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El crédito comercial en las pymes canarias desde una perspectiva multivariante

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  • RODRÍGUEZ RODRÍGUEZ, O. Mª

    () (Departamento de Análisis Económico Instituto Universitario de Desarrollo Regional Universidad de La Laguna Facultad de Ciencias Económicas y Empresariales. Campus de Guajara, La Laguna 38071, Santa Cruz de Tenerife. Tel.: 922 317122; Fax: 922 317204.)

Abstract

La financiación interempresarial es un tema relativamente poco analizado tanto en la literatura sobre los mercados de crédito como en la referente al análisis financiero de la empresa. Este trabajo constituye una aportación al estudio del crédito comercial, analizando concretamente los aplazamientos del cobro y del pago para una muestra de empresas canarias. La información contenida en la Central de Balances de la Universidad de La Laguna es especialmente idónea para analizar este tipo de crédito, ya que sólo incluye empresas de pequeño y mediano tamaño. Estas empresas son las que acudirían con mayor probabilidad a la financiación vía proveedores, al tener más dificultades para acceder a la financiación institucional. Utilizando técnicas multivariantes, se obtiene una interesante tipología de empresas teniendo en cuenta su uso de crédito comercial. Asimismo, los resultados muestran que este tipo de crédito permite reducir los problemas de información asimétrica que surgen entre la empresa y sus financiadores. Además, las empresas que más retrasan los cobros a sus clientes son las que menos se financian vía proveedores, indicando su mayor acceso a los mercados de crédito. Finalmente, el crédito comercial y el crédito bancario a corto plazo podrían ser sustitutivos o complementarios según las características económico-financieras que muestran las empresas. Trade credit is a subject with relatively scarce attention in the literature on credit markets or on corporate finance. This paper is a contribution to trade credit study by analyzing the delayed payments for a sample of firms located in the Canary Islands. Information contained in the Data Set of the University of La Laguna (CBULL) is specially suitable to analyze this type of credit, since it only includes medium and small size firms. This kind of firm is more likely to use credit from its suppliers as it has more financial constraints. By using multivariate analyses, an interesting typology of firms according to their use of trade credit is obtained. Likewise, the results show trade credit as a way of reducing the information asymmetries between the firm and its financial partners. Moreover, the more trade credit given to customers the less trade credit received from suppliers, informing about the access to credit markets. Eventually, trade credit and bank credit can be seen either two alternatives or complementary ways of financing, depending on the firm economic and financial characteristics.

Suggested Citation

  • Rodríguez Rodríguez, O. Mª, 2005. "El crédito comercial en las pymes canarias desde una perspectiva multivariante," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 23, pages 773-816, Diciembre.
    • Handle: RePEc:lrk:eeaart:23_3_12
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    References listed on IDEAS

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    More about this item

    Keywords

    Crédito comercial; Análisis multivariante; Análisis de correspondencias múltiples; Cluster; Asimetrías Informativas/Trade credit; Multivariate Analysis; Multiple Correspondences; Cluster; Information Asymmetries.;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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