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Gestión del capital de trabajo y rentabilidad. Evidencia empírica de empresas en Colombia
dc.rights.license | Atribución-NoComercial-SinDerivadas 4.0 Internacional |
dc.contributor.advisor | Barbosa, María Inés |
dc.contributor.advisor | Guerrero Chaparro, Germán |
dc.contributor.author | Rincón Gómez, Juan Pablo |
dc.date.accessioned | 2020-08-20T15:26:25Z |
dc.date.available | 2020-08-20T15:26:25Z |
dc.date.issued | 2019-12-10 |
dc.identifier.uri | https://repositorio.unal.edu.co/handle/unal/78112 |
dc.description.abstract | La gestión del capital de trabajo (GKT) busca asegurar la liquidez que permita la operación empresarial, y que a su vez maximice la rentabilidad. Este objetivo se logra mediante la gestión de los componentes del capital de trabajo: inventarios, cartera y cuentas por pagar a proveedores. Distintas formas de administrar estos componentes se traducen en diferentes estrategias de GKT. El ciclo de conversón del efectivo (CCE) se ha posicionado entre los analistas financieros como la herramienta por excelencia para identificar estrategias de GKT. Esto debido a que es una medida en días de la rotación combinada de los tres componentes del capital de trabajo. En esta investigación se calculó el CCE de 5110 empresas colombianas segmentadas por tamaño y sector económico. Se calculó adicionalmente la proporción de los componentes del capital de trabajo con respecto a los activos totales. Como resultado de dichos cálculos, se identificaron seis tipos de estrategias de GKT usadas de forma diferente en cada segmento empresarial. Posteriormente, se calculó la rentabilidad de las empresas por segmentos y se planteó un modelo para identificar la relación entre CCE y rentabilidad. Los resultados evidenciaron relaciones distintas según el segmento empresarial. Finalmente, el modelo arrojó niveles de CCE a los cuales los diferentes segmentos empresariales maximizaron su rentabilidad. |
dc.description.abstract | Working capital management (WKM) seeks for the assurance of the liquidity needed for business operation, while maximizing profit. This goal is reached through the management of the individual components of the working capital: inventories, accounts receivable and accounts payable. Different ways of managing these components, result in diverse WKM strategies. The cash conversion cycle (CCC) has become the most used tool by financial analysts for identifying WKM strategies. This is because CCC is a measure in days of the combined turnover of the three components of the working capital. In this research, the CCC was calculated for 5110 colombian companies, segmented by size and economic sector. Additionally, the proportion of each WK component over total assets was calculated. As a result of such calculations, six different WKM strategies where identified as used by companies from the different segments. Afterwards, the profitability by segment was calculated, and a model was proposed to identify the relation between CCC and profitability. The results revealed dissimilar types of relations for the different segments. Finally, the model exhibited different levels of CCC at which the segments maximized their profitability. |
dc.format.extent | 89 |
dc.format.mimetype | application/pdf |
dc.language.iso | spa |
dc.rights | Derechos reservados - Universidad Nacional de Colombia |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/ |
dc.subject.ddc | 330 - Economía::332 - Economía financiera |
dc.title | Gestión del capital de trabajo y rentabilidad. Evidencia empírica de empresas en Colombia |
dc.type | Otro |
dc.rights.spa | Acceso abierto |
dc.description.additional | Línea de Investigación: Gestión funcional |
dc.type.driver | info:eu-repo/semantics/other |
dc.type.version | info:eu-repo/semantics/acceptedVersion |
dc.publisher.program | Bogotá - Ciencias Económicas - Maestría en Administración |
dc.description.degreelevel | Maestría |
dc.publisher.department | Escuela de Administración y Contaduría Pública |
dc.publisher.branch | Universidad Nacional de Colombia - Sede Bogotá |
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dc.rights.accessrights | info:eu-repo/semantics/openAccess |
dc.subject.proposal | Working capital |
dc.subject.proposal | Capital de trabajo |
dc.subject.proposal | Working capital management |
dc.subject.proposal | Gestión de capital de trabajo |
dc.subject.proposal | Profitability |
dc.subject.proposal | Rentabilidad |
dc.type.coar | http://purl.org/coar/resource_type/c_1843 |
dc.type.coarversion | http://purl.org/coar/version/c_ab4af688f83e57aa |
dc.type.content | Text |
oaire.accessrights | http://purl.org/coar/access_right/c_abf2 |
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