La falta de acceso al financiamiento entre las empresas queretanas del sector manufacturero
Resumen
El presente trabajo analiza con base en teorías clásicas, los factores que explican si una empresa se ve afectada por la falta de posibilidades de financiamiento. Para tal propósito se usa un conjunto de datos basado en un cuestionario que se aplicó en empresas manufactureras queretanas, en su mayoría MIPYMES. Los resultados más importantes son que el grado de información asimétrica, así como la teoría de los costos fijos de transacción sólo logran explicar la problemática para las empresas que están generalmente abiertas al financiamiento externo pero no para las empresas que no están relacionadas con el sector financiero.
Abstract
The present paper analyzes - based on classical theories - the factors that explain if a firm perceives that the lack of financing possibilities limits its growth. Therefore, we use a data set based on a questionnaire which was answered by directives of manufacturing firms in Querétaro, mainly MSMEs. The most important results are that the degree of asymmetric information as well as the theory of fixed transaction costs can explain the problematic for those firms which are generally inclined towards external financing but not for those firms which do not have any contact with the financial sector.
Palabras clave
Texto completo:
Sin títuloReferencias
Aghion, P.; Fally, T. y Scarpetta, S. (2007). Credit constraints as a barrier to the entry and post-entry growth of firms. Economic Policy 22 (52), 732-779.
Bartelsmann, E., Scarpetta, S. y Schivardi, F. (2003). Comparative analysis of firm demographics and survival: Micro-level evidence from the OECD countries. OECD WP No. 348.
Beck, T., y Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking and Finance, 30, 2931–2943.
Beck, T. (2007). Financing constraints of SMEs in developing countries: Evidence, determinants and solutions. In: Financing innovation-oriented businesses to promote entrepreneurship Editor desconocido.
Brander, J. y Lewis, T. (1986). Oligopoly and financial structure: The limited liability effect, American Economic Review, 76, 956–70.
Faure-Grimaud, A. (2000). Product market competition and optimal debt contracts: the limited liability effect revisited. European Economic Review, 44 (10),1823-1840.
Gobierno de la República (2017). Plan Nacional de Desarrollo 2013-2018 (Recuperado de internet el 12 de junio de 2017 de http://www.sev.gob.mx/educacion-tecnologica/files/2013/05/PND_2013_2018.pdf)
Miller, M. y Modigilani, F. (1963). Corporate Income Taxes and the Cost of Capital: A Correction, American Economic Review, 53/3, 433-443.
Modigliani, F. y M. Miller (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261-297.
Myers, S. y Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have. Journal of Financial Economics, 13, 187-221.
Stata (2017). Two-way table of frequencies, Stata Manual. (Recuperado de internet el 12 de junio 2017 de http://www.stata.com/manuals13/rtabulatetwoway.pdf)
Stiglitz, J. y Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information, American Economic Review, 71(3), 393-410.
Tirole, J. (2006). The Theory of Corporate Finance, Princeton University Press.
Copyright (c) 2020 Julia Hirsch
Este obra está bajo una licencia de Creative Commons Reconocimiento-NoComercial 4.0 Internacional.