Repositorio Institucional Universidad EAFIT ::Examinando por Materia "Estructura de capital"

Examinando por Materia "Estructura de capital"

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Acceso a financiación para soportar la estrategia de internacionalización de Cementos Argos S. A. : caso empresarial
(Universidad EAFIT, 2023) Mapura Bañol, Pamela; Sánchez Gómez, Manuel Alejandro; Restrepo Tobón, Diego Alexander
In 2012, Cementos Argos S. A. faced one of the most transcendental financial decisions in its history: to define among different options the best one, to finance the continuity of its internationalization strategy; this strategy, which had started in 2005 with the acquisition of two North American companies: Southern Star Concrete Company and Concrete Express and which sought to increase its presence in the United States and Central America considerably starting in 2013, to become an important competitor in the American continent in the cement and concrete industry. In this case study, the reader must decide which will be the best financing option considering the financial situation in 2012 and the changes in the capital structure and cost of capital, explore new options or abandon the transaction.
Análisis de generación de valor y estructura de capital de la compañía RBR Textiles S. A. S.
(Universidad EAFIT, 2024) Suárez Arango, Juliana; Galeano Agudelo, Yurany Sayury; Támara Ayús, Armando Lenin
Análisis de la estructura de capital de las grandes empresas del sector de alimentos en Colombia (1999-2003)
(2005-08) Pérez Rave, Ana María; Acevedo Echeverri, Carlos Alberto
Análisis de los elementos que tiene en cuenta la empresa Operadora de Transporte del Otún S. A. S. para medir el retorno de sus inversiones sin tener definido la estructura del costo de capital
(Universidad EAFIT, 2018) Vargas Pérez, Nathalia; León Piza, Angie; Orozco Echeverry, César Augusto
In order to study the elements that a company takes into account to assess the return on its investments without having defined the cost structure of capital, this study will analyze between the ways actual measurement is done and how it should be, by giving to the company Operadora del Otún S.A.S. a model with financial bases that allows it to calculate the cost structure of its capital incorporating changes in the environment and the internal structure of the company -- To achieve this objective, mixed research methodology will be applied, conducting interviews and surveys in the company Operadora del Otún S.A.S. and comparing the qualitative findings with the technical financial calculation -- It is expected that the proposed model will be applicable in the company and have use for decision making, to the extent that the information collected and provided by the shareholders and other participants is real and true -- Likewise, it is important to clarify that the result of the model will not be of general application in all entities, since specific characteristics of the current situation of the company under study are taken into account, and although in general terms they may be similar to others -- The impact of the financial strategy and its corporate management may alter the final result of the model
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
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
Aspectos que una empresa debe tener en cuenta para incursionar en el mercado de valores
(Universidad EAFIT, 2018) Muñoz Jaramillo, Jhon Alexander; Villa Tabarquino, Jorge Mario; Restrepo Laverde, José Valentín Antonio
Corporate finance involves an infinite number of concepts that need to be studied by financial administrators for appropriate decision making -- Corporate finance comprises a number of concepts that must be studied thoroughly by financial managers for proper decision making -- One of them corresponds to the composition of the financial structure, a matter that will always be discussed from many angles -- This time it will be addressed from the stock issuance variable, as one of the options that must be taken into account to optimize the results of the debt-equity combination, in order to generate value for companies -- The process will be carried out through an exploratory-descriptive research, with the study of two specific cases of companies located in Manizales and the municipality of Tocancipá, department of Cundinamarca -- The intention is to obtain an analysis so that companies in general identify the most relevant characteristics that must be taken into account when envisaging the possibility of participating in the stock market, and generate comparison tools for researchers who wish to delve into this issue
Comportamiento de la estructura de capital en los principales fondos inmobiliarios de Estados Unidos
(Universidad EAFIT, 2020) Díaz Morales, Sebastián; Vergara Garavito, Judith Cecilia
Capital structures of the major US real estate firms, during the period 2000 to 2019, are studied in this empirical investigation. In addition, it is validated if the respective structures create or destroy value for their shareholders. At a methodological level, real estate profitability is analyzed based on the capital invested. It is presumed that an adequate capital structuring through financing helps a fund to generate value over time: if there are stable macroeconomic situations. The findings support the hypothesis of a direct link between short-term financing and profitability, the same as the associated business size. Similarly, financial obligations and long-term debts compromise profitability; but with a lower net impact than well-structured current financing.
La crisis financiera de 2008 y el efecto de la estructura de capital sobre el desempeño financiero de las empresas del sector de la construcción en Colombia
(Universidad EAFIT, 2021) Whitaker May, Mitzy Paola; Vergara Garavito, Judith Cecilia
The purpose of this document is to evaluate the impact that the 2008 financial crisis generated on the relationship between the capital structure and the performance of companies in the Colombian construction sector. The panel data estimate shows that this relationship was negative and that the crisis did not alter it.
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.
Deleveraging and liquidity strategies Construcciones El Condor
(Universidad EAFIT, 2021) Serna Correa, Diego Armando; Sánchez, Ribero, Gustavo A.
