摘要：This paper estimates a model for the financing of the Spanish non-financial corpora-
tions, at an aggregate level. Results show that financing depend, in the long run, posi-
tively on the economic activity and negatively on the interest rates.The elasticity to the
scale variable is among the range of values found for other countries in the economic
literature, while the semi-elasticity of interest rates is relatively higher. In the short-run,
we find a negative coefficient for the corporate profits and the stock market valuation.
Our results show that the growth of financing to firms during last years matches its
long-term determinants.
