Financing SMEs and Entrepreneurs 2016 An OECD Scoreboard (eBook)

Oecd (Autor)

eBook Download: EPUB

2016 | 1. Auflage
494 Seiten
OECD Publishing (Verlag)
978-92-64-25523-4 (ISBN)

Infos

This report monitors SME and entrepreneur access to finance in 37 countries. It includes indicators of debt, equity, asset-based finance and framework conditions for SME and entrepreneurship finance, complemented by an overview of recent developments in public and private initiatives to support SME finance. Taken together, these indicators form a comprehensive framework for policy makers and other stakeholders to evaluate the financing needs of SMEs.

Inhalt

Foreword 5
Acknowledgements 7
Table of contents 9
Reader’s Guide 21
Indicators 21
Table 1. Core indicators in Financing SMEs and Entrepreneurs 2016 22
Data collection 22
Cross-country comparability 22
Box 1. What is an SME? 23
Recommendations for data improvements 23
Box 2. Recommendations for improving the reporting of core indicators 24
Acronyms and abbreviations 25
Executive summary 27
Part I SME financing: State of play 31
Chapter 1 Recent trends in SME and entrepreneurship finance 33
Business environment and macroeconomic context 34
Table 1.1. Real GDP Growth in participating countries, 2007-14 and 2015-16 forecast 35
Table 1.2. Inflation in participating countries, 2007-14 36
Financial conditions 37
Figure 1.1. Financial conditions indices in the Euro area, Japan and the United States, 2007-15 37
Lending to SMEs 38
SME loans and SME loan shares 38
Figure 1.2. Trends in outstanding SME loans, 2012-14 39
Figure 1.3. Trends in outstanding SME loans, 2007-14 39
Figure 1.4. Trends in new SME lending, 2012-14 40
Table 1.3. Growth of SME business loans, 2008-14 41
Figure 1.5. Growth patterns of outstanding SME loans, 2014 relative to 2007 and 2013/14 42
Table 1.4. Share of SME loans in total business loans, 2007-14 43
Table 1.5. Trends in SME loan shares and credit market scenarios, 2013-14 44
Table 1.6. Share of short term SME loans as a proportion of all SME loans, 2007-14 45
Credit conditions for SMEs 45
Cost of credit 46
Figure 1.6. Change in SME interest rates, 2012-14 46
Table 1.7. SME interest rates, 2007-14 47
Table 1.8. Interest rate spreads between loans to SMEs and to large enterprises, 2007-14 48
Box 1.1. Financing conditions for micro-enterprises: Evidence from France 48
Table 1.9. Acceptance rates for micro-enterprises and SMEs in France, 2014-15 49
Collateral requirements 50
Rejection rates 50
Box 1.2. Using alternative data for credit reporting to enhance SME access to finance 51
Figure 1.7. Trends in SME collateral requirements, 2012-14 52
Table 1.10. Trends in SME loan rejection rates, 2007-14 52
Additional evidence on credit conditions from survey data 53
Table 1.11. ECB Survey on SME access to finance 53
Figure 1.8. The proportion of Euro zone SMEs reporting access to finance as their most pressing concern, October 2014-March 2015 54
Figure 1.9. Loan availability in the United States, 2000-15 54
Figure 1.10. Small business lending environment in the United States, 2000-15 55
Figure 1.11. Lending attitudes in Japan, 2000-15 56
Figure 1.12. Credit standards and demand for loans by small firms in Japan, 2000-15 57
Figure 1.13. Credit conditions in the United Kingdom, 2010-15 57
Equity financing 58
Table 1.12. Venture capital investments 59
Figure 1.14. Change in venture capital investments by development stage, 2007-10 and 2007-14 60
Figure 1.15. Venture capital investments, 2014 61
Box 1.3. Public equity markets for SMEs 62
Figure 1.16. Global small IPOs issuance by proceeds and by age, 2000 – Q1 2015 62
Figure 1.17. Breakdown of global IPOs by age of company at the time of listing, 2000 – Q1 2015 63
Asset-based finance and crowdfunding activities 63
Table 1.13. New production in leasing, 2007-14 64
Table 1.14. Factoring volumes, 2007-14 65
Box 1.4. Factoring for SMEs 66
Box 1.5. Crowdfunding and SMEs 67
Table 1.15. Crowdfunding volumes in North America, Asia and Europe, 2012-15 67
Figure 1.18. Global crowdfunding volumes by model 67
Payment delays, bankruptcies and non-performing loans 68
Payment delays 68
Bankruptcies 68
Table 1.16. Trends in payment delays, 2007-14 69
Table 1.17. Trends in bankruptcies, 2007-14 70
Non-performing loans 70
Table 1.18. Non-performing loans, 2007-14 71
Figure 1.19. Trends in non-performing loans, 2012-14 72
Figure 1.20. Trends in SME loan growth in 2014 and increase in SME NPLs over 2010-14 73
Government policy responses in 2014-15 73
Table 1.19. Government loan guarantees for SMEs, 2007-14 74
Box 1.6. Credit guarantee schemes: novel features and recent developments 75
Figure 1.21. Government loan guarantees for SMEs, 2014 76
Table 1.20. Government policy responses to improve SME access to finance, 2007-14 80
Summing up and looking ahead 80
Notes 82
References 83
Chapter 2 The role of business angel investments in SME finance 85
Business angels have an important role to play in the financial ecosystem for SMEs 86
Trends and developments in angel activities 87
Box 2.1. Business angel networks and syndicates 87
Angel activities within networks and syndicates are on the rise 88
Table 2.1. Total business angel investments within networks in selected countries, 2007-13 88
Box 2.2. Angel investing in emerging economies: The Chilean experience 89
Angel investing generates a sizeable, albeit skewed, return on investment and has a significant business impact on investee companies 89
Co-investment has become the norm 91
Box 2.3. Go Beyond Investing 92
The profile of angel investors is becoming more diverse 92
Achieving timely exits is crucial for a vibrant business angel market 92
Policy initiatives for angel investment 93
Box 2.4. Government support for angel investments in Turkey 94
Box 2.5. Fostering a creative economy in Korea: the role of business angels 94
Tax policies 95
Table 2.2. Overview of fiscal incentives for angel investors 95
Public-private co-investment schemes 96
Table 2.3. Co-investment funds for business angels 97
Logistical or financial support for the creation and operation of business angel networks (BANs) 98
