The structural features of SMEs jointly with the financial crisis of 2007-2008 have made access to finance difficult for them. Besides that, the increasing banking regulation has caused the flight to quality of the bank credit, creating a strong credit rationing for SMEs. In this context, SMEs, worldwide speaking, have got less credit and this has implied fewer investments, less production, less employment and other important negative effects. SMEs are the most diffused companies in the world and they generate the highest quota of employment, value-added and GDP; so the problem is relevant for the welfare and the worldwide economic growth. To address this issue, a lot of new financial instruments have been born, on the initiatives of both private sector and public institutions sector. One of these new ways of financing, which is becoming diffused in Italy, is direct lending, a loan from an alternative investment fund to an industrial company, legally authorized in Italy since 2016. The aim of this thesis is to create a first dataset of the direct lending deals in the Italian market and to provide the first general findings of this new instrument, based on case studies research because of the narrow data sample. These general findings are useful in order to understand if this new instrument can really cover the financial need of the Italian companies that would otherwise not be satisfied by any other current alternative financial instruments. Finally, we want to summarize all the findings in a list of drivers that can explain when for a company is more suitable to go for a direct lending deal instead of asking for other sources of funds.
Le caratteristiche strutturali delle PMI sovrapposte alla crisi finanziaria del 2007-2008 hanno reso difficile l’accesso ai canali di finanziamento per questa tipologia di imprese. Oltre a questo, la via via più stringente regolamentazione bancaria ha causato il “volo verso la qualità” del credito bancario, creando un forte razionamento del credito per le PMI. In questo contesto, le PMI, globalmente parlando hanno ricevuto meno credito e questo ha implicato meno investimenti, meno produzione, meno occupazione e altri importanti effetti negativi. Le PMI sono le imprese più diffuse al mondo a generano la maggior quota di occupazione, valore aggiunto e PIL; quindi il problema è rilevante per il benessere e la crescita economica mondiale. Per affrontare il problema, numerosi strumenti finanziari sono nati, su iniziativa sia del settore privato sia delle istituzioni pubbliche. Una di queste nuove tipologie di finanziamento che si sta diffondendo in Italia è il “direct lending”, un prestito da fondi di investimento alternativi a imprese, legalmente autorizzato in Italia dal 2016. Lo scopo di questa tesi è di creare un primo dataset delle operazioni di “direct lending” nel mercato italiano e di fornire alcune prime conclusioni riguardo questo nuovo strumento, basato su una l’analisi di casi di studio a causa del ristretto campione di dati. Queste conclusioni sono utili per capire se questo nuovo strumento possa realmente coprire un bisogno finanziario delle imprese italiane che altrimenti non verrebbe coperto da nessun’altra fonte di finanziamento alternativa. Infine, vogliamo riassumere tutte le conclusioni in un elenco di fattori chiave (“drivers”) che possano spiegare quando per un’impresa sia più adatto finanziarsi tramite “direct lending” invece che tramite altre fonti di finanziamento.
The direct lending industry in Italy : an explorative analysis
MARITANO, LORENZO;BARTOLUCCI, MARTINO
2018/2019
Abstract
The structural features of SMEs jointly with the financial crisis of 2007-2008 have made access to finance difficult for them. Besides that, the increasing banking regulation has caused the flight to quality of the bank credit, creating a strong credit rationing for SMEs. In this context, SMEs, worldwide speaking, have got less credit and this has implied fewer investments, less production, less employment and other important negative effects. SMEs are the most diffused companies in the world and they generate the highest quota of employment, value-added and GDP; so the problem is relevant for the welfare and the worldwide economic growth. To address this issue, a lot of new financial instruments have been born, on the initiatives of both private sector and public institutions sector. One of these new ways of financing, which is becoming diffused in Italy, is direct lending, a loan from an alternative investment fund to an industrial company, legally authorized in Italy since 2016. The aim of this thesis is to create a first dataset of the direct lending deals in the Italian market and to provide the first general findings of this new instrument, based on case studies research because of the narrow data sample. These general findings are useful in order to understand if this new instrument can really cover the financial need of the Italian companies that would otherwise not be satisfied by any other current alternative financial instruments. Finally, we want to summarize all the findings in a list of drivers that can explain when for a company is more suitable to go for a direct lending deal instead of asking for other sources of funds.File | Dimensione | Formato | |
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2019_12_Bartolucci_Maritano.pdf
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https://hdl.handle.net/10589/150840