中小企业股权融资:公司法重要吗?

IF 0.5 Q3 LAW European Company Law Pub Date : 2020-12-01 DOI:10.54648/eucl2020031
Elisabetta Pederzini, Anna Toniolo
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引用次数: 0

摘要

缺乏适当的融资是欧洲中小型企业(SMEs)的一个主要问题。它们高度依赖银行贷款获得外部资金,而迫切需要更广泛地使用其他融资方式,特别是创新和面向增长的公司的股权资本。在本文中,我们探讨了公司法与中小企业获得股权融资之间的关系,得出的结论是,企业的组织和治理结构是使其对投资者具有吸引力的关键。首先,我们提供了这种关系的证据,表明美国公司法,特别是特拉华州公司法,在硅谷初创企业成功融资中的重要性。其次,我们分析了欧洲框架。一方面,我们讨论了欧盟监管机构为促进中小企业替代融资而采取的措施,这些措施无效,完全无视商业组织法。另一方面,我们描述了一些欧盟司法管辖区(以意大利体系为重点)如何修改了公司法,放宽了股权融资的准入。最后,我们讨论了一些经验数据和欧盟成员国之间监管竞争的可能影响。中小企业融资,另类金融,股权金融,公司法,经营形式,监管竞争
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SMEs’ Equity Financing: Does Corporate Law Matter?
Lack of appropriate financing is a major issue for European small or medium-sized enterprises (SMEs). They are highly dependent on bank lending for external funding, while there is a strong need for wider use of alternative finance, and especially of equity capital with respect to innovative and growth-oriented firms. In this Article, we explore the relationship between corporate law and SMEs’ access to equity finance, concluding that the organizational and governance structure of the enterprise is essential for making it attractive for investors.First, we provide evidence of this relationship showing the importance that US corporate law, and particularly Delaware corporate law, had in the successful funding of Silicon Valley’s startups. Second, we analyse the European framework. On one side, we address the measures adopted by the EU regulators for promoting SMEs’ alternative finance, which have been ineffective and have completely ignored business organization law. On the other side, we describe how a number of EU jurisdictions – with a focus on the Italian system – have amended their corporate law, easing access to equity finance.Finally, we discuss some empirical data and the possible implications in terms of regulatory competition among the EU Member States. financing SMEs, alternative finance, equity finance, corporate law, business form, regulatory competition
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