Determinación de la estructura óptima de capital del sector comercial al por mayor. Ecuador período 2014 – 2015

In trying to determine and evaluate the optimal company’s capital structure according to their sector we found the need to determine the balance between assets and financing relation. In this proposal, it is analyzed if the wholesale commercial sector complies with the theoretical and practical referent; two year’s data (2014 and 2015) are analyzed to find the meaningful variances in relation to the level of debt. Thus, the theory raised by Modigliani and Miller in the previous century is analyzed first, as well as the theory of the hierarchical order (Pecking Order) and researches conducted on this subject analyzing the relationship in percentage terms of indebtedness to know the value in which represents the capital structure.This study is based on data from the “Superintendencia de Companias of Ecuador”, this country’s control agency provided data from the financial statements of the wholesale commercial sector which is analyzed and evaluated with the support of statistical software, to test the proposed hypotheses.This analysis reveals that the variation of the data is not significant, also shows that the behavior of the sector in the evaluated period is similar and presents an adequate balance (40% - 60% relation) in the optimal capital structure with the use of external financial leverage.