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La dinámica industrial y el financiamiento de las pyme

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Author Info
José Miguel Benavente
Alexander Galetovic ()
Ricardo Sanhueza
Abstract

Las pyme pagan más que las empresas grandes por su financiamiento, se les exigen garantías, se las financia a plazos cortos y muchas no se pueden endeudar. Se piensa que estas prácticas son fallas de mercado que deberían corregirse con intervenciones regulatorias. Sin embargo, nosotros argumentamos que son respuestas apropiadas a (i) el mayor costo medio de los préstamos pequeños; (ii) el problema de la selección originado por la salida y reemplazo de firmas que ocurre en todas las industrias, que es más intenso cuando se trata de pymes; (iii) la necesidad de alinear los incentivos de deudores y acreedores cuando la información es asimétrica. Mostramos que estas prácticas también son comunes en países 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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