Descontextualización de las teorías financieras: ？se puede hablar de factores determinantes de la estructura de capital de las PYME venezolanas?

the different theories that try to explain the capital structure of companies offer a variety of variables that could justify the behaviour of fixed liability or permanent financing structure; that is, the optimal combination of long-term debt and the company？s own funds that finance permanent investments needed to start up and continue development of an enterprise. nevertheless, many of these theories are not useful when applied to smaller firms that have no participation in capital markets and much less to companies in contexts different from north american or european countries. after two years researching the structure of capital in small and medium venezuelan companies, the results obtained, most of which were opposite to what had been expected according to different theories, motivated the authors to reflect critically on why said theories are only slightly applicable to explaining the reality of venezuelan sames in the central region of the country. some of those reasons are found in the venezuelan sames？ characteristics, the difficulty of obtaining reliable data from this business sector, characteristics of the venezuelan financial system and characteristics of the macroeconomic environment.