Racionamiento en garantía y relación bancaria de las pymes en España

Abstract

The incidence of banking relationships in SMEs credit rationing has been widely discussed in the literature. However, the analysis of guarantee rationing has, perhaps, received the least attention. This is exactly the insight addressed in this paper. First, instead of using a single variable to quantify guarantee rationing, a set of variables representing this kind of rationing will be used in order to make a complete and real approach. Then, the characteristics for banking relationship of SMEs that affect guarantee rationing will be empirically analyzed. In this sense, most of the empirical studies on this subject are based on relatively small samples. Therefore, for this study we have selected a representative sample of Spanish SMEs, that is, an initial sample of 700 SMEs. The results of this study point that keeping fewer bank relationships and developing higher trust levels with banks, are among the favorable behaviors that could reduce guarantee rationing for SMEs.