Theoretical Basis of Working Equity



Working capital management currently has a predominant role, as it provides tools of the utmost importance to assess management errors and adopt correct and timely measures that allow us to achieve the desired results, reaching the end of each period of greater efficiency. and effectiveness.


In today's world there are significant transformations in the functioning of the world economy, characterized by a global recession, in which Cuba is not completely excluded from its effects, nor is it alien to the evils affecting humanity; what has led to substantial changes in business activity, so making decisions to lead an organization properly is somewhat complex and represents a major responsibility for the people who undertake such a commitment. These decisions, which largely determine the success of a company and its governing body, are the result of intelligent and prepared management. In this way, every manager must have a culture that allows him to assess the impact of his decisions from the economic and financial point of view; Considering a better use of resources, increasing labor productivity, achieving better results at less cost, which can be achieved with effective working capital management.

Research on working capital analysis is vital given the growing process of national economy recovery and given that business improvement is self-financing, which requires companies to cover their expenses with their income. them. and generate a profit margin so that they are increasingly efficient and competitive, and achieve a rational use of the Company's reserves for its best operation.

In the quest for better working capital management, a number of factors influence how efficient the management of monetary resources is, the provision of reasonable credit and efficient collection management, an adequate inventory management, and an effective use of short-term financing. all of these elements will make it possible to obtain favorable results and sustainable company growth.

Definition of working capital

There are countless authors devoted to the study of operational financial management, which refers to the company's operational activities and in particular fall into the area of ​​Net Working Capital.

(Altschule. H, 1945), raises various criteria for Net Working Capital, among which are "the number of monetary units invested in current assets that have not been pledged for short-term liabilities". "It is a surplus of Assets on Liabilities and represents the amount of Current Assets not supplied by short-term creditors." "Just the difference made when comparing the total of Current Assets, at a given date, with total liabilities, also short-term or short-term. The result of this comparison shows the resources the company serves in its operational and financial activities, without needed to go to extraordinary funds. "

The criteria according to (Gitman, 1986), in Net Working Capital, are: "the difference between the current assets and liabilities of a company". Equity Labor also states that: "it is the portion of the Company's current assets that are financed by long-term funds".

According to (E. Santandreu, 1989), working capital should be viewed from two perspectives: "The static view: is the difference between the capital employed by the enterprise permanently and the investment in fixed assets". "Dynamic view: the financial need that is cyclically occurring in the company as a result of changes in activity levels. This relationship is derived from the difference between current assets (investments) and short-term liabilities (financing)." exceed the financing of fixed assets. "

As he notes (Weston, 1994): "Working capital is the investment of a company in short-term assets (Cash, net sales, receivables and inventories). Working capital is defined as current assets minus current liabilities."

Likewise, as he suggests (Brearley, 1998): "Net Maneuvering Fund is Actual Assets minus current liabilities".

As he mentions (Demestre, 2002): "Net Working Capital is:" the funds or resources with which a short-term company operates, after covering the amount of debt that also expires in the short term. "

As for the professor (G. E. Gómez, 2004): "Working capital can be defined as:" the difference that occurs between the assets and the current liabilities of the company ".

As he argues (W. Silva, 2004): "Gross Working Capital refers simply to Actual Assets".

According to (Espinosa, 2005) and (Lamar, 2012): "Working capital is the investment that is executed on current assets and the funding needed to sustain it."

There are two definitions of working capital that appear to have been generally accepted:

"Working capital is a surplus of current assets of current liabilities, it is current assets that are supplied by long-term creditors and shareholders. In other words, working capital represents the amount of current assets that were not supplied by short-term creditors."

It can be argued that a company has a working equity when its current assets are greater than its short-term liabilities, which means that if an organizational entity wants to start a commercial or manufacturing operation, it must manage a Minimum Working Capital that will depend on the activity of each.

This definition is qualitative, as it indicates the potential availability of current assets more than current liabilities; It represents an index of financial stability or hedge margin for current creditors and for future normal operations.

The immediate availability of working capital depends on the type and liquid nature of the current assets such as Cash, Temporary Cash Investments, Income Accounts and Inventories. When working capital is so determined, it cannot be increased by bank loans or by extension of credit by creditors.

Working Equity represents the amount of Current Assets to be left if all current liabilities are paid off, assuming there is no loss or profit when converting Current Assets into Cash.

