La dinámica industrial y la financiación de las PYME

Barra lateral del artículo

PDF
Publicado: abr 1, 2005
Palabras clave:
dinámica industrial, financiación, problema de la selección

Contenido principal del artículo

José Miguel Benavente
Universidad de Chile
Alexander Galetovic
Universidad de Chile, Santiago
Ricardo Sanhueza
Universidad de los Andes, Santiago

Resumen

Las (PYME) pagan más que las empresas grandes por su financiación, se les exigen garantías, se las financia a plazos cortos y muchas no se pueden endeudar. Se piensa que estas prácticas son fallas de mercado que deberían corregirse con intervenciones regulatorias. Sin embargo, nosotros argumentamos que son respuestas apropiadas a i) el mayor costo medio de los préstamos pequeños; ii) el problema de la selección originado por la salida y remplazo de empresas que ocurre en todas las industrias, que es más intenso cuando se trata de PYME; iii) la necesidad de alinear los incentivos de deudores y acreedores cuando la información es asimétrica. Mostramos que estas prácticas también son comunes en países con mercados de capitales desarrollados. Finalmente, proponemos medidas para mejorar la financiación de las PYME.

Descargas

Los datos de descargas todavía no están disponibles.

Detalles del artículo

Cómo citar
Benavente, J. M., Galetovic, A., & Sanhueza, R. (2005). La dinámica industrial y la financiación de las PYME. El Trimestre Económico, 72(286), 217–254. Recuperado a partir de https://www.eltrimestreeconomico.com.mx/index.php/te/article/view/597
Número
Vol. 72 Núm. 286 (2005): abril-junio
Sección
Perspectiva Económica

Licencia de Creative Commons
Esta obra está bajo una https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es.
Creado a partir de la obra en http://www.eltrimestreeconomico.com.mx/index.php/te/index

Nota: la licencia de creative commons sólo aplica para la sección Artículos, para el contenido de las otras secciones, véase cada texto.

 

Citas

Akerlof, G. (1970), “The Market for Lemmons: Quality Uncertainly and the Market Mechanism”, Quarterly Journal of Economics 89, pp. 488-500.

Anand, B., y A. Galetovic (2000), “Information, Non-excludability and Finantial Market Structure”, Journal of Business 73, pp. 357-402.

Ang, J., J. Lin y F. Tyler (1995), “Evidence on the Lack of Separation Between Business and Personal Risks Among Small Businesses”, Journal of Small Business Finance 4, pp. 197-210.

Audretsch, D. (1991), “New-firm Survival and the Technological Regime”, Review of Economics and Statistics 73, pp. 441-450.

-- (1995a), Innovation and Industry Evolution, Cambridge, MIT Press.

-- (1995b), “Innovation, Growth and Survival”, International Journal of Industrial Organization 13, pp. 441-457.

--, y T. Mahmood (1995), “New Firm Survival: New Results Using a Hazard Function”, Review of Economics and Statistics 77, pp. 97-103.

Avery, R., R. Bostic y K. Samolyk (1998), “The Evolution of Small Business Finance: The Role of Personal Wealth”, Journal of Banking and Finance 22, pp. 1019-1061.

Aw, B., X. Chen y M. Roberts (2001), “Firm-Level Evidence on Productivity Differentials and Turnover in Taiwanese Manufacturing”, Journal of Development Economics 66, pp. 51-86.

Baldwin, J. (1995), The Dynamics of Industrial Competition, Nueva York, Cambridge University Press.

--, y P. Gorecki (1991), “Firm Entry and Exit in Canadian Manufacturing Sector”, Canadian Journal of Economics 24, pp. 300-323.

--, y M. Raquzzaman (1995), “Selection versus Evolutionary Adaptation: Learning and Post-Entry Performance”, International Journal of Industrial Organization 13, pp. 501-522.

Banco Interamericano del Desarrollo (2004), Unlocking Credit, Washington, Banco Interamericano del Desarrollo.

Banco Mundial (2005), Doing Business in 2005, Banco Mundial y Oxford University Press.

Basch, M. (1995), “Chile: Improving Market Mechanisms”, M. Basch y C. Morales (comps.), Expanding Access to Financial Services in Latin America, Washington, Banco Interamericano del Desarrollo.

Berger, A. (1999), “The Big Picture of Relationship Finance”, J. Blanton, A. Williams y S. Rhine (comps.), Business Access to Capital and Credit, Washington, A Federal Reserve System Conference.

--, y – (1995), “Relationships Lending and Lines of Credits in Small Firm Finance”, Journal of Business 68, pp. 351-382.

