Repositorio Institucional Universidad EAFIT ::Examinando por Materia "DEUDA"

Examinando por Materia "DEUDA"

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Análisis de la integración y la relación con el costo de la deuda de los factores ASG en las empresas incluidas en los indices de Latinoamérica
(Universidad EAFIT, 2023) Velásquez González, María Alejandra; Vergara Garavito, Judith Cecilia
Nowadays there is a strong tendency in the integration of ESG practices (environmental, social and governance) in the financial and real sector worldwide. Studies have been made in developed countries, nevertheless there are not enough studies for emerging economies such us the Latin-American ones, which represent different realities due to economic, social and politic variables. As a result, this investigation offers an opportunity to analyze this companies relating to their level of integration on ESG factors and the impact that this may have in the cost of debt level through the analysis of historic variables in a regression model of a data panel.
Análisis de riesgo crediticio utilizando matrices de transición
(Universidad EAFIT, 2020) Palacios Caciedo, Aura Liliana; Echeverri Tamayo, Rodrigo Andres; Tamara Ayus, Armando Lenin
Análisis del impacto del escudo fiscal, su incidencia en el valor de las empresas y su estructura de capital: Casos Ecopetrol S.A. y Grupo Nutresa S.A.
(Universidad EAFIT, 2018) Estupiñán García, Alexandra; Vargas Ramírez, Andrea Marcela; Sánchez Ribero, Gustavo Alberto
Recently, the Colombian government issued the Law 1819 of 2016, in which the structural tax reform was formalized, that has a direct affects the financial performance of the country's companies, given that the taxes to be paid have a direct impact on the companies' financial management -- In this sense, the objective of the present document is to develop, through a case study, the analysis of the companies Ecopetrol S.A. and Grupo Nutresa S.A., with regard to the impact that fiscal conditions may have on the indebtedness decisions of companies, their impact on the economic value and capital cost of it -- The propositions of Modigliani and Miller are taken as a conceptual framework to understand what should be the optimal financial structure of a company and what should be the key objectives in the acquisition of debt, taking into account the existence of the costs of financial difficulties
Análisis del modelo del valor razonable en la medición de las propiedades de inversión en emisores privados
(Universidad Eafit, 2020) Duque Tirado, Virginia Helena; Waserman Alvarez, Jean Paul
This document presents an explanation of the subsequent measurement models of investment properties under International Financial Reporting Standards: cost and fair value, and seeks through a empirical study to evaluate if there is an association between the industry, the materiality of investment properties and the level of indebtedness with the choice of fair value as the basis for measuring investment properties in Colombian Private Issuers that report under IFRS to the Financial Superintendence of Colombia, within the framework of the agency's theory, based on the data obtained from their financial statements published for the annual periods ended since December 31, 2015 until 2019.
APV y CCF: el pronóstico de los ingresos y el valor de las empresas
(Universidad EAFIT, 2017) De Vivero Pérez, Héctor José; Correa Lafaurie, Luisa Fernanda
In the present paper a model for valuing companies under conditions of risk and uncertainty from the revenues is structured -- The forecast of the revenues is one of the most important elements in the result of the assessment of any business -- Based on the existing approaches for discount cash flows, specifically of the Adjusted Present Value (APV) and the Capital Cash Flow (CCF), a valuation model expressing the cash flows as a function of future revenues is formulated -- The tax shield is also linked to revenues through measures of leverage or coverage, to derive a single equation that allows you to calculate the value of the company from the revenue forecast -- In the case of companies at risk for the forecast of revenues its probability distribution parameters are estimated based on historical records and appropriate regression analysis -- The proposed model is validated with the evaluation of a group of gas stations
Decisión de apalancamiento relacionado con los impactos económicos empresariales : estructura de capital de las compañías que cotizan en bolsa
(Universidad EAFIT, 2018) Quintero Quintero, Julián Andrés; Rueda Beltrán, Fanny; Restrepo Barth, Simón
Starting from the case that there’s no optimal capital structure and that the impact of the companies’ debt level is required to be assessed, this paper analyses the factors that usually the financial administrators take into account in order to decide whether acquire, raise, maintain or avoid debt. For the study of the contributing factors in those decisions, it will be taken into account those companies in Colombia that quote in the stock market.
