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Emergent Countries – Going Public As A Financing Option. EMERGENT COUNTRIES –
GOING PUBLIC AS A FINANCING OPTION - ROMANIA STUDY ...
... arguably clear indications of an emergent integrated social ... higher unemployment rates
in some of the countries. ... the overflow of unemployed people going to an ...
... of the classical/rational, incremental and emergent approaches to ... order to know what
is going wrong and ... Foreign employees living in larger countries and having ...
... with one third of its exports going to the ... units and wine export earnings derived
from six countries. ... However, the findings and the emergent factors should be ...
... a steeping demand despite an ever-emergent poverty crisis. ... Beer being brewed in five
other countries in the ... it achieved solid financial results going into 2004 ...
Submitted by legendary9 on June 23, 2008
Category: Business
Words: 417 | Pages: 2
Views: 45
Popularity Rank: 112,734
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EMERGENT COUNTRIES – GOING PUBLIC AS A FINANCING OPTION
- ROMANIA STUDY CASE -
Going public as a financing option
For worldwide&europe – going public IS a sound capital budgeting choice
Romania
Lowest stock market in terms of capitalization
Liquidity problems
Romania Economic Outlook
Pressure on operating margins
Buyouts
Increasing payroll expenses
What do companies do?
Apply for credit – worsening access lately
Private equity - investment funds
IPO – 2 or 3 IPOs per year, directly related to Bucharest Stock Exchange low
capitalisation
Small and Medium Enterprises:
- there is a need for investments
- accounting and fiscal challenges
- working capital dysfunctions
Biggest financing needs: real estate, construction & engineering, industry (textile, manufacturing)
Negative factors:
- low financial education of SME management and shareholder regarding:
 auditor’s role and added value
 alternative financing options (cash or credit)
 reluctance to having a representative nominated by the Authorised Adviser to the Supervisory Board of the Issuer.
- strong competition regarding IPO financial services – Alpha Finance, Raiffeisen Capital & Investment (usually all banks have a finance division)
- the EU funds, which are becoming more and more accessible to all the companies
- a strong market for private equity deals (investment funds - Advent, Enterprise Investors, Trigon Capital)
- current outlook regarding institutional investors says that worldwide they have become risk adverse
- not all SME are legally bound to apply for financial audit (Nexia clients exposure)
* de lamurit criteriile de marime solicitate de platforma New Connect – se vorbeste de capitalizare de 5 milioane...
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