According to the literature, Italian firms and in particular SMEs face some difficulties in having access to credit from the banking system. To tackle this problem, Minibond issuance has demonstrated to be a significant alternative to the traditional bank-firm relationship, allowing companies to find financing crucial for their economic growth. Several studies have been conducted on these securities over the years. However little space has been dedicated to the investigation, from a statistical perspective, of the differential effect that Minibonds have over two essential indicators: Long-term debt and Equity capital. The aim of the following analysis is to demonstrate whether the issuance of Minibonds is an effective solution to overcome the general constraints limiting the financing, and consequently, growing opportunities of Italian firms. In order to achieve such results, Minibond emissions data have been collected in collaboration with the Osservatorio Minibond of Politecnico di Milano. Later on, both qualitative and accounting data about all Italian firms that operated between 2009 and 2020 have been downloaded, and then two matching techniques have been used: Coarsened Exact Matching (CEM) and Propensity Score Matching (PSM). The aim has been to build a control sample of non-issuing firms as to correctly estimate the Minibond treatment effect. Successively, several regression models have been run. Outcomes obtained show that firms relying on Minibonds are characterized by an increase in both Long-term debt and Equity capital that is significantly higher when compared to those of non-issuing firms. Furthermore, this differential availability appeared to be uncorrelated to the amount of emission itself. Therefore, it is safe to assume that Minibond issuance brings some additional benefits to companies relying on them, that go behind the immediate financing obtained. In fact, the analysis provided bring as core understanding the fact that Minibonds may be a crucial step for those firms willing to increase their bargaining power toward banks through the differentiation of financing sources, and to reduce the information asymmetry they are suffering. In conclusion, this thesis is a solid proof of Minibonds as a strategic choice firms should consider in order to overcome their financing constraints and boost the economic growth.
Come ampiamente documentato nella letteratura, le compagnie operanti sul territorio italiano spesso faticano ad avere accesso ai capitali messi a disposizione dal sistema bancario. Questo problema è particolarmente accentuato per le piccole e medie imprese – PMI. L’emissione di Minibond, tuttavia, ha dimostrato essere un’alternativa efficace al tradizionale rapporto di finanziamento impresa-banca, fornendo un aggiuntivo canale di raccolta di capitali che possa permettere alle compagnie di trovare i capitali necessari per perseguire obbiettivi di crescita. Nonostante diversi studi siano stati condotti in merito a questi titoli di debito, un’analisi statistica puntuale relativa l’effetto differenziale che un’emissione di Minibond può avere nei confronti di Debito di lungo termine e Patrimonio netto offre nuovi e interessanti spunti di riflessione. Lo scopo di questa analisi è quello di avvalorare la tesi secondo cui l’emissione di Minibond sia una soluzione efficace a contrastare i limiti che le imprese italiane soffrono nell’avere accesso a canali di finanziamento che compromettono le prospettive aziendali di crescita. I risultati di seguito descritti sono stati ottenuti attraverso un’iniziale fase di raccolta dati in collaborazione con l’Osservatorio Minibond del Politecnico di Milano a cui hanno fatto seguito analisi sia qualitative che quantitative relative alle compagnie Italiane operanti durante il periodo 2009 e 2020. In seguito, due tecniche di matching sono state eseguite: Coarsened Exact Matching (CEM) e Propensity Score Matching (PSM), seguite successivamente da diverse regressioni. La conclusione del modello evidenzia una crescita di Debito di lungo termine e Patrimonio netto superiore per le imprese emittenti rispetto invece a quelle che decidono di non utilizzare i Minibond. È inoltre importante sottolineare la non correlazione tra l’ammontare dell’emissione e la crescita differenziale delle variabili sopra-citate. Appare dunque corretto ipotizzare che l’emissione di Minibond fornisca alle imprese emittenti vantaggi che vadano oltre al semplice finanziamento. Difatti questa analisi presenta come nozione fondamentale la capacità che il Minibond offre alle emittenti di aumentare il proprio potere contrattuale nei confronti delle banche grazie alla differenziazione delle fonti di finanziamento, e di ridurre l’asimmetria informativa che le caratterizza. In conclusione, questa tesi fornisce una prova concreta di come i Minibond rappresentino un’importante scelta strategica per quelle compagnie che vogliano superare i tradizionali limiti di finanziamento e promuovere una significativa crescita economica.
The impact of minibond issuance on Italian firms access to financing
Vimercati, Francesco;TARDIVO, MARCO
2020/2021
Abstract
According to the literature, Italian firms and in particular SMEs face some difficulties in having access to credit from the banking system. To tackle this problem, Minibond issuance has demonstrated to be a significant alternative to the traditional bank-firm relationship, allowing companies to find financing crucial for their economic growth. Several studies have been conducted on these securities over the years. However little space has been dedicated to the investigation, from a statistical perspective, of the differential effect that Minibonds have over two essential indicators: Long-term debt and Equity capital. The aim of the following analysis is to demonstrate whether the issuance of Minibonds is an effective solution to overcome the general constraints limiting the financing, and consequently, growing opportunities of Italian firms. In order to achieve such results, Minibond emissions data have been collected in collaboration with the Osservatorio Minibond of Politecnico di Milano. Later on, both qualitative and accounting data about all Italian firms that operated between 2009 and 2020 have been downloaded, and then two matching techniques have been used: Coarsened Exact Matching (CEM) and Propensity Score Matching (PSM). The aim has been to build a control sample of non-issuing firms as to correctly estimate the Minibond treatment effect. Successively, several regression models have been run. Outcomes obtained show that firms relying on Minibonds are characterized by an increase in both Long-term debt and Equity capital that is significantly higher when compared to those of non-issuing firms. Furthermore, this differential availability appeared to be uncorrelated to the amount of emission itself. Therefore, it is safe to assume that Minibond issuance brings some additional benefits to companies relying on them, that go behind the immediate financing obtained. In fact, the analysis provided bring as core understanding the fact that Minibonds may be a crucial step for those firms willing to increase their bargaining power toward banks through the differentiation of financing sources, and to reduce the information asymmetry they are suffering. In conclusion, this thesis is a solid proof of Minibonds as a strategic choice firms should consider in order to overcome their financing constraints and boost the economic growth.| File | Dimensione | Formato | |
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Descrizione: The impact of Minibond issuance on Italian firms access to financing
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https://hdl.handle.net/10589/180020