--, y G. Udell (1998), “The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle”, Journal of Banking and Finance 22.

Besanko, D., y A. Thakor (1987a), “Collateral and Rationing: Sorting Equilibria in Monopolistic and Competi- tive Markets”, International Economic Review 28, 671-689.

--, y – (1987b), “Competitive Equilibrium in the Credit Market under Asymmetric Information”, Journal of Economic Theory 42, pp. 167-182.

Bester, H. (1985), “Screening vs. Rationing in Credit Market with Imperfect Information”, American Economic Review 75, pp. 850-855.

Boot, A. (2000), “Relationship Banking: What do we Know?”, Journal of Financial Intermediation 9, pp. 7-25.

Caballero, R., y M. Hammour (2001), “Creative Destruction and Development: Institutions, Crises, and Restructuring”, Annual World Bank Conference on Development Economics 2000, pp. 213-236.

Cabral, L. (2000), Introduction to Industrial Organization, Cambridge, MIT Press.

Camhi, A., E. Engel y A. Micco, “Dinámica de empleo y productividad en manufacturas: evidencia micro y consecuencias macro”, F. Morandé y R. Vergara (comps.), Análisis empírico del crecimiento en Chile, Santiago, Banco Central y Centro de Estudios Públicos.

Chan, Y., y G. Kanatas (1985), “Asymmetric Valuations and the Role of Collateral in Loan Agreements”, Journal of Money, Credit, and Banking 17, pp. 84-95.

Cole, R. (1998), “The Importance of Relationships to the Availability of Credit”, Journal of Banking and Finance 22, pp. 959-977.

Degryse, H., y P. van Cayseele (2000), “Relationship Lending Within a Bank-based System: Evidence From European Small Business Data”, Journal of Financial Intermediation 9, pp. 90-109.

Elsas, R., y J. P. Krahnen (1998), “Is Relationship Lending Special? Evidence from Credit-File Data in Germany”, Working Paper, Johann Wolfgang Goethe-University, Francfort.

Fenn, G., N. Liang y S. Prowse (1995), “The Economics of the Private Equity Market”, Staff Studies 178, Board of Governors of the Federal Reserve System.

Foster, L., J. Haltiwanger y C. Krizan (2000), “Aggregate Productivity Growth: Lessons From Microeconomic Evidence”, E. Dean, M. Harper y C. Hulten (comps.), New Directions in Productivity Analysis, Chicago, University of Chicago Press.

Foxley, J. (1998), “Reformas a la institucionalidad del crédito y el financiamiento a empresas de menor tamaño: la experiencia chilena con sistemas de segundo piso”, Serie Financiamiento del Desarrollo, núm. 74. Santiago, CEPAL.

-- (1999), “Limitantes al financiamiento de las empresas de menor tamaño: un estudio en terreno con principales oferentes en Chile”, proyecto conjunto del Ministerio de Economía-Corfo-Banco del Estado-CEPAL, Políticas de financiamiento de pequeñas y medianas empresas en Chile.

Freixas, X., y J. Rochet (1997), Microeconomics of Banking, Cambridge, MIT Press.

Fuentes, R., y C. Maquieira (2001), “Why Borrowers Repay: Understanding High Performance in Chile’s Financial Market”, M. Pagano (comp.), Defusing Default: Incentives and Institutions, Washington, Banco Interamericano de Desarrollo.

Fundes (2005), Situación de la micro y pequeña empresa en Chile, Santiago, Fundes para Sercotec.

Geroski, P. (1991), Market Dynamics and Entry, Oxford, Blackwell.

-- (1995), “What Do We Know About Entry”, International Journal of Industrial Organization 13, pp. 421-440.

--, y J. Schwalbach (1991), Entry and Contestablity: An International Comparison, Oxford, Blackwell.

Hall, B. (1987), “The Relationship Between Firm Size and and Firm Growth in the U.S. Manufacturing Sector”, Journal of Industrial Economics 35, pp. 583-606.

Hallberg, K. (2000), “A Market-Oriented Strategy for Small and Medium-Sized Enterprises”, Discussion Paper 40, International Finance Corporation.

Harhoff, D., y T. Körting (1998), “Lending Relationships in Germany: Empirical Results From Survey Data”, Journal of Banking and Finance 22, pp. 1317-1354.

International Finance Corporation (IFC) (2001), “Making Small Business Lending Profitable”, Proceedings of the Global Conference on Credit Scoring, Washigton, Banco Mundial e IFC.

