This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets through a private discount approach with estimates of value based on discounted cash flow projections and along with a comparable multiples approach. The valuation methodology applied in this study yielded a final sample that included 232 observations between public and private companies in the Spanish market. To calculate the discount, we apply the different approaches of discounted cash flow and multiples, such as valuation, earnings, book value, and revenue. Our results conclude there is no private discount, instead, the outcomes of this article suggest a premium over public firms for some ratios. The negative private company discounts mean a premium and, on the other hand, some multiples suggest a discount according to the method of valuation. This paper proves private discounts resulted does not have any comparable value within the same country although all firms in Spain use the same currency. We value the discounted cash flows of our forecasts using a discount rate based on the Capital Asset Pricing Model (CAPM), so our study can also be viewed as a test sensitivity of CAPM-based approaches to equity risk premium, terminal value, and growth rate. Furthermore, we compare historical transaction multiples of privately held companies with transaction multiples of similar publicly held firms.

Various corporate governance theories indicate that governance in small and medium-sized enterprises (SMEs) differs to that of larger corporations due to the ownership-management function within the organizational structure. This article provides empirical evidence of enhanced firm value in a sample of listed SMEs resulting from certain corporate governance mechanisms related to managerial and ownership concentration. The empirical analysis conducted in this paper is based on a panel data set consisting of 108 small and medium-sized public firms on the Spanish alternative stock exchange over a time frame of five years (2015-2019). The results suggest that CEO duality, the controlling shareholders, and the second largest shareholders all improve firm value. Conversely, the ratio of independent directors has a negative impact on firm value. These findings are robust to alternative model specifications such as dynamic panel estimators (Generalized Method of Moments -GMM-) and instrumental variable methods. Overall, we show that the governance configuration of listed SMEs can mitigate several of the central issues, such as agency problems, that large corporations face.

Las participación de las pequeñas y medianas empresas  (PyMEs) dentro del mercado de valores, fue un objetivo casi inalcanzable, debido a que existían requisitos que en su mayoría no podían cumplirse. Mejía (2007), refiere que los obstáculos para ingresar al mercado de valores, son motivos por los cuales las PyMEs acudan al crédito tradicional como fuente de financiamiento. Es por esto que el presente trabajo tiene como objetivo desarrollar el esquema operativo de las emisiones sindicadas de obligaciones como instrumento financiero, para la PyMEs del sector metalmecánico en Guayaquil, Ecuador. Para cumplir con este objetivo se realizó un estudio descriptivo comparativo utilizando la técnica de encuestas; además, se hizo uso de fuentes secundarias como los portales de web, revisión bibliográfica, entre otros. De los hallazgos se identifica que las PyMEs se financiaban exclusivamente con proveedores, debido a la restricción de los créditos bancarios; sin embargo se ha reconocido otras formas de financiamiento como el mercado de valores de Ecuador. // The participation of Small and Medium Enterprises (SMEs) in the market, was a goal almost unattainable, because there are requirements to be met most of whom could not be fulfilled. Mejia (2007), points out that the obstacles to entering the stock market are the reasons why SMEs ask for traditional credit as a financing source. That is why this paper aims to develop the operational scheme of syndicated issues of obligations as a financial instrument for SMEs in the metalworking sector in Guayaquil, Ecuador. To achieve this objective, a comparative descriptive study was carried out using the survey technique; In addition, secondary sources such as web portals, bibliographic review, and others were used. The findings identify that SMEs were financed exclusively from suppliers, due to the restriction of bank loans; however, other forms of financing have been recognized, such as the Ecuadorian stock market.