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2025
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Universidad Nacional de Educación a Distancia (España). Escuela Internacional de Doctorado. Programa de doctorado en Unión Europea
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Resumen
Las pymes constituyen el núcleo del tejido empresarial de la Unión Europea (UE), representando la mayoría del empleo y del valor agregado y sin embargo, su acceso a la financiación sigue estando marcado por una elevada dependencia del crédito bancario a corto plazo y restringido en momentos de crisis, como se evidenció en 2008.
Esta vulnerabilidad motivó una intensa acción política de la Comisión Europea desde 2010, enfocada fundamentalmente en la Unión de los Mercados de Capitales, cuyos resultados han sido limitados, poco observables, sin lograr una diversificación efectiva de las fuentes de financiación de las pymes.
A partir de 2020, el impacto de la crisis COVID-19 y el desarrollo de la industria FinTech impulsaron un cambio en esta estrategia política de la UE, consolidando un marco regulador orientado a la digitalización del sistema financiero, que ha abierto nuevas oportunidades para la financiación alternativa, aún infrautilizada por las pymes europeas en comparación con economías como la del Reino Unido o Estados Unidos.
Esta investigación analiza la estructura financiera de las pymes en la UE, evaluando su dependencia bancaria y explorando la financiación alternativa como mecanismo para diversificar y complementar ésta, revisando la evolución de las políticas europeas entre 2010 y 2020 y desarrollando una taxonomía de las fuentes alternativas de financiación.
A partir de estos análisis, se proponen recomendaciones en cuatro áreas: implementación del marco regulatorio para mercados secundarios, educación financiera, colaboración entre intermediarios tradicionales y FinTech, e investigación académica.
Los hallazgos subrayan la necesidad de una acción política más proactiva para maximizar las oportunidades que ofrece la digitalización en la mejora del acceso a financiación de las pymes.
SMEs constitute the core of the European Union's (EU) business fabric, accounting for most of the employment and added value. However, their access to finance continues to be characterised by a high dependence on short-term bank credit, which is restricted in times of crisis, as was evident in 2008. This vulnerability has motivated intense political action by the European Commission since 2010, focused mainly on the Capital Markets Union, the results of which have been limited, not very observable, without achieving an effective diversification of the sources of financing for SMEs. From 2020, the impact of the COVID-19 crisis and the development of the FinTech industry prompted a change in this EU policy strategy, consolidating a regulatory framework aimed at the digitalisation of the financial system, which has opened new opportunities for alternative financing, still underused by European SMEs compared to economies such as the UK or the US. This research analyses the financial structure of SMEs in the EU, evaluating their banking dependence and exploring alternative financing as a mechanism to diversify and complement it, reviewing the evolution of European policies between 2010 and 2020 and developing a taxonomy of alternative sources of financing. Based on this analysis, recommendations are proposed in four areas: implementation of the regulatory framework for secondary markets, financial education, collaboration between traditional intermediaries and FinTech companies, and academic research. The findings underline the need for more proactive political action to maximise the opportunities offered by digitalisation to improve access to finance for SMEs.
SMEs constitute the core of the European Union's (EU) business fabric, accounting for most of the employment and added value. However, their access to finance continues to be characterised by a high dependence on short-term bank credit, which is restricted in times of crisis, as was evident in 2008. This vulnerability has motivated intense political action by the European Commission since 2010, focused mainly on the Capital Markets Union, the results of which have been limited, not very observable, without achieving an effective diversification of the sources of financing for SMEs. From 2020, the impact of the COVID-19 crisis and the development of the FinTech industry prompted a change in this EU policy strategy, consolidating a regulatory framework aimed at the digitalisation of the financial system, which has opened new opportunities for alternative financing, still underused by European SMEs compared to economies such as the UK or the US. This research analyses the financial structure of SMEs in the EU, evaluating their banking dependence and exploring alternative financing as a mechanism to diversify and complement it, reviewing the evolution of European policies between 2010 and 2020 and developing a taxonomy of alternative sources of financing. Based on this analysis, recommendations are proposed in four areas: implementation of the regulatory framework for secondary markets, financial education, collaboration between traditional intermediaries and FinTech companies, and academic research. The findings underline the need for more proactive political action to maximise the opportunities offered by digitalisation to improve access to finance for SMEs.
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Isidro Núñez, Francisco (2025). La financiación de las pymes en la Unión Europea: patrones, brecha y rol de la financiación alternativa. [Tesis doctoral, Universidad Nacional de Educación a Distancia (España)]
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Escuela Internacional de Doctorado
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Grupo de innovación
Programa de doctorado
Programa de doctorado en Unión Europea