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 2012. Clasificación TFT 62 I5510.11 – Servicios de alojamiento prestados por hoteles, hoteles de Suites, hoteles para automovilistas

Abstract

Ecuador has been recognize as a country of entrepreneurs, an example is the amount of microenterprises existing in the country that compared to the larger businesses occupy 93.5% of the total. But exists a worrying factor since, even though these microenterprises are the majority, their sales only compose 19.6% of the total. It is also important to emphasize that the regions that more reflect the sector growing are Costa and Sierra since the participation of the Amazon and the Galapagos is almost non-existent. It has been established that the SME (pyme) and MESE have usually a short life time, therefore is important to establish parameters to help them grow and survive in the competitive market in which they develop. In order for the companies to survive while they develop their activities they must have a suitable capital structure that allows them to achieve their goals, because if not, it can generate underfunding or low profits due to the costs of funding. This paper conceptualizes the financial indicators generally used which provide insight into the companies’ situations on the market; and analyzes the profile of financial managers working in microenterprises. The financial structures that companies choose in this sector are mainly composed by own funds, and when financing their projects, they do it with a specific goal which mainly go to private financial institutions and cooperatives