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La din�mica industrial y el financiamiento de las pyme

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  • Jos� Miguel Benavente
  • Alexander Galetovic

    ()

  • Ricardo Sanhueza

Abstract

Las pyme pagan m�s que las empresas grandes por su financiamiento, se les exigen garant�as, se las financia a plazos cortos y muchas no se pueden endeudar. Se piensa que estas pr�cticas son fallas de mercado que deber�an corregirse con intervenciones regulatorias. Sin embargo, nosotros argumentamos que son respuestas apropiadas a (i) el mayor costo medio de los pr�stamos peque�os; (ii) el problema de la selecci�n originado por la salida y reemplazo de firmas que ocurre en todas las industrias, que es m�s intenso cuando se trata de pymes; (iii) la necesidad de alinear los incentivos de deudores y acreedores cuando la informaci�n es asim�trica. Mostramos que estas pr�cticas tambi�n son comunes en pa�ses con mercados de capitales desarrollados. Finalmente, proponemos medidas para mejorar el financiamiento de las pyme. SMEs pay more for credits than large firms, their loans tend to be granted against collateral and on short repayment terms, and many are redlined. These practices have usually been interpreted as financial-market imperfections that discriminate against SMEs. We argue that they are responses to (i) the higher average cost of smaller loans; (ii) the selection problems due to the natural replacement of business in all industries, which is much more acute among SMEs; (iii) the need to align the incentives of financiers and entrepreneurs when information is asymmetric. We show that these practices are widspread in countries where capital markets are developed. We also make several proposals to increase access to financing by SMEs

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Paper provided by Centro de Economía Aplicada, Universidad de Chile in its series Documentos de Trabajo with number 201.

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Date of creation: 2005
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Handle: RePEc:edj:ceauch:201

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