捷克研发创新理事会活动情况概述

捷克研究、发展和创新理事会是捷克政府科技创新管理领域专家咨询机构,在捷克研发创新体系中发挥着核心作用。本文介绍了理事会职能、人员组成、工作机制,以及近期为推动创新开展的重点工作,为深入了解捷克研发创新政策和战略、重点发展领域,以及专家咨询机制在创新发展中的作用提供了有益借鉴。     

Investment and Finance in de novo private firms: Empirical Results from the Czech Republic, Hungary and Poland

In this paper we use a survey of 281 Czech, Hungarian and Polish newly-established small private firms in order to shed some light on the constraints these firms face in the credit market. The results of our survey show that imperfections in capital markets in Central European economies do not seem to actually inhibit the growth of new private firms. Credit markets do exist for de novo private firms in the three Central European transition economies studied, and they provide quite a large amount of financing from an early stage of the existence of firms. Financial intermediation works reasonably well as far as de novo private firms are concerned: loss-making de novo firms have a lower probability of getting credit than profitable ones. Banks protect themselves against the risk of a deteriorating pool of borrowers by requiring collateral for their loans. We do not find convincing evidence concerning the existence of adverse selection. Loss-making firms are not ready to pay higher interest rates than profitable firms and are not more likely to ask for credit than profitable firms.