The crisis of 2007-2008 in the financial world has been defined as the worst since the second post-war period. As a consequence, a sense of mistrust and disillusion towards the banking system and in the transparency of the financial markets started to grow in the public opinion. This, together with a decrease of investments, a reduction of consumption and a tightening of regulation on banking systems, caused a strong fall in the economy and big problem to small and medium enterprises (SMEs) looking for financial sources: the credit crunch phenomenon. Given that situation, the difficulties of SMEs in accessing to finance rapidly increased, and for this reason a number of new instruments have been introduced in the last five years to counter the devastating impact of credit rationing in Europe, particularly from traditional bank lending. One of these new instruments which became popular in Italy providing a concrete alternative to the bank lending channel is represented by the Mini-bond. The mini-bond industry was born in Italy in 2012, experiencing a constant growth during these years. In this work all the most important descriptive analysis on this market will be presented, providing information about the issuers, the emissions and the investors. The aim of the thesis is to provide an econometric analysis on the data collected about Mini-bond, in order to understand their impact on the firm’s growth. In particular, the purpose is to verify if the Mini-bond issuance occurs when a company has already completed its process of growth or if it is an instrument that allow to continue a growing path that was already begun.
La crisi del 2007-2008 nel mondo finanziario è stata definita come la peggiore dal secondo dopoguerra. Di conseguenza, nell'opinione pubblica, un senso di sfiducia e disillusione nei confronti del sistema bancario e della trasparenza dei mercati finanziari è iniziato a crescere. Questo, insieme ad una diminuzione degli investimenti, ad una riduzione dei consumi e un inasprimento della regolamentazione dei sistemi bancari, ha causato un forte calo dell'economia e un forte problema per le piccole e medie imprese (PMI) alla ricerca di fonti di finanziamento: il fenomeno della stretta creditizia. Data questa situazione, le difficoltà di accesso delle PMI ai finanziamenti sono rapidamente aumentate, e per questo motivo negli ultimi cinque anni sono stati introdotti nuovi strumenti per contrastare l'impatto devastante del razionamento del credito in Europa, in particolare del credito bancario. Uno di questi nuovi strumenti, che si è diffuso in Italia fornendo una concreta alternativa al canale del credito bancario, è rappresentato dal Mini-bond. Il mercato dei Mini-bond è nato in Italia nel 2012, registrando una crescita costante durante questi anni. In questo lavoro verranno presentate tutte le più importanti analisi descrittive su questo mercato, fornendo informazioni sugli emittenti, sulle emissioni e sugli investitori. L'obiettivo finale della tesi è quello di fornire un'analisi econometrica dei dati raccolti sui Mini-bond, per comprenderne l'impatto sulla crescita delle aziende. In particolare, lo scopo è quello di verificare se l'emissione di Mini-bond avviene quando un'azienda ha già completato il suo processo di crescita o se si tratta di uno strumento utilizzato dalle aziende per continuare un percorso di crescita già iniziato.
The effect of mini-bond issuance on SMEs' growth : the Italian case
BASSAN, FABIO ALBERTO
2018/2019
Abstract
The crisis of 2007-2008 in the financial world has been defined as the worst since the second post-war period. As a consequence, a sense of mistrust and disillusion towards the banking system and in the transparency of the financial markets started to grow in the public opinion. This, together with a decrease of investments, a reduction of consumption and a tightening of regulation on banking systems, caused a strong fall in the economy and big problem to small and medium enterprises (SMEs) looking for financial sources: the credit crunch phenomenon. Given that situation, the difficulties of SMEs in accessing to finance rapidly increased, and for this reason a number of new instruments have been introduced in the last five years to counter the devastating impact of credit rationing in Europe, particularly from traditional bank lending. One of these new instruments which became popular in Italy providing a concrete alternative to the bank lending channel is represented by the Mini-bond. The mini-bond industry was born in Italy in 2012, experiencing a constant growth during these years. In this work all the most important descriptive analysis on this market will be presented, providing information about the issuers, the emissions and the investors. The aim of the thesis is to provide an econometric analysis on the data collected about Mini-bond, in order to understand their impact on the firm’s growth. In particular, the purpose is to verify if the Mini-bond issuance occurs when a company has already completed its process of growth or if it is an instrument that allow to continue a growing path that was already begun.File | Dimensione | Formato | |
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Fabio Alberto Bassan_Thesis.pdf
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Descrizione: The effects of Mini-bond’s issuance on SMEs’ growth: the Italian case.
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https://hdl.handle.net/10589/145882