Practical path of SME financing problems from the perspective of fintech

Small and medium-sized enterprises, like large enterprises, are indispensable and important part of China's modern economic operation. They have played an irreplaceable and important role in promoting the sustained and rapid development of the national economy and alleviating the employment pressure. Financing difficulties is the main factor restricting the survival and development of small and medium-sized enterprises in China. The emergence of supply chain financial financing model, provide a new way of thinking to break through the financing difficulties of SMEs. This paper first introduced the current situation of financing of small and medium-sized enterprises in China from two aspects: the status of direct financing and the status of indirect financing, sums up the problems of financing small and medium-sized enterprises, and analyzes the reasons of financing difficulties of small and medium-sized enterprises in China from both inside and outside The Secondly, the article puts forward the advantages of supply chain finance in solving the financing dilemma of small and medium-sized enterprises, and three basic models in solving the financing process of small and medium-sized enterprises. Finally, the author puts forward the countermeasures and suggestions for the effective development of supply chain finance with the present situation of financing of small and medium-sized enterprises in China.

Driven by digital technology, China's digital economy is developing rapidly, and its position in the economy and society is getting higher and higher. As the main force of China's economy, employment and GDP, SMEs have been greatly impacted by the COVID-19 epidemic. It is of great practical significance to study the digital transformation of SMEs for the relief and development of SMEs after the epidemic and to promote the development of China's digital economy. A questionnaire survey was conducted on the status quo, problems and policy appeals of China's small and medium-sized enterprises' digital transformation. The survey object was the principals of 925 small and medium-sized manufacturing enterprises. The survey questions included 11 issues such as difficulties faced by enterprises in business operation, application of digital technology, effectiveness of digital transformation, and driving factors of digital transformation. On this basis, the study was carried out. The survey results show that SMEs in China generally have problems such as lack of digital transformation thinking, weak digital foundation, and large obstacles to digital transformation. The vulnerability of SMEs themselves and the differences between different types of SMEs increase the difficulty of digital transformation. The classified statistics of SMEs based on different dimensions such as the development stage, location, and scale of enterprises show that there are significant differences between different types of SMEs and the total sample, as well as between different types of SMEs in terms of difficulties faced in operation, effectiveness of digital transformation, status quo of digital transformation, application of digital technology, driving factors of digital transformation, and policy appeals; Meeting market demand, improving production efficiency and significantly reducing costs are the driving factors for SMEs to carry out digital transformation, but there are differences between different types of SMEs. In order to effectively promote the digital transformation of small and medium-sized enterprises in China, it is suggested to give full play to the guidance and policy support of government departments based on the policy demands of small and medium-sized enterprises for digital transformation, accelerate the construction of new infrastructure, and provide more solid digital transformation foundation for small and medium-sized enterprises; Take multiple measures to eliminate the shortage of digital talents, improve and innovate the talent training mechanism, and provide talent support for digital transformation; Build a digital platform and network, build a cross industry and cross link digital collaboration system, open up the digital transformation path of SMEs, and boost their digital transformation and development.

The subject of the research. The study focuses on the theoretical and practical aspects of the problems facing State support for small and medium-sized enterprises in Ukraine. The purpose of the article is to identify the main destructive factors in the development of medium and small enterprises and to identify ways to overcome them. The methodological basis of the article is general scientific and special methods of scientific knowledge, such as dialectical method, analysis, grouping of data, problem-oriented approach. Results of work. The article discusses the special role of medium- and small-scale enterprises in generating GDP, creating jobs and improving the demographic situation. It is noted that a significant proportion of enterprises either operate in the shadow sector or do not take measures to improve profitability. It has been hypothesized that an important reason for this state of affairs is imperfect state support for small and medium-sized enterprises. First of all, there is a heavy tax burden, low wages in the sector, unstable legislation. The worldwide coronavirus pandemic has also been noted as an additional challenge, with most small and medium-sized businesses on the verge of survival through quarantine activities. The field of application of results. The materials, results and conclusions of the article may be used in the activities of various public organizations and local self-government bodies as an analytical basis for appeals about the need for State support for small and medium-sized enterprises, Training of specialists in secondary and higher education. Conclusions. Small and medium-sized businesses are the driving force behind the economy. It provides a large share of GDP, promotes the development of the middle class and has a positive impact on demographic indicators. The opportunity and ability of small and medium-sized enterprises to develop, even under difficult political and economic conditions, proves that it is these entities that support the economy in difficult times. Creating an enabling environment for doing business and developing small and medium-sized enterprises should therefore be a priority for the Government. To this end, support programs must be put in place: infotrmation, financial security and social support. Active and targeted support for the development of small and medium-sized enterprises contributes to the growth of GDP and the creation of new jobs.

