Access of SMEs With Growth Potential to the Capital Markets

52 Pages Posted: 10 Jun 2019

See all articles by Oscar Arce

Oscar Arce

CNMV

Elias Lopez Blanco

Comisión Nacional del Mercado de Valores (CNMV)

Lucio Sanjuán

Comisión Nacional del Mercado de Valores (CNMV)

Date Written: 2011

Abstract

The main aim of this paper is to contribute towards the debate on how to boost the funding of newly created companies and those with high growth potential through the market and other external sources other than bank credit. The debate currently revolves around four key issues: how to ensure a sufficiently wide investor base, how to overcome possible barriers which hinder companies accessing the market, the design of markets for small and medium capitalisation securities and the role of regulation. As is to be expected, the reflections on the use of tax incentives play a significant role with regard to the first two issues. In the third issue, the debate fo-cuses above all on how to resolve the problems of visibility which affect the markets for small and medium capitalisation securities and whether or not an exclusively national framework is sufficient for guaranteeing growth in these markets. With regard to the role of regulation, the discussion focuses on whether it would be ben-eficial to adapt the requirements to an “SME scale” and the impact this would have on investor protection.

Suggested Citation

Arce, Oscar and Lopez Blanco, Elias and Sanjuán, Lucio, Access of SMEs With Growth Potential to the Capital Markets (2011). CNMV Working Paper No. 52. Available at SSRN: https://ssrn.com/abstract=3400633 or http://dx.doi.org/10.2139/ssrn.3400633

Oscar Arce (Contact Author)

CNMV ( email )

C/ Miguel Ángel, 11
Madrid, Madrid 28010
Spain

Elias Lopez Blanco

Comisión Nacional del Mercado de Valores (CNMV) ( email )

C/ Miguel Ángel, 11
Madrid, Madrid 28010
Spain

Lucio Sanjuán

Comisión Nacional del Mercado de Valores (CNMV) ( email )

C/ Miguel Ángel, 11
Madrid, Madrid 28010
Spain

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