How Much Is the Financial Structure of Italian Textile SMEs?  

作　　者：Loris Nadotti Valeria Vannoni 

机构地区：[1]University of Perugia, Perugia, Italy

出　　处：《Chinese Business Review》2019年第1期37-42,共6页中国经济评论（英文版）

摘　　要：The textile sector in Italy has traditionally played an important role in the national economy: To date, it weighs about 4% of GDP. Despite international competition, the sector maintains its importance which is internationally recognized. The firms in the sector are committed to remaining competitive, investing in innovation and communication, increasingly seeking internationalization. To keep up with the competition, it is necessary to have financial resources to cover these investments. In Italy, with the exception of some great outliers, the sector is dominated by small and medium-sized enterprises: The small size makes often more difficult to raise funds. The paper aims to analyze the cost of financing for small and medium enterprises (SMEs) in the Italian textile sector, verifying also if it remains a prevailing orientation towards debt financing. Using the Weighted Average Cost of Capital (WACC) formula, the study focuses on 2,446 companies, with financial data available on the Orbis database by Bureau van Dijk. Results confirm a strong unbalanced structure towards debt financing;however, the cost of capital is mitigated by the cost of “standing alone” debt, much lower than that one of shareholders’ funds.

关 键 词：CAPITAL structure cost of CAPITAL small business FINANCING TEXTILE sector 

分 类 号：F[经济管理]