Unlocking financing opportunities: The impact of the ELITE Program on SMEs’ Financing

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-19 DOI:10.1016/j.frl.2025.107207

Pietro Fera , Antonio Meles , Nicola Moscariello , Luigi Raffaele Pellegrino , Giorgio Ricciardi

引用次数: 0

Abstract

This paper investigates the impact of the ELITE program for SMEs on their ability to access external financing. Leveraging on unique dataset of Italian unlisted companies, we discovered that ELITE firms accessed funding more efficiently than matched controls, experiencing a rise in financial leverage, accompanied by a reduction in the cost of debt. When looking at debt structure, ELITE companies exhibit a restructuring towards longer maturities, with bank debt partially replaced by bond issuance, indicating an openness to market-based finance. Our analysis sheds light on the role of growth programs in mitigating the financing challenges faced by SMEs, offering important insights for academics and practitioners.

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释放融资机会：精英项目对中小企业融资的影响

本文研究了中小企业精英项目对其获得外部融资能力的影响。利用意大利非上市公司的独特数据集，我们发现ELITE公司获得资金的效率高于匹配控制，财务杠杆上升，同时债务成本降低。在债务结构方面，精英企业表现出向更长的期限进行重组，部分银行债务被债券发行所取代，这表明它们对市场化融资持开放态度。我们的分析揭示了增长计划在缓解中小企业面临的融资挑战方面的作用，为学者和从业者提供了重要的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance