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Determinantes de la concentración de deuda en el corto plazo para empresas del sector real de Colombia

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  • Luisa Fernanda Gutiérrez Valderrama

Abstract

En el presente documento se analizan los determinantes de la concentración de deuda a corto plazo. Para ello, se utilizó un panel de datos no balanceado conformado por empresas del sector real colombiano que reportan anualmente sus estados financieros a la Superintendencia de Sociedades. El período evaluado fue 1998- 2007. Los resultados muestran que la solvencia financiera, la variación de los ingresos operacionales, el tamaño, el nivel de endeudamiento y el ciclo del producto interno bruto son factores explicativos del uso de la deuda a corto plazo. Se encuentra que el tamaño de la firma y el nivel de endeudamiento tienen un efecto positivo en la elección de la deuda a corto plazo; a su vez, la variación de los ingresos operacionales, la probabilidad de insolvencia y el ciclo del PIB tienen una relación negativa con el endeudamiento a corto plazo.

Suggested Citation

  • Luisa Fernanda Gutiérrez Valderrama, 2010. "Determinantes de la concentración de deuda en el corto plazo para empresas del sector real de Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 28(62), pages 148-195, June.
    • Handle: RePEc:bdr:ensayo:v:28:y:2010:i:62:p:148-195
    DOI: 10.32468/Espe.6204
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    More about this item

    Keywords

    deuda a corto plazo; estructura de vencimientos de la deuda; fortaleza financiera; panel de datos; Colombia; solvencia; Crecimiento; riesgo;
    All these keywords.

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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