The term "Working Capital" is often used to designate those assets that change relatively rapidly from one form to another, that is, from Cash to Operating Costs and Inventories, to Acceptable Accounts, to Cash. When this term is used to designate current assets, the net amount of current assets is considered Working Capital.

Working capital corresponds to current assets, while net working capital is equivalent to current assets surplus on current liabilities. There is a deficit of Net Working Capital if current liabilities exceed current assets.

In the current investigation, these definitions are considered valid and we accept them, so equity will be determined as the difference between current assets and current liabilities, that is, as long as current assets exceed current liabilities, the Company will have a Positive Working Capital Net. Therefore, the existence of working capital is related to the liquidity of the organization.

Origin and need for working capital

As he points out (F. Weston, 1994), the term Capital originated with the legendary American pacotiller, who once loaded his car with numerous goods and traveled a route to sell them. The said trade was called Working Capital because it was what was actually sold, or what was "rolling down the road" to generate profits. The car and horse were, therefore, funded with "Working Capital", but the pacotillero sought on credit the funds needed to purchase the goods. These loans were known as Working Capital loans and had to be repaid after each trip to tell the bank that the loan was stable. If pacotillero was able to repay the loan, then the banks that followed this procedure used strong banking policies.

The criterion (GE Gómez, 2004) on the origin and need of working capital is that it is based on the environment of the company's cash flows that can be predictable, also based on knowledge of the maturity of the liabilities with third parties and the terms of the credit each of them, but in reality what is essential and complex is predicting future cash receipts, as tools such as accounts receivable and inventories are items that in the Deadline are difficult to convert to Cash, this shows the more predictable the future cash inflows are, the lower the Working Capital the company needs.

Other criteria are given by various authors for the need of Working Capital Net, among which are:

  • High share of current assets in total assets of companies, so Current Assets require careful attention. (Weston, 1994)
  • Avoid "imbalances" that are the cause of "strong liquidity tensions" and "situations that force payments to be suspended or the enterprise to shut down because they do not have the credit needed to deal with it" (Santandreu, 1989).
  • "The non-synchronous nature of company cash flow" (Gitman, 1986). Although the payment may be relatively predictable, "it is quite difficult to predict the date on which non-cash and other current assets may become Cash."
  • Much of the time is devoted by most financial managers to the day-to-day internal business of the company, which is managed by Working Capital. (Weston, 1994).
  • "The profitability of a company can be affected by the excess investment of working capital." (Demestre, 2002)
  • It is inevitable to invest in Money, Accounts Receivable and Inventory, even if it is in rented facilities and equipment; this, coupled with the fact that, at times, entry into the Long Term Capital Market is difficult, so there needs to be a solid foundation in commercial credit and short term bank loans, all of which affect working capital. (Weston, 1994)
  • There is a close and direct relationship between sales growth and the need to finance current assets (causal relationships). (Weston, 1994).
  • Company survival, translated into its ability to cover its short-term liabilities to the extent that it expires, ie, the probability of being technically disabled: Risk. (Demestre, 2002).
  • Existence of "Current investments that must be financed with permanent funding" (Santandreu, 1989). These investments are:
  1. Security stock; that is, permanent shares in the company to maintain accurate rotation without interruption and an adequate profit index.
  2. A portion of the treasury that must remain immobilized for some reason (Example: accounting, financial investments).

All of these elements justify the need to fund investments with the characteristics of Short Term or Current Investments with permanent funding or resources.

Net working capital management

Company Financial Management is that management function whose mission is the proper management of financial resources to achieve the company's strategic objectives, performance and growth. At the present time, financial administration has a dominant role, as it provides tools to assess management errors and adopt accurate and timely measures that allow us to correct behaviors that allow us to achieve the desired results, ie. to know what issues need correction and the causes that justify it.

One of the essential elements in financial management is the management of working capital, whose main objective is "the management of company current accounts that include current assets and liabilities" (L. Gitman, 1986), so that these are maintained in an acceptable level (W. Silva, 2004).

