IDEAS home Printed from
   My bibliography  Save this article

El crédito comercial en las pymes canarias desde una perspectiva multivariante



    () (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.)


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

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Laffer, Arthur B, 1970. "Trade Credit and the Money Market," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 239-267, March-Apr.
    2. Smith, Janet Kiholm, 1987. " Trade Credit and Informational Asymmetry," Journal of Finance, American Finance Association, vol. 42(4), pages 863-872, September.
    3. Fisman, Raymond, 2001. "Trade Credit and Productive Efficiency in Developing Countries," World Development, Elsevier, vol. 29(2), pages 311-321, February.
    4. Lee, Yul W. & Stowe, John D., 1993. "Product Risk, Asymmetric Information, and Trade Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(02), pages 285-300, June.
    5. Gregory E. Elliehausen & John D. Wolken, 1993. "The demand for trade credit: an investigation of motives for trade credit use by small businesses," Staff Studies 165, Board of Governors of the Federal Reserve System (U.S.).
    6. Mian, Shehzad L & Smith, Clifford W, Jr, 1992. " Accounts Receivable Management Policy: Theory and Evidence," Journal of Finance, American Finance Association, vol. 47(1), pages 169-200, March.
    7. Schwartz, Robert A., 1974. "An Economic Model of Trade Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(04), pages 643-657, September.
    8. Brennan, Michael J & Maksimovic, Vojislav & Zechner, Josef, 1988. " Vendor Financing," Journal of Finance, American Finance Association, vol. 43(5), pages 1127-1141, December.
    9. Xavier Freixas, 1993. "Short term credit versus account receivable financing," Economics Working Papers 27, Department of Economics and Business, Universitat Pompeu Fabra.
    10. Biais, Bruno & Gollier, Christian, 1997. "Trade Credit and Credit Rationing," Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 903-937.
    11. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2001. "Firms as financial intermediaries - evidence from trade credit data," Policy Research Working Paper Series 2696, The World Bank.
    12. Emery, Gary W., 1987. "An Optimal Financial Response to Variable Demand," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(02), pages 209-225, June.
    13. J. Stephen Ferris, 1981. "A Transactions Theory of Trade Credit Use," The Quarterly Journal of Economics, Oxford University Press, vol. 96(2), pages 243-270.
    14. Nadiri, M Ishaq, 1969. "The Determinants of Trade Credit in the U.S. Total Manufacturing Sector," Econometrica, Econometric Society, vol. 37(3), pages 408-423, July.
    15. Vincente Cuñat, 2000. "Trade Credit: Suppliers as Debt Collectors and Insurance Providers," FMG Discussion Papers dp365, Financial Markets Group.
    16. Michael S. Long & Ileen B. Malitz & S. Abraham Ravid, 1993. "Trade Credit, Quality Guarantees, and Product," Financial Management, Financial Management Association, vol. 22(4), Winter.
    17. Emery, Gary W., 1984. "A Pure Financial Explanation for Trade Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(03), pages 271-285, September.
    18. Petersen, Mitchell A & Rajan, Raghuram G, 1994. " The Benefits of Lending Relationships: Evidence from Small Business Data," Journal of Finance, American Finance Association, vol. 49(1), pages 3-37, March.
    19. Benjamin S. Wilner, 2000. "The Exploitation of Relationships in Financial Distress: The Case of Trade Credit," Journal of Finance, American Finance Association, vol. 55(1), pages 153-178, February.
    Full references (including those not matched with items on IDEAS)

    More about this item


    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


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lrk:eeaart:23_3_12. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Beatriz Rodríguez Prado). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.