Obligacionet e shoqërive tregtare. Një formë e re e financimit të bizneseve në Shqipëri
Bonds of trading companies: A new form of business financing in Albania

Summary/Abstract: Despite the indirect shock, the Albanian economy, business and banking system experienced, in the course of global financial and economic crisis of 2008, it clearly unfurled the phenomenon of cartel-like financing, provided by banking system to the economy and Albanian companies. This source of financing, derived from an oversized and entirely bank –based economy, transmits and discharges all the problems accompanying the activity of the banking system, towards companies as borrowers, especially in times of economic contraction or crisis, in the form of tightened lending terms & conditions and lacking cost-effective and competitive financing terms. This paper aims to shed light on, and propose the issuance of corporate bonds, as a stillabsent, bur efficient & competitive alternative source of financing, for medium and large-sized enterprises in Albania, as compared to bank financing. Some theoretical and practical advantages, regarding corporate bonds’ issuance, are also listed in the paper, which could be easily energized and implemented by Albanian companies, in the frame of the existing legal environment in Albania.

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