Michalski, Grzegorz Marek, Short-Term Sme Financing. Available at SSRN: http://ssrn.com/abstract=1000763

Michalski, Grzegorz Marek, Short-Term Sme Financing. Available at SSRN: http://ssrn.com/abstract=1000763

Short-Term Sme Financing

Grzegorz Michalski

Wroclaw University of Economics



Wydawnictwo Uniwersytetu Marii Curie Sklodowskiej w Lublinie, 2005

Abstract:     
Small and Medium Enterprises finance in another way than larger firms. It is because intrinsic value of liquidity which in SME is on relatively higher level than in larger firms.

Number of Pages in PDF File: 16

Keywords: Short-Run Financing, Small and Medium Enterprises, Demand for Cash, intrinsic value of liquidity, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

JEL Classifications: G39, G32, G11, M11, D81, O16, P33, P34

Accepted Paper Series

Date posted: July 19, 2007  

Suggested Citation

Michalski, Grzegorz Marek, Short-Term Sme Financing. Available at SSRN: http://ssrn.com/abstract=1000763

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Contact Information

Grzegorz Marek Michalski (Contact Author) Wroclaw University of Economics ( email ) Komandorska Street 118/120, p. Z-1, KFPiZW Department of Corporate Finance & Value Management Wroclaw , Lower Silesia 53-345 Poland 0048503452860 (Phone) 0048717181717 (Fax) HOME PAGE: http://michalskig.ae.wroc.pl/

 

 

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Short-Term Sme Financing

Grzegorz Michalski

Wroclaw University of Economics



Wydawnictwo Uniwersytetu Marii Curie Sklodowskiej w Lublinie, 2005

Abstract:     
Small and Medium Enterprises finance in another way than larger firms. It is because intrinsic value of liquidity which in SME is on relatively higher level than in larger firms.

Number of Pages in PDF File: 16

Keywords: Short-Run Financing, Small and Medium Enterprises, Demand for Cash, intrinsic value of liquidity, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

JEL Classifications: G39, G32, G11, M11, D81, O16, P33, P34

Accepted Paper Series

Date posted: July 19, 2007  

Suggested Citation

Michalski, Grzegorz Marek, Short-Term Sme Financing. Available at SSRN: http://ssrn.com/abstract=1000763

Export to: Export Citation What's this?

Contact Information

Grzegorz Marek Michalski (Contact Author) Wroclaw University of Economics ( email ) Komandorska Street 118/120, p. Z-1, KFPiZW Department of Corporate Finance & Value Management Wroclaw , Lower Silesia 53-345 Poland 0048503452860 (Phone) 0048717181717 (Fax) HOME PAGE: http://michalskig.ae.wroc.pl/

Short-Term Sme Financing | Hide Abstract | Download |
Wydawnictwo Uniwersytetu Marii Curie Sklodowskiej w Lublinie, 2005
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Jul 07

887
(7,461)  

Abstract:
Small and Medium Enterprises finance in another way than larger firms. It is because intrinsic value of liquidity which in SME is on relatively higher level than in larger firms.

Short-Run Financing, Small and Medium Enterprises, Demand for Cash, intrinsic value of liquidity, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

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Net Working Capital Management Strategies as Factor Shaping Firm Value | Show Abstract | Download |
PROBLEMY ROZOWJU RYNKU FINANSOWEGO W ASPEKCIE WZROSTU GOSPODARCZEGO, pp. 564-570, UMCS Lublin, 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

10 Jan 08

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Value-Based Inventory Management | Show Abstract | Download |
Financial Management of Firms and Financial Institutions, pp. 163-171, October 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

07 Jan 08

775
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7.  

Value-Based Inventory Management - EOQ modification | Show Abstract | Download |
Wydawnictwo Uniwersytetu Szczecinskiego, 2004
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Jul 07

761
(9,546)  

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8.  

Operational Risk of the Purchasers - Portfolio Management Approach in Accounts Receivable Management | Show Abstract | Download |
EUROPEAN FINANCIAL SYSTEMS, J. Krajicek, ed., Masaryk University, Faculty of Economics and Administration, Department of Finance, pp. 255-263, Brno 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

28 Jun 07

735
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9.  

Financial Management in Micro and Small Enterprises and Globalisation Risk Analysis | Show Abstract | Download |
DYLEMATY TEORII I PRAKTYKI ZARZADZANIA: FINANSOWO -SPOLECZNE PROBLEMY ZARZADZANIA W MIKRO - I MAKROSKALI, M. Duczmal, T. Pokusa, ed., pp. 46-64, 2006
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 Aug 07

705
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10.  

Value-Based Cash Management Models Application in Firm | Show Abstract | Download |
Wydawnictwo Uniwersytetu Marii Curie Sklodowskiej w Lublinie, 2004
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Jul 07

619
(13,119)  

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11.  

