Method of Delphi as an Innovative Tool for Managing Asymmetric Information in Financial Relationships of Potential Investors and Small Business Entities.

Abstract

The problem of information asymmetry is a key obstacle in attracting external investment into small businesses. Especially important is management of asymmetricity of the information of the primary awareness about the investment climate of the small business at the stage of the search by the investor of a perspective project for funding. Among other sources of information, international rankings are important tools for minimizing asymmetric information, but their realism and reliability need to be checked. It is identified in the work that some ratings characterize Ukraine as a high-risk and non-contributing country for investing, at the same time, the other ratings create an attractive image of Ukraine. For determining the submissions of such ratings the article proposes an experiment on the STUDY of the conformity of indicators of international rankings to the real state and availability of financial support of small business. The results of the experiment highlight the importance of international rankings as a source for information about the investment attractiveness of small business, but conducted by the method of Delphi survey of experts with many years of experience in the field of small business, allows us to identify significant discrepancy between their scoring of respondents and indicators of ranks, stated in the reports of international organizations. Application of the coefficient of concordance in determining the consistency of opinion of the surveyed experts allowed to obtain reliable data for the making future government decisions. Based on the obtained results and the visualization of the existing information asymmetry in the financial interaction of a potential investor and a small business, the directions of asymmetric information management and proposed measures to minimize the risks associated with the limited and inaccurate information are substantiated.