Financiamiento de corto plazo de las empresas chilenas

Our study, which takes a novel approach by using administrative data from Chilean firms financed mainly by local banks in the Manufacturing and Commerce sectors, has uncovered significant findings. Between 2009 and 2019, we observed a quarterly change in bank debt that demonstrates a positive relationship with the change in sales and a negative relationship with the operating margin. This debt behavior is a direct response to the increased need for working capital financing when a firm experiences a surge in sales, and a decreased need for debt financing when the business margin is more substantial. This is a crucial first step in understanding the determinants of short-term financing decisions of Chilean firms financed mainly with banks, an area that has been relatively understudied in our country. Moving forward, it will be intriguing to delve into the implications of the massive delivery of Fogape-Covid credits starting in 2020. Initial data suggests a shift in the relationship between debt, sales, and margins, as the increase in financing was primarily concentrated in those companies experiencing a decline in sales.