The financial crisis of 2007-2008 had a strong impact on Small and Medium-sized Enterprises (SMEs). The bad economic situation of past decade strongly reduced their performances and limited their access to bank financing. To address this problem, the Italian Government created in 2013 an innovative instrument called mini-bond, with the objective to provide a valid alternative to bank loans. The report provides a critical review of the current literature and contributes with novelty to the limited existing knowledge on the topic of mini-bond and SMEs. The aim of this work is to provide robust empirical evidence on the short-term effects of mini-bond issues on Italian SMEs in the period 2012-2015. In particular, an econometric model is implemented in Stata, in order to estimate different classes of effects, namely: size, debt, sales, profitability and liquidity. Specifically, for their evaluation, the Conditional Average Treatment effect on the Treated (CATT), which is the difference in means of the treatment group minus the control one given some characteristics, is assessed. The model implements a rigorous quantitative methodology for the selection of the control group, by implementing a 2-step matching algorithm on a stratified random sample extracted from AIDA. From the results, it emerges that the treated firms increased more the number of employees, the liquidity and the level of debt with respect to their counterfactuals. In addition, all the assets items show a significant and positive impact, except for tangible assets. To conclude, revenue growth does not exhibit any significant effect and the profitability is negatively affected by the emission. Overall, the findings suggest that mini-bonds have mixed effects on the issuers. In the future, it will be interesting to evaluate the long-term treatment effects, check the validity of the proposed results and assess whether the impact for tangible assets and revenue growth is positive or negative.
La crisi finanziaria del 2007-2008 ha avuto un forte impatto sulle Piccole e Medie Imprese (PMI). La sfavorevole situazione economica dell’ultimo decennio ha infatti fortemente influenzato tali aziende, riducendone le performance e limitando il loro accesso al credito bancario. Per rispondere a questo problema, il Governo Italiano ha creato nel 2013 un strumento innovativo di finanziamento chiamato mini-bond, con l’obbiettivo di offrire una valida alternativa ai prestiti bancari. Il presente elaborato fornisce una revisione critica della attuale letteratura e si ripropone di contribuire attivamente alla limitata conoscenza in merito ai mini-bond e al loro impatto sulle PMI. L’obiettivo del lavoro è di fornire una prova empirica robusta circa gli effetti di breve termine delle emissioni di mini-bond sulle PMI italiane nel periodo 2012-2015. In particolare, è stato implementato un modello econometrico attraverso l’utilizzo del software Stata al fine di stimare differenti classi di effetti, tra cui: dimensione, debito, vendite, profittabilità e liquidità. Nello specifico è stato calcolato il Conditional Average Treatment effect on the Treated (CATT), definito come la differenza tra le medie del gruppo di trattamento e il gruppo di controllo data alcune caratteristiche (covariate). Il modello sviluppa una rigorosa metodologia quantitativa per la scelta del gruppo di controllo, attuando un algoritmo di matching a 2 fasi su un campione casuale stratificato estratto da AIDA. Dai risultati emerge che le imprese trattate hanno aumentato il numero di dipendenti, la liquidità e il livello di debito in maniera più consistente rispetto alle controparti. In aggiunta, viene mostrato un impatto significativo e positivo su tutte le voci di attivo, con la sola eccezione delle immobilizzazioni materiali. Infine, la crescita dei ricavi non mostra nessun effetto significativo e la profittabilità risulta invece negativamente influenzata dalle emissioni di mini-bond. Complessivamente quindi i risultati mostrano che gli effetti dei mini-bond sulle aziende emittenti sono variegati. In futuro, risulterà sicuramente interessante poter valutare quelli che saranno invece gli effetti di lungo termine al fine di valutare la validità dei risultati qui trovati e discussi e per determinare se l’impatto sulla crescita delle immobilizzazioni materiali e dei ricavi sarà positivo o negativo.
Analysis of the effects of mini-bond issues on Italian SMEs' performances
FONTI, DAVIDE
2016/2017
Abstract
The financial crisis of 2007-2008 had a strong impact on Small and Medium-sized Enterprises (SMEs). The bad economic situation of past decade strongly reduced their performances and limited their access to bank financing. To address this problem, the Italian Government created in 2013 an innovative instrument called mini-bond, with the objective to provide a valid alternative to bank loans. The report provides a critical review of the current literature and contributes with novelty to the limited existing knowledge on the topic of mini-bond and SMEs. The aim of this work is to provide robust empirical evidence on the short-term effects of mini-bond issues on Italian SMEs in the period 2012-2015. In particular, an econometric model is implemented in Stata, in order to estimate different classes of effects, namely: size, debt, sales, profitability and liquidity. Specifically, for their evaluation, the Conditional Average Treatment effect on the Treated (CATT), which is the difference in means of the treatment group minus the control one given some characteristics, is assessed. The model implements a rigorous quantitative methodology for the selection of the control group, by implementing a 2-step matching algorithm on a stratified random sample extracted from AIDA. From the results, it emerges that the treated firms increased more the number of employees, the liquidity and the level of debt with respect to their counterfactuals. In addition, all the assets items show a significant and positive impact, except for tangible assets. To conclude, revenue growth does not exhibit any significant effect and the profitability is negatively affected by the emission. Overall, the findings suggest that mini-bonds have mixed effects on the issuers. In the future, it will be interesting to evaluate the long-term treatment effects, check the validity of the proposed results and assess whether the impact for tangible assets and revenue growth is positive or negative.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/136347