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Financiación de la pyme española: análisis de la evolución reciente y nuevas perspectivas

Author

Listed:
  • Yaiza Armas Cruz

    (Universidad de La Laguna)

  • Esperanza Gil Soto

    (Universidad de La Laguna)

  • Estefanía Hernández Estárico

    (Universidad de La Laguna)

  • Sandra Morini Marrero

    (Universidad de La Laguna)

Abstract

In this paper we analyze the determinants of access to external financing, with special reference to the crisis and its effects on the financial resources of SMEs in Spain. In this sense, we carried out an empirical study to diagnose the trajectory in the period between 2009 and 2011. In general, characteristics such as activity sector, size or age of the company, affect their access to financial markets and the growth allowed by the use of this financing. Finally, SMEs seem a little bit conservative in their expectations of financial access, since they tend to think that, in general, current conditions will not change in the near future.

Suggested Citation

  • Yaiza Armas Cruz & Esperanza Gil Soto & Estefanía Hernández Estárico & Sandra Morini Marrero, 2013. "Financiación de la pyme española: análisis de la evolución reciente y nuevas perspectivas," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 84(03), pages 206-235.
    • Handle: RePEc:ekz:ekonoz:2013309
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    More about this item

    Keywords

    SME; banking crisis; funding sources;
    All these keywords.

    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
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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