Un Nuevo Indicador de Endeudamiento de Empresas Chilenas Utilizando Registros Administrativos de Deuda y Actividad

In this document we present an indebtedness indicator for firms without public information at firm level, like financial statements. We construct this indicator at national level focused on firms with only local bank debt in Commerce, Manufacturing and Construction sectors. For these firms bank debt reflects the whole financial liabilities and sales are a good proxy for activity. This information allows us to decompose the indicator - in aggregate terms - and identify periods in which the contribution of sales or debt has been more relevant. With this objective we develop a database using groups of companies using administrative records of debt from the Financial Markets Commission (FMC), to which we are able to assign their sales with information from the Internal Revenue Service (IRS) between 2009 and 2017. We present three results. Firstly, in the case of the Construction sector, in the measurement of indebtedness we show that the inclusion of contingent claims is relevant. Secondly, there is a breakdown of the debt - at the group level - of the Commerce sector, characterizing at each date the growth of debt and sales in the last six months. Finally, the temporal relationship between the debt and the sales of the Construction sector and the importance in this exercise of defining the sample and the time horizon to be used to perform the calculations are shown. The major innovation of this document is the use of administrative records at the group level that allow us to more accurately allocate debt and sales, without having to assume correspondence between aggregated data. Along with the above, there is normally no public financial information on the firms with local financing, so the base and methodology presented here allows us to improve our understanding of this group of companies.