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Financiación de las pymes en la Comunidad Valenciana: estudio empírico


  • José López Gracia

    (Dpto. Contabilidad)

  • Mariano Romero Martínez

    (Dpto. Contabilidad)

  • Vicente Riaño Donnay

    (Dpto. Economía Financiera y Actuarial)


This paper analyses the difficulties that small firms have in obtaining finance within the private sector of credit, and also the repercussions they have 011 the growth of these very companies. Furthermore, we have studied the relationship between finance and investment, and provided empirical evidence about the degree of additionality that other financial sources can offer. Our research is based on a sample of small firms randomly selected and on the opinions given by their managing directors. Our findings show that significant finance restrictions for the development of these companies do not exist in spite of the unquestionable disadvantages that they face up when competing with large firms. Finally, the additionality detected in relation to other alternative mechanisms might be considered to be irre1evant. La presente investigación analiza las dificultades a las que se enfrentan las pymes para conseguir financiación en el mercado de crédito privado y la incidencia que ello tiene sobre sus posibilidades de crecimiento. También, hemos tratado de analizar la intel1'elación entre financiación e inversión y obtener evidencia empírica acerca del grado de adicionalidad que otras fuentes de financiación puedan ofrecer a dicho mercado. El trabajo se ha desarrollado a través de la explotación de las opiniones manifestadas por los responsables de una muestra de empresas seleccionada con criterios de aleatoriedad. Los resultados señalan que no han existido barreras significativas al desarrollo de las pymes imputables al mercado de crédito, pese a las indudables desventajas con que compiten frente a las grandes empresas. La adicionalidad detectada, por otra parte, en otros mecanismos opcionales de financiación puede considerarse irrelevante.

Suggested Citation

  • José López Gracia & Mariano Romero Martínez & Vicente Riaño Donnay, 1996. "Financiación de las pymes en la Comunidad Valenciana: estudio empírico," Working Papers. Serie EC 1996-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:1996-19

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