Purpose

Accessing formal mainstream finance is a cumbersome process for Micro, Small and Medium Enterprises (MSMEs) of emerging economies. Empirical investigations have connected finance accessibility to financing gap that restricts MSMEs from borrowing through formal channels. The purpose of this study is to explore the influence of financing gap on firms' financial structure (FS) practices. In this regard, the research framework divides financing gap into four dimensions, namely: demand gap (DG), supply gap (SG), knowledge gap (KG) and empathy gap (EG).

Design/methodology/approach

The paper adopts a quantitative approach to establish the underlying relationship between the variables. The participants of the self-structured questionnaire survey were 219 MSME owners from manufacturing, trading and service industries. The results are inferred through the partial least squares structural equation modeling (SEM) technique.

Findings

The findings recognise a significant impact of financing gap on the FS practices of firm owners. The financing constraints contributing to KG, SG and EG are found to be extending the unwillingness of firm owners to borrow through formal channels. Further, the results also confirm the influence of financing gap on the pecking order framework (POF) of MSMEs' FS.

Practical implications

The study offers the perspective and hesitance of MSME owners towards mainstream financing. The key findings are useful for the financial intermediaries and policymakers, who need to be sensitive and proactive in their small business lending process.

Originality/value

The study adds to the limited evidence of various dimensions of financing gap. It also addresses the role of financing gap on the conscious preferences of MSME owners towards the informal source of financing along with the POF.

中文翻译：

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融资困境：估计 MSME 融资缺口对企业所有者财务结构实践的影响

目的

对于新兴经济体的中小微企业 (MSME) 而言，获得正规的主流金融是一个繁琐的过程。实证调查已将融资可及性与限制中小微企业通过正规渠道借款的融资缺口联系起来。本研究的目的是探讨融资缺口对公司财务结构（FS）实践的影响。对此，研究框架将融资缺口分为四个维度，即：需求缺口（DG）、供给缺口（SG）、知识缺口（KG）和共情缺口（EG）。

设计/方法/方法

本文采用定量方法来建立变量之间的潜在关系。自设问卷调查的参与者是来自制造业、贸易和服务业的 219 名中小微企业所有者。通过偏最小二乘结构方程建模 (SEM) 技术推断结果。

发现

调查结果承认融资缺口对公司所有者的金融服务实践产生重大影响。发现促成 KG、SG 和 EG 的融资限制正在扩大企业所有者通过正规渠道借款的意愿。此外，结果还证实了融资缺口对中小微企业金融服务优先顺序框架（POF）的影响。

实际影响

该研究提供了 MSME 所有者对主流融资的看法和犹豫。主要调查结果对金融中介机构和政策制定者有用，他们需要在小企业贷款过程中保持敏感和积极主动。

原创性/价值

该研究增加了资金缺口各个方面的有限证据。它还解决了融资缺口对 MSME 所有者与 POF 一起对非正式融资来源的有意识偏好的作用。