Value Based Inventory Management in Small Enterprise | Show Abstract | Download |
Finanse, Bankowo??, Rachunkowo??, Vol. 2, No. 1059, pp. 190-197, 2005
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Aug 07

591
(14,000)  

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12.  

Value Based Economic Order Quantity | Show Abstract | Download |
STRATEGIE WZROSTU WARTOSCI PRZEDSIEBIORSTWA, P. 523-231, E. Urbańczyk, ed., Wydział Nauk Ekonomicznych i Zarządzania Uniwersytetu Szczecińskiego, Szczecin 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

28 Jun 07

525
(16,665)  

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13.  

Short-Term Financial Management Based on the Information about the Value of the Liquidity and its Influence on the Value of the Firm | Show Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu / Zarzadzanie, pp. 75-84, 2003
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

17 Jul 07

495
(18,087)  

---

14.  

Risk-Based Cash Demand in a Firm | Show Abstract | Download |
MANAGING AND MODELING OF FINANCIAL RISK, D. Dluhošová [red.], Technická Univerzita Ostrava, s. 179-185, 2006
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

28 Jun 07

425
(22,116)  

---

15.  

Portfolio Management Approach in Trade Credit Decision Making | Show Abstract | Download |
Romanian Journal of Economic Forecasting, Vol. 3, pp. 42-53, 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

07 Jan 08

409
(23,275)  

---

16.  

Definition and Meaning Short-Term Financial Liquidity | Show Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu, 2004
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Jul 07

402
(23,785)  

---

17.  

Value Based Accounts Receivable Monitoring Techniques | Show Abstract | Download |
Prace Naukowe AE / Finanse, Bankowosc, Rachunkowosc, Vol. 3, pp. 33-42, Wydawnictwo AE, Wroclaw 2005
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

17 Aug 07

396
(24,247)  

---

18.  

Methods Indirectly Controls Risk During Financial Management in Small Enterprise | Show Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu No. 1021, pp. 335-350, 2004
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

14 Jul 07

352
(28,138)  

---

19.  

The Dynamic Measures of Financial Liquidity | Show Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu / Ekonometria, p. 185-199, 2003
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

17 Jul 07

321
(31,497)  

---

20.  

Operational Risk of the Buyers - Portfolio Management Approach in Accounts Receivables Management | Show Abstract | Download |
Zarzadzanie finansami firm - teoria i praktyka, PNAE No. 1159, pp. 260-273, B. Bernas, W. Pluta, Wroclaw, 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

23 Aug 07

305
(33,489)  

---

21.  

Value Based Trade Credit Decision Making | Show Abstract | Download |
Problems of Company Value Management, pp. 173-180, 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

07 Jan 08

300
(34,163)  

---

22.  

Value Based Inventory Management Perspective of Delivery Risk | Show Abstract | Download |
Ekonometria, Wydawnictwo AE, Wroclawiu 2005
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Aug 07

291
(35,458)  

---

23.  

Why Firms Tie Money in Cash Balances? Demand for Cash in Firm and its Relation to Operational Business Risk | Show Abstract | Download |
ZARZADZANIE FINANSAMI PRZEDSIEBIORSTW - TEORIA I PRAKTYKA, W. Pluta, ed., PN AE, Wroclaw, pp.365-375, 2006
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 Aug 07

273
(38,129)  

---

24.  

Value of Liquidity During Short-Run Financial Management Process, an Address About Doctoral Dissertation | Show Abstract | Download |
Working Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

03 Oct 07

271
(38,451)  

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25.  

Firm Value and Net Current Assets Investments | Show Abstract | Download |
Working Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

11 Nov 08

269
(38,776)  

---

26.  

The Optimum Level of the Financial Liquidity in the Small and Middle Enterprises | Show Abstract | Download |
Wydawnictwo Uniwersytetu Szczecinskiego, 2005
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Jul 07

261
(40,188)  

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27.  

The Optimal Level of the Financial Liquidity - The Proposal of Marking | Show Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu, No. 970, pp. 30-39, 2003
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

14 Jul 07

245
(43,046)  

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28.  

Relation Price to Book Value as Factor Shaping Internal Value of Liquidity | Show Abstract | Download |
Strategie i instrumenty Alokacji Kapitalu Finansowego, pp. 409-419, Lublin, 2004
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

19 Jul 07

244
(43,252)  

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29.  

Influence of Precautionary Cash Level on Value of the Firm | Show Abstract | Download |
Strategie wzrostu wartości przedsiębiorstwa: Teoria i praktyka, Vol. 1, pp. 453-458, 2006
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 Aug 07

229
(46,347)  

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30.  

Value Based Production Order Quantity Model | Show Abstract | Download |
Finanse Przedsiębiorstwa, pp. 245-250, 2006
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 Aug 07

211
(50,630)  

---

31.  

