A kis- és középvállalkozások növekedését meghatározó tényezők: A különböző finanszírozási formák hatása a vállalati növekedésre

The study provides a brief summary of the theoretical and empirical considerations related to the possible determinants of firm growth. With a special focus on small and medium-sized firms, we investigate the role of the availability of internal and external finance. After examining the key factors influencing the decision on a company's capital structure, we present some facts on the situation of SMEs in Europe and especially Hungary, in order to see what type of governmental programs seem to be reasonable on economic grounds in fostering the growth of small firms. We present recent empirical evidence on the relationship between firm growth and its determinants, and show how the evolution of the firm size distribution can be explained by taking into account the financial constraints faced by small firms.