摘要：Un dos aspectos cruciais da actual crise é o excesivo endebedamento adquirido polos diversos axentes da economía. Chama a atención que no período de expansión, no que a dé-beda asumida ía aumentando, non se alertara de forma perceptible desde os ámbitos académi-co, institucional e divulgativo sobre o risco que se estaba asumindo e as súas consecuencias. Isto permite concluír que unha das leccións da crise é que o tratamento do estudo do proceso de endebedamento non foi o adecuado. Neste traballo descríbense os diferentes enfoques des-de os que se analizou o endebedamento e séntanse as bases para propoñer un novo enfoque que integra e amplía os anteriores. O traballo finaliza coa presentación dun estudo empírico so-bre a evolución temporal do endebedamento empresarial en España e a súa comparación con diversos países da súa contorna.
其他摘要：LESSONS FROM DE DEBT CRISES. THE NEED FOR A NEW APPROACH TO THE STUDY OF FIRM LEVERAGE Abstract: One of the crucial aspects of the current crisis is the excessive leverage taken on board by the different agents working in the economy. This accumulation of debt is now all too evident and its pernicious effects are being analysed in a multitude of studies. During the expan-sive cycle, neither institutions nor academics warned of the unravelling scenario and its possible consequences. Hence, the recent crisis sh*ould lead us to speculate whether or not the financial leverage in system has been dealt with adequately, or even properly understood. This paper describes previous theoretical approaches to decision taking for capital structure and suggests a new focus which integrates all of them. The second part of the paper investigates the evolution of companies¿ banking debt in Spain for the period 2000 to 2009 and compares this evolution with that of other European countries (in particular Portugal, Italy, France and Germany).
关键词：Endebedamento empresarial; Estrutura de capital; Factores institucionais; Factores culturais; Factores empresariais; Factores sociolóxicos; Crise da débeda en Europa;Enterprises debt finance; Leverage; Capital structure; Institucional factors; Cul-tural factors; Sociological factors; Firm-especific factors; Debt crises in Europe
