The impact of small and medium business finance on the level of economic wealth of the region

Tyumen State University Herald. Social, Economic, and Law Research

Release:

2022, Vol. 8. № 2 (30)

Title: 
The impact of small and medium business finance on the level of economic wealth of the region


For citation: Zakharova K. A., Aktaev N. E., Purgina A. D. 2022. “The impact of small and medium business finance on the level of economic wealth of the region”. Tyumen State University Herald. Social, Economic, and Law Research, vol. 8, no. 2 (30), pp. 164–183. DOI: 10.21684/2411-7897-2022-8-2-164-183

About the authors:

Kristina A. Zakharova , Cаnd. Sci. (Econ.), Associate Professor, Dеpartment of Economics and Finance, Univеrsity of Tyumen; kr.a.zakharova@utmn.ru

Nurken E. Aktaev, Cand. Sci. (Phys.-Math.), Microhydrodynamic Technology Research Laboratory, University of Tyumen; n.e.aktaev@utmn.ru; ORCID: 0000-0002-9750-2183

Purgina Anastasia D., Undergraduate Student, Univеrsity of Tyumen; nastya.d.purgina@gmail.com
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Abstract:

Entrepreneurship, embodying the process of funds formation in the form of small independent firms — small and medium enterprises is an integral element of the economic system. These subjects carry out a whole range of important socio-economic functions, which to a large extent can influence the overall level of the region’s wealth. These include the creation of additional jobs, an increase in the level of the competitive environment, the alignment of social disproportions, the introduction and promotion of innovative technologies. These factors directly affect the socio-economic development of both the country as a whole and a particular territory. Accordingly, small and medium enterprises are one of the levers of influence on the welfare of the region and the quality of life in it.

The article provides a statistical analysis of the small and medium modern businesses development in the Russian Federation, reflecting the mutual influence of income from activities in the regions on financial activities in the territory and the impact on a broad impact.

Also, the paper reflects the results of a conceptual approach to the study of previously presented studies of economists devoted to identifying the dependencies of the small and medium businesses development and the level of welfare of the region.

As a result of the study, it was found that at the level of the constituent entities of the Russian Federation, the main reasons for the development of small and medium enterprises are the formation of a business support infrastructure, represented by a whole range of measures that provide significant support to small and medium businesses. Namely, the implementation of programs for the financing of small and medium enterprises, the provision of information, consulting and educational support measures. Also, the list of ongoing activities includes property and innovative support for small and medium-sized businesses.

Keywords:

References:

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