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1、第一篇EnterpriseFinancinginthecontextofmacroeconomicinstability.—EvidencefromCEECountriesAbstractThroughthispaperweaimtoidentifythemainobstaclesfacedbytheenterpriseswhentakingthefinancingdecisionsinthecontextofthepresentmacroeconomicinstabilityattheEuropeanUnionlevel.Theeasyacce
2、sstofinanceisimportantforenterprises,becauseitconditionstheircreation,survivalanddevelopmentand,eventually,theeconomicgrowthandthecreationofworkplaces・ForthispurposeweanalyzeenterprisesfromsevenemergingcountriesinCentralandEasternEurope(Bulgaria,Estonia,Latvia,Lithuania,Polan
3、d,RomaniaandHungary).Usingmultiplelinearregressionmodelswewanttoobservethechangesthatappearintheuseofvarioussourcesoffinancingasaresultofmodificationofthemainmacroeconomicfactorsfromeachanalyzedcountry.Theresultsshowthatthechangesinthechosenmacroeconomicvariableshaveasignific
4、antinfluenceonthefinancingdecisionoftheanalyzedcompaniescausingsignificantchanges.Keywords:Financingdecision;BusinessEnvironment;MacroeconomicInstability;FinancialCrisis1.1ntroductionThemainobjectiveofthisanalysisistoidentifytheimpactofthecurrentfinancialcrisisontheenterprise
5、financing,throughitsinfluenceonthemacroeconomicindicatorsineachcountry.Andatthesametime,wetrytoidentifyifinthecontextofcurrentfinancialcrisis,theenterpriseshavechangedtheirfinancialstructureorjusthavereducedexternalfinancing・Themotivationofthisresearcharoseduetothefactthatthe
6、reareempiricalstudiesthataddresstheissueoffinancialstmctureoffirmsandthefactorsdeterminingthefirmstochooseaparticularfinancialstructure,buttherearenotempiricalstudiesshowingwhatchangesappearinthefoundationoffinancingdecisionoftheenterprisesinthecontextoffinancialcrisisevent.W
7、econsiderthisasaseriousproblem,especiallyinthecurrentperiod,whenfinancialcrisesarebecomingincreasinglycommoninallcountries・Thedevelopmentorinhibitionoffirms'activitymaybeduetointernalfactorsandobjectivemacroeconomicfactors,onwhichentrepreneurscanact.Inthelastdecadesincreasing
8、lymorestudies(RajanandZingales,1995;Demirgiig-KuntandMaksimovic,1999
