichen Factoring-Formen und Funktionen erläutert. Es erfolgt eine Abgrenzung zu anderen kurzfristigen Finanzierungsformen. Für diese Arbeit wurden Geschäftszahlen der Jahre 2008 bis 2018 von 106 Factoring-Unternehmen über die elektronische Ausgabe des Bundesanzeigers erhoben. In dem darauffolgenden Abschnitt erfolgt die Arbeit mit den empirischen Daten. Die Daten werden diskutiert, aufbereitet und anschließend ausgewertet. Es werden Entwicklungen am Arbeitsmarkt und der Gesamtwirtschaft beobachtet und im letzten Abschnitt der Arbeit die aktuellen Entwicklungen der Fintechs betrachtet. Dabei wird der Begriff „Fintech“ zunächst definiert und die Unterschiede zu klassischen Geschäftsmodellen kritisch analysiert. Abschließend erfolgt eine Zusammenfassung der Ergebnisse.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit / This bachelor thesis evaluates the development of the german factoring market between the years 2008 and 2018. For the evaluation key figures of annual financial statements, employment market and the factoring branch in general are compared between 164 factoring companies.The thesis also discusses the latest innovation of fintechs and draws a comparison to traditional factoring companies. In conclusion, the results clearly show a growth of the industry within the evaluation period.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit