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Endeudamiento A Corto Plazo En Las Pymes Españolas


  • Pedro J. García Teruel

    () (Universidad de Murcia)

  • Pedro Martínez Solano

    (Universidad de Murcia)


This paper analyses the debt maturity structure of the small and middle sizedfirms using the trade-off reward risk associated to the use of short-term loans.Therefore, a sample of 11.533 small and middle Spanish manufacturing firms from year1997 through 2001 was used. The results of our study show that short-term loans aremore frequent in firms with greater financial strength and greater financial flexibility,major growth options and when the interest cost differential between short-long terms ismore pronounced. Also, the firm size seems to have an influence on the level of shorttermloans, it being higher in the smaller firms. Este trabajo analiza la estructura de vencimiento de la deuda en las PYMEs a partir del trade-off rentabilidad riesgo asociado al uso de recursos ajenos a corto plazo. Para ello, se ha utilizado una muestra de 11.533 pequeñas y medianas empresas manufactureras españolas durante el periodo 1997-2001. Los resultados obtenidos muestran que el endeudamiento a corto plazo es mayor en aquellas empresas que presentan una mayor solvencia y flexibilidad financiera, mayores oportunidades de crecimiento y cuando el diferencial de tipos de interés corto-largo es más acentuado. Así mismo, el tamaño de las sociedades también parece influir en los niveles de endeudamiento a corto plazo, siendo mayor en las empresas más pequeñas.

Suggested Citation

  • Pedro J. García Teruel & Pedro Martínez Solano, 2004. "Endeudamiento A Corto Plazo En Las Pymes Españolas," Working Papers. Serie EC 2004-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2004-12

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    Pymes; vencimiento de la deuda; solvencia financiera; flexibilidad financiera. SMEs; debt maturity; financial solvency; financial flexibility.;

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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