中小企业如何向市场表明其质量和增长方向?意大利小型企业债券成本分析

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2022-03-28 DOI:10.1111/jifm.12157
Simone Boccaletti, Emanuele Rossi, Monica Rossolini
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引用次数: 4

摘要

我们研究了中小企业如何向市场表明其质量和增长方向,以及对债券融资成本的影响。对于非上市公司和中小企业来说,债券融资成本通常很高,主要是因为它们的信息不透明和风险更高。这篇论文有助于欧洲就旨在促进小型和非上市公司融资的市场创新展开日益激烈的辩论,打破了之前对大型和上市公司进入流动债券市场成本的主要关注。我们分析了2013年至2017年间在意大利上市的220只迷你债券,以检验收益率差的决定因素。我们的解释变量是规模、年龄和有形资产——所有这些都是公司信息不透明的指标——以及发行人的增长机会、评级可用性和担保的存在。研究结果表明,有形资产可以缓解投资者的信息不对称和相关监控成本,从而降低债券收益率差。更重要的是,收益率差取决于融资的投资项目类型:与其他类型的项目相比,风险增长项目的融资成本更高。在这种情况下,评级代表了市场评估发行人增长方向的信息工具。
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How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds

We examine how small and medium-sized enterprises (SMEs) may signal their quality and growth orientation to the market and the effect on the cost of bond funding, which is often high for unlisted firms and SMEs mainly because of their information opacity and higher riskiness. The paper contributes to the growing European debate on market innovations aimed at facilitating funding for smaller and nonlisted firms, breaking from the prior main focus on the cost for large and listed companies of accessing liquid bond markets. We analyze 220 mini-bonds listed in Italy between 2013 and 2017 to examine determinants of yield spreads. Our explanatory variables are size, age, and tangible assets—all indicators of the firm's information opacity—together with the issuer's growth opportunities, rating availability, and the presence of a guarantee. The findings suggest that tangible assets can ease the asymmetric information and associated monitoring costs for investors, thus reducing the bond yield spread. More significantly, the yield spread depends on the type of investment project financed: risky growth projects are associated with a higher cost of funding than other types of projects. Under such circumstances, the rating represents an informative instrument for the market in assessing issuers' growth orientation.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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