Supporting SME investor readiness 98
Box 2.6. France Angels: the national federation for the development of angel investing in France 99
There is a need to strengthen the evidence base on business angel investing 100
Table 2.4. Estimate of the total number of business angels in selected EU countries (visible and invisible markets) 101
Conclusions 102
Notes 102
References 103
Annex 2.A1 The different stages of a business angel investment 107
Deal Sourcing 107
Deal Screening 107
Initial feedback/coaching 107
Company presentation to investors 107
Due diligence 107
Investment terms and negotiations 108
Investment 108
Post-investment monitoring and support 108
PART II OECD country and partner economy profiles of SME and entrepreneurship financing 2007-14 109
Australia 110
SMEs in the national economy 110
Table 3.1. Distribution of firms in Australia, 2013-14 110
Macroeconomic conditions 110
Table 3.2. Key domestic economic forecasts for Australia 111
SME lending 111
Figure 3.1. Business investment in Australia as a share of GDP, 1989-2017 112
Credit conditions 112
Equity and asset-based finance 112
Table 3.3. Venture capital investment in companies in Australia 113
Other indicators 113
The Productivity Commission’s Inquiry into business set-up, transfer and closure 113
Government policy response 114
Financial System Inquiry 114
Liaison with industry 114
Innovative finance and crowd-sourced equity funding 115
Taxation and business incentives 115
Competition policy 116
Consumer policies 116
Function and role of the Australian Competition and Consumer Commission 117
Small business assistance 117
Export financing 117
Table 3.4. Scoreboard for Australia, 2007-14 118
Figure 3.2. Trends in SME and entrepreneurship finance in Australia 119
Table 3.5. Definitions and sources of indicators for Australia’s scoreboard 120
Note 120
References 120
Austria 121
SMEs in the national economy 121
Table 4.1. Distribution of firms in Austria, 2013 121
SME lending 121
Figure 4.1. Growth rates of business loans to non-financial corporations in Austria and the Euro area, 2004-15 122
Credit conditions 122
Figure 4.2. Credit standards for Austrian non-financial corporations, 2006-15 123
Figure 4.3. Access to bank lending of Austrian enterprises 124
Equity financing 124
Table 4.2. Venture and growth capital investments in Austria, 2007-14 125
Other indicators 125
Government policy response 125
Direct lending 125
Loan guarantees 126
Table 4.3. Government loan guarantees in Austria, 2007-14 127
Export financing 127
Table 4.4. Financing for exporting SMEs by Oesterreichische Exportfonds GmbH, Austria, 2007-14 128
Risk capital initiatives in Austria 128
Table 4.5. Risk capital initiatives in Austria 128
Legal framework for crowdfunding 129
Other measures 129
Box 4.1. Definition of Austrian SMEs 129
Figure 4.4. Trends in SME and entrepreneurship finance in Austria 130
Table 4.6. Scoreboard for Austria, 2007-14 131
Table 4.7. Definitions and sources of indicators for Austria’s scoreboard 131
Note 132
References 132
Belgium 133
SMEs in the national economy 133
Table 5.1. Distribution of firms in Belgium, 2013 133
SME lending 133
Credit conditions 134
Figure 5.1. Change in credit standards for SMEs in Belgium and the Euro zone, 2007-14 134
Table 5.2. Demand for bank finance in Belgium 135
Figure 5.2. Loan rejection rates in Belgium, 2008-14 135
Table 5.3. Demand for bank finance in Belgium (SME financing survey 2014) 136
Table 5.4. Reasons why Belgian firms did not request bank finance in the previous 12 months 136
Table 5.5. Take-up of financing instruments in Belgium (SME financing survey 2014) 137
Asset-based financing, equity financing and business angels 137
Table 5.6. Outstanding stock of leasing and factoring turnover in Belgium, 2007-14 137
Table 5.7. Venture and growth capital investments in Belgium, 2007-14 138
Other indicators 138
Government policy response 139
Table 5.8. Direct loans, government guarantees and guaranteed loans in Belgium, 2007-14 139
Table 5.9. Scoreboard for Belgium, 2007-14 143
Figure 5.3. Trends in SME and entrepreneurship finance in Belgium 144
Table 5.10. Definitions and sources of indicators for Belgium’s scoreboard 145
References 145
Canada 146
SMEs in the national economy 146
Table 6.1. Distribution of firms in Canada, 2014 146
Small business lending 146
Figure 6.1. Debt financing by source of financing in Canada, 2014 147
Figure 6.2. Business debt outstanding in Canada, 2000-14 147
Table 6.2. Value of disbursements in Canada, 2013-14 148
Small business loans authorised vs. requested 148
Small business credit conditions 148
Figure 6.3. 90-day delinquency rate (%) and GDP in Canada, 2007-14 149
Non-bank finance (leasing) 149
Equity financing 149
Table 6.3. Venture and growth capital in Canada, 2007-14 149
Other indicators 149
Government policy response 150
Box 6.1. Definition of Small Businesses used in Canada’s SME and Entrepreneurship Scoreboard 152
Table 6.4. Scoreboard for Canada, 2007-14 153
Figure 6.4. Trends in SME and entrepreneurship finance in Canada 154
Table 6.5. Definitions and sources of indicators for Canada’s scoreboard 155
References 156
Chile 157
SMEs in the national economy 157
Table 7.1. Distribution of firms in Chile, 2014 157
Macroeconomic context 157
SME lending 158
Figure 7.1. Growth rate of loans in Chile, 2010-15 159
Figure 7.2. Commercial loans by economic sector in Chile, 2010-15 160
Table 7.2. Growth rate of the stock of total business loans in Chile, 2008-14 160
Table 7.3. Growth rate of the stock of SME business loans in Chile, 2008-14 161
Credit conditions 161
SME loan rejection-request rates 161
Asset-based finance and equity financing 162
Equity financing 162
Table 7.4. Chile’s CORFO long-term credit line programmes for risk capital fund managers 162
Table 7.5. CORFO seed programmes in Chile, 2014 163
Factoring and invoice discounting 163
Leasing 164
Non-performing loans 165
Table 7.6. NPL rates (90-day delinquency) for the overall commercial portfolio in Chile, 2009-14 165
