Minibonds, advantages and disadvantages of using this alternative method of financing: the case of Artebianca Srl

Abstract

In Italy, bank credit has always played a leading role in the overall financial debt of companies, permanently representing over two-thirds of their financial sources. In comparison with other European and Anglo-Saxon countries, the dependence of Italian companies on the banking system has no equal. As well as the Italian financial economic system is 99.9 percent represented by small and medium-sized enterprises, the so-called SMEs, and micro enterprises. The thesis will focus on the world of SMEs and in particular on the alternative source of financing to bank loans, namely the minibond. The objective of the thesis will be, through the study and analysis of the case of Artebianca Srl, a company that in 2018 issued a €2.8 million Minibond, to highlight: the business impact of the operation, that is, the repercussions at the balance sheet and income statement level, and the benefits that companies can gain by entering the capital market.