%0 Journal Article %T Financiación empresarial en Colombia, la mezcla de endeudamiento y patrimonio %D 2012 %@ 1012-8255 %U http://hdl.handle.net/10906/78308 %X This article studies the financing decisions of a set of Colombian companies between 1995 and 2009 in response to their investment requirements and their operational cash flow. We structured a SUR (Seemingly Unrelated Regressions) equation system based on the cash flow of these companies. Our results suggest that the shareholders' new equity contribution is virtually non-existent; instead, Colombian companies build up cash and use it as their primary source of financing for fixed assets and working capital. © 2012 de Cladea. %~ GOEDOC, SUB GOETTINGEN