Thesis ANÁLISIS DE LOS PROBLEMAS QUE ENFRENTAN LAS PYME AL ACCEDER AL FINANCIAMIENTO PRIVADO Y LOS FACTORES QUE LO FACILITAN
Date
2017
Authors
ROBLES ROJO, SEBASTIÁN ANDRÉS
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Abstract
Durante el año tributario 2015, según información proporcionada por el Servicio de Impuestos Internos(2016), se registraron formalmente en Chile 895.836 empresas, de las cuales el 98% corresponde al segmentoPyme1 representando el 45% del empleo formal en Chile, también el segmento influye notablemente enel aumento de productividad en épocas de desaceleración económica, aportando considerablemente en elproceso de descentralización del país.Hoy en día, el segmento enfrenta problemas de financiamiento y negociación con terceros, principalmentecon instituciones bancarias.Este estudio es útil para el desarrollo del sector de la micro, pequeña y mediana empresa, ya que, lassoluciones propuestas pueden ser implementadas para la superación de dificultades a las que normalmente seven enfrentadas.Para el estudio se realizaron entrevistas guiadas a ejecutivos bancarios que evidenciaron los principalesproblemas que enfrentan las Pyme, siendo el más relevante la falta de disponibilidad de registros financierosde la empresa, lo que concuerda con lo expuesto en la teoría. Esta situación obliga a que el banco tengaque realizar esfuerzos adicionales para conocer el estado del negocio, los que muchas veces no generaninformación concluyente, debido a que los datos se encuentran altamente internalizados. En la teoría estehecho se conoce como “asimetría de información”, es decir, el administrador sabe mucho más acerca deléxito del negocio que la identidad bancaria, dicha situación genera que la empresa se perciba más riesgosa ypor tanto se encarezca el costo de financiamiento (tasa de interés).A través del análisis financiero aplicado a una pequeña empresa, se pudo evidenciar lo señalado en lateoría, en que muchas veces las Pyme no son eficientes en la forma de financiarse, debido a que no evalúantodas las alternativas existentes, ya que, además de créditos bancarios y capital propio, podrían recurrir aproveedores, factoring de cuentas por cobrar o leasing.En el caso de estudio quedó en manifiesto que el microempresario no estaba realizando una gestióneficiente de su inventario, ya que al no contar con descuento por volumen no es recomendable adquirirgrandes cantidades pagando a noventa días; si no que una mejor opción sería comprar cada tres meses ypagar a treinta días, lo que además de reducir los intereses permitiría posicionarse de mejor forma frente a losbancos por una mejor situación financiera.Las entrevistas a ejecutivos bancarios, el análisis a empresas del sector a través de la encuestalongitudinal elaborada por Instituto Nacional de Estadísticas y la Unidad de Estudios del Ministerio deEconomía (2015) y el estudio sobre los programas de crédito con garantía estatal, Germann (2014), permitióconocer el comportamiento de todas las partes involucradas, pudiendo establecer las variables que son capacesde mejorar el posicionamiento de la Pyme cuando recurre a un tercero para su financiamiento. Los grandespilares están conformados por:Definición del plan de negocios.Generación de sinergias.Elaboración de la información financiera de la empresa.Proyección de flujos futuros.Revisión periódica del mercado en el que se desempeña la empresa.Elección adecuada de herramientas de financiamiento.
A study revealed that during 2015, there were 895.836 companies formally constituted. The 98%of this number corresponds to the SME segment2 which represents the 45% of total formal employment inChile. The SME also represents a significant influence on productivity growth during economic slowdown,contributing significantly to the country’s decentralization process.Nowadays, SME faces problems related to funding and negotiation, usually linked to banking institutions.This study is useful to stimulated the development of the micro, small and medium companies, sinceposes solutions that if they are performed, will be useful to overcome obstacles that this kind of companiesnormally face.For this study, guided interviews with bank representatives were made. The results showed the mostcommon problems faced by SMEs, being the lack of financial records of the company the most relevant one.This last statement matches with what is stated in the theory. This situation forces banks to make additionaleorts to know the real status of this kind of companies, which –normally- do not provide convincinginformation due the fact data is mostly internal. In economics, this is known as “information asymmetry”which means that the administrator has more or better information about the business success than the bankinginstitution. This asymmetry causes that the company is perceived more risky than it really is, and for thatreason, the costs of funding are more expensive in terms of interest rate.Through the financial analysis applied to a small business it was possible to demonstrate what wasstated in the theory, where SMEs at the moment of funding, many times, are not as ecient as they should.This is because they do not evaluate all the existing alternatives, since, in addition to bank loans and equity;they could turn to suppliers, factoring accounts receivable or leasing.In the case being studied, it became clear that the micro-entrepreneur was not doing an ecientmanagement of their inventory, since not having discount by volume is not recommended to buy such amountspaying within ninety days, but a better option would be to buy each three months and pay within thirty days.This would result in besides reducing the interest would allow better positioning against the banks due to abetter financial situation.The interview to bank representatives, the analysis to companies of the same sector through panelstudy and the State support allowed to know the behavior of all the parties involved, being able to establishthe variables that are able to improve the positioning of the SME when they resorts to a third party for itsfunding. The great pillars are conformed by:Definition of business plan.Synergy generation.Company’s financial information preparation.Projection of future (cash) flows.Periodic review of the market in which the company performs.Adequate Choice of financing tools.
A study revealed that during 2015, there were 895.836 companies formally constituted. The 98%of this number corresponds to the SME segment2 which represents the 45% of total formal employment inChile. The SME also represents a significant influence on productivity growth during economic slowdown,contributing significantly to the country’s decentralization process.Nowadays, SME faces problems related to funding and negotiation, usually linked to banking institutions.This study is useful to stimulated the development of the micro, small and medium companies, sinceposes solutions that if they are performed, will be useful to overcome obstacles that this kind of companiesnormally face.For this study, guided interviews with bank representatives were made. The results showed the mostcommon problems faced by SMEs, being the lack of financial records of the company the most relevant one.This last statement matches with what is stated in the theory. This situation forces banks to make additionaleorts to know the real status of this kind of companies, which –normally- do not provide convincinginformation due the fact data is mostly internal. In economics, this is known as “information asymmetry”which means that the administrator has more or better information about the business success than the bankinginstitution. This asymmetry causes that the company is perceived more risky than it really is, and for thatreason, the costs of funding are more expensive in terms of interest rate.Through the financial analysis applied to a small business it was possible to demonstrate what wasstated in the theory, where SMEs at the moment of funding, many times, are not as ecient as they should.This is because they do not evaluate all the existing alternatives, since, in addition to bank loans and equity;they could turn to suppliers, factoring accounts receivable or leasing.In the case being studied, it became clear that the micro-entrepreneur was not doing an ecientmanagement of their inventory, since not having discount by volume is not recommended to buy such amountspaying within ninety days, but a better option would be to buy each three months and pay within thirty days.This would result in besides reducing the interest would allow better positioning against the banks due to abetter financial situation.The interview to bank representatives, the analysis to companies of the same sector through panelstudy and the State support allowed to know the behavior of all the parties involved, being able to establishthe variables that are able to improve the positioning of the SME when they resorts to a third party for itsfunding. The great pillars are conformed by:Definition of business plan.Synergy generation.Company’s financial information preparation.Projection of future (cash) flows.Periodic review of the market in which the company performs.Adequate Choice of financing tools.
Description
Catalogado desde la version PDF de la tesis.
Keywords
ALTERNATIVAS , BANCO , EFICIENCIA , FINANCIAMIENTO , PYME