Table 7.7. Percentage of NPL rates in the SME loan portfolio in Chile, 2009-14 165
Other indicators 166
Table 7.8. Number of firms starting and closing operations in Chile, 2007-13 166
Government policy response 167
Table 7.9. Chile’s FOGAPE credit guarantee scheme, 2007-14 167
Table 7.10. Scoreboard for Chile, 2007-14 170
Figure 7.3. Trends in SME and entrepreneurship finance in Chile 171
Table 7.11. Definitions and sources of indicators for Chile’s scoreboard 172
Box 7.1. Definition of SME used in Chile’s SME and entrepreneurship financing scoreboard 173
Table 7.12. Definition of SMEs in Chile using the debt size criterion 173
Notes 173
References 174
China (People’s Republic of) 176
SMEs in the national economy 176
Table 8.1. Distribution of firms in China, 2008 176
Table 8.2. Definition of SMEs in China 177
Small business lending 178
Small business credit conditions 179
Table 8.3. Loan rejection rate of medium, small and micro scale businesses in China, 2015 180
Equity financing 180
Alternative financing and other indicators 181
Table 8.4. Wenzhou index of private lending in the Chinese shadow banking system 181
Table 8.5. Development of online finance in China, 2014 182
Government policy response 182
Table 8.6. Scoreboard for China, 2007-14 184
Figure 8.1. Trends in SME and entrepreneurship finance in China 185
Table 8.7. Definitions and sources of indicators for China’s scoreboard 186
References 187
Colombia 188
SMEs in the national economy 188
Table 9.1. Distribution of firms in Colombia, 2015 188
Financial deepening and lending activity 188
SME lending 189
Microcredit portfolio 189
Table 9.2. Evolution of microcredits in Colombia, 2010-14 189
Credit conditions 190
Equity financing 190
Other indicators 190
Government policy response 190
Public financial institutions 191
Credit guarantees 192
Table 9.3. Classification of MSMEs in Colombia according to the parameters contained in the Law 905 of 2004 193
Table 9.4. Scoreboard for Colombia, 2007-14 193
Figure 9.1. Trends in SME and entrepreneurship finance in Colombia 194
Table 9.5. Definitions and sources of indicators for Colombia’s scoreboard 195
Notes 196
References 196
Czech Republic 198
SMEs in the national economy 198
Table 10.1. Distribution of firms in the Czech Republic, 2014 198
SME lending 198
Credit conditions 199
Figure 10.1. Change in credit conditions and the expected demand for loans in the Czech Republic, 2012-14 199
Equity financing 199
Table 10.2. Venture and growth capital investment in the Czech Republic 2007-14 200
Other indicators 200
Government policy response 200
Operational Programme Enterprise and Innovation 2007 – 2014 (OPEI) 200
Table 10.3. The Czech Republic’s Operational Programme Enterprise and Innovation (OPEI), 2007-14 201
The GUARANTEE programme 201
Table 10.4. Guarantees issued and loans guaranteed in the Czech Republic, 2007-14 201
The REVIT programme 202
The INOSTART programme 202
Czech Export Bank and the Export Guarantee and Insurance Company 202
Figure 10.2. Credit standards for non-financial corporations in the Czech Republic, 2012-15 203
Figure 10.3. Changes in demand for loans to non-financial corporations in the Czech Republic, 2012-15 204
Table 10.5. Scoreboard for the Czech Republic, 2007-14 204
Figure 10.4. Trends in SME and entrepreneurship finance in the Czech Republic 205
Table 10.6. Definitions and sources of indicators for the Czech Republic’s scoreboard 206
References 206
Denmark 207
SMEs in the national economy 207
Table 11.1. Distribution of firms in Denmark, 2013 207
SME lending 207
Table 11.2. Share of firms that applied for financing in Denmark 208
Table 11.3. Result of loan applications by firm size in Denmark 208
Credit conditions 208
Equity financing 209
Table 11.4. Venture and growth capital investment in Denmark, 2007-14 209
Other indicators 209
Government policy response 209
Growth loans “Vaekstlån” 210
Growth loan guarantee “Vaekstkautioner” 210
Growth Loans for Entrepreneurs (Vækstlån for iværksættere) 210
Green growth loans (Grønne Vækstlån) 210
Danish Growth Capital (Dansk Vækst Kapital, DGC) 211
Table 11.5. Investments of Dansk Vaekstkapital in Denmark, 2014 211
Syndication Loans (Syndikeringslån) 211
Export guarantee 211
The export credit facility 212
Table 11.6. Scoreboard for Denmark, 2007-14 212
Figure 11.1. Trends in SME and entrepreneurship finance in Denmark 213
Table 11.7. Definitions and sources of indicators for Denmark’s scoreboard 214
Notes 214
References 215
Estonia 216
SMEs in the national economy 216
Table 12.1. Distribution of firms in Estonia, 2013 216
SME lending 216
Credit conditions 217
Equity and asset-based financing 217
Table 12.2. Venture and growth capital investment in Estonia, 2007-14 217
Table 12.3. Leasing and factoring in Estonia, 2007-14 218
Other indicators 218
Government policy response 218
Table 12.4. Scoreboard for Estonia, 2007-14 219
Figure 12.1. Trends in SME and entrepreneurship finance in Estonia 220
Table 12.5. Definitions and sources of indicators for Estonia’s scoreboard 221
References 221
Finland 222
SMEs in the national economy 222
Table 13.1. Distribution of firms in Finland, 2012 222
SME lending 222
Credit conditions 222
Equity financing 223
Table 13.2. Venture and growth capital investment in Finland, 2007-14 223
Other indicators 224
Table 13.3. Incidence of solvency problems by firm size in Finland, 2009-15 225
Government policy responses 225
SME loans and guarantees provided by Finnvera 225
Table 13.4. SME loans and guarantees granted by Finnvera in Finland, 2007-14 226
Other policy measures 226
Table 13.5. Scoreboard for Finland, 2007-14 227
Figure 13.1. Trends in SME and entrepreneurship finance in Finland 228
Table 13.6. Definitions and sources of indicators for Finland’s scoreboard 229
Notes 229
References 230
France 231
SMEs in the national economy 231
Table 14.1. Distribution of firms in France, 2015 231
SME lending 231
Credit conditions 231
Figure 14.1. Growth rates of bank loans to all firms in France, 2007-14 232
Figure 14.2. Interest rates in France, 2006-14 233
