Оценка биржевых вариантов привлечения внешнего финансирования субъектами малого и среднего предпринимательства

Abstract

Introduction. The choice and justification of options for attracting investments are relevant for the development of any organization. The research objective was to assess exchange-traded options for attracting investment by small and medium businesses in the food and processing industry.
 Study objects and methods. The research featured small and medium businesses in the food and processing industry and their exchange options for attracting external financing. The study was based on system, situational, structural-functional, and process approaches, as well as methods of comparative and factor analysis, grouping, and sociological research techniques.
 Results and discussion. The authors described, analyzed, and classified ways to attract external financing by small and medium businesses. Exchange-traded options proved to be associated with the circulation of securities that differ in liquidity, direct access to the owners of funds, and access to a potentially unlimited amount of investment capital. The authors analyzed the existing exchange infrastructure for the businesses under consideration and assessed their potential for issuing securities. Based on such indicators as Average EBIT Margin and Compound Annual Growth Rate (CAGR), small and medium food-related enterprises can issuer securities, especially exchange-traded bonds. Exchange-traded bonds demonstrated a number of serious disadvantages, compared to a traditional bank loan. However, issuers of securities receive guaranteed advantages, e.g. more flexible conditions for raising funds on the exchange, the right to state subsidies for the payment of coupon income, partial compensation for the costs of placing securities, the absence of collateral, a wide range of private investors, etc. Using some real cases, the authors evaluated the liquidity of exchange-traded bonds of small and medium businesses in the food and processing industry according to a number of indicators of profitability and liquidity of securities.
 Conclusion. Exchange options can be used to finance small and medium food-related businesses, based on the established ex-change infrastructure, government incentives, potential of the food sector, average EBIT profitability, and revenue growth.