Estudio de los factores que inhiben el diseño y emisión de instrumentos financieros de las PYMES en el mercado de valores de Guayaquil.

Abstract

Financing is an activity that should be managed as a priority in all companies, because through the presence of economic resources, the opportunity is created to create a product or generate a service, until the sales generate the benefit to cover costs and Expenses, however, depending on the backups, the market positioning and the organizational structure, the banks make an assessment to determine if a company is able to support a financial debt, leaving aside for those ventures that do not have a historical of sales or that have economic problems because of external factors of the market. In Ecuador, the financial resource is in charge of private banks, which have the confidence of investors and savers to deliver their capital, but limit the distribution of resources only to companies classified as credit subjects; in developed economies, the distribution of cash is in charge of the stock market, setting rates and terms according to supply and demand, according to studies on financing in Ecuador, the customers of the stock exchange are composed of large corporations, being the participation of SMEs totally absent, limited to the financial resources offered by banks. According to a survey of SMEs, the main source of financing is personal credit, with absence of contingents in the event of a financial crisis, they conclude work with SMEs with medium-term loans and without considering whether these business units can cover the financial burden.