Análisis de mecanismo de financiamiento sector financiero versus mercado de valores-registro especial bursátil para obtener la mejor alternativa de financiamiento para PYMES

摘要

This thesis aims to make a comparison between two financial mechanisms that are available for small and medium companies, the first mechanism through the financial system by obtaining a loan and the second option through the Special Register of non-registered securities, which is setting mechanism for companies that require resources through the Ecuadorian market values. The development of the thesis attempts to rating options with an analysis of costs, benefits, advantages and processes involved in obtaining the financial resources to determine which option is the most beneficial for Pymes.To this end it was used to check secondary sources provided by the Central Bank of the Ecuador, the Superintendency of companies, Securities and Insurance, INEC, the brokerage firms of the country, the securities firms and analyses before contributing knowledge to expanding the knowledge and perspective of this study.The study focuses on the experiences of the experts in the market who have advised emission processes and they know the rules, constraints, costs and processes, as well as the legislation that applies in neighboring countries using a similar scheme to encourage the participation of Pymes in the stock market