(W. Silva, 2004) explains that working capital must be sufficient in quantity to train the company and conduct its operations on the most economical and without financial constraints, in addition to dealing with emergencies and risk-free losses from a financial disaster I More specifically, a suitable working capital:

  • It protects the business from the adverse effect of a decline in the value of current assets.
  • It enables all liabilities to be paid on time and take advantage of cash rebate deductions.
  • It provides a high degree of maintenance of the company's credit and provides what is needed to deal with emergencies such as strikes, floods and fires.
  • This allows for inventory at a level that will enable the business to serve customers satisfactorily.
  • It enables the company to provide favorable credit terms to its customers.
  • It enables the company to operate its business more efficiently because there should be no delays in obtaining materials, services and supplies due to credit difficulties.
  • It enables a business to endure periods of depression.

The author himself, as (Aguirre, 1992), states that the Company's Actual Assets must be large enough to cover its current liabilities and thereby provide a reasonable margin of safety; It also says that to the extent that current assets exceed working capital needs, the business will have excess working capital, which may be the result of:

  • Issuance of bonds or shares in larger equity.
  • Selling a non-circulating item that has not been replaceable.
  • Profit from operations or profits that do not apply to the payment of dividends.
  • The conversion, not associated with the replacement, of Operating Assets into Working Capital through the impairment process, due to depreciation and amortization.

For her part (Aguirre, 1992), she says that "working capital management decisions and its control are one of the most important functions of financial administration", including:

  • Current assets, mainly accounts receivable and inventory represent the highest Investment Property investment within many enterprises. Current liabilities are often an important source of funding, as it is often impossible to obtain loans.
  • Working capital represents the first line of defense of a business against falling sales. Prior to a downturn in sales, little has to be done by the funder for Fixed Asset or Long-term Debt commitments; However, you can do a lot in terms of credit policies, inventory control, accounts receivable, inventory renewal faster, adopt a more aggressive collection policy so you have more liquidity, and payments can are also pushed to have an additional source of funding.

For its part, (Gitman, 1986), it states that "the greater the amount of existing current assets, the greater the likelihood that some of them will make money to pay off debt". It also clarifies that each company will adopt a specific policy regarding its short-term finances, which consists of two elements:

  • The rate of investment in current assets, which is usually a relative measure of the level of total operating income.
  • Financing current assets, which is a measure of the proportion of short-term debt in relation to long-term debt.

According to (J. Van Horne 1997), "the determination of appropriate levels of current assets and liabilities serves to determine the level of working capital, and includes fundamental decisions about the company's liquidity and the composition of its debt maturities. On the other hand, debt. these decisions are influenced by a compromise between profitability and risk. "

The pillars on which working capital management is based are based on the degree to which good liquidity management can be done, since the broader the difference between the current assets held by the organization and its liabilities Turnover will be the most capable. large to cover short-term liabilities, however, there is a major concern because when there is a varying degree of liquidity associated with each source and each liability, at the time of failing to convert the most current liquid assets into cash, the following will need to replace them since the more they have, the greater the likelihood of obtaining and converting any of them to fulfill the commitments made. (W. Silva 2004).

Working capital components

In both the definition and with respect to Working Capital Management and its importance, Current Assets and Current Liabilities play a key role in making the two components of Working Capital; Each of these components must be managed efficiently to maintain the company's liquidity while maintaining a very high level of each of them (W. Silva, 2004).

Current assets as one of the components of working capital.

Current assets are part of, or is one of, a measure of a company's total assets and is comprised of the company's most liquid assets, including the most representative accounts of assets and rights that will be converted into cash in a non-current period. older than one year (Demestre et al., 2001).

The main characteristics of current assets are (Smith, 1989):

  • Availability and Purpose to Become Money within the normal cycle of operations.
  • For the use and acquisition of other current assets, to pay short-term debt and generally to cover all costs and expenses incurred in the normal operations of the organization over a period.

Current assets consist of Cash or Available Cash, Accounts Receivable or Receivable, and Inventories or Inventories.

Available or Cash "consists of the items representing those assets that can be used to pay off debt at maturity" (Demestre et al., 2001): Cash, demand deposits with banks, and short-term investments.

