Las limitaciones al financiamiento bancario de las Pymes de alta tecnología
DOI:
https://doi.org/10.1016/j.estger.2017.02.001Keywords:
Financiamiento, Pymes de base tecnológica, Países emergentes, Logit ordenadoAbstract
El objetivo de este trabajo es analizar el efecto del grado de intensidad tecnológica asociado a las Pymes en el acceso al financiamiento. Por lo tanto, se estima un modelo Logit ordenado considerando un conjunto de variables independientes como el tamaño de la empresa, la antigüedad, la capacidad exportadora y la intensidad tecnológica asociada al sector. Los resultados obtenidos muestran que la intensidad tecnológica de la empresa resulta ser la variable que más impacta en la probabilidad de financiarse en el sector bancario. Esta conclusión es relevante para Argentina, dado que, a diferencia de otros países emergentes, las empresas no cuentan con instrumentos alternativos al financiamiento bancario que se adapten a las características propias de las Pymes de alta tecnología.Downloads
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References
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Amit, R., Mac Crimmon, K. R. y Zietsma, C. (2001). Does money matter? Wealth attainment as the motive for initiating growth-orientated technology ventures. Journal of Business Venturing, 16(2), 119–143.
Bank of England. (1996). The Financing of Technology-Based Small Firms. London: Bank of England.
Bank of England. (2001). The Financing of Technology-Based Small Firms. London: Bank of England.
Barclay, M. y Smith, C. (2005). The capital structure puzzle: Another look at the evidence. Journal of Applied Corporate Finance, 12(1), 8–20.
Bebczuk, R.N. (2010). Acceso al financiamiento de las PyMEs en Argentina: estado de situación y propuestas de política. Sección de Estudios del Desarrollo, n.° 227. CEPAL.
Beck, R., Demirguc-Kunt, A. y Levine, R. J. (2005). SMEs, growth and poverty: Crosscountry evidence. Journal of Economic Growth, 10(3), 197–227.
Berger, A. y Udell, G. (1998). The economics of Small Business finance: The roles equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613–673.
Bougheas, S., Mizen, P. y Yalcin, Y. (2006). Access to external financing: Theory and evidence on the impact of monetary policy and firm-specific characteristics. Journal of Banking and Finance, 30(1), 199–227.
Bozkaya, A. y van Pottelsberghe de la Potterie, B. (2008). Who funds technologybased small firms? Evidence from Belgium. Economics of Innovation and New Technology, 17(1/2), 97–122.
Briozzo, A. y Vigier, H. (2009). A demand-side approach to SME's capital structure. Evidence from Argentina. Journal of Business and Entrepreneurship, 21(1), 30–56.
Briozzo, A. y Vigier, H. (2012). Diversification of financing sources for SMEs: The effect of life cycles. Evidence from Argentina. African Journal of Business Management, 6(3), 811–826.
Butchart, R. (1987). A new UK definition of high technology industries. Economic Review, 400, 82–88.
Cardone Riportella, C, Casasola, M.J. (2003). ¿Qué sabemos sobre el comportamiento financiero de la PYME?: Un análisis empírico español. Documentos de Trabajo Economía de la Empresa, Universidad Carlos III, Departamento de Economía de la Empresa, wb033708.
Carpenter, R. y Petersen, B. (2002). Capital market imperfections, high-tech investments, and new equity financing. Economic Journal, 112(447), 54–72.
Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2), 261–283.
Cassia, L. y Minola, T. (2012). Hyper-growth of SMEs: Toward a reconciliation of entrepreneurial orientation and strategic resources. International Journal of Entrepreneurial Behavior and Research, 18(2), 179–197.
Cole, R. y Dietrich, A. (2012). SME credit availability around the world: Evidence from the World Bank's Enterprise Survey. In Paper presented at the 2012 Annual Meetings of the Southern Finance Association in Charleston SC USA held Nov. (pp. 15–17).
Coleman, S. y Robb, A. (2012). Capital structure theory and new technology firms: Is there a match? Management Research Review, 35(2), 106–120.
Colombo, M. G. y Grilli, L. (2007). Funding gaps? Access to bank loans by high-tech start-ups. Small Business Economics, 29(1), 25–46.
Colombo, M. G. y Grilli, L. (2010). On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital. Journal of Business Venturing, 25(6), 610–625.
Escobar Mercado, M., Fernández Macías, E. y Bernardi, F. (2012). Manual de datos con Stata. Madrid: Colección Cuadernos Metodológicos.
