IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

El impacto del leasing financiero sobre la inversión y el empleo en las firmas colombianas

  • Natalia Salazar Ferro

    ()

  • Pilar Cabrera

    ()

  • Alejandro Becerra

    ()

"El principal objetivo de este estudio es evaluar el papel del leasing financiero como mecanismo de financiación de las empresas colombianas, buscando medir su impacto en la inversión de las firmas así como su efecto en el grado de restricción financiera que las mismas enfrentan. As mismo, el estudio analiza cuales son los principales determinantes de la demanda del leasing financiero por parte de las empresas y la relación existente entre el uso del leasing y el crecimiento del empleo de las firmas. A través de los diferentes ejercicios, el estudio evalúa la importancia de la ventaja tributaria que ha tenido el uso del leasing financiero, y por esta vía, sobre las restricciones financieras enfrentadas por las firmas para emprender en sus proyectos de inversión. Por último, el estudio presenta un recuento de las tendencias internacionales en cuanto a la contabilización de las operaciones de leasing financiero. Las principales conclusiones del estudio son las siguientes: i) el uso del leasing en las mipymes ha crecido de manera dinámica, especialmente en la agricultura, la industria y el comercio; ii) los ejercicios econométricos evidencian que las firmas en Colombia están restringidas financieramente; iii) se presenta evidencia empírica acerca de que en el caso de las peque-ñas y medianas empresas (mipyme), el uso del leasing no solamente está asociado con niveles de inversión de las firmas más elevados, sino que además alivia las restricciones financieras enfrentadas por este segmento empresarial. No sucede lo mismo en las grandes empresas; iv) los resultados de un ejercicio cuasi experimental sugieren que alrededor del límite legal en términos de activos que divide las mipyme de las grandes empresas, la ventaja tributaria tiene un efecto positivo sobre la inversión de las firmas que pueden acceder al beneficio. Este resultado debe balancearse con otros, especialmente frente al costo fiscal que representa, y v) el uso del leasing está asociado positivamente con el crecimiento del empleo en las firmas".

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://hdl.handle.net/11445/164
Download Restriction: no

Paper provided by FEDESARROLLO in its series CUADERNOS DE FEDESARROLLO with number 009270.

as
in new window

Length: 103
Date of creation: 28 Apr 2011
Date of revision:
Handle: RePEc:col:000439:009270
Contact details of provider:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  2. Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
  3. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
  4. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
  5. Steve Bond & Costas Meghir, 1994. "Financial constraints and company investment," Fiscal Studies, Institute for Fiscal Studies, vol. 15(2), pages 1-18, May.
  6. Frédérique Savignac, 2006. "The impact of financial constraints on innovation : evidence from French manufacturing firms," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00115717, HAL.
  7. Michele Cincera, 2002. "Financing constraints, fixed capital and R&D investment decisions of belgian firms," Working Paper Research 32, National Bank of Belgium.
  8. Thorsten Beck & Asli Demirgüç-Kunt & Vojislav Maksimovic, 2005. "Financial and Legal Constraints to Growth: Does Firm Size Matter?," Journal of Finance, American Finance Association, vol. 60(1), pages 137-177, 02.
  9. Imbens, Guido W. & Lemieux, Thomas, 2008. "Regression discontinuity designs: A guide to practice," Journal of Econometrics, Elsevier, vol. 142(2), pages 615-635, February.
  10. Claudio A. Piga & Gianfranco Atzeni, 2007. "R&D Investment, Credit Rationing And Sample Selection," Bulletin of Economic Research, Wiley Blackwell, vol. 59(2), pages 149-178, 04.
  11. Catalina Delgado González, 2004. "Inversión y restricciones crediticias en Colombia en la década de los noventa," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 22(47), pages 8-55, Diciembre.
  12. Steven N. Kaplan & Luigi Zingales, 1995. "Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?," NBER Working Papers 5267, National Bureau of Economic Research, Inc.
  13. María Angélica Arbeláez Restrepo & Fabio Villegas & Natalia Salazar Ferro, 2004. "El leasing en Colombia: Diagnóstico e impacto sobre la inversión y el crecimiento," CUADERNOS DE FEDESARROLLO 012728, FEDESARROLLO.
  14. Thorsten Beck, 2004. "The determinants of financing obstacles," Policy Research Working Paper Series 3204, The World Bank.
  15. Abel, Andrew B., 1980. "Empirical investment equations : An integrative framework," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 12(1), pages 39-91, January.
  16. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053, Junio.
  17. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:col:000439:009270. 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: (Lucía Fenney Pérez)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.