  • Cash: Existence of company-owned coins and invoices, both in local and foreign currency. It includes Money Allocated to the Small Payment (Small Money) Fund, Exchange Fund and any other Specific Usage Fund, Postage Stamps, Checks Expected from Bank Deposits, Bank Money Withdrawals for Payment of Salaries and Other Cash Payments.
  • Bank Money: The existence of coins and invoices on demand deposits with the banks that the company operates through checking accounts. Payments are returned to these accounts and they are deposited and receipts and transfers accepted.
  • Short-term investments: Short-term financial investments made by enterprises for the purpose of obtaining temporary free cash resources. Includes Shares and Bonds Issued by Other Enterprises, Treasury Bonds, Short Term Debt Instruments, Certificates of Deposit, Fixed Term Deposits and other forms of Short Term Inventory, which by their characteristics and the market in which they are traded are considered "almost money".

Feasible "collects those goods and rights that will be made available", such as: Customer Revenue Accounts – Open Volumes -, Commercial Effects Customer Pending Collection and Supplier Advances.

  • Accounts Receivable: “they reflect the value of Sales to customers that are awaiting collection and are protected or supported by informal payment instruments (invoices, receipts, etc.). It is possible that there is a percentage of accounts receivable on its due date and another percentage with Risks or Risks. "
  • Eligible Effects: they constitute a collection right in favor of the company, backed by official payment instruments (Bill of Exchange and Promissory Note, which are accepted or issued by clients pending collection), which can be deducted at the bank or in any financial institution for which the "Expected Deductible Effects" account is used, it is used and reduced to the value of Expected Effects.
  • Advance payments: “correspond to operations with which the company has paid in advance in exchange for receiving future services, products or goods. It includes the subscription of any rights that expire within one year. "

Inventories collect the value of Inventories owned by the Company and owned by it. Inventory "includes the value of stocks of raw materials, auxiliary materials, ongoing or ongoing production, finished products, semi-finished or semi-finished products, spare parts and parts, fuel, office supplies and any materials other auxiliaries; merchandise for sale or merchandise of commercialization companies, much more wholesale than for retailers. "It is advisable to include defective and idle products and products in their known condition.

Current liabilities as one of the components of working capital.

Current liabilities are one of the measures of the Company's liabilities and they are all debts and liabilities arising from the Company's operations and some contingencies, which have a maturity period of not more than one year and which must be paid in funds from current assets (Demestre et al., 2001):

  • Accounts payable: "They constitute short-term debt contracted with company suppliers, which are not backed by official payment instruments, that is, through open account mode, those covered only by their invoices and terms. They usually vary between 30 and 120 days.
  • Effects payable: Short-term debts are reflected, backed by official payment documents (Bill of Exchange and Prospective Notes), which are generally subject to interest. Depending on the origin, the effects to be paid may be: commercial, obligations with suppliers, banks, to formalize bank loans received and other sources.
  • Advance Collections: "These are liabilities contracted to customers who have anticipated payments, in part or in full."
  • Sustainable liabilities: “These are liabilities that the company contracts with employees as a result of operations, due to pay and holidays; liabilities with the Treasury for tax debt; with owners when they owe contributions or dividends. "

Profitability and risk

The risk category within financial theory is associated with volatility and not just loss, that is, it is more risky that yields more variable, better or worse outcomes (Demestre et al., 2001).

It is also very important to prepare the future; forecasting is needed (proactive management). Nowadays companies may have a good relationship between Profitability – Liquidity, but in order to maintain it, they will need to deliver consistent benefits, product or service quality and have positive Cash Flows.

According to (G. E. Gómez, 2004) and (Gitman, 1986), the greater the risk, the greater the benefit. This is based on the management of working capital, to the extent that the benefit is calculated from the profit after expense, against the risk determined by the bankruptcy that the enterprise may have of paying its liabilities.

The ways to obtain and increase profits based on the theoretical basis are to increase sales revenue and reduce costs by paying less for the raw materials, salaries or services provided. This postulate is essential to understanding how the relationship between profit and risk is combined with that of effective management and execution of working capital.

Risk means risk to the company for not keeping sufficient current assets for:

  • Deal with your cash obligations when they occur.
  • Maintain the right level of sales (for example, deplete Inventory).

Having already considered the preceding points, it is necessary to analyze the key points to reflect on an accurate working capital management against profit maximization and risk minimization.

It is necessary to analyze those key points to reflect on an accurate working capital management against profit maximization and risk minimization.

Some authors, among whom are (Gitman, 1986) and (G. E. Gómez, 2004), agree that the main points are:

  • The nature of the company: It is necessary to place the company in a context of social and productive development, as the development of financial administration in each of them is treated differently.
  • Asset Capacity: Companies always require by nature to depend on their fixed assets in greater proportion than currents to generate their profits, as the former are those that actually generate operating profits.
  • Financing Costs: Companies receive resources through current liabilities and long-term funds, with the former being cheaper than the latter.

