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Perch� le imprese ricorrono al factoring? Il caso dell'Italia


  • Michele Benvenuti

    () (Bank of Italy - Florence Research Unit)

  • Marco Gallo

    () (Bank of Italy - Florence Research Unit)


In this paper we examine the main aspects of Italian factoring market and its evolution during last two decades. Moreover, we analyze the characteristics of firms accessing this kind of financing. In Italy factoring market size is the third in the world in absolute terms (amount of turnover), after U.K. and U.S., and the first one in relative terms (turnover to GDP ratio). This diffusion is related to the widespread use of postponed payment in commercial transaction, giving rise to a large amount of trade credit. At the end of 2002, financial factors market share was about two third. The remaining part was referred to industrial factors, that are specialized in �indirect� factoring, i.e. providing external funding to suppliers of the industrial group companies. This is an Italian market peculiarity owed to the opportunity for the debtor to prevent the trade credit to be transferred without his agreement. Firms accessing factoring show a greater financial pressure: the higher the leverage and the lower the cash flow and liquidity indicators, the higher is the probability to factor accounts receivable. The role of financial hypothesis in explaining the factoring choice is weaker for industrial factors customers, for which commercial reasons seem to be prevalent.

Suggested Citation

  • Michele Benvenuti & Marco Gallo, 2004. "Perch� le imprese ricorrono al factoring? Il caso dell'Italia," Temi di discussione (Economic working papers) 518, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:wptemi:td_518_04

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    References listed on IDEAS

    1. Domenica J. Marchetti, 1999. "Markup and the Business Cycle: Evidence from Italian Manufacturing Branches," Temi di discussione (Economic working papers) 362, Bank of Italy, Economic Research and International Relations Area.
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    Cited by:

    1. Massimo Omiccioli, 2005. "Trade Credit as Collateral," Temi di discussione (Economic working papers) 553, Bank of Italy, Economic Research and International Relations Area.
    2. Leandro D’Aurizio & Domenico Depalo, 2016. "An Evaluation of the Policies on Repayment of Government’s Trade Debt in Italy," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 2(2), pages 167-196, July.

    More about this item


    Factoring; Fabbisogno finanziario; Credito commerciale;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation


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