Publicação
Credit Guarantee and the Impact in Financial Structure of the Portuguese SMEs
| Resumo: | The aim of this work is to show the relevance of guarantees provided by the Mutual Credit Guarantee System (MCGS - the Portuguese Society of Credit Guarantee SPGM) as an instrument used in the financing of SMEs, especially in restructuring long-term debt (LTD) and bank loans. The study provides empirical evidence and puts forward an explanatory model of the influence of the mutual credit guarantees on the financing of SMEs. The results obtained show that long-term debt (LTD) financing is positively influenced by the guarantees provided by the MCGS to SMEs as it allows greater debt capacity, especially in the medium and long term, for firms that usually cannot obtain this type of financing. The results also suggest that this type of guarantees creates an environment of confidence among all stakeholders involved. |
|---|---|
| Autores principais: | Duarte, Filipe A. P. |
| Outros Autores: | Rodrigues, Luís Fernandes; Madeira, Maria Jose |
| Assunto: | Financing Credit Capital Structure Guarantees SMEs |
| Ano: | 2018 |
| País: | Portugal |
| Tipo de documento: | artigo |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade da Beira Interior |
| Idioma: | inglês |
| Origem: | uBibliorum |
| Resumo: | The aim of this work is to show the relevance of guarantees provided by the Mutual Credit Guarantee System (MCGS - the Portuguese Society of Credit Guarantee SPGM) as an instrument used in the financing of SMEs, especially in restructuring long-term debt (LTD) and bank loans. The study provides empirical evidence and puts forward an explanatory model of the influence of the mutual credit guarantees on the financing of SMEs. The results obtained show that long-term debt (LTD) financing is positively influenced by the guarantees provided by the MCGS to SMEs as it allows greater debt capacity, especially in the medium and long term, for firms that usually cannot obtain this type of financing. The results also suggest that this type of guarantees creates an environment of confidence among all stakeholders involved. |
|---|