Figure 14.3. Change in credit conditions for SMEs in France and the Eurozone, 2007-14 233
Equity and asset-based financing 234
Table 14.2. Private equity investment in France, 2006-14 234
Table 14.3. Evolution of factoring activities in France, 2008-13 234
Other indicators 234
Government policy response 235
Figure 14.4. Financing requests and grants for SMEs and VSEs in France, 2014-15 235
Public action in favour of access to finance is in continuity with previous years 235
Box 14.1. Definition of SMEs in the EU and France 239
Table 14.4. Scoreboard for France, 2007-14 239
Figure 14.5. Trends in SME and entrepreneurship finance in France 240
Table 14.5. Definitions and sources of indicators for France’s scoreboard 241
References 242
Georgia 243
SMEs in the national economy 243
Table 15.1. Distribution of firms in Georgia, 2014 243
SME lending 243
Overview of the economy 243
Credit conditions 244
Non-bank financing 244
Other indicators 245
Government policy response 245
Business Environment 245
Taxation of Micro and Small Businesses 245
Bankruptcy: Second chance 246
SME Institutions 246
National Institutions 246
SME programmes and initiatives 247
Box 15.1. Legal and institutional framework for SMEs in Georgia 249
Table 15.2. Definition of SMEs in Georgia 249
Table 15.3. Scoreboard for Georgia, 2007-14 249
Figure 15.1. Trends in SME and entrepreneurship finance in Georgia 250
Table 15.4. Definitions and sources of indicators for Georgia’s scoreboard 250
References 251
Greece 252
SMEs in the national economy 252
Table 16.1. Distribution of firms in Greece, 2013 252
SME lending 252
Non-bank financing 253
Credit conditions 253
Other indicators 254
Government policy response 254
Direct loans 254
Table 16.2. Entrepreneurship fund in Greece, 2011-15 255
Loan guarantees 255
Table 16.3. Loan guarantee programmes in Greece, 2008-14 255
Support to venture capital (New Economy Development Fund S.A., TANEO) 256
Table 16.4. TANEO’s venture capital investments in Greece, 2007-14 256
Provision of guarantee for letters of guarantee 257
Table 16.5. Scoreboard for Greece, 2007-14 257
Figure 16.1. Trends in SME and entrepreneurship finance in Greece 258
Table 16.6. Definitions and sources of indicators for Greece’s scoreboard 259
Notes 260
References 260
Hungary 261
SMEs in the national economy 261
Table 17.1. SMEs in Hungary, 2014 261
Macroeconomic Overview 262
Lending – SME Lending 263
Figure 17.1. Business loans to all non-financial enterprises in Hungary, 2007-14 263
Figure 17.2. SME business loans in Hungary, 2007-14 265
Figure 17.3. SME short-term loans in Hungary, 2007-14 265
Figure 17.4. SME long-term loans in Hungary, 2007-14 266
Credit conditions 266
Figure 17.5. SME average interest rates in Hungary, 2007-14 266
Non-performing loans 267
Figure 17.6. Ratio of non-performing business loans within total loan portfolio in Hungary, 2007-14 267
Figure 17.7. Ratio of SME non-performing loans within total SME loan portfolio in Hungary, 2008-14 267
Equity financing 268
Figure 17.8. Venture and growth capital investment in Hungary, 2007-14 268
Other indicators – Bankruptcies – Payment Delays 268
Government policy responses: 269
Figure 17.9. Government guaranteed loans to SMEs in Hungary, 2007-14 269
Figure 17.10. Government loan guarantees to SMEs in Hungary, 2007-14 269
Technical Notes 271
Table 17.2. Scoreboard for Hungary, 2007-14 271
Figure 17.11. Trends in SME and entrepreneurship finance in Hungary 272
Table 17.3. Definitions and sources of indicators for Hungary’s scoreboard 273
Ireland 274
SMEs in the national economy 274
Table 18.1. Distribution of firms in Ireland, 2012 274
SME lending 274
Credit conditions 275
Equity financing 275
Table 18.2. Venture capital raised by SMEs in Ireland, 2007-14 275
Other indicators 276
Figure 18.1. Number of days in which customers pay the business in Ireland, 2012-15 276
Table 18.3. Companies registration office data in Ireland, 2007-14 276
Government policy response 277
Credit Guarantee Scheme 277
Micro-enterprise loan fund scheme 278
Innovation Fund Ireland 278
Credit Review Office 278
Ireland Strategic Investment Fund (ISIF) 278
ISIF SME Fund Investments 279
Strategic Banking Corporation of Ireland 280
Table 18.4. Scoreboard for Ireland, 2007-14 281
Figure 18.2. Trends in SME and entrepreneurship finance in Ireland 282
Table 18.5. Definitions and sources of indicators for Ireland’s scoreboard 283
Note 283
References 283
Israel 284
SMEs in the national economy 284
Table 19.1. Distribution of firms in Israel, 2013 284
Debt financing 284
Banks 284
Table 19.2. Outstanding business loans in Israel, 2007-14 285
Credit card companies 285
Table 19.3. Loans to SMEs by credit card companies in Israel, 2007-14 285
Credit Terms 285
Table 19.4. Interest rates in Israel, 2010-14 286
Non-performing loans 286
Table 19.5. Credit losses in SME vs. large businesses in Israel, 2011-14 286
Government loan guarantees for SMEs 286
Table 19.6. Details of government guarantee funds for SMEs in Israel, 2007-14 287
Details of credit volumes approved and executed during 2007-2014 288
Table 19.7. Government loan guarantees in Israel, 2007-14 288
Other Indicators 289
Loan fees for SME loans 289
Table 19.8. Loan fees for SME loans in Israel, 2009-13 289
Table 19.9. Credit allocation fees in Israel, 2008-14 289
Failed to successful SME loan applications 289
Payment delays, B2C and B2B 290
Days payable outstanding 290
Table 19.10. Average days payable outstanding by sector in Israel, 2008-13 290
Days sales outstanding 290
Table 19.11. Average days sales outstanding by sector in Israel, 2008-13 290
Equity financing 291
Table 19.12. Venture capital investments in Israel, 2007-13 291
Comments 292
Table 19.13. Scoreboard for Israel, 2007-14 292
Figure 19.1. Trends in SME and entrepreneurship finance in Israel 293
Table 19.14. Definition of business types in Israeli bank groups 294
Table 19.15. Definitions and sources of indicators for Israel’s scoreboard 294
Notes 294
References 295
Italy 296
SMEs in the national economy 296
Table 20.1. Distribution of firms in Italy, 2013 296
SME lending 296
Figure 20.1. Lending in Italy, 2006-15 297
