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 internal and external financing determines an efficient growth for the Pymes making appropriate use of the same. For this reason it is appropriate to analyze the characteristics and kinds of market financing, through the study of the evolution of the financial indicators, period 2000 to 2013. The importance of this study influence the analysis of some indicators that allow you to observe the profitability, solvency of enterprises, and the actions taken to confront with various contingencies. It is evident that the companies had committed its heritage 2.63 times for the years 2008 and 2010 and 2.45 times for the years 2004 and 2011. Then, the business sector operates in most thanks to the credit of external suppliers and financial institutions. Also, budget, cash flow (100%) are main tools used to make decisions about its capital structure. Private Banking is where there is greater viability of access to credit, and sources of external funding have a positive impact on the profitability of MESE, however, the requirements of access to finance are fairly accessible in this way.