Fundación Observatorio PyME (2016). Informe 2015 -2016. Evolución reciente, situación actual y desafíos para 2017. Tema especial: Indicadores de producción [consultado 1 Sep 2016]. Disponible en: http://www.observatoriopyme.org.ar/newsite/wp-content/uploads/2016/10/Informe-FOP-2015-16 Baja.pdf
Gompers, P., Lerner, J. y Scharfstein, D. (2005). Entrepreneurial spawning: Public corporations and the genesis of new ventures, 1986 to 1999. Journal of Finance, 60(2), 577–614.
Gregory, B. T., Rutherford, M. W., Oswald, S. y Gardiner, L. (2005). An empirical investigation of the Growth Cycle Theory of small firm financing. Journal of Small Business Management, 43(4), 382–392.
Guercio, M. B., Vigier, H. P. y Briozzo, A. E. (2014). The legal form and access to financing for industrial SMEs. DYNA Management, 2(1), 1–8.
Guercio, M. B., Vigier, H. P., Briozzo, A. E. y Martínez, L. B. (2016). El financiamiento de las pymes del sector de software y servicios informáticos en Argentina. Cuadernos de Economía, 35(69), 615–635.
Giudici, G. y Paleari, S. (2000). The provision of finance to innovation: A survey conducted among Italian technology-based small firms. Small Business Economics, 14(1), 37–53.
Hogan, T. y Hutson, E. (2005). Capital structure in new technology-based firms: Evidence from the Irish software sector. Global Finance Journal, 15, 369–387.
Hutchinson, P. (2003). How much does growth determine SMEs' capital structure? Small Enterprise Research, 12(1), 81–92.
Kortum, S. y Lerner, J. (2000). Assessing the contribution of venture capital to innovation. The Rand Journal of Economics, 31(4), 674–692.
Krasniqi, B. A. (2010). Are small firms really credit constrained? Empirical evidence from Kosova. International Entrepreneurship and Management Journal, 6(4), 459–479.
Kumar, A. y Francisco, M. (2005). Enterprise size, financing patterns, and credit constrains in Brazil. Analysis of data from the investment climate assessment survey. The World Bank Working Paper, 49, 1–55.
Long, J. S. y Freese, J. (2001). Regression Models for Categorical Dependent Variables Using Stata. College Station: Stata Press Publication.
Loschky, A. (2010). Reviewing the nomenclature for high-technology-the sectoral approach, Joint Research Centre Institute for the Protection and Security of the Citizen, European Commission. Proceedings of the 1 st Meeting of the WPTGS, 1–10.
Minola, T., Cassia, L. y Criaco, G. (2013). Financing patterns in new technologybased firms: An extension of the pecking order theory. International Journal of Entrepreneurship and Small Business, 19(2), 212–233.
Myers, S. C. y Majluf, N. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13(2), 187–221.
Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, 39(3), 575–592.
Oakey, R. P. (2003). Funding innovation and growth in UK new technology-based firms: Some observations on contributions from the public and private sectors. Venture Capital, 5, 161–180.
Pasquini, R. A. y de Giovanni, M. (2010). Access to financing of SMEs in Argentina. CAF, Documento de trabajo 08, 1–51.
Petersen, M. y Rajan, R. (1994). The benefits of lending relationships: Evidence from small business data. Journal of Finance, 49(1), 3–37.
Rajan, R. y Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
Revest, V. y Sapio, A. (2012). Financing technology-based small firms in Europe: What do we know? Small Business Economics, 39(1), 179–205.
Roberts, E. B. (1991). Entrepreneurs in high technology. Lessons from MIT and Beyond. New York: Oxford University Press.
Stiglitz, J. E. y Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 383–410.
Storey, D. J. y Tether, B. S. (1998). Public policy measures to support new technology based firms in the European Union. Research Policy, 26(9), 1037–1057.
Tether, B. S. y Storey, D. J. (1998). Smaller firms and Europe's high technology sectors: A framework for analysis and some statistical evidence. Research Policy, 26(9), 947–971.
Trenado, M. y Huergo, E. (2007). Nuevas empresas de base tecnológica: una revisión de la literatura reciente. Documentos de trabajo n.° 03. Centro para el Desarrollo Tecnológico Industrial.
Ullah, F., Abbas, Q. y Akbar, S. (2010). The relevance of pecking order hypothesis for the financing of computer software and biotechnology small firms: Some UK evidence. International Entrepreneurship and Management Journal, 6(3), 301–315.
