<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0012-7353</journal-id>
<journal-title><![CDATA[DYNA]]></journal-title>
<abbrev-journal-title><![CDATA[Dyna rev.fac.nac.minas]]></abbrev-journal-title>
<issn>0012-7353</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0012-73532023000400028</article-id>
<article-id pub-id-type="doi">10.15446/dyna.v90n228.108626</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Effect of the financial structure on the liquidity risk of SMEs in Cartagena as a base of project formulation]]></article-title>
<article-title xml:lang="es"><![CDATA[Efecto de la estructura financiera en el riesgo de liquidez de las PYMES de Cartagena como base de formulación de proyectos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Puerta-Guardo]]></surname>
<given-names><![CDATA[Fabio Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cantillo-Orozco]]></surname>
<given-names><![CDATA[Ana Susana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sanabria-Ospino]]></surname>
<given-names><![CDATA[Alfredo Enrique]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fajardo-Moreno]]></surname>
<given-names><![CDATA[William Stive]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universitaria Tecnológico Comfenalco Facultad de Ciencias Económicas ]]></institution>
<addr-line><![CDATA[Cartagena ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Tecnológica de Bolívar  ]]></institution>
<addr-line><![CDATA[Cartagena ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Santo Tomas  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad EAN Facultad de Ingeniería ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>90</volume>
<numero>spe228</numero>
<fpage>28</fpage>
<lpage>38</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0012-73532023000400028&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0012-73532023000400028&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0012-73532023000400028&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The Liquidity Risk in Small and Medium Enterprises - SMEs in the City of Cartagena-Colombia is analyzed, based on the determination of their Capital Structure. The variables, liquidity risk (dependent) and capital structure (independent), were analyzed, based on a quantitative investigation with a correlational approach. The hypothesis was, H1: There is a positive relationship between the capital structure and liquidity risk. The population came from the accounting database as of December 31, 2016 of the Superintendencia de Sociedades, with a sample of 260 companies. It is concluded that the higher the level of indebtedness, the greater the liquidity risk of the company tends to increase, thus accepting the hypothesis established in the investigation. Derived from the analysis presented, recommendations are offered on the formulation of projects that can contribute to the improvement of the liquidity conditions of the companies analyzed.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se analiza el Riesgo de Liquidez en las Pequeñas y Medianas Empresas - PYMES de la Ciudad de Cartagena-Colombia, a partir de la determinación de su Estructura de Capital. Se analizaron las variables, riesgo de liquidez (dependiente) y estructura de capital (independiente), a partir de una investigación cuantitativa con enfoque correlacional. La hipótesis fue, H1: Existe una relación positiva entre la estructura de capital y el riesgo de liquidez. La población provino de la base de datos contable a 31 de diciembre de 2016 de la Superintendencia de Sociedades, con una muestra 260 empresas. Se concluye que cuanto mayor es el nivel de endeudamiento, mayor tiende a aumentar el riesgo de liquidez de la empresa, aceptándose así la hipótesis establecida en la investigación. Derivado del análisis presentado se ofrecen recomendaciones sobre la formulación de proyectos que pueden aportar al mejoramiento de las condiciones de liquidez de las empresas analizadas.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[liquidity risk]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[SMEs]]></kwd>
<kwd lng="en"><![CDATA[turnover indicators]]></kwd>
<kwd lng="en"><![CDATA[liquidity and leverage]]></kwd>
<kwd lng="en"><![CDATA[project management]]></kwd>
<kwd lng="es"><![CDATA[riesgo de liquidez]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[Pymes]]></kwd>
<kwd lng="es"><![CDATA[indicadores de rotación]]></kwd>
<kwd lng="es"><![CDATA[liquidez y apalancamiento]]></kwd>
<kwd lng="es"><![CDATA[gestión de proyectos]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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