Paper Title
Determinants of Financing on SME Capital Structure: New Evidence of the Portuguese Market

Abstract
This paper studies the financial practices of SMEs in Portugal, Their preferences financing and capital structure Decisions. It Analyzes the relationship between debt levels and the determinants que explain it, using indicators based on book values. The methodology consists in the estimation of the linear multiple regression model using the least squares method is fixed effects and the generalized moment estimator (GMM). The sample consists of annual data from two panels - SME Leader and SME Excellence - representative of the various sectors of activity, in a four-year observation team (2013 to 2016). Our study shows que SMEs tend to use short-term debt more than medium- and long-term debt. Moreover, the evidence confirms que debt patterns can be explained by specific corporate characteristics. Keywords - Indebtedness, Capital Structure, SMEs, Portugal. JEL Classification - G32