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Finance for SMEs: European Regulation and Capital Markets Union

Finance for SMEs: European Regulation and Capital Markets Union
Author: Patrizio Messina
Publisher: Kluwer Law International B.V.
Total Pages: 222
Release: 2019-06-19
Genre: Law
ISBN: 9403501448
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With the European Commission’s announcement of the Capital Markets Union in 2016, a major step was at last taken to provide for the special needs of small and medium enterprises (SMEs). This book presents the first in-depth legal analysis of the challenges that SMEs have to face when managing their balance sheets and trying to attract investors, what alternative financing tools are most effective and how recent legislation reaches fair and convenient conditions for SMEs. The analysis focuses specifically on the Capital Markets Union structure and on other European initiatives that support and enhance SMEs’ raising money on capital markets in order to better diversify their investments and plan a growth and development strategy. An updated description of the European framework is provided, together with references to relevant national systems. Issues and topics covered include the following: need for long-lasting access to funds; securitization for SMEs; SME Z-score; crowdfunding; and peer-to-peer, minibond and accounts receivables financing. Case study analyses furnish a deep understanding of the financial structures and their main features. Appendices include English texts of the main European Union (EU) legal documents pertaining to SMEs. For SMEs discouraged by over-regulation designed for larger businesses, and who find themselves in difficulties when they have to face the required process, this book will prove to be of immeasurable practical value. This book represents one of the first publications on SMEs and finance and contains data and information resulting from a deep and well-focused research on the topic. The added value of this study will allow the academics to understand the main issues related to this topic and will provide for a steady basis for further research and analysis with regards to law and economics for SMEs. Furthermore, it will be also warmly welcomed by practitioners in the area of SME financing and will be useful to support them in the selection of the most appropriate tools for their clients. Banks and interested EU officials will also value its clear and straightforward approach to the subject.

New Models of Financing and Financial Reporting for European SMEs

New Models of Financing and Financial Reporting for European SMEs
Author: Eva Kaili
Publisher: Springer
Total Pages: 204
Release: 2019-02-28
Genre: Business & Economics
ISBN: 3030028313
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This book looks at the 23 million registered Small and Medium Enterprises (SMEs) that make up 98 per cent of the EU economy. Addressing the high end of SMEs in terms of new models for SME funding and financial reporting, this merged way of looking at SMEs reveals a ‘myopic’ thinking in terms of net present value and (future) cash flows generating short-termism and low risk appetite for business. This is not an accounting issue, but rather a preference toward certain financial tools. A segment of SMEs, the ones that seek new ways of funding possibilities, as well as modern technologies (MTFs listing, blockchain, ICOs, etc.) do require, even without knowing, IFRS for SMEs. This book reveals how market conditions impact the financial performance and sustainability of SMEs and also generate innovative policy interventions and financing strategies for SME integrity and efficiency. The authors frame their arguments in the context of the Capital Markets Union, looking at the Innovation Triangle, SME growth ecosystem and business models. They conclude by advocating for closing the circle of financing and financial reporting for SMEs, while considering if new financial models of financing and financial reporting are good for all the SMEs or only for some. The economy is being shaped by new models of financing and financial reporting. Read this practitioners’ view to understand the current changes and challenges.

The European Capital Markets Union

The European Capital Markets Union
Author: Andreas Dombret
Publisher: Walter de Gruyter GmbH & Co KG
Total Pages: 136
Release: 2015-07-31
Genre: Law
ISBN: 311044464X
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In March 2015, the Institute for Law and Finance in Frankfurt am Main held a full-day symposium which brought together leading representatives of the public and private sectors to deliver the first high level response to the questions posed by the Commission’s Green Paper on Building a Capital Markets Union. These responses are collected in this volume.

A Capital Market Union for Europe

A Capital Market Union for Europe
Author: Mr.Ashok Vir Bhatia
Publisher: International Monetary Fund
Total Pages: 30
Release: 2019-09-10
Genre: Business & Economics
ISBN: 1498313272
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This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock—such steps should prove feasible without a new grand bargain.

Capital Markets Union and Beyond

Capital Markets Union and Beyond
Author: Franklin Allen
Publisher: MIT Press
Total Pages: 391
Release: 2024-03-12
Genre: Business & Economics
ISBN: 0262551489
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Experts from economics, finance, law, policy, and banking discuss the design and implementation of a future capital market union in Europe. The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)—a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU. Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets—from the latest fintech developments to traditional equity markets—can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession. Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante

Market Building and the Capital Markets Union

Market Building and the Capital Markets Union
Author: Pierre Schammo
Publisher:
Total Pages: 31
Release: 2017
Genre:
ISBN:
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The Capital Markets Union (CMU) is one of the flagship policy initiatives of the Juncker Commission. The Commission's strategy for realizing a CMU is set out in its White Paper on building a CMU. Besides describing the Commission's vision of a CMU, the white paper includes an action plan which details the measures that are needed to build a CMU. The aim of this article is to consider the Commission's measures in one particular area of the action plan. Specifically, this article examines the Commission's strategy for overcoming information barriers to SME investment. By acting in this area, the Commission's objective is to facilitate access to finance, but also to diversify sources of funding for SMEs, which are traditionally heavily dependent on bank-based finance. This article evaluates the Commission's strategy and its prospects of success. After assessing the relevant policy measures, it will argue for a paradigm shift which is based on three pillars: a greater emphasis on market building measures; a greater emphasis on information sharing duties as one mechanism that can help to address information barriers; and a market correcting strategy to dovetail greater market building.

