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. Empresas clasificación CIIU G46: comercio al por mayor excepto de vehículos automotores y motocicletas

Abstract

The capital structure of SMEs Ecuadorian: Variation of profitability depending on the sources of funding for Medium-sized Companies Societarias Ecuador (MESE), period 2000-2012, sector CIIU G46; "Wholesale trade, except of motor vehicles and motorcycles", forming part of the overall investigation made to 365 active MESE of Ecuador, allowed to determine the factors of internal and external sources of funding that affect the capital structure and the MESE profitability, being the main: empirical perspectives of risk managers, uncertainty of the national economy and the business industry. The identified sources of external and internal financing are: 1) new share issue, borrowing short and long term commercial loans, commercial paper, bonds. 2) Contributions by shareholders and reinvested earnings; respectively The MESE CIIU G46 not wanting to compromise the liquidity of the company prefer the reinvested earnings as a source of internal funding. While the issue of shares is the best choice as external financing.