Entrepreneurship, small and medium size business markets and European economic integration

摘要

This paper focuses on the distinguishing features and issues of European secondary stock markets (or parallel stock markets), trying to signify their role as alternative sources of financing entrepreneurship, given the importance of small-medium enterprises (SMEs) to the integrated European economy and the existed financing gap. Access to finance is indispensable for growth but many SMEs have difficulties, as the risk capital market is underdeveloped and banks increasingly avoid risky lending. Cointegration tests are applied to investigate the relationship between the small-medium business (SMBs) markets (United Kingdom, France, Germany, Italy and Greece) into a European integrated economic and financial environment. The findings of the research show absence of integration among the SMBs markets, signaling their diversified role in financing SMEs. This enhances us to propose some interesting policy actions into the adoption of a common legal and trading framework in order to upgrade their common role as alternative sources of financing European entrepreneurship.