Financiación empresarial en Colombia, la mezcla de endeudamiento y patrimonio

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.