James, C. (1987), “Some Evidence on the Uniqueness of Bank Loans”, Journal of Financial Economics 19, pp. 217-235.

Japelli, T., y M. Pagano (1993), “Information Sharing in Credit Markets”, Journal of Finance 43, pp. 1693-1718.

--, y -- (2001), “Information Sharing in Credit Markets: Theory and Evidence”, M. Pagano (comp.), Defusing Default: Incentives and Institutions, Washington, Banco Interamericano del Desarrollo.

Klemperer, P. (1987), “Markets with Consumer Switching Costs”, Quarterly Journal of Economics 102, pp. 375-394.

Liu, L. (1993), “Entry, Exit, Learning, and Productivity Change in Chilean Manufacturing”, Journal of De- velopment Economics 42, pp. 217-242.

Lummer, S., y J. McConnel (1989), “Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements”, Journal of Financial Economics 25, pp. 99-122.

Machauer, A., y M. Weber (2000), “Number of Bank Relationships: An Indicator of Competition, Borrower Quality or Just Size?”, Working Paper, University of Mannheim.

Mata, J. (1994), “Firm Growth During Infancy”, Small Business Economics 6, 27-39.

--, y P. Portugal (1994), “Life Duration of New Firms”, Journal of Industrial Economics 42, pp. 227-246.

--, -- y P. Guimaraes (1995), “The Survival of New Plants: Start-Up Conditions and Post-Entry Evolution”, International Journal of Industrial Organization 13, pp. 459-481.

Mayer, C. (1990), “Financial Systems, Corporate Finance and Economic Development”, G. Hubbard (comp.), Asymmetric Information, Corporate Finance and Investment, Chicago, University of Chicago Press.

Myers, S. (1984), “The Capital Structure Puzzle”, Journal of Finance 39, pp. 575-592.

--, y N. Majluf (1984), “Corporative Financing and Investment Decisions when Firms Have Information that Investors do not Have”, Journal of Financial Economics 13, pp. 187-221.

Nachman , D., y T. Noe (1994), “Optimal Design of Securities Under Asymetry Information”, Review of Financial Studies 7, pp. 1-44.

Ongena, S., y D. Smith (2000), “Bank Relationships: A Review”, S. Zenios y P. Harker (comps.), Performance of Financial Institutions, Nueva York, Cambridge University Press.

Pagano, M. 2001), Defusing Default: Incentives and Institutuions, Washington, Banco Interamericano de Desarrollo.

Petersen, M., y R. Rajan (1994), “The Bene.ts of Firm-Creditor Relationships: Evidence from Small Business Data”, Journal of Finance 49, pp. 3-37.

--, y -- (1995), “The Effect of Credit Market Competition on Lending Relationships”, Quarterly Journal of Economics 110, pp. 407-443.

Roberts, M., y J. Tybout (1997), “Producer Turnover and ProductivityGrowth in Developing Countries”, The World Bank Research Observer 12, pp. 1-18.

Sahlman, W. (1990), “The Structure and Governance of Venture-Capital Organizations”, Journal of Financial Economics 27, pp. 473-521.

Scott, J., y W. Dunkelberg (1999), “Bank Consolidation and Small Business Lending: A Small Firm Perspective”, J. Blanton, A. Williams y S. Rhine (comps.), Business Access to Capital and Credit, Washington, A Federal Reserve System Conference.

Shockley, R., y A. Thakor (1987), “Bank Loan Commitments: Data, Theory and Tests”, Journal of Accounting and Economics 8, pp. 159-172.

Shy, O. (2001), The Economics of Network Industries, Nueva York, Cambridge University Press.

Stiglitz, J., y A. Weiss (1981), “Credit Rationing in Markets with Imperfect Information”, American Economic Review 71, pp. 93-410.

--, y – (1986), “Credit Rationing and Collateral”, J. Edwards, C. Mayer y S. Schaefer (comps), Recent Developments in Corporate Finance, Nueva York, Cambridge University Press, pp. 101-135.

Sutton, J. (1997), “Gibrat’s Legacy”, Journal of Economic Literature 35, pp. 40-59.

Taggart, R. (1985), “Secular Patterns in the Financing of US Corporations”, B. Friedman (comp.), Corporate Capital Structure in the United States, Chicago, The University of Chicago Press.

U.S. Small Business Administration (1995), The Annual Report on Small Business and Competition, Washington, U.S. Small Business Administration.

Wagner, J. (1994), “The Post-entry Performance of New Small Firms in German Manufacturing Industries”, Journal of Industrial Economics 42, pp. 141-154.