El desempeño financiero comparado entre empresas públicas y privadas en España durante un periodo de expansión económica (2014-2019)

• Atienza Montero, Pedro ^[1] ; Sánchez Bautista, Natalia ^[1] ; Moreno García, María ^[1]
  1. [1] <p>Universidad de Sevilla</p>
• Localización: CIRIEC - España. Revista de economía pública, social y cooperativa, ISSN 0213-8093, Nº. 116, 2026, págs. 245-276
• Idioma: español
• DOI: 10.7203/CIRIEC-E.116.29056
• Enlaces
  • Texto completo
• Resumen

  • La literatura empírica comparativa entre empresas públicas y privadas se ha cen­trado fundamentalmente en los indicadores de eficiencia y rentabilidad, con superioridad abrumadora de la empresa privada. Ahora bien, teniendo en cuenta que está emergiendo una nueva teoría sobre la empresa pública (según la cual la misma cumple una misión pública y su motivación es la de servicio público), dicha literatura comparada es demasiado reduccionista e incompleta. Pues bien, el objetivo de este trabajo es extender dicha comparación empírica a otros indicadores financieros, bien muy poco utilizados (endeudamiento, liquidez), bien no utilizados (solvencia, autonomía financiera). El análisis comparativo se realiza para España para un periodo de expansión económica: 2014-2019. La metodología consiste en realizar una comparación estadística de las medias aritméticas de cada uno de los indicadores entre los dos tipos de empresas. Los resultados muestran claramente que las empresas públicas exhiben mejores resultados en los indicadores mencionados, lo que podría estar explicado por su me­nor exposición a deuda privada o por su acceso a financiación pública garantizada. Este trabajo contribuye a la literatura proporcionando evidencia empírica inédita comparada entre empre­sas públicas y privadas sobre solvencia, autonomía financiera, liquidez y endeudamiento, para España y durante un periodo de expansión económica.

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