Análisis de la estructura de capital del sector alimentos en Colombia
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El término estructura de capital hace referencia a la relación entre los recursos
propios y ajenos que utiliza la empresa con objeto de sustentar el total de
inversiones. Toda oportunidad de inversión real está acompañada y condicionada
por decisiones de financiación, las cuales determinan la composición del capital
entre deuda y recursos propios.
El presente estudio abarcó desde la revisión del estado del arte sobre el estudio de
la estructura de capital hasta el desarrollo de un modelo aplicado de estructura
óptima de capital para el sector alimenticio. Se incorporó la modelación de costo de
deuda por metodología múltiple discriminante y costo de capital por metodología
CAPM extendido con Fama-French, en aras de minimizar el WACC y por ende
demostrar de una manera empírica la generación de EVA que conlleva. Esto,
basado en la información de los estados financieros reportados por las 567
empresas que conforman el sector durante el periodo 2016 - 2018 a la
Superintendencia de Sociedades.
Como resultado final del trabajo; la implementación de una estructura óptima de
capital para el sector de alimentos hubiera generado un incremento de 103.783 MM
en el EVA del sector. Sin embargo, es importante destacar que cada compañía debe
encontrar además de su Óptimo, su Estructura Eficiente de Capital, la cual le
permite maximizar la generación de valor y minimizar el riesgo de cambios en
calificación crediticia.
Capital structure term refers to the relation among internal and external resources that make up financing of a given company. All real investment opportunities come with and are conditioned by finance decisions, which determine the composition of the capital between debt and internal resources. The present study ranged from a review of the state of the art on the study of capital structure to the development of an applied model of optimal capital structure for the food sector. Modeling cost of debt by multiple discriminant methodology and cost of capital by extended CAPM with Fama-French methodology were incorporated, in order to minimize the WACC and therefore empirically demonstrate the generation of EVA® that it entails. It was based on financial statements reported by the 567 companies of food sector during the 2016-2018 period to the Superintendencia de Sociedades. As a result, the implementation of an Optimal Capital Structure of Colombian food sector would have generated an increase of $ 103.783 MM in EVA ®. Although it’s important to remark that each company must find not only their Optimal but the Efficient Capital Structure that maximizes value generation and minimizes risk in credit qualification.
Capital structure term refers to the relation among internal and external resources that make up financing of a given company. All real investment opportunities come with and are conditioned by finance decisions, which determine the composition of the capital between debt and internal resources. The present study ranged from a review of the state of the art on the study of capital structure to the development of an applied model of optimal capital structure for the food sector. Modeling cost of debt by multiple discriminant methodology and cost of capital by extended CAPM with Fama-French methodology were incorporated, in order to minimize the WACC and therefore empirically demonstrate the generation of EVA® that it entails. It was based on financial statements reported by the 567 companies of food sector during the 2016-2018 period to the Superintendencia de Sociedades. As a result, the implementation of an Optimal Capital Structure of Colombian food sector would have generated an increase of $ 103.783 MM in EVA ®. Although it’s important to remark that each company must find not only their Optimal but the Efficient Capital Structure that maximizes value generation and minimizes risk in credit qualification.