One of the main difficulties encountered by Moroccan small and medium-sized enterprises (SMEs) is limited access to financing, particularly due to insufficient guarantees, low financial transparency and a lack of knowledge of available financial prod

One of the main difficulties encountered by Moroccan small and medium-sized enterprises (SMEs) is limited access to financing, particularly due to insufficient guarantees, low financial transparency and a lack of knowledge of available financial products. In this context, the purpose of this article is to analyze the impact of the determinants of the financial structure of Moroccan SMEs in the medium and long term measured by several indicators. Thus, our econometric study is carried out on a sample of 520 unlisted Moroccan SMEs, using a cylinder panel model during the period 2013 to 2017. This econometric modelization shows that the size of SMEs has a positive and significant effect on the debt ratio in the medium and long term. Concerning guarantees, the regression results show that this determinant exerts a very significant influence on the debt ratio and constitutes a signal to lenders. This study revealed that the Trade Off Theory (TOT) has a greater explanatory power on the choice of medium and long-term financing of Moroccan SMEs than the Pecking Order Theory (POT). Finally, this research provides results that are likely to guide SME managers in the effective management of their company's financing. Key words: Panel data econometrics, Debt, SMEs, Morocco, Financial structure.