The Typical Levels of Liquidity Measures in Small Firms | Show Abstract | Download |
Uwarunkowania rynkowe rozwoju mikro i malych przedsiebiorstw, ZNUS No. 458, EPU No. 10, pp. 278-285, A. Bielawska, Szczecin, 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

23 Aug 07

191
(56,023)  

---

32.  

The Usefulness of Statical Measures of the Financial Liquidity | Show Abstract | Download |
ZASTOSOWANIA METOD ILOSCIOWYCH, J. Dziechciarz ed), pp. 214-226,, Wroclaw, 2003
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

18 Jul 07

191
(56,023)  

---

33.  

Debt Costs Determinants in Small Enterprise | Show Abstract | Download |
Uwarunkowania rynkowe rozwoju mikro i małych przedsiębiorstw, A. Bielawska, ed., pp. 465-471, 2006
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 Aug 07

188
(56,896)  

---

34.  

Factors Decreasing the Internal Value of the Liquidity | Show Abstract | Download |
Wydawnictwo Akademii Ekonomicznej we Wroclawiu, 2004
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 Jul 07

163
(65,365)  

---

35.  

Reasons of the Support of the Financial Liquidity in the Firm | Show Abstract | Download |
FINANSE I BANKOWOSC NR 11, D. Misinska, M. Myszkowska, eds., pp. 115-124, Wroclaw, 2003
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

18 Jul 07

158
(67,287)  

---

36.  

The Reasons Why the Industrial Firms Hold Financial Liquidity | Show Abstract | Download |
Uniwersytet Szczecinski, Wydzial Nauk Ekonomicznych i Zarzadzania, pp. 91-99, 2003
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

14 Jul 07

149
(70,932)  

---

37.  

Operational Risk in Current Assets Investment Decisions: Portfolio Management Approach in Accounts Receivable (Agro Econ-Czech: Operační Risk v Rozhodování o Běžných Aktivech: Management Portfolia Pohledávek) | Show Abstract | Download |
Agricultural Economics – Czech, Vol. 54, pp. 12-19, 2008
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

04 Mar 10

147
(71,756)  

---

38.  

Inventory Management Optimization as Part of Operational Risk Management | Show Abstract | Download |
Economic Computation and Economic Cybernetics Studies and Research, pp.213-222, April 2009
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

03 Mar 10

123
(83,463)  

---

39.  

Trade Credit Decision - Portfolio Approach | Show Abstract | Download |
Ekonomika, Vol. 80, pp. 40-50, 2007
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

30 Apr 08

114
(88,686)  

---

40.  

Debt & Equity Costs Determinants in Small Enterprise: JEREMIE Fund Influence on Financial Situation of Small and Middle Enterprises | Show Abstract | Download |
Proceedings of 4. Mezinárodní Konference Rízení a Modelování Financních Rizik, Ostrava 2008
Working Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

10 Feb 09

112
(90,551)  

---

41.  

Decreasing Negative the Delivery Risk Influence on the Recepient's Firm Value: Portfolio Approach | Show Abstract | Download |
Working Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

11 Nov 08

76
(117,164)  

---

42.  

Financial Analysis in the Firm. A Value-Based Liquidity Framework. | Show Abstract | Download |
Working Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

20 May 11

31
(172,823)  

---

43.  

A Portfolio Management Approach in Accounts Receivable Management | Show Abstract | Download |
Journal South East European Journal of Economics and Business, Vol. 3, No. 2, pp. 89-96, November 2008
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

13 May 11

14
(215,809)  

---

44.  

A Value-Oriented Framework for Inventory Management | Show Abstract | Download |
South East European Journal of Economics and Business, November 2009
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

13 May 11

12
(221,671)  

---

45.  

Factoring and the Firm Value | Show Abstract | Download |
FACTA UNIVERSITATIS Series: Economics and Organization, Vol. 5, No. 1, pp. 31-38, 2008
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

24 May 11

8
(233,134)  

---

46.  

Target Liquid Balances and Value of the Firm | Show Abstract | Download |
Zagreb International Review of Economics & Business, Vol. 12, No. 1, pp. 1-18, 2009
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

16 May 11

8
(233,134)  

---

47.  

Basic Financial Purpose of a Corporation Cash Management is Creation of its Value (Ukierunkowana Na Wzrost Wartości Przedsiębiorstwa Efektywność Inwestycji W Operacyjne Zasoby Gotówki: Powody utrzymywania gotówki w przedsiębiorstwie i ich relacja do ryzyka in Polish) | Show Abstract | Download |
Ukierunkowana Na Wzrost Wartości Przedsiębiorstwa Efektywność Inwestycji W Operacyjne Zasoby Gotówki: Powody utrzymywania gotówki w przedsiębiorstwie i ich relacja do ryzyka in Polish, Ekonomia Menedżerska, 8(4), ISSN:1898-1143
Accepted Paper Series

Grzegorz Marek Michalski

Wroclaw University of Economics

Posted:

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