Determinantes del endeudamiento financiero de las empresas del segmento PYME en Colombia entre los años 2011 - 2015
(Universidad EAFIT, 2017) Sanclemente Sanclemente, Daniel; Gómez Castrillón, Jaime Andrés; Restrepo Tobón, Diego Alexander
El presente trabajo de investigación analiza la evolución del nivel de endeudamiento de las empresas durante el periodo comprendido entre los años 2011 a 2015, haciendo un énfasis especial sobre las empresas segmentadas como PYMES, catalogadas de esta manera por su nivel de activos -- A través de cuatro modelos de regresión (logit, probit, regresión lineal y panel de datos) analizaremos el comportamiento del nivel de endeudamiento de las compañías y su relación directa con los indicadores de operación, tales como: capital de trabajo neto operativo, flujos de caja, la evolución de los ingresos, el pago de dividendos, el patrimonio positivo de las empresas y el tamaño de las mismas; de igual manera, se establecerá la relación entre el nivel de efectivo y las decisiones de inversión apalancadas con el sistema financiero, situación explicada en la teoría de la jerarquía financiera -- Esperamos que los modelos de regresión utilizados nos permitan encontrar los determinantes que estimulan el acceso al endeudamiento financiero, tanto de corto como de largo plazo en Colombia -- Precisando finalmente, que el foco de estudio del presenta trabajo es en el segmento PYME
Determinantes del riesgo de incumplimiento en créditos educativos : un análisis para Colombia
(Universidad EAFIT, 2020) Granda Rodríguez, Manuela Andrea; Posso Suárez, Christian Manuel
This document uses non-parametric Machine Learning methodologies, in particular the XGBoost algorithm, to predict the risk of non-compliance with educational credits in Colombia offered by ICETEX between 2015 and 2018. The interest variable is the risk of default in student credits and is used as variable determinants associated with the socioeconomic level of students, as well as school information and academic achievement for each student. The main results show that socioeconomic variables with very good default predictors, in particular variables such as parent education and scores on critical reading tests are strong predictors. The results found contribute to economic and social policy decisions on the design of methods for higher education coverage through meritorious credits with public and private funds.
Diagnóstico financiero Pinturas y Yesos S.A.: período 2008 - 2012
(Universidad EAFIT, 2014) Vargas Diaz, Laura Mercedes; Gómez Salazar, Elkin Arcesio; Uribe de Correa, Beatríz Amparo
PINTURAS Y YESOS S.A. es una empresa familiar dedicada principalmente a la comercialización de materiales para la construcción en el departamento de Antioquia --El presente trabajo está orientado a evidenciar la problemática, en términos financieros, de la empresa y luego plantear algunas recomendaciones para la misma -- Un diagnóstico de la situación financiera de la empresa, fue el medio empleado para cumplir con el objetivo planteado -- Dicho diagnóstico se realizó a través del análisis financiero, el cual comprende unanálisis vertical y horizontal de los estados financieros, además del cálculo de los indicadores -- Se realizó, como actividad complementaria, una comparación de la empresa con los indicadores del sector en general; además se analizaron, en términos financieros, algunas empresas del sector, consideradas competencia directa de PINTURAS Y YESOS S.A. -- Con esta información se generó la matriz DOFA de la empresa, en la cual se definen las iniciativas estratégicasque se deberán alinear con el plan estratégico de la empresa y así obtener mejores resultados financieros
Estructura de capital en Pymes: estudio de caso de empresa colombiana
(Universidad EAFIT, 2018) Gallego Escobar, David Alejandro; Restrepo Tobón, Diego Alexander
The capital structure of a company is determined by the set of financial decisions that administration takes day by day, in order to maintain liquidity, be profitable in time and generate value -- While the generation of value is the main objective of any organization, there is no magic formula to define an ideal financial structure for a company, clarifying that the financial structure is given by a balance between funding sources and forms investment -- High indebtedness may be good for some companies and harmful for others, an investment may represent a low risk for some companies and high for others; among different aspects that vary according to the type of company, its environment, the objectives that the administration establishes and the strategies implemented -- This paper focuses on the capital structure of D&G Grupo Mundial S.A.S., as well as to establish the optimal capital structure for this company and macroeconomic variables
Estructura de capital óptima de empresas del sector renting de vehículos en Colombia
(Universidad EAFIT, 2024) Mejía Oquendo, Juan Diego; Jiménez Ramírez, Mariza; Durango Gutiérrez, María Patricia
This project will answer the question of what the optimal capital structure of the vehicle rental sector in Colombia could be; the local economy is increasingly migrating towards a pay-per-use model, which is why companies need to balance their financial structure to leverage their growth. To do so, the financial statements of different companies in the same sector will be analyzed, addressing theories applied to capital structure, such as the CAPM, the theory of the trade-off between debt and capital, and others related, allowing to find the optimal structure by maximizing the value of the company and minimizing the cost of capital. This research could be a determining input permitting the reader to define the optimal capital structure for companies in the vehicle rental sector in Colombia.