Credit conditions 297
Figure 20.2. Credit conditions for SMEs and large firms in Italy, 2007-15 298
Figure 20.3. Rejection rates in Italy 298
Figure 20.4. Ratio of new bad debts to outstanding loans in Italy, 2006-15 299
Equity financing 299
Table 20.2. Early stage and expansion capital in Italy, 2007-14 300
Other indicators 300
Table 20.3. Payment delays in Italy, 2008-14 300
Government policy response 301
Box 20.1. Definition of SMEs used in Italy’s SME and entrepreneurship finance scoreboard 302
Table 20.4. Scoreboard for Italy, 2007-14 303
Figure 20.5. Trends in SME and entrepreneurship finance in Italy 304
Table 20.5. Definitions and sources of indicators for Italy’s scoreboard 305
References 306
Japan 307
SMEs in the national economy 307
Table 21.1. Number of business establishments and enterprises by industry and size in Japan, 2012 (private, non-primary industry) 307
SME lending 308
Figure 21.1. Trends in number of SMEs in Japan, 1999-2012 308
Credit Conditions 309
Figure 21.2. Diffusion Index (DI) of financial institutions’ lending attitudes in Japan, 2005-15 309
Figure 21.3. Diffusion Index (DI) of credit standards in Japan, 2005-15 310
Equity and asset based financing 310
Other indicators 310
Government policy responses 310
Figure 21.4. Number of industries designated as Safety-Net Guarantee in Japan, 2006-15 311
Figure 21.5. Changes in outstanding SME loans in Japan, 1997-2014 313
Box 21.1. Definition of SMEs used in Japan’s financing SMEs and entrepreneurs scoreboard 313
Table 21.2. Definitions of SME Basic Act in Japan 313
Table 21.3. Scoreboard for Japan, 2007-14 314
Figure 21.6. Trends in SME and entrepreneurship finance in Japan 315
Table 21.4. Definitions and sources of indicators for Japan’s scoreboard 316
References 317
Korea 318
SMEs in the national economy 318
Table 22.1. Distribution of firms in Korea, 2013 318
SME lending 318
Credit conditions 319
Figure 22.1. Large enterprise and SME loans in Korea, 2001-14 320
Equity financing 320
Table 22.2. Venture and growth capital in Korea, 2007-14 320
Other indicators 320
Government policy response 321
Box 22.1. Definition of SMEs used in Korea’s SME and entrepreneurship finance scoreboard 321
Table 22.3. Definition of SMEs used by BOK and FSS in Korea 321
Figure 22.2. Trends in SME and entrepreneurship finance in Korea 323
Table 22.4. Scoreboard for Korea, 2007-14 322
Table 22.5. Definitions and sources of indicators for Korea’s scoreboard 324
References 324
Malaysia 325
SMEs in the national economy 325
SME lending 326
Credit conditions 327
Equity and asset-based financing 327
Government policy response 327
Box 23.1. Definition of SMEs used in Malaysia’s SME and entrepreneurship finance scoreboard 329
Table 23.1. Definition of SMEs in Malaysia by annual sales turnover 329
Table 23.2. Definition of SMEs in Malaysia by number of full-time employees 329
Table 23.3. Scoreboard for Malaysia, 2007-14 330
Figure 23.1. Trends in SME and entrepreneurship finance in Malaysia 331
Table 23.4. Definitions and sources of indicators for Malaysia’s scoreboard 332
References 332
Mexico 334
SMEs in the national economy 334
Table 24.1. Distribution of firms in Mexico, 2013 334
SME lending 335
Credit conditions 335
Equity financing 336
Table 24.2. Equity financing in Mexico, 2004-13 336
Table 24.3. Equity financing in Mexico, 2007-12 337
Government policy responses 337
Seed Capital Programme 337
Table 24.4. Seed Capital Programme in Mexico, 2007-10 337
Financing Programme for Entrepreneurs through Commercial Banks 337
Table 24.5. Financing Programme for Entrepreneurs in Mexico, 2010-13 338
SME productive projects 338
Financing franchise activity 338
National credit guarantee system 338
Table 24.6. National credit guarantee system in Mexico, 2007-14 339
Support for equity financing 339
Table 24.7. Scoreboard for Mexico, 2007-14 340
Figure 24.1. Trends in SME and entrepreneurship finance in Mexico 341
Table 24.8. Definitions and sources of indicators for Mexico’s scoreboard 342
References 342
The Netherlands 343
SMEs in the national economy 343
Table 25.1. Distribution of firms in the Netherlands, 2014 343
SME lending 343
SME loans authorised vs. requested 343
Credit conditions 344
Equity financing 344
Other indicators 344
Government policy response 344
Table 25.2. Scoreboard for the Netherlands, 2009-14 345
Figure 25.1. Trends in SME and entrepreneurship finance in the Netherlands 346
Table 25.3. Definitions and sources of indicators for the Netherlands’ scoreboard 347
Note 347
References 347
New Zealand 349
SMEs in the national economy 349
Table 26.1. Distribution of firms in New Zealand, 2014 349
SME lending 349
Credit conditions 349
Table 26.2. SMEs requesting and obtaining finance in New Zealand, 2008-13 350
Equity financing 350
Other indicators 351
Government policies 351
Table 26.3. Scoreboard for New Zealand, 2007-14 352
Figure 26.1. Trends in SME and entrepreneurship finance in New Zealand 353
Table 26.4. Definitions and sources of indicators for New Zealand’s scoreboard 354
Note 354
References 354
Norway 355
SMEs in the national economy 355
Table 27.1. Distribution of firms in Norway, 2013 355
SME lending 356
Figure 27.1. Credit standards and demand for credit in Norway 356
Equity financing 357
Table 27.2. SME equity financing in Norway, 2010-13 357
Other indicators 357
Government policy response 357
Table 27.3. Scoreboard for Norway, 2007-14 358
Figure 27.2. Trends in SME and entrepreneurship finance in Norway 359
Table 27.4. Definitions and sources of indicators for Norway’s scoreboard 360
References 360
Portugal 361
SMEs in the national economy 361
Table 28.1. Distribution of firms in Portugal, 2012 361
SME lending 361
Credit conditions 362
Equity financing 362
Table 28.2. Equity capital invested by business stage in Portugal, 2009-14 362
Other indicators 362
Government policy response 362
Table 28.3. Scoreboard for Portugal, 2007-14 363
Figure 28.1. Trends in SME and entrepreneurship finance in Portugal 364
Table 28.4. Definitions and sources of indicators for Portugal’s scoreboard 365