Financial Markets, SME Financing and Emerging Economies

Financial Markets, SME Financing and Emerging Economies
Author: Giusy Chesini
Publisher: Springer
Total Pages: 159
Release: 2017-10-11
Genre: Business & Economics
ISBN: 3319548913
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This book investigates small and medium sized enterprises (SMEs) access to credit, the earning quality, and the cost of debt in the European Union. It also examines two important risk measures in financial markets: the volatility index (VIX) and Credit Default Swaps (CDS). Finally, it deep dives inside one of the most important emerging markets, China, to assess monetary policy and the relationship between financial institutions and real estate firms. This work will appeal to both academics and practitioners in the areas of SME financing, financial markets and emerging economies.

The Restructuring of Banks and Financial Systems in the Euro Area and the Financing of SMEs

The Restructuring of Banks and Financial Systems in the Euro Area and the Financing of SMEs
Author: F. Calciano
Publisher: Springer
Total Pages: 313
Release: 2015-05-26
Genre: Business & Economics
ISBN: 1137518731
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The 2007-2009 financial crisis has had a worldwide impact on banks and financial systems. It has also brought about major changes in Europe's financial regulatory framework which could lead to financing problems for SMEs. The book explores the restructuring process of banking and financial systems to its impact on the financing of SMEs.

Emerging Europe and the Capital Markets Union

Emerging Europe and the Capital Markets Union
Author: Alexander Lehmann
Publisher:
Total Pages:
Release: 2020
Genre:
ISBN:
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• The European Union's capital markets union (CMU) plan is in urgent need of a revamp. Because of Brexit, EU capital markets and supervision need to become more integrated. The ongoing deep recession increases the need for equity finance mobilised by capital markets. • The eleven EU countries in central and south-eastern Europe which joined the EU in 2004 and after (EU11) are particularly affected by the ongoing consolidation of exchanges, which has diminished liquidity in smaller markets and in the traded securities of mid-sized companies. • Corporate funding remains even more bank-dependent in the EU11 than in the rest of the EU. Equity capital, whether in the form of listed shares or directly supplied by investment funds, is particularly underdeveloped. Even though the sustained and superior growth record in the region compared to the rest of the EU should be a magnet for investors, cross-border exposure to traded equity in the region remains very limited. • To gain broader acceptance in all EU countries, CMU will need to support more forcefully funding for small and medium enterprises (SMEs), and foster market integration throughout the single market, including outside the euro area. • The immediate priorities for the EU should be to revise market regulation and facilitate capital market access by smaller firms. Lighter standards in dedicated SME markets should be widened for newly-listed companies, but should not be available to more mature listed companies. In this way, high standards of transparency and integrity, which have been bolstered by post-financial crisis regulation, will be preserved. • The EU11 countries need to embrace corporate governance rules and greater transparency of company financial data, which would facilitate equity finance. They must also attract investors who will seek disclosure of environmental, social and governance performance of issuers. Much could be done to foster liquidity on national exchanges, including by embracing the inevitable further consolidation of exchanges and other infrastructure.

Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe

Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe
Author: Mr.Shekhar Aiyar
Publisher: International Monetary Fund
Total Pages: 35
Release: 2015-05-01
Genre: Business & Economics
ISBN: 1498397646
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Small and medium-sized enterprises (SMEs) account for a disproportionate share of output and employment in Europe but are still highly dependent on bank finance, which dried up or became prohibitively expensive during the crisis. Broader access to alternative, long-term finance through securitization would limit their exposure to banking sector difficulties and thus help revive credit. The SDN examines the various impediments to the development of a well-functioning and liquid securitization market in Europe and proposes a comprehensive multi-faceted strategy to support its development through regulatory reforms and infrastructure development together with targeted and time-bound official sector support. This would require (i) greater regulatory differentiation between securities of different quality and underlying asset structures; (ii) harmonized national enforcement and insolvency frameworks and standardized reporting requirements; and (iii) greater capacity of EU authorities to support new issuance. These measures would be underpinned by a pan-European definition of high-quality securitization (HQS) comprising simple, transparent and efficient asset structures receiving preferential regulatory treatment.