The Growth of Small & Medium Spanish Enterprises: a comparative study between the subordinated debt and venture capital

portada CongresoPaper presented at the XIX Congreso Internacional de Contaduría, Administración e Informática. Universidad Nacional Autónoma de México, UNAM. 8-10 Octubre.




From a legal standpoint, a subordinated debt is a special kind of debt coming last in the ranking for credit purposes, in the event of liquidation of the borrowing entity. Due to this very classification, the subordinated debt is usually included within the mezzanine debt category, between external financing and shareholders’ equity.

However, professionals often understand this type of debt as a resource intensely close to shareholders’ equity. Furthermore, subordinated debt and venture capital dealers fail to point out big differences between both of them (Bustos and Lassala, 2009).

From the similarities highlighted by the dealers regarding these funding resources, this paper compares the effects of both tools of funding in a group of representative variables of Small and Medium Enterprises (SMEs) growth, in order to obtain an empirical evidence on the parallelism between the implications of these financing figures on the growth of this kind of companies for the Spanish case.

Keywords : SMEs’ growth, subordinated debt, venture capital




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