References 365
Russian Federation 366
SMEs in the national economy 366
Box 29.1. SMEs in the Russian Federation 366
Table 29.1. Definition of SMEs in the Russian Federation 366
Table 29.2. Distribution of firms in the Russian Federation, 2014 367
SME lending 367
Credit conditions 367
Figure 29.1. Bank lending conditions and SME demand for new loans in the Russian Federation, 2009-14 368
Equity financing 368
Table 29.3. Venture capital investment in the Russian Federation by stage, 2008-12 369
Other indicators 369
International and national policy response for promoting SME finance 369
Table 29.4. Scoreboard for the Russian Federation, 2007-14 371
Figure 29.2. Trends in SME and entrepreneurship finance in the Russian Federation 372
Serbia 374
SMEs in the national economy 374
Table 30.1. Distribution of firms in Serbia, 2013 374
SME lending 374
Credit conditions 375
Equity financing 375
Other indicators 375
Government policy response 376
Box 30.1. Definition of an SME in Serbia 376
Table 30.2. Scoreboard for Serbia, 2007-14 377
Figure 30.1. Trends in SME and entrepreneurship finance in Serbia 378
Table 30.3. Definitions and sources of indicators for Serbia’s scoreboard 379
Note 379
References 379
Slovak Republic 380
SMEs in the national economy 380
Table 31.1. Distribution of firms in the Slovak Republic, 2014 380
SME lending 380
Credit conditions 381
Figure 31.1. Change in credit standards for SMEs and large firms in the Slovak Republic, 2008-14 381
Figure 31.2. Change in the demand for bank lending by SMEs and large firms in the Slovak Republic, 2008-14 382
Equity financing 382
Table 31.2. Venture capital investments in SMEs in the Slovak Republic, 2007-14 382
Other indicators 383
Government policy response 383
Activities of the Slovak Guarantee and Development Bank 383
Activities of the Eximbank 383
EU-JEREMIE initiative 383
Operational Programme Competitiveness and Economic Growth 384
Risk Capital Programme 384
Micro Credit Programme 385
Table 31.3. Scoreboard for the Slovak Republic, 2007-14 385
Figure 31.3. Trends in SME and entrepreneurship finance in the Slovak Republic 386
Table 31.4. Definitions and sources of indicators for the Slovak Republic’s scoreboard 387
References 388
Slovenia 389
SMEs in the national economy 389
Table 32.1. Distribution of firms in Slovenia, 2014 389
SME lending 389
Credit conditions 390
Government policy response 390
Box 32.1. Definition of an SME in Slovenia 390
Table 32.2. Scoreboard for Slovenia, 2007-2014 391
Figure 32.1. Trends in SME and entrepreneurship finance in Slovenia 392
Table 32.3. Definitions and sources of indicators for Slovenia’s scoreboard 393
References 393
Spain 394
SMEs in the national economy 394
Table 33.1. Distribution of firms in Spain, 2012 394
SME lending 394
Figure 33.1. Credit to the non-financial sector adjusted for securitisation and sales in Spain, 1995-2015 395
Credit conditions 395
Figure 33.2. Credit standards in Spain, 2002-15 396
Equity financing 396
Export subsidies 397
Other indicators 397
Government policy response 397
SME guarantee programmes 398
Other national programmes 399
Fiscal measures 399
Box 33.1. SME definition used in Spain’s SME and entrepreneurship finance scoreboard 399
Table 33.2. Scoreboard for Spain, 2007-14 400
Figure 33.3. Trends in SME and entrepreneurship finance in Spain 401
Table 33.3. Definitions and sources of indicators for Spain’s scoreboard 402
References 402
Sweden 403
SMEs in the national economy 403
Table 34.1. Distribution of SMEs in Sweden, 2013 403
SME lending (stocks) 403
Figure 34.1. SME debt in Sweden, 2007-13 404
Credit conditions 404
Figure 34.2. Bank interest rates and index of loan volumes in Sweden, 2007-15 405
Index of bank loan volumes 405
Equity financing 405
Figure 34.3. Venture and growth capital investments in Swedish companies, 2007-14 406
Other indicators: Payment delays, bankruptcies and non-performing loans 406
Government policy response 406
Almi loans 407
Figure 34.4. Loans granted by ALMI in Sweden, 2005-14 407
Export credit guarantees 407
Recent policy developments 408
Table 34.2. Scoreboard for Sweden, 2007-14 408
Figure 34.5. Trends in SME and entrepreneurship finance in Sweden 409
Table 34.3. Definitions and sources of indicators for Sweden’s scoreboard, 2007-14 410
Notes 411
References 411
Switzerland 412
SMEs in the national economy 412
Table 35.1. Distribution of firms in Switzerland, 2013 412
SME lending 412
Credit conditions 413
Equity financing 413
Table 35.2. Private equity and venture capital investments in Switzerland, 2007-14 413
Other indicators 413
Government policy response 414
Table 35.3. Scoreboard for Switzerland, 2007-14 414
Figure 35.1. Trends in SME and entrepreneurship finance in Switzerland 415
Table 35.4. Definitions and sources of indicators for Switzerland’s scoreboard 416
References 416
Thailand 417
SMEs in the national economy 417
Table 36.1. Distribution of firms in Thailand, 2012 417
SME lending 417
Credit conditions 418
Equity financing 418
Government policy response 418
Box 36.1. Definition of SMEs used in Thailand’s SME and entrepreneurship finance scoreboard 419
Table 36.2. Definition of SMEs according to the Thai Ministry of Industry 419
Table 36.3. Scoreboard for Thailand, 2007-13 420
Figure 36.1. Trends in SME and entrepreneurship finance in Thailand 421
Table 36.4. Definitions and sources of indicators for Thailand’s scoreboard 422
References 422
Turkey 423
SMEs in the national economy 423
Table 37.1. Distribution of firms in Turkey, 2013 423
SME lending 423
Equity financing 423
Regulation regarding angel investment 424
Regulation regarding fund of funds 424
The structure of fund of funds 425
Other indicators 425
Government policy response 426
KOSGEB 426
Table 37.2. The KOSGEB credit interest support programme in Turkey, 2003-14 426
Table 37.3. KGF guarantees and credit volumes in Turkey, 2007-14 427
Table 37.4. International financial institutions’ direct loans with treasury guarantee in Turkey, 2007-14 427
Istanbul Venture Capital Initiative (iVCi) 427
Table 37.5. Capitalisation of KOSGEB to iVCi in Turkey, 2008-14 428
