Los factores del éxito competitivo y la problemática del acceso a la financiación: un estudio empírico de las minipymes en el Perú

Abstract

[SPA] Las mipymes juegan un rol muy importante en las economías modernas. Las mipymes en Perú se configura como el eje central de la tesis, siendo su objetivo principal estudiar los factores explicativos del éxito empresarial y la problemática del acceso a la financiación, tanto de la perspectiva del empresario como de las entidades financieras. La tesis se ha estructurado en tres estudios empíricos con la finalidad de buscar los elementos que ayuden a la mipyme a mejorar su competitividad, crecimiento y sostenibilidad en el tiempo. En el primer estudio se analizan los factores asociados al éxito competitivo de las mipymes peruanas, con una muestra de 94 empresas. Los factores de éxito competitivo se estudian desde la perspectiva de la teoría de los recursos y capacidades de las empresas. Los resultados muestran que las mipymes que tengan implantados sistemas de control de gestión más desarrollados y que apliquen prácticas de gestión de sus recursos humanos más eficientes, mayor será la probabilidad de tener éxito en el mercado. En el segundo trabajo se analiza las causas del racionamiento de crédito en las mipymes peruanas. El trabajo empírico se desarrolla mediante una encuesta a una muestra de 158 mipymes. Los resultados muestran que factores como las prácticas de innovación en productos, procesos y sistemas de gestión, la situación jurídica formal de la empresa, su buen rendimiento, el que tenga una posición tecnológica fuerte, que realice de manera periódica un plan estratégico, que tenga departamentos formales dentro de su organización, entre otros, hace que tenga una mayor probabilidad de acceso al crédito bancario. Finalmente, en el tercer trabajo se analizan los principales criterios que consideran las entidades financieras a la hora de dar un crédito a una mipyme, al objeto de minimizar su riesgo de impago. Se desarrolla un estudio empírico en base a una encuesta a 73 analistas de riesgos de entidades financieras peruanas. Los resultados muestran que los analistas consideran como criterios muy importantes el conocimiento del sector que tenga el empresario, su honestidad e integridad, los ratios de liquidez, endeudamiento y crecimiento; la cartera de clientes y la calificación del personal de la empresa. Asimismo atendiendo al perfil del analista, según su género, sus años de experiencia laboral y nivel de formación son también determinantes en los procesos de concesión de créditos a las mipymes peruanas.

[ENG] Micro, small and medium enterprises (MSMEs) today play an important role in modern economies because of the wealth and employment they generate and are affected by rapid technological change and the globalization of markets. Peru is currently a developing country that is experiencing significant economic growth and its business fabric is mainly microenterprises. MSME, in the Peruvian context, is the central axis of this doctoral thesis, its main objective being to study the factors that explain business success and the problem of access to finance, both from the perspective of the entrepreneur and the financial institutions. The doctoral thesis has been structured in three empirical studies with the purpose of looking for the elements that help the MSME to improve its competitiveness, growth and sustainability over time. The first study analyzes the factors associated with the competitive success of the Peruvian MSMEs, with a sample of 94 companies, with more than 5 workers. The factors of competitive success are studied from the perspective of the theory of resources and capabilities of companies. It is a question of answering several research questions such as: The technological position of the companies influences its performance?, The fact that a company has some quality certification or is in the process of obtaining it is related to its good performance? Are the innovation activities and the technological position of the company related to its performance? Do management control systems and human resources practices influence business success? The professional experience of the manager influences the success of the organizations that lead?. The results show that MSMEs with more developed management control systems that implement more efficient management practices of their human resources, the greater the probability of success in the market. The results are especially useful for the managers of the MSMEs and the MSME development agencies so that they can design and promote strategies and policies that favor the growth and competitiveness of MSME. The second study analyzes the causes of credit rationing in Peruvian MSMEs. Given that in Peru there is a special problem in access to credit since the financial system is not fully developed and the possibilities of access to bank credit are lower than in other economies. For this, an empirical study is developed through a survey of a sample of 158 Peruvian MSMEs. The results show that factors such as innovation practices in products, processes and management systems, the formal legal situation of the company, its good performance, the one with a strong technological position, that makes a strategic plan on a regular basis, which has formal departments within its organizational structure, among others, has a greater probability of access to bank credit. Identifying these factors that facilitate access to credit for companies will help them to improve their competitiveness, as well as government agencies to know what policies to develop to facilitate access to credit and greater efficiency of the financial system. Finally, the third study analyzes the main criteria that financial institutions consider when granting credit to a MSME, in order to minimize their risk of default. For this purpose, an empirical study was carried out on 73 risk analysts from Peruvian financial institutions. The criteria used by financial institutions are classified into: personality and experience of the entrepreneur; characteristics of the product or service offered by the company and the market where it operates; strategy and organization of the company; and criteria related to the accounting information presented by companies. The results show that the criteria that the risk analysts consider most relevant when granting a credit are: knowledge of the sector that has the entrepreneur, honesty and integrity of the entrepreneur, the client portfolio with which the company has, and qualification of the personnel of the company. Regarding the criteria related to accounting information, risk analysts especially value the liquidity and debt ratios, that companies carry some reliable cost system and do not appear in defaults such as INFOCORP. This work is especially useful to financial institutions to help them improve their rating systems and to MSMEs to foster a better relationship with financial institutions.