ANÁLISIS DEL REGISTRO ESPECIAL BURSÁTIL (REB) COMO ALTERNATIVA DE FINANCIAMIENTO DE LAS PYMES

Abstract

This academic paper aims to identify if the Registro Especial Bursátil (REB) is a viable mechanism for the financing of SMEs. The size of the SMEs in Ecuador and its significance in the economy are presented. The methods of financing that the SMEs preferred are being analyzed focusing on the systems available in Ecuador and particularly in Guayaquil. The current status of Guayaquil’s stock market is analyzed and based on the interviews realized to stockbrokers’ upgrades for the mechanism are proposed. It was concluded that the REB is a viable mechanism but due to the size of the stock market it has not developed as expected. In order to establish the REB as a viable mechanism for financing SME it is necessary to explain its advantages to the SMEs and provide the investors a specific risk rating for SMEs and tax incentives to enter the market.