SME Exchanges in Emerging Market Economies : A Stocktaking of Development Practices

Harwood, Alison ; Konidaris, Tanya

World Bank Group, Washington, DC

关键词: ACCESS TO CAPITAL;    ACCESS TO INFORMATION;    ACCOUNTING;    ADVANCED ECONOMIES;    ALTERNATIVE INVESTMENT;   

DOI  :  10.1596/1813-9450-7160
RP-ID  :  WPS7160

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In recent years, many emerging marketcountries have developed or are in the process of developingSME Exchanges to provide financing to SMEs, but few havesucceeded. This paper aims to help stock exchanges andpolicy makers think through the key questions to beaddressed to determine if, when, how and for whom to developan SME Exchange in emerging market countries. It takes stockof some of the actions that exchanges can take to reduceissuance costs, in time and money for SMEs, withoutcompromising the prudential needs of investors. The paperdraws on the experience of seven SME Exchanges and the WorldFederation of Exchanges that participated in a workshoporganized and led by the WBG to discuss these and otherquestions. It does not recommend a specific model to followand does not address specific context issues, however theanalysis suggests approaches that are widespread and/orcould be beneficial to consider such as (1) focus on SMEswith a sizeable growth rate, (2) have the SME exchangelegally related to the main board, (3) do not reducedisclosure content to reduce costs, (4) allow privateplacements, (5) have well regulated advisors to vet issuersand provide comfort to investors about the quality of theissue, (6) have outreach, public awareness campaign andtraining for SMEs, (7) consider tax incentives forinvestors. The report is the first in a series on thistopic, and subsequent reports will address and expand onrelated and broader issues.