إنعكاسات سياسات الدعم المالي على الأداء المالي للمؤسسات الصغيرة في الجزائر والمتوسطة

Abstract

ا The study addresses the role of small and medium-sized enterprises (SMEs) in supporting the economy, as they significantly contribute to diversifying sources of income, creating new employment opportunities, and achieving comprehensive economic growth. Therefore, like many countries, Algeria has adopted financial support policies to help these enterprises grow and sustain themselves. Among these policies are tax exemptions, which reduce the financial burden. The effectiveness of these policies and their impact on the performance of SMEs in Algeria were analyzed. A sample of enterprises from various sectors and regions was selected, and their financial data were examined over four years, focusing on two periods—before and after the support. All selected enterprises benefited from tax exemptions, while other forms of support were excluded. Financial analysis tools were relied upon, particularly the calculation of important financial ratios such as gross profit margin, return on assets, return on equity, liquidity ratios, debt-to-equity and debt-to-assets ratios, and asset turnover. These ratios help measure the enterprises' ability to generate profits, control their debts, sustain their operations, and operational efficiency. By comparing these ratios before and after the implementation of the policies, the results showed that most of them improved following the benefit from tax exemptions, indicating that financial support helped enterprises become more stable and profitable, with a greater ability to meet their short-term obligations, thereby reducing the risk of bankruptcy. Statistical studies were also employed to verify the relationship between financial support and financial performance. The results revealed statistically significant differences, especially in return on assets, after the policies were implemented, supporting the hypothesis that financial support has a tangible and noticeable impact. A panel data model was constructed to study the effect of policies on financial performance indicators during the period 2019-2022. The findings indicated that the relationship between support and performance became clearer after policy implementation, with factors such as net income and return on assets being significantly affected. This emphasizes the importance of continuing to develop these policies. The study confirms that supporting SMEs is essential to strengthening the national economy. The current policies have been effective, but it is important to continue improving them to ensure sustainable growth and ongoing economic development in Algeria. Keywords: Small and Medium-sized Enterprises, Financial Support Policies, Financial Performance Measurement