It is important to keep in mind that compliance with the last two assumptions should not be generalized without first examining them and verifying the ability to generate Assets and Debt Costs.

Lowering the level of investment in current assets while still able to maintain Sales may lead to an increase in the Company's performance on Total Assets. To the extent that the clear costs of Short Term Financing are lower than the Medium Term and Long Term Financing; that is, the higher the ratio of Short Term Debt to Total Debt, the higher the Company's Profitability.

Although short-term interest rates are sometimes higher than long-term ones, they are generally lower. Even when they are longer it is likely to be a temporary situation. For the long term we have to wait to pay more for the interest costs with the Long Term Debt we would make with the Short Term Loans, which is constantly renewed at maturity. Moreover, when using Short Term Debt instead of Long Term Debt it is likely to bring higher profits because the debt will be repaid during periods when it is not needed.

When Short Term Debt is often less expensive than Long Term Debt, Short Term Loan puts the company at a higher risk than Long Term Financing. This happens for two reasons:

  • If the company borrows on a Long-Term basis, its interest costs will be relatively stable over time, but if you use short-term loans, your interest costs will fluctuate widely, occasionally becoming very high.
  • If a company borrows large sums on a short-term basis, it may find that it is unable to repay its debts and may also be in a weak financial position, which the lender refuses to extend any more loans; This can also lead the company to bankruptcy.

These profitability assumptions suggest a low proportion of current assets to total assets and a high proportion of current liabilities to total liabilities. Of course, this strategy will result in a low level of Working Capital. However, offsetting the profitability of this strategy is the increased risk for the company.

There is a direct relationship between the amount of working capital, liquidity and risk; "The greater the amount of working capital a company has, the lower the risk it will be paid" and the greater the liquidity rate, changing the last two to an equivalent proportion.

In general, current assets have a return on fixed assets and the cost of current liabilities is different from that of non-current liabilities. Prandaj, nëse përfitimi i aktiveve rrjedhëse është më i vogël se ai i aktiveve fikse, aq më i ulët është përqindja e aktiveve rrjedhëse mbi asetet totale, aq më e madhe është kthimi i investimit total dhe anasjelltas, diçka e ngjashme mund të ndodhë me detyrimet: nëse detyrimet Aktivet korente kushtojnë më pak se Detyrimet afatgjata, aq më i madh është proporcioni i Detyrimeve rrjedhëse, aq më i madh është përfitimi i firmës dhe anasjelltas.

Al determinar la cantidad o nivel apropiado de Activos Circulantes, la administración del Capital de Trabajo debe considerar la compensación entre Rentabilidad y Riesgo. A mayor nivel de Activo Circulante, mayor será la Liquidez de la empresa, si todo lo demás permanece igual. Con una mayor Liquidez es menor el Riesgo, pero también lo será la Rentabilidad.

Tomando en cuenta los criterios antes expuestos por los diferentes autores, podemos llegar a la reflexión qué, la gestión óptima del Capital de Trabajo consiste en la gestión de sus componentes: Activos Circulantes y financiamiento corriente de forma eficaz y eficiente, que permita afrontar oportunamente los compromisos de pago a Corto Plazo, repercutiendo positivamente en los resultados económicos y financieros de la empresa y la sociedad logrando minimizar el Riesgo y maximizar la Rentabilidad.

Políticas del Capital de Trabajo Neto y Cobertura: Políticas de Inversión y Financiación a Corto Plazo.

Las Políticas del Capital de Trabajo Neto están asociadas a los niveles de Activo Circulante y Pasivo Circulante que se fijen para realizar las operaciones de la empresa, por lo que se puede categorizar que tiene en cuenta tres elementos fundamentales, los cuales son:

  • Nivel fijado como meta para cada categoría de Activo Circulante.
  • La forma en que se financiarán estos Activos Circulantes (nivel de Pasivo Circulante).
  • Los efectos de estos niveles en la alternativa Riesgo – Rentabilidad.

La figura 1 muestra la relación estrecha que existe entre la inversión y la financiación, tanto a Largo Plazo como Corriente y las Operaciones de la Empresa.

