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Qué Aprendemos Hoy

Mercado Alternativo Bursátil

Una de las líneas de Investigación desde el punto de vista académico es la financiación de las Pequeñas y Medianas Empresas. El interés por trabajar en este tema nace por la época en que se regula, con una nueva Ley, la 1/94, las Sociedades de Garantía Recíprocas, intermediario financiero muy relevante para la financiación de las empresas de menor tamaño.
d
Cuando un estudiante de la asignatura “Financiación Internacional I” de la Universidad Pablo de Olavide, Sevilla, me invita a participar en el proyecto Qué Aprendemos Hoy (QAH), acepto encantada porque entiendo que la web es otra vía para la formación, tan relevante como la formación presencial. Espero que disfruten del tema que propongo.
El Mercado Alternativo Bursátil (MAB) de España se ha diseñado para las empresas de menor tamaño y en expansión. Bien es sabido de las dificultades de acceso al crédito y la disminución de fondos de terceros a favor de los propios a las que se enfrentas estas empresas.
d
Es el concepto nuevo de Mercado Financiero, dentro de lo que se entiende la innovación financiera que tiene características propias. Al no ser una bolsa, no funciona como tal. En España el MAB es una sección de Bolsa y Mercados Españoles (BME), supervisado por la Comisión Nacional de Mercados y Valores (CNMV).
d
Las empresas en expansión pueden encontrar financiación básicamente a través de los Créditos Participativos y el Capital Riesgo (Venture Capital) y desde 2008 tienen la posibilidad de cotizar en el MAB.
d
Las ventajas de cotizar en el MAB van más allá de la mera financiación y obtención de liquidez. Entre otras ventajas destacan el tener más visibilidad, notoriedad y prestigio. Pero quizá la razón más relevante para cotizar en el MAB sea el contar con la valoración de mercado, conocer el precio de la empresa, tan necesario para la entrada de nuevos socios, venta de participaciones, etc.
A la fecha cotizan en el MAB 17 empresas básicamente del sector de la Biotecnología, entre otros. Se localizan principalmente en la Comunidad Autónoma de Madrid y Cataluña. El gobierno nacional y algunos gobiernos regionales están apoyando este tipo de iniciativas vía incentivos fiscales, entre otras medidas.
d
Los resultados obtenidos por las empresas que cotizan en el MAB puede verse en la página web del mercado, que refleja datos muy interesantes, entre los que destacan el crecimiento y la generación de empleo. El destino de las empresas que cotizan en el MAB podría ser la fusión con otras empresas de similares características. Esto las haría crecer en tamaño lo que implicaría la posibilidad de entrar en el mercado de las grandes empresas y por tanto cotizar con otras reglas de juego.
d
En Europa existen otros mercados de similares características como el Alternative Investment Market (AIM), en Reino Unido, de cuya experiencia se ha nutrido el MAB español. También los países Nórdicos, Francia e Italia cuentan con mercados con fines similares.
Imagen| lainformacion
Clara Laura Cardone Riportella Escrito por el dic 26 2011. Archivado bajo Economía y Empresa, Finanzas, QAH Profesionales.





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CONOCE AL REDACTOR

Clara Laura Cardone Riportella

Clara Laura Cardone Riportella

- Catedrática del Departamento de Dirección de Empresas. Universidad Pablo de Olavide (Sevilla)

- PhD. en Ciencias Económicas y Empresariales (1998), y MBA (1985), por la Universidad Autónoma de Madrid. Licenciada en Ciencias Económicas (1978) por la Universidad Nacional de Cuyo, Mendoza, Argentina. 

- Trabaja actualmente en las siguientes líneas de investigación: finanzas empresariales, financiación de pequeñas y medianas empresas y temas relacionados con la economía bancaria. 

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