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. Caso: CIIU C3100.0 fabricación de muebles

Abstract

Abstract: SMEs in Ecuador are considered an important source of income and employment, which is why they have been taken into account in this paper. It is study the characteristics of the environment in which they operate, analyzing the different types of financing that can be accessed. An overview of the capital structure is also mentioned, graphical methods are used to analyze financial solvency and profitability indicators, correlations among indicators are carried out to analyze the profitability derived from its capital structure. It talks about specifically of MESE with ISIC C3100.0 which were considered in this work. Through surveys carry out to companies on this classification, it is investigated the profile of the financial manager, empirical learning, the sources and uses of financing, the usefulness and applications that have the financial tools in management administration and the factors that influence the financing decision of the MESE. All this has been done in order to understand the factors which affect the stability of such companies.