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...
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| Format: | Online |
| Language: | Spanish English |
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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 |
| _version_ | 1824325951679365120 |
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| author | Larsen, Melisa Guercio, M. Belén Vigier, Hernán P. Briozzo, Anahí E. |
| author_facet | Larsen, Melisa Guercio, M. Belén Vigier, Hernán P. Briozzo, Anahí E. |
| author_sort | Larsen, Melisa |
| collection | Revista Vision de Futuro |
| description | 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. |
| format | Online |
| id | ojs-article-677 |
| institution | Facultad de Ciencias Economicas |
| language | Spanish English |
| publishDate | 2014 |
| publisher | Universidad Nacional de Misiones - Facultad de Ciencias Económicas |
| record_format | ojs |
| spelling | ojs-article-6772021-11-17T19:32:20Z Financing through negociable obligations: The problem of being SMEs Financiamiento mediante obligaciones negociables: El problema de ser PyME Larsen, Melisa Guercio, M. Belén Vigier, Hernán P. Briozzo, Anahí E. SMEs financing; Negotiable obligations; Issue costs Financiamiento de PyMEs; Obligaciones negociables; Costos de emisión 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. Se analizan los costos de emisión que enfrentan las Pequeñas y Medianas Empresas (PyMEs) al acceder al financiamiento en el mercado de capitales argentino a través de obligaciones negociables (ONs). Para ello se realiza una simulación de los costos de transacción y de señalización para diferentes montos de endeudamiento, y de empleo de señales mediante Sociedades de Garantía Recíproca y Calificadoras de Riesgo. Los resultados indican que cuanto menor es el monto de la emisión, mayor es el costo relativo que enfrentan las PyMEs. Otra cuestión a remarcar es la importante participación de los costos de transacción, más específicamente de los honorarios profesionales, en relación al costo total; esta incidencia se incrementa a medida que se evalúan emisiones de montos más elevados. Universidad Nacional de Misiones - Facultad de Ciencias Económicas 2014-06-19 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf application/pdf https://visiondefuturo.fce.unam.edu.ar/index.php/visiondefuturo/article/view/677 Scientific Journal Visión de Futuro; Vol. 18 No. 2 (2014): Julio /Diciembre Visión de Futuro; Vol. 18 No. 2 (2014): Julio /Diciembre Revista Científica Visión de Futuro; Vol. 18 Núm. 2 (2014): Julio /Diciembre 1668-8708 1669-7634 spa eng https://visiondefuturo.fce.unam.edu.ar/index.php/visiondefuturo/article/view/677/605 https://visiondefuturo.fce.unam.edu.ar/index.php/visiondefuturo/article/view/677/606 https://creativecommons.org/licenses/by-nc/2.5/ar/ |
| spellingShingle | SMEs financing; Negotiable obligations; Issue costs Financiamiento de PyMEs; Obligaciones negociables; Costos de emisión Larsen, Melisa Guercio, M. Belén Vigier, Hernán P. Briozzo, Anahí E. Financing through negociable obligations: The problem of being SMEs |
| title | Financing through negociable obligations: The problem of being SMEs |
| title_alt | Financiamiento mediante obligaciones negociables: El problema de ser PyME |
| title_full | Financing through negociable obligations: The problem of being SMEs |
| title_fullStr | Financing through negociable obligations: The problem of being SMEs |
| title_full_unstemmed | Financing through negociable obligations: The problem of being SMEs |
| title_short | Financing through negociable obligations: The problem of being SMEs |
| title_sort | financing through negociable obligations the problem of being smes |
| topic | SMEs financing; Negotiable obligations; Issue costs Financiamiento de PyMEs; Obligaciones negociables; Costos de emisión |
| topic_facet | SMEs financing; Negotiable obligations; Issue costs Financiamiento de PyMEs; Obligaciones negociables; Costos de emisión |
| url | https://visiondefuturo.fce.unam.edu.ar/index.php/visiondefuturo/article/view/677 |
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Diagnosis of management technology and its environmental and labor implications in SMEs sawmills - a case study