Determinantes financieros para que las Pymes en Ecuador tomen la decisión de buscar financiamiento en el mercado de valores ecuatoriano (MVE).

Abstract

SMEs in Ecuador, seek financing in intermediary markets or also known as banking markets, forgetting that in the country there is also the stock market that offers many benefits through a series of stock market instruments. That is why this work aims to identify the financial determinants for SMEs to access the stock market in Ecuador. The approach used to conduct this research is mixed, in which qualitative and quantitative methods were developed with the same population. The qualitative approach was developed based on the review of the literature and obtaining the financial information, five variables were studied such as profitability, size, collateral value of the assets, growth and the fiscal protection of the debt that are considered determinants within the Capital structure of companies that are listed on the Ecuador stock market. The results were varied, resulting in some of the variables being relevant while others were not. With respect to the quantitative approach, this was developed through an opinion poll based on the Liker scale, and four factors were expected to be measured; Information, development, stock education and corporate governance have a direct relationship with the decision-making process to be part of this market, yielding expected results since its significance has been validated. This work opens a topic of discussion little discussed in the country such as the stock market and its relationship with SMEs.