<?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>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722016000300615</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v35n69.46654</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[EL FINANCIAMIENTO DE LAS PYMES DEL SECTOR DE SOFTWARE Y SERVICIOS INFORMÁTICOS EN ARGENTINA]]></article-title>
<article-title xml:lang="en"><![CDATA[Financing SME in the software and informatics services sector in Argentina]]></article-title>
<article-title xml:lang="fr"><![CDATA[Le financement des Pme du secteur de software et des services informatiques en Argentine]]></article-title>
<article-title xml:lang="pt"><![CDATA[O financiamento das PME do setor de software e serviços informáticos na Argentina]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Guercio]]></surname>
<given-names><![CDATA[M. Belén]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vigier]]></surname>
<given-names><![CDATA[Hernán P.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Briozzo]]></surname>
<given-names><![CDATA[Anahí]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martínez]]></surname>
<given-names><![CDATA[Lisana B.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto de Investigaciones Económicas y Sociales del Sur  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional del Sur Departamento de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Nacional del Sur Departamento de Ciencias de la Administración ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Instituto de Investigaciones Económicas y Sociales del Sur  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<volume>35</volume>
<numero>69</numero>
<fpage>615</fpage>
<lpage>635</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722016000300615&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722016000300615&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722016000300615&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo estudia la estructura de financiamiento de pymes del subsector de software y servicios informáticos (SSI) de la Argentina y compara estas últimas con pymes del sector industrial, para los años 2006 y 2010. Los resultados muestran la preponderancia del autofinanciamiento para todas las empresas analizadas, en la que se observa una mayor dependencia de esta fuente de financiamiento para las del subsector SSI. Con respecto a las fuentes externas de financiamiento, en particular para los activos fijos, existe una diferencia entre ambos sectores analizados: las firmas SSI emplean pasivos corrientes como primera fuente de financiamiento, mientras que las firmas industriales recurren a las instituciones financieras. Estos resultados se alinean con las predicciones de la hipótesis de jerarquía financiera y con el ciclo financiero de crecimiento. JEL: G32, L26, M13, O30.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper studies the structure of financing of small and medium enterprises in the subsector of Software and Information Services (SIS) in Argentina, and compares the latter with SMEs in the industrial sector for the years 2006 and 2010. The results show the prevalence of self-financing for all the companies analyzed, demonstrating a greater reliance on this source of funding for the SIS subsector. In terms of external funding, particularly for fixed assets, there is a difference between the two sectors analyzed: the SSI firms employ operating liabilities as a primary source of funds (customers and suppliers). In contrast, industrial firms resort to financial institutions. These results align with the predictions of the Pecking Order Hypothesis and with Financial Growth Cycle. JEL: G32, L26, M13, O30.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Cet article étudie la structure de financement des Pme du sous-secteur de software et des services informatiques (SSI) d'Argentine et les compare avec les Pme du secteur industriel pour les années 2006 et 2010. Les résultats montrent la prépondérance de l'autofinancement pour toutes les entreprises analysées avec une plus grande dépendance de ce mode de financement pour celles du sous-secteur SSI. Pour ce qui est des sources externes de financement, en particulier pour les actifs fixes, il existe une différence entre les deux secteurs analysés : les firmes SSI utilisent comme première source des passifs courants, tandis que les firmes industrielles recourent aux institutions financières. Ces résultats sont au diapason des prédictions de l'hypothèse de hiérarchie financière et du cycle financier de croissance. JEL: G32, L26, M13, O30.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo estuda a estrutura de financiamento das PME do subsetor de software e serviços informáticos (SSI) da Argentina e compara estas últimas com PME do setor industrial para os anos 2006 e 2010. Os resultados mostram a preponderância do autofinanciamiento para todas as empresas analisadas e se observa maior dependência desta fonte de financiamento para as do subsetor SSI. Com relação às fontes externas de financiamento, particularmente para os ativos fixos, existe uma diferença entre ambos os setores analisados: As firmas SSI utilizam passivos circulantes como primeira fonte de financiamento enquanto as firmas industriais procuram as instituições financeiras. Estes resultados se alinham com as previsões da hipótese de hierarquia financeira e com o ciclo financeiro de crescimento. JEL: G32, L26, M13, O30.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[pequeñas empresas de base tecnológica (PEBT)]]></kwd>
<kwd lng="es"><![CDATA[financiamiento de pymes]]></kwd>
<kwd lng="es"><![CDATA[estructura financiera]]></kwd>
<kwd lng="en"><![CDATA[Technological Based Small Firms (TBSFs)]]></kwd>
<kwd lng="en"><![CDATA[SMEs financing]]></kwd>
<kwd lng="en"><![CDATA[financial structure]]></kwd>
<kwd lng="fr"><![CDATA[petites entreprises de base technologique (PEBT)]]></kwd>
<kwd lng="fr"><![CDATA[financement des Pme]]></kwd>
<kwd lng="fr"><![CDATA[structure financière]]></kwd>
<kwd lng="pt"><![CDATA[Pequenas empresas de base tecnológica (PEBT)]]></kwd>
<kwd lng="pt"><![CDATA[financiamento das PME]]></kwd>
<kwd lng="pt"><![CDATA[estrutura financeira]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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