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La dinámica industrial y la financiación de las PYME

Listed author(s):
  • Benavente, José Miguel

    (Departamnto de Economía, Universidad de Chile)

  • Galetovic, Alexander

    (Centro de Economía Aplicada, Departamento de Ingeniería Industrial, Universidad de Chile)

  • Sanhueza, Ricardo

    (ESE-Escuela de Negocios, Universidad de los Andes)

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 widespread in countries where capital markets are developed. We also make several proposals to increase access to financing by SMEs.// Las pequeñas y medianas empresas (PYME) pagan más que las empresas grandes por su financiación, se les exigen garantías, se las financia a plazos cortos y muchas no se pueden endeudar. Se cree que estas son fallas de mercado que deberían corregirse con intervenciones regulatorias. Sin embargo, 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 remplazo de empresas que ocurre en todas las industrias, que es más intenso cuando se trata de PYME; 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 la financiación de las PYME.

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Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXII (2) (2005)
Issue (Month): 286 (abril-junio)
Pages: 217-254

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Handle: RePEc:elt:journl:v:72:y:2005:i:286:p:217-254
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