FINANCING THROUGH NEGOTIABLE OBLIGATIONS. THE PROBLEM OF BEING SMEs

Melisa Larsen, Hernán P. Vigier, M. Belén Guercio, Anahí E. Briozzo

Resumen


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.

Palabras clave


SMEs Financing; Negotiable Obligations; Issue Costs.

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