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Financing through negotiable obligations. The problem of being Smes Imprimir E-mail

FINANCING THROUGH NEGOTIABLE OBLIGATIONS. THE PROBLEM OF BEING SMEs

Larsen, Melisa (*); Guercio, M. Belén (**); Vigier, Hernán P.(***); Briozzo, Anahí E. (****)

(*) Facultad de Micro, Pequeña y Mediana Empresa
Universidad Provincial del Sudoeste
Bahía Blanca, Argentina
(**) Instituro de Investigaciones Económicas y Sociales del Sur
CONICET
Bahía Blanca, Argentina
(***) Centro de Emprendedorismo y desarrollo territorial sustentable Comisión de Inv. Científicas de la Pcia. de Buenos Aires
Bahía Blanca, Argentina
(****) CONICET, Departamento de Ciencias de la Administración Universidad Nacional del Sur
Bahía Blanca, Argentina

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Reception Date: 05/06/13 - Approval Date:06/25/13

 

ABSTRACT

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.

KEYWORDS:
SMEs Financing; Negotiable Obligations; Issue Costs.

 

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