Aproximación empírica a los factores determinantes del nivel de financiación ajena en las pymes de Andalucía.

Luis Miguel Ramírez Herrera


Este estudio pretende aportar una nueva evidencia empírica sobre los factores empresariales clave que facilitan el acceso a la financiación ajena por parte de las pequeñas y medianas empresas, mitigando las restricciones que soportan para su consecución. Para la realización del mismo se cuenta con una muestra de 272 empresas con datos anuales del período comprendido entre 2014 y 2018, utilizándose la metodología de datos de panel. Los resultados muestran que todas las variables analizadas en el estudio (tamaño, nivel de inmovilizado, rentabilidad operativa, crecimiento y coste financiero) influyen de forma significativa en la variable dependiente, el nivel de financiación ajena de las empresas.


This paper has been carried out to provide new empirical evidence on the the key factors that facilitate the access of small and medium-sized enterprises to obtain external finance, reducing the restrictions that they are enduring to keep going. In this way, the economic-financial characteristics that can mitigate the access of small and medium-sized companies to obtain external financing. This work tries to identify the variables that are considered the most influential by financial literature. In this regard, theses variables are the size, the level of fixed assets with respect to the total assets of the company, operating profitability, growth of assets total and the level of financial costs. The influence of these variables on the level of external finance of a sample of Andalusian SMEs has been empirically contrasted, using the panel data methodology on a sample of 272 companies, for a period of five years (between 2014 and 2018), that is, we start from a data panel of 1,360 company-year observations. Micro-enterprises are excluded from the study, since, despite having a relevant weight in the Andalusian economy, their large number as well as the heterogeneity of their economic-financial variables make them unattainable for a job of these characteristics. Once the empirical analysis has been carried out, we obtain several conclusions: the first of these conclusions is that the model used to explain the external finance level of Andalusian SMEs is significant, taking into account its level of significance (92.77%), which leads us to conclude that the variables used are adequate. Second, we conclude that all the variables used in our study have a significant influence on the formation of the external finance level, that is, it seems that it depends directly on these business variables. Furthermore, it can be concluded in the same way that financial entities capture the information provided by these business variables, playing an important role in facilitating access to credit. Analyzing the results for each of the independent variables, we could state that size is a significant variable and the relationship between the size and the external finance level is significantly positive, which is same as expected. This significantly positive relationship can be explained by lower insolvency costs and fewer information problems with financial institutions that SMEs present as they increase in size. This result is consistent with studies of Michaelas et al. (1999); D´Amato (2020), therefore, we can conclude that the behavior of Andalusian SMEs is similar to that presented by the rest of SMEs, at the national or international context. According to the result of the study, the level of fixed assets within total assets,is related to the external finance level of the SMEs significantly and positive in the sample. This positive relationship can be explained by the increase in guarantees that SMEs present to financial institutions with the increase in this ratio, which facilitates access to credit for these companies. The results obtained in our work are in line with those obtained in works such as Van der Wijst and Thurik (1993); Boedo and Iglesias (2004); Sogorb-Mira (2005). Therefore, we can conclude that, in this sense, Andalusian SMEs behave in the same way as companies with the same characteristics at the national or international context. The profitability of the asset has a negative and significant influence on the formation of the external finance level of the companies in the sample, it same as it was expected. Therefore, it seems that companies increase their level of profitability by using self-generated resources to finance new investment projects or self-generated resources to repay existing external debt rather than using debt. These results are consistent with the result of Hall et al. (2000) and D´Amato (2020). The level of growth of companies also has a positive and significant influence on the external finance level of the Andalusian SMEs analyzed. This result is in accordance with the Theory of Hierarchical Preferences postulates, given that growing companies use up their self-generated resources with relative ease and, given the general lack of willingness of the owners of this type of companies to the capital increases that may lead to losses of power over the company itself, they are led to financing through bank loans. In this way, Michaelas et al., (1999) and Boedo and Iglesias (2004) obtained the results that coincide with those presented in our study. The cost of debt is highly significant and has a positive sign, contrary to the expected result. Considering the Theory of Credit Rationing, it is expected that a higher cost of debt will be significant due to a greater difficulty in accessing it, as well as, based on the Theory of Hierarchical Preferences, the increase in debt costs will lead to applicant companies to seek alternative financial sources. However, it can also be understood that, according to the Financial Optimum Theory, companies tend to increase their level of indebtedness when the cost of debt is higher, due to its tax advantage (Frank and Goyal, 2009). In short, the level of indebtedness of Andalusian SMEs is determined by company factors, which are also relevant in other geographical areas. Even admitting the importance of these business factors, the dependence on indebtedness assumed by SMEs is noteworthy, which makes them highly dependent on the degree of access to this type of financing. In crisis situations, such as the current one, this dependence on credit and the restrictions on access to it, seriously hinder their development and survival and forces companies to adapt their own financial and economic structures to those that facilitate access to external financing. In these circumstances, companies must clearly define their new investment and financing policies. In addition, the different public authorities should consider the articulation of measures aimed at facilitating access to credit for this type of companies, and sometimes even to replace the financial institutions themselves as financing providers. The incidence of possible aid to financing policies carried out by the public authorities may lead to a new line of study in this area, completing the conclusions agreed in this work.

© Revista de estudios regionales 2014 Universidades Públicas de Andalucía