Study of different alternatives to carry out financing and deleveraging operations in the Colombian market for Construcciones el Cóndor. one of the biggest multinational construction companies in the country. This to comply with the payment of the maturities of the corporate bonds issued as of 2020. At the same time, the study seeks to optimize the firm´s capital structure based on high demand for resources inherent to the business, represented as equity contributions, which are resources required to funding some infrastructure projects under the public-private partnerships scheme, retentions in guarantee of construction works, and backups required to cover several risks associated with the construction business. Through an analysis of different alternatives, such as refinancing, bond issues with or without collateral, and the sale of assets, we determine the best actions to take in terms of time and cost, enabling continuity of the business in the medium term.
Determinantes de la estructura de capital en empresas del sector floricultor
(Universidad EAFIT, 2021) Ocampo Aristizabal, Adriana Mileidir; Ubaque Pimentel, Ivonne Alexandra; Vergara Garavito, Judith Cecilia
This degree project is focused on the study of the identification of the factors that determine the capital structure at both a financial and macroeconomic level, focused on the Colombian floriculture sector. There was evidence of a gap in the literature, since although studies have been carried out on the determinants of the capital structure in the floriculture sector with a focus on financial determinants, they have not included macroeconomic variables within the analysis. The methodology to be used is a multivariate regression, and the technique to validate the hypothesis was a data panel that allows the analysis of information that includes data with a temporal dimension with another or other cross-sectional ones, to perform a linear regression model that allows demonstrate the relationship between the mentioned variables.
Determinantes de la estructura de capital en la industria aérea colombiana
(Universidad EAFIT, 2019) Duran Parra, Heyber Daney; Figueroa López, Greyz Andrea; Vergara Garavito, Judith Cecilia
The competitiveness of the market has been redefined to the different airlines its capital structure to achieve a combination between debt and equity to obtain increased profitability. This research is seeking to identify which are the determinants of the capital structure and what theory explained better financing decisions in the six principal Colombian airlines that transport passengers, using a data panel regression along with a fixed effects model with the information biannual collected between 2012 and 2017. The results prove that the operational profitability, the growth, the asset structure and the company size are the main determinants of the capital structure, aligning with what is indicated in the theory of trade off and the theory of pecking order.
Determinantes de la estructura de capital en la industria química colombiana
(Universidad EAFIT, 2020) Echeverri Castaño, Cristian Andrés; Escobar Ortega, Javier Esteban; Vergara Garavito, Judith Cecilia
Determinantes del pago de dividendos de compañías no listadas en bolsa en Colombia
(Universidad EAFIT, 2021) Jaramillo Morales, Juliana; Mejía Jaramillo, Alejandro
This analysis aims to identify the determinants of dividend payments in companies not listed on the stock market in Colombia. For this, the construction of a linear regression model is carried out starting from a bibliographic review, where external and internal factors are identified, the latter related to the financial health and the life cycle of the companies, the regularity in the payment of dividends, agency conflict and information asymmetry. Subsequently, the incidence level of these variables in a selected sample of private companies is compared, in which it is found that the variation in GDP, the effective tax rate, growth in sales, investment in assets, indebtedness and the generation of value are the factors that most affect the dividend policy. Finally, a comparative sectorial analysis is carried out and recommendations regarding its distribution are proposed.
Estimación de rating sintético como método de calificación de riesgo crediticio de pymes en Colombia
(Universidad EAFIT, 2018) Herrera Devia, Jeisson Andrés; Velasco Mora, Victoria Margarita; Sánchez Ribero, Gustavo Alberto
Estrategia de cobertura para mitigar el riesgo cambiario en una empresa del sector industrial en el Valle del Cauca
(Universidad EAFIT, 2019) Gómez Saldarriaga, Jessica Paola; Vásquez Román, Juan José; Waserman Álvarez, Jean Paul
This paper aims to develop and evaluate the main factors in the design of one foreign exchange hedging strategy for a company in the industrial sector in Valle del Cauca, as a mechanism to mitigate the present risks in exchange rate fluctuations. In this way, the income statement and the capital structure of the company are protected from the possible effects in the exchange rate variations on the assets, current liabilities, operating profit, net income and therefore on its financial indicators. For this, it is intended to analyze the company's exposure to this kind of risk, the different tools and mechanisms currently used for its management, and also this paper contains a small exchange rate financial derivatives summary, in order to identify the appropriate hedging strategy for this company.
Estructura de capital eficiente en el negocio de hipermercados en Colombia
(Universidad EAFIT, 2020) Vega Cardona, Estefania; Angarita Macias, Diana Paola; Vergara Garavito, Judith Cecilia
Capital structure has been subject of study for a long time, given its importance in the main objective of finance, companies value maximization, this issue has been analyzed in several sectors of the economy, however has been omitted one of the fastest growing sectors, retail, focused on hypermarkets. In Colombia companies of this industry are increasing, growing up the appetite of different national and foreign investors to enter in this industry, and this is where the problem of this document is born, searching of the analysis of the main factors to determine the efficient capital structure of these companies looking to support the investment increase in the industry and provide more tools to investors for the investment analysis.
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.

Examinando por Materia "Estructura de capital"

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