Financiación de la pyme española: análisis de la evolución reciente y nuevas perspectivas

In this paper we analyze the determinants of access to external financing, with special reference to the crisis and its effects on the financial resources of SMEs in Spain. In this sense, we carried out an empirical study to diagnose the trajectory in the period between 2009 and 2011. In general, characteristics such as activity sector, size or age of the company, affect their access to financial markets and the growth allowed by the use of this financing. Finally, SMEs seem a little bit conservative in their expectations of financial access, since they tend to think that, in general, current conditions will not change in the near future.