Estructura de capital de las PYMES ecuatorianas: Variación de la rentabilidad en función de las fuentes de financiamiento, caso de las Medianas Empresas Societarias de Ecuador (MESE), periodo 2000 a 2013

Abstract

The objective of the present work is to analyze the structure of the capital of the SMES to determine the factors of the sources of internal and external financing that determine the structure of the capital and the profitability in the MESE; for it there were analyzed the indicators of solvency and profitability of the year 2000 to 2012 of the companies of the commercial sector. On the basis of the raised hypotheses there is obtained as result that the capital structure has empirical foundations, that is to say in real life of the analyzed companies they are not based on the theory, to sorrow that the use of financial tools must be used by them for the professional profiles for the capture of decisions; and that the antiquity of the companies was analyzed with regard to the variability of his performances being observed that while more ancient it is the company, minor is the variation in his indicators of profitability, at the same time there were analyzed the sources of external financing and requirements to accede to the above mentioned financing.