SME Investment in Hungary: Financing Conditions, Development Needs, and Structural Misalignment
DOI:
https://doi.org/10.35551/PFQ_2026_2_2Keywords:
SME, financing, intangible investment, digitalization, financing alignment, G21, G32, L26, O33Abstract
This study aims to identify the factors that explain the limited implementation of intangible and digital investments among Hungarian small and medium-sized enterprises (SMEs). The dominant explanation attributes investment restraint primarily to financing constraints; however, recent evidence suggests a more nuanced picture. Scientific and practical relevance: The paper introduces a conceptual framework – the financing alignment problem – contributing to the renewal of SME finance literature and offering direct policy implications. The analysis is based on multi-stakeholder expert discussions, qualitative interviews, and systematic review of secondary sources. The findings indicate that investment restraint is not primarily driven by a lack of access to finance, but by the limited alignment between intangible investments and the prevailing logic of financial intermediation. Stimulating SME investment requires a better fit between financing instruments and firm-level development needs.
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