Meressa Hayelom Abrha
Assosa University, Assosa, Ethiopia.
J Innov Entrep. 2022;11(1):54. doi: 10.1186/s13731-022-00246-z. Epub 2022 Oct 21.
The purpose of this study was to examine factors that determine micro- and small-scale enterprises' financing preference in line with pecking order theory and access to credit in Benishangul-Gumuz Regional State of Ethiopia. The study used primary data collected using cross-sectional survey questionnaire. The sample of this study was 296 enterprises selected using proportional stratified random sampling technique. The data were analyzed using descriptive and logistic regression analysis. The results of probit estimation revealed that business experience, collateral, gender, motivation and enterprises' sectoral engagement affect financing preference. To investigate access to credit determinants, only enterprises that need to raise capital through credit were considered. The empirical results, therefore, revealed that business experience, size, sectoral engagement, collateral, interest rate, loan repayment period, and preparation of business plan, financial reporting, location and educational background of entrepreneurs affect access to credit of enterprises. Before any generalization of the results can be made, more evidence is needed on enterprises' financing preference and access to credit determinants for the fact that the empirical tests were conducted only on 296 entrepreneurs since 2019. Therefore, the findings are valid and practicable only for the entrepreneurs under the study and the results cannot be assumed to extend beyond this group of entrepreneurs to different study periods. The study makes an original contribution to the literature of small business finance by investigating determinants of micro- and small-scale enterprises' financing preference and access to credit in Benishangul Gumuz Regional State of Ethiopia as a developing country.
本研究的目的是根据啄食顺序理论，考察决定埃塞俄比亚本尚古勒-古穆兹地区微型和小型企业融资偏好及信贷可得性的因素。该研究使用了通过横断面调查问卷收集的原始数据。本研究的样本是采用比例分层随机抽样技术选取的296家企业。数据采用描述性和逻辑回归分析进行分析。概率估计结果显示，经营经验、抵押品、性别、动机和企业的部门参与度会影响融资偏好。为了调查信贷可得性的决定因素，仅考虑那些需要通过信贷筹集资金的企业。因此，实证结果显示，经营经验、规模、部门参与度、抵押品、利率、贷款偿还期以及商业计划的制定、财务报告、企业所在地和企业家的教育背景会影响企业的信贷可得性。在能够对结果进行任何推广之前，由于实证检验仅在自2019年以来的296位企业家身上进行，因此需要更多关于企业融资偏好和信贷可得性决定因素的证据。因此，这些发现仅对所研究的企业家有效且可行，不能假定结果会超出这组企业家范围并适用于不同的研究时期。作为一个发展中国家，本研究通过考察埃塞俄比亚本尚古勒-古穆兹地区微型和小型企业融资偏好和信贷可得性的决定因素，为小企业融资文献做出了原创性贡献。