Ullah, F. y Taylor, P. J. (2007). Are UK technology-based small firms still finance constrained? The International Entrepreneurship and Management Journal, 3(2), 189–203.
Vigier, H. P., Briozzo, A. E. y Guercio, M. B. (2014). Grandes desafíos para pequeñas empresas: informalidad, financiamiento e información. El caso de las PyMEs de Bahía Blanca. Bahía Blanca: EDIUNS.
Allen, J. (1992). Starting a Technology Business. London: Pitman.
Amit, R., Mac Crimmon, K. R. y Zietsma, C. (2001). Does money matter? Wealth attainment as the motive for initiating growth-orientated technology ventures. Journal of Business Venturing, 16(2), 119–143.
Bank of England. (1996). The Financing of Technology-Based Small Firms. London: Bank of England.
Bank of England. (2001). The Financing of Technology-Based Small Firms. London: Bank of England.
Barclay, M. y Smith, C. (2005). The capital structure puzzle: Another look at the evidence. Journal of Applied Corporate Finance, 12(1), 8–20.
Bebczuk, R.N. (2010). Acceso al financiamiento de las PyMEs en Argentina: estado de situación y propuestas de política. Sección de Estudios del Desarrollo, n.° 227. CEPAL.
Beck, R., Demirguc-Kunt, A. y Levine, R. J. (2005). SMEs, growth and poverty: Crosscountry evidence. Journal of Economic Growth, 10(3), 197–227.
Berger, A. y Udell, G. (1998). The economics of Small Business finance: The roles equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613–673.
Bougheas, S., Mizen, P. y Yalcin, Y. (2006). Access to external financing: Theory and evidence on the impact of monetary policy and firm-specific characteristics. Journal of Banking and Finance, 30(1), 199–227.
Bozkaya, A. y van Pottelsberghe de la Potterie, B. (2008). Who funds technologybased small firms? Evidence from Belgium. Economics of Innovation and New Technology, 17(1/2), 97–122.
Briozzo, A. y Vigier, H. (2009). A demand-side approach to SME's capital structure. Evidence from Argentina. Journal of Business and Entrepreneurship, 21(1), 30–56.
Briozzo, A. y Vigier, H. (2012). Diversification of financing sources for SMEs: The effect of life cycles. Evidence from Argentina. African Journal of Business Management, 6(3), 811–826.
Butchart, R. (1987). A new UK definition of high technology industries. Economic Review, 400, 82–88.
Cardone Riportella, C, Casasola, M.J. (2003). ¿Qué sabemos sobre el comportamiento financiero de la PYME?: Un análisis empírico español. Documentos de Trabajo Economía de la Empresa, Universidad Carlos III, Departamento de Economía de la Empresa, wb033708.
Carpenter, R. y Petersen, B. (2002). Capital market imperfections, high-tech investments, and new equity financing. Economic Journal, 112(447), 54–72.
Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2), 261–283.
Cassia, L. y Minola, T. (2012). Hyper-growth of SMEs: Toward a reconciliation of entrepreneurial orientation and strategic resources. International Journal of Entrepreneurial Behavior and Research, 18(2), 179–197.
Cole, R. y Dietrich, A. (2012). SME credit availability around the world: Evidence from the World Bank's Enterprise Survey. In Paper presented at the 2012 Annual Meetings of the Southern Finance Association in Charleston SC USA held Nov. (pp. 15–17).
Coleman, S. y Robb, A. (2012). Capital structure theory and new technology firms: Is there a match? Management Research Review, 35(2), 106–120.
Colombo, M. G. y Grilli, L. (2007). Funding gaps? Access to bank loans by high-tech start-ups. Small Business Economics, 29(1), 25–46.
Colombo, M. G. y Grilli, L. (2010). On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital. Journal of Business Venturing, 25(6), 610–625.
Escobar Mercado, M., Fernández Macías, E. y Bernardi, F. (2012). Manual de datos con Stata. Madrid: Colección Cuadernos Metodológicos.
Fundación Observatorio PyME (2016). Informe 2015 -2016. Evolución reciente, situación actual y desafíos para 2017. Tema especial: Indicadores de producción [consultado 1 Sep 2016]. Disponible en: http://www.observatoriopyme.org.ar/newsite/wp-content/uploads/2016/10/Informe-FOP-2015-16 Baja.pdf
Gompers, P., Lerner, J. y Scharfstein, D. (2005). Entrepreneurial spawning: Public corporations and the genesis of new ventures, 1986 to 1999. Journal of Finance, 60(2), 577–614.
