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Financiación de las pymes en la Comunidad Valenciana: estudio empírico

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Author Info

  • José López Gracia

    (Dpto. Contabilidad)

  • Mariano Romero Martínez

    (Dpto. Contabilidad)

  • Vicente Riaño Donnay

    (Dpto. Economía Financiera y Actuarial)

Registered author(s):

    Abstract

    This paper analyses the difficulties that small firms have in obtaining finance within the private sector of credit, and also the repercussions they have 011 the growth of these very companies. Furthermore, we have studied the relationship between finance and investment, and provided empirical evidence about the degree of additionality that other financial sources can offer. Our research is based on a sample of small firms randomly selected and on the opinions given by their managing directors. Our findings show that significant finance restrictions for the development of these companies do not exist in spite of the unquestionable disadvantages that they face up when competing with large firms. Finally, the additionality detected in relation to other alternative mechanisms might be considered to be irre1evant. La presente investigación analiza las dificultades a las que se enfrentan las pymes para conseguir financiación en el mercado de crédito privado y la incidencia que ello tiene sobre sus posibilidades de crecimiento. También, hemos tratado de analizar la intel1'elación entre financiación e inversión y obtener evidencia empírica acerca del grado de adicionalidad que otras fuentes de financiación puedan ofrecer a dicho mercado. El trabajo se ha desarrollado a través de la explotación de las opiniones manifestadas por los responsables de una muestra de empresas seleccionada con criterios de aleatoriedad. Los resultados señalan que no han existido barreras significativas al desarrollo de las pymes imputables al mercado de crédito, pese a las indudables desventajas con que compiten frente a las grandes empresas. La adicionalidad detectada, por otra parte, en otros mecanismos opcionales de financiación puede considerarse irrelevante.

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-1996-19.pdf
    File Function: Fisrt version / Primera version, 1996
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    Bibliographic Info

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 1996-19.

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    Length: 40 pages
    Date of creation: Dec 1996
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:1996-19

    Contact details of provider:
    Postal: C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA
    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Email:
    Web page: http://www.ivie.es/
    More information through EDIRC

    Related research

    Keywords: Pymes; adicionalidad; mercado de crédito Small finns; additionality; credit market;

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