摘要：Resumen Este documento busca identificar las variables financieras que explican la situación de fracaso empresarial de la pequeña y mediana empresa (pyme) en Colombia. Para alcanzar este fin, se tomaron los resultados financieros de todas las empresas que están obligadas a reportar ante la Superintendencia de Sociedades de Colombia para los años 2009 a 2013. Por lo tanto, en primer lugar, se define el concepto de fracaso empresarial; en segundo lugar, se caracteriza la pyme en Colombia; en tercer lugar, se describe la metodología que se utilizó en el estudio; en cuarto lugar, se realiza un análisis descriptivo de la base de datos obtenida a partir de la metodología elegida para el periodo 2009-2013 para los grupos de empresas consideradas: sanas y fracasadas; en quinto lugar, se analiza la información financiera consolidada de los estados financieros: Balance General y Estado de Resultados por medio del análisis vertical, horizontal e índices financieros. Finalmente, se reconoce las variables financieras que mejor caractericen y diferencien a los grupos mencionados. Abstract This paper seeks to identify the financial variables to explain better the situation of business failure in the small and medium enterprises (SMEs) in Colombia. To achieve this end financial results were taken from all companies that are required to report to the Superintendent of Companies of Colombia for the years 2009 to 2013. The overall business failure concept used in the studies was analyzed initially, followed by characterizing the {SME} in Colombia. A descriptive analysis was then performed using the methodology chosen for theperiod 2009 to 2013 for the company groups considered (healthy and failures). An analysis was then made of financial information in the Balance Sheets by means of a vertical and horizontal analysis and financial indices. Finally, the financial variables that better characterize and differentiate the two groups were determined.
其他摘要：This paper seeks to identify the financial variables to explain better the situation of business failure in the small and medium enterprises (SMEs) in Colombia. To achieve this end financial results were taken from all companies that are required to report to the Superintendent of Companies of Colombia for the years 2009 to 2013. The overall business failure concept used in the studies was analyzed initially, followed by characterizing the SME in Colombia. A descriptive analysis was then performed using the methodology chosen for theperiod 2009 to 2013 for the company groups considered (healthy and failures). An analysis was then made of financial information in the Balance Sheets by means of a vertical and horizontal analysis and financial indices. Finally, the financial variables that better characterize and differentiate the two groups were determined.