Gregory, B. T., Rutherford, M. W., Oswald, S. y Gardiner, L. (2005). An empirical investigation of the Growth Cycle Theory of small firm financing. Journal of Small Business Management, 43(4), 382–392.
Guercio, M. B., Vigier, H. P. y Briozzo, A. E. (2014). The legal form and access to financing for industrial SMEs. DYNA Management, 2(1), 1–8.
Guercio, M. B., Vigier, H. P., Briozzo, A. E. y Martínez, L. B. (2016). El financiamiento de las pymes del sector de software y servicios informáticos en Argentina. Cuadernos de Economía, 35(69), 615–635.
Giudici, G. y Paleari, S. (2000). The provision of finance to innovation: A survey conducted among Italian technology-based small firms. Small Business Economics, 14(1), 37–53.
Hogan, T. y Hutson, E. (2005). Capital structure in new technology-based firms: Evidence from the Irish software sector. Global Finance Journal, 15, 369–387.
Hutchinson, P. (2003). How much does growth determine SMEs' capital structure? Small Enterprise Research, 12(1), 81–92.
Kortum, S. y Lerner, J. (2000). Assessing the contribution of venture capital to innovation. The Rand Journal of Economics, 31(4), 674–692.
Krasniqi, B. A. (2010). Are small firms really credit constrained? Empirical evidence from Kosova. International Entrepreneurship and Management Journal, 6(4), 459–479.
Kumar, A. y Francisco, M. (2005). Enterprise size, financing patterns, and credit constrains in Brazil. Analysis of data from the investment climate assessment survey. The World Bank Working Paper, 49, 1–55.
Long, J. S. y Freese, J. (2001). Regression Models for Categorical Dependent Variables Using Stata. College Station: Stata Press Publication.
Loschky, A. (2010). Reviewing the nomenclature for high-technology-the sectoral approach, Joint Research Centre Institute for the Protection and Security of the Citizen, European Commission. Proceedings of the 1 st Meeting of the WPTGS, 1–10.
Minola, T., Cassia, L. y Criaco, G. (2013). Financing patterns in new technologybased firms: An extension of the pecking order theory. International Journal of Entrepreneurship and Small Business, 19(2), 212–233.
Myers, S. C. y Majluf, N. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13(2), 187–221.
Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, 39(3), 575–592.
Oakey, R. P. (2003). Funding innovation and growth in UK new technology-based firms: Some observations on contributions from the public and private sectors. Venture Capital, 5, 161–180.
Pasquini, R. A. y de Giovanni, M. (2010). Access to financing of SMEs in Argentina. CAF, Documento de trabajo 08, 1–51.
Petersen, M. y Rajan, R. (1994). The benefits of lending relationships: Evidence from small business data. Journal of Finance, 49(1), 3–37.
Rajan, R. y Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
Revest, V. y Sapio, A. (2012). Financing technology-based small firms in Europe: What do we know? Small Business Economics, 39(1), 179–205.
Roberts, E. B. (1991). Entrepreneurs in high technology. Lessons from MIT and Beyond. New York: Oxford University Press.
Stiglitz, J. E. y Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 383–410.
Storey, D. J. y Tether, B. S. (1998). Public policy measures to support new technology based firms in the European Union. Research Policy, 26(9), 1037–1057.
Tether, B. S. y Storey, D. J. (1998). Smaller firms and Europe's high technology sectors: A framework for analysis and some statistical evidence. Research Policy, 26(9), 947–971.
Trenado, M. y Huergo, E. (2007). Nuevas empresas de base tecnológica: una revisión de la literatura reciente. Documentos de trabajo n.° 03. Centro para el Desarrollo Tecnológico Industrial.
Ullah, F., Abbas, Q. y Akbar, S. (2010). The relevance of pecking order hypothesis for the financing of computer software and biotechnology small firms: Some UK evidence. International Entrepreneurship and Management Journal, 6(3), 301–315.
Ullah, F. y Taylor, P. J. (2007). Are UK technology-based small firms still finance constrained? The International Entrepreneurship and Management Journal, 3(2), 189–203.
Vigier, H. P., Briozzo, A. E. y Guercio, M. B. (2014). Grandes desafíos para pequeñas empresas: informalidad, financiamiento e información. El caso de las PyMEs de Bahía Blanca. Bahía Blanca: EDIUNS.
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2017-03-24
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Las limitaciones al financiamiento bancario de las Pymes de alta tecnología. (2017). Estudios Gerenciales, 33(142), 3-12. https://doi.org/10.1016/j.estger.2017.02.001
