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Restricciones financieras para la innovación en la industria manufacturera colombiana

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  • Alejandro Becerra F.

Abstract

Este trabajo analiza uno de los principales obstáculos que enfrentan las empresas colombianas a la hora de realizar inversiones enactividades de innovación. Los resultados senalan que las imperfecciones en los mercados de capitales generan que las inversiones enactividades de innovación en Colombia estén altamente restringidas financieramente, en especial las actividades relacionadas a I+D,porque involucran mayor riesgo y no tienen ningún tipo de activo físico como colateral. Este estudio sugiere que las firmas están restringidas,lo cual dificulta la obtención de recursos financieros. Esto último es cierto especialmente para aquellas empresas de menortamano, las empresas nacionales frente a aquellas que poseen capital extranjero, y las que no exportan respecto a aquellas que sí lo hacen. Abstract: This paper aims to analize one of the main obstacles faced by Colombian firms when investing in innovation activities. The results indicatethat imperfections in capital markets to generate investment in innovation activities in Colombia are highly constrained financially,especially activities related to R&D, because they involve greater risk and have no physical assets as collateral. This study suggeststhat firms are restricted, making it difficult to obtain financial resources. The latter is true especially for smaller firms, domestic firmscompared to those who have foreign capital, and not to export over those who do.

Suggested Citation

  • Alejandro Becerra F., 2011. "Restricciones financieras para la innovación en la industria manufacturera colombiana," Coyuntura Económica, Fedesarrollo, June.
  • Handle: RePEc:col:000438:009860
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    File URL: http://hdl.handle.net/11445/287
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    Keywords

    Restricciones financieras; Inversión en actividades de innovación; Recursos propios; Flujo de caja y Tamaño de las empresas. Financial constraints; Investment in innovation activities; Own resources; Cash flow; Company size;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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