Analysis of the Stock Market as an Alternative Financing Option for SMEs
DOI:
https://doi.org/10.70577/asce.v5i1.737Keywords:
SMEs; Stock Market; Business Financing; Alternative Financing; Capital Structure.Abstract
The purpose of this study is to analyze the stock market as an alternative source of financing for small and medium-sized enterprises (SMEs), considering the limitations they face in accessing traditional credit and the need to diversify their financing sources. The research was conducted under a quantitative approach, with a descriptive and analytical design, using secondary data obtained from official institutions and academic sources. These data were processed through statistical tools to identify trends and relationships among variables. The results show that bank financing remains the primary source of funding for SMEs, accounting for more than 70% of total financing on average. However, an increasing trend in the use of the stock market is observed, reflected in the growing participation of SMEs in this system in recent years. Additionally, a positive relationship was identified between access to alternative financing and the financial performance of SMEs, particularly in terms of profitability. Nevertheless, the study also reveals the existence of structural barriers that limit SMEs’ participation in the stock market, such as issuance costs, regulatory requirements, and limited financial literacy. In this context, it is concluded that the stock market represents a viable and complementary alternative to traditional financing, whose development may contribute to business growth and sustainable economic development.
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Copyright (c) 2026 Jorge Roberto Veloz Vasco, Magister, Jenny Susana Valle Bombón, Magister, Jorge Danilo Jiménez Zavala
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