Comparativa entre las estructuras de financiamiento de empresas manufactureras y empresas de servicios de tipo medianas en el Ecuador, periodo 2022

Abstract

This study compares the financing structures of medium-sized companies in the manufacturing and service sectors in Ecuador during 2022. Through a quantitative analysis based on financial data, significant differences in financing strategies between the two sectors were identified. Manufacturing companies stand out for a greater dependence on long-term bank financing (with a ratio of 0.72) and a concentration in short-term operating liabilities. On the other hand, service companies show a greater diversification of sources, including indebtedness to personnel (with a ratio of 0.41) and short-term suppliers (with a ratio of 0.56). Statistical analysis, using Mann-Whitney and multiple regression tests, showed that factors such as asset turnover and EBIT margin have a positive impact on indebtedness, while current liquidity has a negative effect. Both sectors prioritize short-term indebtedness, reflecting strategies focused on immediate liquidity and lower financial costs. These findings highlight the importance of tailoring financial policies to the specific needs of each sector. While service companies could strengthen their access to formal financing, manufacturing companies should optimize their short-term leverage. This study provides a basis for informed financial decisions and promotes sustainable development in key sectors of the Ecuadorian economy.