Evolución de la deuda privada en Colombia, 2006-2011
(Universidad EAFIT, 2012) Londoño, Juan Felipe; Villa Vélez, Miguel Santiago; García Rendón, John Jairo
The objective of this report is to investigate the evolution of corporate debt in the Colombian economy between 2006 and 2011. This investigation is focused on a descriptive, technical and econometric, analysis of the markets’ dynamics and behavior. It can be noted that there is some difficulty in the issuance of bonds of low denomination and low qualification. It would be therefore necessary to carry out certain institutional changes that could potentially augment the size of the bond market and thus contribute to the economic development of Colombia.
Financiando el crecimiento
(Universidad EAFIT, 2017) Marín Restrepo, Camilo Andrés; Correa Lafaurie, Luisa Fernanda
Financing growth is one of the main challenges today for entrepreneurs, since there are different debt and equity alternatives in the market for the different growth phases, but some of these are not affordable for the majority because companies are in early stages of business development -- The cash consumption demanded by growth must be predictable for the administrative team, which must define the optimum mix of debt and capital for each growth stage; this is not a standard and will depend on the type of industry and the development of the financial market in which it is -- The failure of business in its early stages is explained because they are unable to define their optimal debt / equity structure, where some may be constrained by market alternatives, while others are limited by the lack of financial knowledge in their executive team -- Therefore, this study aims to present the different alternatives offered by the financial system and its link with the different stages of growth, to provide a practical guide that allows entrepreneurs to project their growth, have a glossary of financial instruments for the different stages and their applicability
Impacto de la divulgación de las políticas ASG en el costo de la deuda (KD) : análisis multivariable en compañías de los principales sectores de la economía europea
(Universidad EAFIT, 2024) Arroyave Zapata, Daniel; Saldarriaga Parra, Alejandro; Téllez Falla, Diego Fernando; Restrepo Ochoa, Diana Constanza
The main objective of this study is to determine to what extent the level of disclosure of the investments made by companies, in the environmental, social and governance (ESG) in the cost of debt (Kd). The methodology used to resolve this question was a data panel type model, for which a database was built with companies from the main economic sectors in the European market, along with the main financial indicators and the scores of each pillar. ASG as predictors or independent variables, and Kd as response variable; additionally, control variables considered important were used, such as company size, liquidity, and growth, to give greater reliability to the model regressions. The results showed that companies that present better financial results have been able to make greater investments in socio-environmental aspects, which has allowed them to obtain a lower cost of debt; however, companies that already make high investments and obtain very high scores stop receiving this benefit and once again have a higher cost of debt
Instrumentos de financiación Mezzanine
(Universidad EAFIT, 2014) Olmos Mora, Martha Lucia; Uribe Ochoa, Beatríz
El instrumento mezzanine es una alternativa de financiación para las empresas, se encuentra entre la deuda y el capital toma características de ambos, permite proyectar y apoyar el financiación en las etapas de start-up, expansiones y apalancamiento para compras de empresas -- Cuando una empresa decide tomar este instrumento debe tener en cuenta sus beneficios, ventajas y desventajas, además de conocer la finalidad de la financiación debido a su mayor desventajas el alto costo -- Por otro lado, el inversionista mezzanine requiere especial énfasis en el análisis de las empresas que necesitan este financiamiento, el mezzanine aunque entrega rendimientos por encima de una deuda sénior, genera riesgo debido que se encuentra subordinada -- El sector que más utiliza esta herramienta es petroleo y gas, aunque otros sectores ya se estan involucrando aún hay bastante camino por recorrer al parecer debido a la falta de propagacion en Latinoamerica y otras latitudes -- En el caso de Latinoamérica, a pesar que las ventajas superan las desventajas, el instrumento mezzanine no es tan utilizado para la financiación de las empresas como si lo es la financiación tradicional a través de créditos bancarios, todo ello debido a la falta de conocimiento y temor en algunos casos que lo ven como una pérdida de poder en las empresas -- Por otro lado, la financiación mezzanine ha trabajado la mayoria del tiempo en EE.UU. y Europa y se estudia con más detalle un conjunto de casos mezzanine, y se analizan los factores determinantes del mezzanine respecto al crédito tradicional
Interest Rate Swaps (IRS) y Cross Currency Swaps (CCS), oportunidades de gestión de riesgos para las empresas colombianas
(Universidad EAFIT, 2014) Bigliardi Villa, Renato; Garcés Mejía, Eduardo; Ga
