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Garantías de crédito y eficiencia en la pyme española, 1996-2003

Author

Listed:
  • Antonio García Tabuenca
  • José Luis Crespo Espert

Abstract

En el marco de las aportaciones y el debate económicos sobre la relevancia de la estructura de capital de las empresas, las imperfecciones de los mercados y el tamaño empresarial, con frecuencia, los Gobiernos realizan esfuerzos para facilitar la financiación a largo plazo de las empresas. En este trabajo se examina (1996-2003) una de las medidas más tradicionales de apoyo a las Pyme: La concesión de avales a través del sistema español de garantías recíprocas. La convivencia de dos medidas públicas que facilitan el acceso a recursos ajenos a largo (avales de SGR y línea Pyme del Instituto de Crédito Oficial/ICO) induce a contemplar los tres colectivos de empresas que origina esta casuística: las que sólo utilizan avales, las que utilizan avales y apoyo del ICO, y las que únicamente reciben este último apoyo. Se definen, además, dos grupos de control: empresas que obtienen financiación ajena sin apoyos públicos y empresas que se autofinanciación. El análisis permite establecer modelos explicativos de los distintos comportamientos de los grupos (tamaños y sectores) según el acceso a la financiación ajena a largo. En conjunto, se estudian 23.328 empresas (5.785.344 datos), a través de los valores que presentan 31 ratios económico-financieras, de las que tres son consideradas variables de eficiencia (rentabilidades económica y financiera y productividad). Los resultados ofrecen nuevas y sugerentes ideas, tanto en la esfera empresarial como en la de las políticas de promoción.

Suggested Citation

  • Antonio García Tabuenca & José Luis Crespo Espert, 2006. "Garantías de crédito y eficiencia en la pyme española, 1996-2003," Working Papers 09/06, Instituto Universitario de Análisis Económico y Social.
  • Handle: RePEc:uae:wpaper:0906
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    References listed on IDEAS

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