Financing through negociable obligations: The problem of being SMEs
The issue costs faced by Small and Medium Enterprises (SMEs) to access funding in the Argentine capital market through negotiable obligations (ONs) has been analyzed. To do this, we make a simulation of transaction costs and signaling for different amounts of debt, and employment of signals by Mutua...
| Main Authors: | , , , |
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| Format: | Online |
| Language: | Spanish English |
| Published: |
Universidad Nacional de Misiones - Facultad de Ciencias Económicas
2014
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| Subjects: | |
| Online Access: | https://visiondefuturo.fce.unam.edu.ar/index.php/visiondefuturo/article/view/677 |
| Summary: | The issue costs faced by Small and Medium Enterprises (SMEs) to access funding in the Argentine capital market through negotiable obligations (ONs) has been analyzed. To do this, we make a simulation of transaction costs and signaling for different amounts of debt, and employment of signals by Mutual Guarantee Societies and Rating Agencies (RA).The results indicate that the smaller the amount of the issue, the greater the relative cost faced by SMEs. Another issue to note is the important role of transaction costs, more specifically of professional fees, in relation to the total cost; this incidence increase is evaluated as higher amount emissions. |
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