El desarrollo del mercado de valores colombiano en los últimos años ha abierto las puertas a los inversionistas nacionales a un sinnúmero de oportunidades de inversión y financiación que correctamente administradas pueden generar importantes beneficios económicos -- Esta repentina apertura, en algunos casos ha tomado por sorpresa y poco preparados a los agentes del mercado nacional -- La incertidumbre que caracteriza los mercados financieros tanto nacionales como internacionales, es uno de los principales factores de riesgo que se asumen al momento de realizar operaciones en estos, lo que en la mayoría de los casos inhiben a las empresas colombianas del sector real a acercarse al mercado de valores para obtener financiación, generar oportunidades de inversión o incluso arbitraje -- En el desarrollo de este trabajo se pretende demostrar como el correcto uso de los instrumentos derivados financieros y principalmente de los Interest Rate Swaps (IRS) y los Cross Currency Swaps (CCS) como herramientas de cobertura de los riesgos de tasa de interés y de tasa de cambio pueden ser una excelente alternativa para la administración de portafolios, planes de inversión y endeudamiento, permitiendo así a las empresas colombianas aprovechar diferentes oportunidades de inversión y crédito al mismo tiempo que circunscriben el riesgo que pueden administrar y que estas empresas están dispuestos a asumir
Modelo de medición de riesgo crediticio aplicado a cooperativa multiactiva
(Universidad EAFIT, 2022) Aguilar Narváez, Lina Marcela; García Herrera, Melissa; Rojas Ormaza, Brayan Ricardo
Credit risk management is a structured approach that solidarity organizations have adopted to identify, measure, monitor and effectively control risk, so that they can take timely decisions to prevent and reduce the default in the payment of obligations by partners. The objective of this paper is to design a model for measuring credit risk to comply with the guidelines given by the regulatory entity and allows standardizing the process of granting credit to a multi-active cooperative in order to help in decision-making, especially by the credit and portfolio evaluation committees. For this, Logistic Regression, Decision Tree and Random Forest models were used, in order to determine from efficiency the most appropriate model for this organization.
Modelo de retorno de equilibrio en la deuda americana
(Universidad EAFIT, 2024) Montañez Díaz, Adrián Felipe; Angulo Forero, Santiago Felipe; Velásquez Durán, Isabella; Gallo Restrepo, Juan Carlos; Durango Gutiérrez, María Patricia; Díaz, Walter
Nowadays, many institutional investors use classic models, such as the Nelson-Siegel-Svensson model, which, through certain parameters, allow the estimation of the yield curve to make informed investment decisions. Despite the general approval of these models, the economic dynamics are changing, which is why, in this work, the nodes of the US yield curve were modeled through linear regression models, machine learning and deep learning, given a defined future scenario. With the result of the projection, the curve was generated by 4 methods, of which the cubic spline resulted to be the best fit.
Modelo de scoring para una entidad financiera especializada en el otorgamiento de crédito de vehículos
(Universidad EAFIT, 2022) Astudillo Girón, Valeria; Rojas Ormaza, Brayan Ricardo
This paper presents the design of a credit scoring model at the stage of granting credit to an entity specialized in vehicle financing, to identify the probability of default of creditors effective until April 2020, including the most relevant variables according to the methodology developed. This stems from the need of the entity to implement practices that allow it to control possible losses in its assets, taking into account that credit scoring are statistical models that support the management of credit risk in its measurement and monitoring
Modelo de seguimiento de riesgo de crédito para el cliente independiente de una entidad financiera de Valle del Cauca
(Universidad EAFIT, 2020) García Montealegre, Nathalia; Granja García, Vanessa Nathaly; Ospina Mejía, Jaime Alberto
The purpose of this research is to propose a credit risk monitoring model for the independent profile client portfolio of a financial entity in Colombia´s department of Valle del Cauca, which provides information related to relevant variables associated to the analysis and management of the credit risk of this segment. The development of the monitoring model allows the grouping of the clients according to their characteristics and classifying them by their level of risk, predicting a possible default with more certainty and taking preventive actions against this fact, allowing in turn to comply with the risk policies defined in the Credit Risk Management System (Sistema de administración de riesgo de crédito, SARC), regulated in Colombia by the Superintendencia Financiera and based on the reference framework of the Basel Accords. The methodology used is that of data mining techniques such as clustering; the evaluation is carried out using decision trees; at the end the recommendations are presented.

Examinando por Materia "DEUDA"

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