LA ESTRUCTURA FINANCIERA DE LAS GRANDES EMPRESAS MANUFACTURERAS MEXICANAS EN EL CONTEXTO DE LA CRISIS FINANCIERA SUBPRIME, 2000-2015

This paper analyzes the repercussions of the subprime financial crisis on the financial structure of the large Mexican companies of the manufacturing sector in the period 2000-2015. Based on the framework of the Minsky Financial Instability Hypothesis, we study the evolution of financial statements and an indicator of financial fragility in these companies. The results show that the crisis accentuated the financial fragility of the large manufacturing companies, which was created in the previous years as a result of investment processes in physical and intangible assets related to the expansion of their markets, and which were financed by short and long term debt. The incidence of the levels of indebtedness in its financial fragility is confirmed in the econometric estimation of panel data for the sample of 14 large manufacturing companies analyzed.