G-43 Anatolian Venture Capital Fund 428
COSME 429
Borsa Istanbul Emerging Companies Market SME Support Programme 429
KOBI Venture Capital Investment Trust Inc. Co. (KOBI GSYO A.S.) 429
KOSGEB’s support for start-ups 429
KOSGEB’s energy efficiency programmes 430
Borsa Istanbul Private Market platform 430
Greater Anatolia Guarantee Facilities (GAGF) project 430
TÜBITAK venture capital funding programme 431
Development agencies 431
Table 37.6. Support of development agencies to SMEs in Turkey, 2008-15 431
Leasing, Factoring and Financing Companies Law 431
Box 37.1. SMEs in Turkey 432
Table 37.7. Definition of SMEs used in Turkey’s scoreboard 432
Table 37.8. Scoreboard for Turkey, 2007-14 432
Figure 37.1. Trends in SME and entrepreneurship finance in Turkey 433
Table 37.9. Definitions and sources of indicators for Turkey’s scoreboard 434
Note 434
References 434
United Kingdom 435
SMEs in the national economy 435
Table 38.1. Distribution of firms in the United Kingdom, 2014 435
SME lending 435
Figure 38.1. Gross lending to SMEs in the United Kingdom, 2007-14 436
Figure 38.2. Stock of lending to SMEs and corporations in the United Kingdom, 2008-14 436
Credit conditions 436
Leasing, hire purchases, asset-based financing and equity financing 437
Table 38.2. Leasing and hire purchases to SMEs in the United Kingdom, 2007-14 437
Table 38.3. Stock of asset-based financing in the United Kingdom, 2007-14 438
Table 38.4. Venture and growth capital investment in the United Kingdom, 2007-14 438
Other indicators 438
Government policy response 439
Table 38.5. EFG loans drawn and offered in the United Kingdom, 2009-14 439
Table 38.6. Scoreboard for the United Kingdom, 2007-14 441
Figure 38.3. Trends in SME and entrepreneurship finance in the United Kingdom 442
References 444
United States 445
SMEs in the national economy 445
Table 39.1. Distribution of firms in the United States, 2011 445
The macroeconomic environment 445
Table 39.2. Net pre-tax income in the United States 446
Figure 39.1. Average net pre-tax profit margins in the United States 446
The corporate sector: net firm formation across firm-size 446
Table 39.3. Percent change in the number of US firms, 1989-2012 447
The labour market by firm size 447
Figure 39.2. Quarterly net employment change by firm size in the United States, 2000-14 448
Figure 39.3. ADP, total employment month-over-month change at small firms in the United States, 2005-15 448
Capital expenditure by firm size 448
Figure 39.4. Real business investment in the United States, 1999-2015 449
Figure 39.5. Small firms planning capital expenditures during the next three to six months in the United States, 1986-2015 449
Small firms’ credit demand 450
Figure 39.6. Net percentage of responders reporting stronger demand for commercial and industrial loans in the United States 450
Small firms’ credit supply 450
Figure 39.7. Small business loans at FDIC-insured institutions in the United States 451
Figure 39.8. Selected ratios of small business loans at FDIC-insured institutions in the United States, 1995-2015 452
Table 39.4. Value of small business loans outstanding in the United States 452
Figure 39.9. Paynet, small business lending index in the United States 453
Figure 39.10. Selected interest rates in the United States, 2000-15 453
Small business loan performance 454
Figure 39.11. Small business delinquency rates in the United States 454
Figure 39.12. Gross loan guarantees in the United States, SBA 7(a) and 504 programmes 455
The role of the US Small Business Administration 455
Table 39.5. SBA SBIC financing in the United States 456
Table 39.6. Scoreboard for the United States, 2007-14 457
Figure 39.13. Trends in SME and entrepreneurship finance in the United States 458
Table 39.7. Definitions and sources of indicators for the United States’ scoreboard 459
Notes 459
References 460
ANNEX II.A1 EIB Group support to SMEs and midcaps 461
The EIB Group 461
EIB’s SME activities in 2014 462
Selected results: 462
Selected highlights: 463
Enhancing cooperation with public promotional institutions and public authorities 463
Jobs for Youth 463
Targeting financing gaps 463
EIB support for SMEs outside the EU 463
EIF’s activities in 2014 464
Selected results: 464
Selected highlights: 464
Capital increase 464
Equity activity 464
Risk-sharing on new lending 465
Securitisation 465
Regional development and country specific initiatives 465
Impact investing 465
EIB Group – areas of new joint initiatives 465
SME initiative 465
Revitalising the securitisation market 465
The EIB Group Risk Enhancement Mandate (EREM) 466
Accelerating innovation in the EU 466
Table 40.A1. InnovFin financing and advisory products 466
EFSI – Investment Plan for Europe 466
Looking ahead 467
Notes 467
Annex A Methodology for producing the national scoreboards 469
Data collection 469
Government policy measures 470
Scoreboard indicators and their definitions 470
Core indicators 470
Table A.1. Core Indicators of the OECD Scoreboard on financing SMEs and entrepreneurs 471
Inflation-adjusted data 472
Inclusion of median values 473
Preferred definitions 473
Table A.2. Preferred definitions for core indicators 473
SME target population 474
Timeframe for the data collection 474
Sources of the data 474
Deviations from preferred definitions of indicators 474
SME loans 475
SME loans requested, authorised and used 475
Non-performing loans 476
Government loan guarantees and guaranteed loans 476
SME credit conditions 476
Equity financing 477
Asset-based finance 477
Payment delays and bankruptcies 478
Differences in definitions of an SME 478
Table A.3. Difference between national statistical and financial definitions of SMEs 479
Recommendations for data improvements 485
Standardised templates 485
Core indicators 486
Medium and long-term objectives 487
Notes 487
Annex B Standardised table for SME finance data collection 489
Annex C Standardised format for reporting government policy programmes 491
Programme parameters 491
Table C.1. Information sheet on national programmes promoting SME access to finance 492

