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 CIIU C10: Empresas dedicadas a la elaboración de productos alimenticios

Abstract

The present work focuses on analyzing the capital structure of Ecuadorian SMEs and establishing whether this is a determining factor in the profitability of companies. The analysis in its first part shows the importance of small and medium enterprises in the Ecuadorian economy, and the different sources of financing offered by existing private and public institutions. Likewise, the analysis of financial indicators of indebtedness and profitability, presents results of a relationship between the different levels of debt and the profitability generated both as a function of equity and the investments of the assets, which constitutes the basis of the study. It also identifies and analyzes the practices currently being applied in small and medium-sized enterprises, related to the levels of indebtedness, the profile of those in charge of financial management, tools used in management and their effect on profitability, Specifically in companies classified in ISIC C10 category, companies engaged in the manufacture of foodstuffs