Changes in SMEs financing:Risks and opportunities for agro-food companies

The financial and real crisis started in 2007-2008 has deeply transformed the way the Italian financial and capital market act. Italian SMEs need to be aware of the transformation not to be pushed out of the market itself and to take profit of the new relevant opportunities coming out thanks to the emerging new products and new intermediaries.The paper focuses the disappear of banks relationship lending and provides evidence about how to approach the market in the emerging “competing for capital” prevailing rule.It also stresses the relevance of ESG topics as emerging risk factor companies must look at when asking for new finance because of the Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability related disclosures in the financial services (SFDR).

2007-2008年爆发的金融与实体经济危机深刻改变了意大利金融与资本市场的运作模式。意大利中小企业（SMEs）需认识到这一转型趋势，以免被挤出市场，并利用新兴产品与新型中介机构带来的重大新机遇。

本文聚焦银行关系型借贷（relationship lending）的消失现象，提供了相关证据，说明在新兴的“资本竞争”主导规则下如何切入市场。同时，由于欧洲议会和理事会2019年11月27日颁布的关于金融服务可持续性相关披露的（EU）2019/2088号法规（SFDR），本文还强调ESG议题作为企业寻求新融资时必须关注的新兴风险因素的重要性。