La gestión del capital de trabajo y su relación con el rendimiento financiero en el sector textil de la provincia de Tungurahua
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Date
2021-06
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Abstract
El presente proyecto de investigación tiene por objetivo determinar el grado de
incidencia de la gestión del capital de trabajo en el rendimiento financiero de las
empresas del sector textil de la provincia de Tungurahua. Analizando el
comportamiento de los indicadores que miden la gestión de capital y el rendimiento
financiero, dentro de un período de tiempo determinado. Adicionalmente tomando en
cuenta los aspectos que pudieron influir en dicho comportamiento, sin dejar de lado la
medición del grado de correlación entre las variables para comprender su relación.
Para la presente investigación se empleó un modelo econométrico de datos de panel
que comprende la magnitud temporal de tres años: 2017, 2018 y 2019 de este modo se
analiza su desempeño a través del tiempo, mediante una serie de datos que permite
evaluar el rendimiento financiero y la gestión del capital de trabajo.
La gestión del capital de trabajo es considerado como un factor clave en las empresas
para mantener sus actividades operando con normalidad. Sin embargo en algunos
casos se menosprecia su potencial impacto negativo en el rendimiento financiero de
las empresas.
Description
The objective of this research project is to determine how the management of working
capital impacts the financial performance of companies in the textile sector in the
province of Tungurahua. Analyzing in a certain way how the indicators that measure
capital management and financial performance have behaved within a period of time,
taking into account the aspects that could have influenced their fluctuation, without
neglecting the measurement of the degree of correlation between the variables to
understand their relationship.
For the present research an econometric model of panel data was used that couples the
temporal magnitude of three years; 2017, 2018 and 2019 in this way to analyze their
proceeding with the passing of time, along with a series of data that allows evaluating
their financial performance and working capital management.
Working capital management is considered a key factor in companies to keep their
operating activities running smoothly, however in some cases its negative impact on
the financial performance of companies is underestimated. Key indicators such as days receivable turnover and inventory turnover i.e. the days that inventories remain in
warehouse for sale can significantly influence the financial performance of the
company, because they are being financed externally i.e. by its suppliers.
The control variables also play a very important role in this analysis, since the sales
growth indicator and the company size indicator have a significant influence on the
return on assets that allow us to evaluate how companies in the textile sector evolve
with proper capital management from year to year.
Therefore, current assets play an essential role since they determine the company's
payment capacity and minimize operating risks. In addition to being an important
aspect analyzed when granting credit to both financial institutions and suppliers.
Keywords
CAPACIDAD DE PAGO, CAPITAL DE TRABAJO, INDICADOR DE CRECIMIENTO EN VENTAS, RENDIMIENTO SOBRE ACTIVOS