In modern conditions of development, digital platforms in small and medium-sized businesses began to be widely used during the development of Industry-4.0 globalization. Modern studies define digital platforms as an electronic environment that includes a general set (list) of goods and services with a corresponding digital configuration. Examples of digital platforms are: digital music platform "Spotify" or "iTunes", digital movie platform "Netflix", etc. The article established that from the point of view of the economy, digital platforms are auxiliary electronic environments (markets) on which sellers and buyers buy and sell goods. And digital entrepreneurship is also considered as the process of creating a new Internet business. In the process of research, it was established that thanks to the spread of digital platforms, entrepreneurs have opportunities to stimulate innovation to create new products or services. In the framework of Industry 4.0, globalization and digitalization have created some benefits for participants based on digital platforms. First of all, through digital platforms, manufacturers can assess buyers and end consumers without going through intermediaries. Also, digital platforms allow sellers to display their products in virtual shopping centers through a website, and consumers can view product information at a time and place convenient for them. It has been proven that small and medium-sized enterprises are one of the main engines of the modern economy, which contribute to the development of the country's economy, the creation of income, employment and innovation in various fields. Small and medium-sized enterprises are the key to economic growth and market competition in most developed economies due to their flexibility and ability to innovate. According to the results of the conducted research, it is confirmed that the use of digital tools and platforms helps small and medium-sized businesses to determine the right direction for improving the efficiency of small and medium-sized enterprises within the framework of Industry 4.0 and digitalization trends. After all, the activity of small and medium-sized business enterprises directly affects the total GDP of the country. Thus, the subject of further research is the study of factors that can increase the productivity of small and medium-sized business enterprises, which is important in determining the directions of the future development of small and medium-sized business enterprises. In addition, within the framework of Industry-4.0. SMEs must take advantage of globalization and digitalization to perform better and achieve greater competitive advantages.

Resource support of innovative small and medium-sized enterprises for space industry development in Russia

The study aims to investigate the impact of entrepreneurial orientation on small and medium enterprises' performance. A survey-based quantitative research design was used to collect primary data from registered SMEs. There are 3010 registered small and medium-sized enterprises. A stratified sampling technique was used for calculating sample size, and 353 respondents were selected for data collection with the help of a questionnaire; analysis was performed through descriptive statistics such as frequency, percentages, and regression analysis were performed. The result shows There is a positive impact of risk-taking on small and medium sized enterprises' performance, a positive impact of innovation on small and medium-sized enterprises' performance, a positive impact of proactiveness on small and medium-sized enterprises' performance, a positive impact of autonomy the on small and medium-size enterprises' performance. The competitive aggressiveness has a positive impact on small and medium-size enterprises' performance. The study recommended the relationship between entrepreneurial orientation and SME performance is a topic of significant significance and potential for providing clues to the keys to success in this vital economic sector. When we know how entrepreneurial orientation affects SME performance, policy leaders in government and businesses, financial institutions or industry associations, and other stakeholders will be able to devise tailored strategies that promote a favourable environment for the growth and continued existence of Small and Medium-sized Enterprises; Further research can also shed light on some of the actionable advice for SMEs to improve their entrepreneurial capability and competitive advantage.

