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Relaciones Bancarias Y Sus Efectos Sobre Los Términos De La Deuda En Las Pymes

  • Ginés Hernández Cánovas

    (Universidad Politécnica de Cartagena)

  • Pedro Martínez Solano

    (Universidad de Murcia)

Registered author(s):

    This paper analyses the effect of bank relationships on the interest rate and personaland real guarantees borne by a sample of small and medium-sized enterprises in theirindebtedness. The results of this paper indicate that the SMEs that work with fewer financialintermediaries obtain debt at a lower cost. This reflects that the advantages linked to debtconcentration are greater than the disadvantages. Additionally, financial institutions show aclear tendency towards raising the interest rate and the use of personal guarantees as therelationship becomes longer. Finally, the companies that have a more intense relationship oftrust with their lender obtain loans at a lower cost, but supplying more real guarantees Este trabajo analiza el efecto de las relaciones bancarias sobre el coste y las garantías reales y personales que las pequeñas y medianas empresas soportan en su endeudamiento con entidades de crédito. Los resultados de este estudio indican que las PYMEs que trabajan con menos intermediarios financieros obtienen deuda a un tipo de interés inferior. Esto refleja que las ventajas asociadas a la concentración del endeudamiento son superiores a las desventajas. Además, se aprecia una clara tendencia de las entidades de crédito a elevar el coste y el uso de garantías personales a medida que avanza la relación. Por último, las empresas que mantienen una relación de confianza más intensa con su prestamista obtienen créditos con un menor coste, pero aportando más garantías reales.

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2003-07.pdf
    File Function: Fisrt version / Primera version, 2003
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2003-07.

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    Length: 27 pages
    Date of creation: Apr 2003
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2003-07
    Contact details of provider: Postal: C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA
    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page: http://www.ivie.es/Email:


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