FACTORING AS A FINANCIAL ALTERNATIVE FOR DEVELOPMENT OF COMPANIES: EVIDENCE FROM BULGARIA

The aim of the article is to investigate the existence of a dependence between the use of factoring by the companies in Bulgaria and their financial condition and development opportunities. The analysis is based on data from an empirical sociological survey among 1000 non-financial enterprises with different main activity and size. The study by the methods χ - square and non-parametric dispersion analysis (Kruskal-Wallis test) shows the existence of consequential relationships between the use of factoring and selected indicators of financial condition and opportunities for enterprise development. Such indicators are: the turnover of firms; the growth of added value; reducing the cost of each production unit; investment and innovation activities of firms. It can be concluded that companies using factoring generally have better financial indicators, they are more innovative and have higher investment activity, which creates better opportunities for their development.