As an important force in promoting economic and social development, small and medium-sized enterprises play a crucial role in enhancing China’s economic strength, creating employment opportunities, and promoting industrial structural transformation. However, due to their inherent weaknesses, small and medium-sized enterprises often face difficulties in financing within the traditional financial service system. This makes it difficult for small and medium-sized enterprises to inject vitality into the development of the market economy by expanding their financing scale. Since 2013, China has vigorously developed inclusive finance and extended the services of traditional financial institutions to small and medium-sized enterprises, providing policy guidance, resource support, and technical support to alleviate the financing difficulties of small and medium-sized enterprises. Based on this, this article focuses on the current financing problems faced by small and medium-sized enterprises and specifically elaborates on how to lower the financing threshold for small and medium-sized enterprises and broaden their financing channels through inclusive finance, in order to promote the development of inclusive finance and a virtuous cycle of financing for small and medium-sized enterprises.

In recent years, the global economy has declined, Vietnam’s economy has still made strong developments, the GDP growth rate has always reached a high level (6-7%/year). In that general picture, there is a great contribution of small and medium-sized enterprises. In that context, small and medium-sized enterprises in Vietnam as well as other enterprises have also been maximally facilitated by the authorities at all levels in terms of policies for development, Vietnam province has issued many guidelines, mechanisms and policies to support business development, helping businesses improve their competitiveness and towards sustainable development goals such as plans and programs to support small and medium-sized enterprises in the country; policies of the State Bank of Vietnam to support small and medium-sized enterprises to access credit capital for production development; policies on tax declaration of the Provincial Tax Department; guarantee for small and medium-sized enterprises to borrow capital at commercial banks... Thanks to the gradual improvement of the business environment, the development conditions of businesses are favorable, so the speed of establishing businesses is quite high. On average, in the period 2006-2010, the rate of registration of new enterprises was 20%. The total number of small and medium-sized enterprises in Vietnam accounts for 95% of the total number of enterprises in Vietnam; the average registered capital is 5.32 billion VND/enterprise; the rate of small and medium-sized enterprises existing and operating after business registration is 84.2%; on average, each enterprise pays 445 million VND/year to the state budget.Entrepreneurship (EO) is an important factor for businesses in developed countries. However, in Vietnam, the concept of enterprise spirit is still quite new, there is still no unified concept or definition of this concept, especially the impact of enterprise spirit (EO) on the operation and business results of enterprises. “Enterprise spirit” is people’s attitude of responsibility, thoughts, deep affection for business, the will to succeed, the orientation for the burning desire to get rich, persistence, perseverance with creative ideas, resoluteness, daring to take risks. It is the deepest, most core of business action.A person with an entrepreneurial spirit is a person who has the following capabilities: Having an entrepreneurial mind, that is, knowing how to combine, in a given situation, the virtues of the individual, the financial means and other resources that one has into the business. Know how to detect and evaluate opportunities that arise in business, find the necessary means and resources to take advantage of those opportunities, and find appropriate decisions to ensure the success of the action that he is about to take. They are people of action and imagination, have a strong personality, are full of responsibility, and accept risks and risks to achieve their goals. The personality pattern of people with an entrepreneurial spirit is not immutable. In the process of development, that spirit still retains its core and always changes in accordance with contemporary social norms. On the other hand, the change in the personality pattern of people with an entrepreneurial spirit over time and space is due to the progressive and self-improving nature of people. Previously, there have been a number of studies on factors affecting the business results of small and medium-sized enterprises such as product and service quality, factors that satisfy market demand, etc. However, finding a study on the impact of corporate spirit on the performance of small and medium-sized enterprises is difficult, although entrepreneurial spirit (EO) has long been considered a paramount characteristic in well-performing enterprises (Covin & Slevin 1991). There is little literature on the impact of EO on the performance of small and medium-sized enterprises in Vietnam. Therefore, the purpose of this study is to explore the impact of entrepreneurship on the business operations and results of small and medium-sized enterprises in Vietnam.

