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Restricciones financieras e inversi¢n en activo fijo: un an lisis multivariante

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  • L¢pez-Iturriaga, F‚lix

Abstract

El presente trabajo analiza los determinantes financieros de la inversi¢n en activos de largo plazo de una muestra de empresas espa¤olas. El an lisis se articula en dos fases: identificaci¢n de aquellas empresas que sufren en mayor medida el efecto de las restricciones financieras y estudio de la sensibilidad de la inversi¢n a la liquidez en dichas empresas. Entre los factores relevantes del grado de restricci¢n se encuentran el endeudamiento, la deuda de procedencia bancaria, la composici¢n del activo, el tama¤o de la empresa y la cobertura de los gastos financieros. Tambi‚n se observa c¢mo en esas empresas la liquidez condiciona notablemente la inversi¢n de largo plazo. Por el contrario, en las empresas menos afectadas por las restricciones financieras, los factores financieros inciden en la inversi¢n en la medida en que se vinculan a futuras oportunidades de crecimiento. In this paper we are concerned with the impact of the financial factors on the capital expenditures of Spanish non-financial firms. The analysis is undertaken in two steps: firstly we try to identify the most constratined firms and, secondly, we test the sensitivity of the investment to the liquidity. The leverage, the banking debt, the composition of the assets and the size of the company seem to tighten the financial constraints. We also find that in the most constrained firms there is a link between liquidity and capital expenditures. On the contrary, in the least constrained firms the liquidity may affect capital expenditures as long as it is related to growth opportunities.

Suggested Citation

  • L¢pez-Iturriaga, F‚lix, 2002. "Restricciones financieras e inversi¢n en activo fijo: un an lisis multivariante," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2002-05, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
  • Handle: RePEc:ntd:wpaper:2002-05
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    Keywords

    inversi¢n; liquidez; restricciones financieras. Capital expenditures ; Liquidity and Financial constratints.;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • 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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