The financial crisis has highlighted the structural weakness of Italian firms, highly bank-dependent and characterized by high leverage as well. The proposed solutions to finance and favour the recovery – promoting the direct access of firms to the financial market – are theoretically robust and acknowledged by the financial literature – although difficultly implementable due to an Italian financial market not adequately developed.udApart from the aforementioned issues, this study presents a detailed empirical analysis on the dynamics of the Minibond-market (two years after its launch) and analysis – through the employment of “early warning” models based on a sample of 1.225 firms – the endogenous features (linked to the financial structures of the issuing firms) that have influenced firms about the choice of issuing, or not, the Minibonds.
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机译：金融危机凸显了意大利公司的结构性弱点，它们高度依赖银行，并且还具有很高的杠杆率。尽管由于意大利金融市场发展不充分而难以实施，但为金融和有利于复苏的提议解决方案（促进公司直接进入金融市场）在理论上是稳健的，并获得了金融文献的认可。 ud ，本研究对迷你债券市场（推出两年后）的动态进行了详细的实证分析，并通过采用基于1.225家公司样本的“预警”模型进行了内在特征分析（与发行公司的财务结构）影响了公司在发行（或未发行）迷你债券方面的选择。
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