This article shows the impact of the war on small and medium-sized businesses in Ukraine during the full-scale invasion of the Russian Federation, which started on February 24, 2022, and ended in September 2023. The object of the study is small and medium-sized enterprises that carry out business activities in Ukraine during a full-scale invasion. The research objective is to determine the business strategies and Internet marketing strategies used by small and medium-sized enterprises after full-scale invasion. The purpose of this study is to identify the most effective Internet marketing strategies and Internet marketing tools that helped small and medium-sized businesses survive the full-scale invasion of Ukraine by the Russian Federation and continue to grow. The study was conducted through in-depth interviews with representatives of small and medium-sized businesses from different regions of Ukraine and from different fields of activity. Based on the categorical analysis of the responses, three periods of enterprise survival were summarized according to the chronology of military and political events in the country. The relevant Internet marketing strategies of small and medium-sized enterprises are identified. Business strategies and Internet marketing strategies that helped small and medium-sized enterprises increase their pre-war economic performance are also highlighted. Certain reasons for the deep crisis of small and medium-sized enterprises are outlined. The intensity and effectiveness of the use of Internet marketing tools by small and medium-sized businesses after a full-scale invasion are determined. The peculiarity of the results is the study of Internet marketing strategies and successful business strategies of small and medium-sized enterprises during the war. The scientific novelty of thisstudy is that it classifies the periods of survival and growth of small and medium-sized enterprises and identifies the most effective Internet marketing strategies for these periods. The efficiency and intensity of using Internet marketing tools were also systematized. The results obtained in the study will help small and medium-sized enterprises overcome crisis conditions and identify areas for the effective use of digital marketing. The findings are of practical value for small and medium-sized enterprises in other countries where there is a possibility of armed conflict.

With the improvement of the level of market economy and the improvement of the state's attention to small and medium-sized enterprises (SME), the number of small and medium-sized enterprises in China is gradually increasing, and the market competition is also becoming increasingly fierce. Under the background of big data, the competition faced by small and medium-sized enterprises is more severe. Strengthening the management of financial internal control can ensure that enterprises can successfully complete their development goals and improve their market competitiveness, so as to realize the healthy development of small and medium-sized enterprises. Combined with the significance of financial internal control of small and medium-sized enterprises under the background of big data, this paper emphatically analyzes the problems existing in financial internal control of small and medium-sized enterprises under the background of big data. According to the analysis results, this paper puts forward the strategies of financial internal control of small and medium-sized enterprises under the background of big data, for reference.

This paper deals with innovation and its determinants in small and medium-sized hotel enterprises in alpine tourism. After analysing the alpine tourism market and the characteristics of small and medium-sized enterprises with regard to innovation, the author describes an empirical study to investigate further the determinants of innovation in small and medium-sized hotel enterprises in Austria. The results reveal that the size and categorization of hotels as well as cooperation and knowledge networks positively influence innovation activities.

Small and medium-sized enterprises (SME) in the food sector play a pivotal role in contributing to the developing county's economy. In order to improve a small and medium-sized enterprises (SME), one key driver is innovation, and for innovation initiatives to grow and succeed, they depend largely on the leadership and the innovation capabilities of the firm. This chapter will shed more light on the impact of the enhanced innovation process on the performance of small and medium-sized enterprise (SME) bakeries. A qualitative study was conducted on 186 registered bakery owners/managers of bakeries. The results indicated that the relationship between enhanced innovation process and output level in small and medium-sized enterprises (SME) bakeries are significant. It has been revealed that the workforce's professional behaviour, the acquired competency through training, and the rewarding systems moderate the relationship between enhanced innovation process and output level in small and medium-sized enterprise (SME) bakeries.