Textauszug

Reader’s Guide

The OECD Scoreboard on SME and entrepreneurship finance provides a comprehensive framework for monitoring SMEs’ and entrepreneurs’ access to finance over time. The country profiles present data for a number of core indicators, which measure trends in SME debt and equity financing, solvency and policy measures by governments. Taken together, the set of indicators provide policy makers and other stakeholders with a consistent framework to evaluate whether SME financing needs are being met, to support the design and evaluation of policy measures, and to monitor the implications of financial reforms on SMEs’ access to finance.

This fourth edition of the Scoreboard on SME and entrepreneurship finance contains profiles for 37 countries: Australia, Austria, Belgium, Canada, Chile, China, Colombia, the Czech Republic, Denmark, Estonia, Finland, France, Georgia, Greece, Hungary, Ireland, Israel, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Portugal, the Russian Federation, Serbia, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United States.

Indicators

SME and entrepreneurship financing trends are monitored through core indicators, listed in Table 1, selected on the criteria of usefulness, availability, feasibility and timeliness (see Annex A for a detailed description). The core indicators address specific questions related to SMEs’ access to finance. When considered as a set, they provide a consistent snapshot of a country’s market for business finance and its changes over time. In detail, the core indicators describe and monitor the following key dimensions:

• The allocation of credit by size of firm.

• The structure of SME debt, that is, the share of credit that funds operational expenses versus investment needs.

• The unmet SME demand for credit and the tightening of financial markets.

• The conditions for SMEs’ access to credit and how they compare to those for larger firms, including request for collateral and cost of debt.

• The extent and uptake of government guarantee programmes.

• The role that venture and growth capital plays in SME financing.

• The role that asset-based finance plays in financing SMEs.

• The incidence of other cash flow constraints, such as payment delays, and the ability of SMEs to survive economic downturns and credit crunches.

Table 1. Core indicators in Financing SMEs and Entrepreneurs 2016

Core Indicators	What they show

1. Share of SME loans in total business loans

SMEs’ access to finance compared to larger firms

2. Share of SME short-term loans in total SME loans

Debt structure of SMEs; % used for operations and % used for expansion

3. SME loan guarantees

Extent of public support for SME finance

4. SME guaranteed loans

Extent to which such public support is used

5. SME direct government loans

Extent of public support for SME finance

6. SME rejection rate

Tightness of credit conditions and willingness of banks to lend

SME loans used/ SME loans authorised

Sometimes used in addition or instead of the rejection rate to gauge credit conditions. A decrease indicates that conditions are loosening

7. SME non-performing loans/ SME loans

When compared to the ratio of non-performing loans (NPLs) for all business loans, it indicates if SMEs are less creditworthy than larger firms

8. SME interest rates

Tightness of credit conditions and risk premium charged to SMEs

9. Interest rate spread between large and small enterprises

Tightness of credit conditions; indicates how closely interest rates are correlated with firm size

10. Percent of SMEs required to provide collateral on their last bank loan

Tightness of credit conditions

11. Venture and growth capital

Ability to access external equity for start-up, early development and expansion stages

12. Asset-based finance

The take-up of non-bank finance instruments such as leasing, hire purchases, factoring and invoice discounting by SMEs

13. Payment delays

Cash flow problems; difficulty in paying and being paid

14. Bankruptcies

Rough indicator of the impact of a crisis, cash flow problems

Data collection

The scoreboard data are provided by experts designated by participating countries. The data come from a range of sources specified in a table at the end of each country profile. They cover access to finance for employer firms, that is, for SMEs which have at least one employee, and are operating a non-financial business; non-employer firms and financial companies are in principle excluded from the analysis.

The data in the present edition cover the period 2007 to 2014. The year 2007 serves as the benchmark against which trends over the entire period can be identified. The pre-crisis benchmark is used to assess trends over the crisis (2008-09) and the recovery period (2010-14). Specific attention is placed on changes which occurred in SME financing conditions in 2013-14.

In addition to the core indicators of Table 1, this publication also provides information concerning government policy measures to facilitate SMEs’ and entrepreneurs’ access to finance. Each country profile includes a section describing policy developments in this area.

Cross-country comparability

At the individual country level, the Scoreboard on SME and entrepreneurship finance provides a coherent picture of SME access to finance over time and monitors changing conditions for SME financing and the impact of policies. On the other hand, there are limits to the cross-country comparisons that can be made, due to differences in definition and coverage between countries for many indicators, not least due to cross-country differences in how an SME is defined (see Box 1). Annex A provides detailed information on SME definitions across participating countries.

Box 1. What is an SME?

While there is no universal definition of an SME and several criteria can be used in the definition, SMEs are generally considered to be non-subsidiary firms which employ less than a given number of employees. This number of employees varies across countries. The most frequent upper limit designation of an SME is 250 employees, as in the European Union. However, some countries set the limit at 200, while the United States considers SMEs to include firms with fewer than 500 employees. Small firms are mostly considered to be firms with fewer than 50 employees while micro-enterprises have less than 10. Medium-sized firms have between 50 and 249 employees. Turnover and financial assets are also used to define SMEs: in the EU, the turnover of an SME cannot exceed EUR 50 million, and the annual balance sheet should not exceed EUR 43 million.

Source: OECD (2006), The Financing Gap (Vol. 1): Theory and Evidence, OECD Publishing, Paris.

At the same time, in a number of cases, it is not possible to adhere to the “preferred definition” of the core indicators. A proxy has been adopted in these instances. This is for example the case for a key indicator in this exercise, the SME loan, which requires bank data collected by firm size, or the availability of SME financial statements from tax authorities. When these conditions are not met, business loans below a given threshold (EUR 1 million or USD 1 million) serve as a proxy for SME loans. For this reason, in each country profile, the scoreboard data are complemented with a table of definitions, which provides the definition adopted for each indicator and the reference to the data source.

Despite these limitations, it is possible to compare general trends across countries, as the differences in the exact composition of the single indicator are muted when evaluating rates of change. However, again, caution is required in cross-country comparisons, especially as concerns the use of flow variables and stock measures. Flows, which are measured over an accounting period (i.e. one year), tend to reflect short-term events and are therefore more volatile than stocks, which measure the value of an asset at a given point in time, and thus reflect latest flows, as well as values that may have cumulated over time, net of depreciation.

Recommendations for data improvements

A summary of recommendations to improve data collection and reporting of core indicators are outlined in Box 2 (see...

Produkt-Details

• Erscheint lt. Verlag: 14.4.2016
• Sprache: englisch
• Themenwelt: Technik
• Themenwelt: Wirtschaft
• ISBN-10: 92-64-25523-0 / 9264255230
• ISBN-13: 978-92-64-25523-4 / 9789264255234