Abstract

LARSEN, Melisa; VIGIER, Hernán P.; GUERCIO, M. Belén  and  BRIOZZO, Anahí E.. Financing through negotiable obligations. The problem of being SMEs. Vis. futuro [online]. 2014, vol.18, n.2. ISSN 1668-8708.

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.