At the present time characterized by globalizing market, increasing competition, accelerating change and the occurrence of many risks it is necessary for businesses, which want to remain competitive, to be able to respond flexibly to the changes in a timely manner and to identify and manage risks. Companies try to diversify business risks, such as the loss of market share in the domestic market, by entering the foreign markets and participating in international trade. Involvement in the internationalization process cannot be understood only as an opportunity to achieve greater profits and a competitive advantage, it is necessary to consider potential risks accompanying this process, because engaging in the internationalization process may bring the companies many different specific risks. It would be useful for companies to identify the factors of failure resulting from internationalization. Identifying the barriers to internationalization, the main risk factors associated with it and designing their possible prevention or elimination could provide SMEs an impetus to enter foreign markets. Although the risk is a frequently discussed issue in the international discussion, only few studies were strictly focused on risk management in the internationalization process. Risk management is a broad discipline that requires a specific knowledge in practice. However, particularly small and medium-sized enterprises are often unable to identify the potential risks of the internationalization process and therefore are not able to manage the risks. This is due to the fact that SMEs usually do not have managers with a deep knowledge of risk management and, moreover, these managers also often lack experience with foreign markets. Unfortunately, the surveys of SMEs conclude that the poorly predicted risks of entering foreign markets are one of the most common causes of failure of SMEs internationalization process.The main objective of this paper is to identify the risks of the internationalization process of Czech small and medium-sized enterprises. To achieve the main aim, it was necessary to make a survey of current situation in Czech small and medium-sized enterprises with focus on the participation in international trade, compared to the situation of these enterprises in recent years. It was also important to define the risk factors faced by Czech small and medium-sized enterprises in connection with the entry and activities on foreign markets and to identify key risk factors SMEs in the internationalization process are exposed to. It was also necessary to find out the obstacles to the internationalization process affecting the decision of Czech SMEs to penetrate foreign markets. And the last but not least task was to suggest some elementary methods that could be used by Czech small and medium-sized enterprises to eliminate risks in their internationalization process.

This paper aims to empirically study the management and activities of industrial design (ID) outsourcing in new product development (NPD) process in small and medium-sized enterprises (SMEs). The research uses a multi-case study methodology. Data were collected from six companies in various sectors. The study shows external ID is urgently needed in SMEs, it can effectively support the NPD process and promote innovation. The introduction and roles of design expertise diverse in different firms, few are involved in the early phases of NPD. And the interaction and communication between ID firms and SMEs in NPD are still at a relatively low level. It is implicated that SMEs should pay more attention to integrate outsourced industrial design as an innovation input in the NPD process to explore consumer and market. A mechanism with teamwork, collaboration of different staffs, and face-to-face communication is efficient for a successful design interaction.

The study analyzes the development of small and medium-sized businesses in the southern regions of Russia, including the Republic of Kalmykia, Astrakhan, Volgograd, Rostov regions and Stavropol Territory. The purpose of the study is to analyze the statistics of the development of small and medium-sized enterprises in the South of Russia, with an emphasis on identifying differences and peculiarities in the dynamics of its development. The objectives of the study include conducting a comparative analysis of key indicators of small and medium-sized enterprises, identifying factors contributing to and hindering its development, as well as identifying the main problems faced by entrepreneurs. The work uses methods of comparative analysis, statistical data processing and a systematic approach based on official statistical data, reports from government agencies and scientific research, which ensures the reliability and objectivity of the conclusions. Results. Quantitative indicators such as the number of registered small and medium-sized enterprises, production volumes, and employment levels were analyzed. A steady increase in the number of registered small and medium-sized enterprises was observed in all regions, although the rate of growth varied. The largest increases were observed in the Rostov Region and Stavropol Krai, indicating favorable business conditions. However, a decline in employment in a number of regions points to structural changes in the economy and the optimization of business processes. One of the key features of regional economic policy is the significant difference in the level of small and medium-sized enterprises development between regions. For example, the Rostov Region demonstrates a steady increase in the number of small and medium-sized enterprises and their contribution to the regional economy, while the Republic of Kalmykia faces limitations related to a smaller population and a narrow domestic market. Regional differences are also evident in the structure and specialization of small and medium-sized enterprises. In Stavropol Krai, growth is observed in the agricultural sector, while the Volgograd Region emphasizes industry. These characteristics highlight the need to consider regional specifics when developing support measures.