Políticas de Inversión a Corto Plazo (nivel de Activos Circulantes):

En condiciones de certeza, donde los pronósticos son perfectos, para maximizar las utilidades una empresa mantendría:

  • Los niveles de Efectivos exactos para enfrentar los desembolsos en el momento oportuno.
  • Las Cuentas por Cobrar exactas asociadas a una política de crédito óptima.
  • Justamente los Inventarios necesarios para satisfacer los niveles de producción y venta.

Un aumento en los valores de Activos Circulantes por encima del óptimo necesario, traería como consecuencia un aumento en el Activo Total sin un incremento proporcional en los rendimientos, disminuyendo de esta forma el rendimiento sobre la inversión. Por otro lado, una disminución en estos valores puede significar la incapacidad para cubrir pagos en tiempo, paros en el proceso de producción por faltante de Inventario y disminución en las Ventas por una política de crédito poco flexible.

De ahí que la incertidumbre obligue a la “determinación de los saldos mínimos requeridos para cada tipo de Activos y la adición de un Inventario de Seguridad” (Gitman, 1986).

Teniendo en cuenta la intercompensación Riesgo – Rendimiento, las políticas que se pueden implantar a raíz de lo anterior son (Weston, 1998):

  • Política relajada (gato gordo): Es una política bajo la cual se mantiene una cantidad relativamente grande de Efectivo, Valores Negociables e Inventarios y a través de la cual las Ventas se estimulan por medio de una política liberal de crédito, dando como resultado un alto nivel de Cuentas por Cobrar. Como consecuencia de esta política se obtienen niveles bajos de Riesgo y de Rentabilidad.
  • Política restringida (apoyo mediano): Es una política bajo la cual el mantenimiento de Efectivo, de Valores Negociables, de Inventarios y de Cuentas por Cobrar va minimizando; es decir, cantidades relativamente pequeñas de Activo Circulante. Como consecuencia de esta política el Riesgo y la Rentabilidad de la empresa se verán elevados.
  • Política moderada: Es una política que se encuentra entre la política relajada y la política restringida donde se compensan los altos niveles de Riesgo y Rentabilidad con los bajos niveles de estos.

Figura 1: Relación entre la inversión y la financiación.

Relación entre la inversión y la financiación
Relación entre la inversión y la financiación

Políticas de Financiamiento a Corto Plazo (nivel de financiamiento corriente):

Es recurrente tomar todas las medidas necesarias para determinar una estructura financiera de capital, donde todos los Pasivos Corrientes financien de forma eficaz y eficiente los Activos Corrientes y la determinación de un financiamiento óptimo para la generación de utilidad y bienestar social.

“Un nivel de Ventas que crezca uniformemente a lo largo de los años necesariamente producirá aumentos en los Activos Circulantes” (Weston, 1998). En la medida en que los Activos Circulantes experimenten variaciones, el financiamiento de la empresa también lo hará, afectándose la posición de Riesgo y de Capital de Trabajo Neto de la empresa. De ahí la importancia de determinar la forma en que la empresa financia sus Activos Circulantes fluctuantes, afirmación que se encuentra graficada en figura 2. Las políticas de financiamiento de la Inversión Circulante son:

  • Política agresiva o compensatoria: en esta situación la empresa financia la totalidad de sus Activos Fijos con Capital a Largo Plazo, pero también financia una parte de sus Activos Circulantes permanentes con créditos a Corto Plazo de naturaleza espontánea. Esta es una posición agresiva y la empresa se encontraría sujeta a grandes peligros provenientes del incremento de las tasas de intereses así como a diversos problemas de renovación de préstamos. Sin embargo, la Deuda a Corto Plazo es a menudo más económica que la Deuda a Largo Plazo, y algunas empresas están dispuestas a sacrificar la seguridad ante la oportunidad de obtener utilidades más altas. Esta es una política de altos niveles de Riesgo y Rentabilidad.
  • Política conservadora: se utiliza el Capital permanente para financiar todos los requerimientos de Activos permanentes y satisfacer algunas o todas las demandas estacionales. En esta situación la empresa usa una pequeña cantidad de crédito no espontáneo a Largo Plazo para satisfacer sus niveles más alto de requerimientos, pero también satisface una parte de sus necesidades estacionales “almacenando liquidez” bajo la forma de valores comercializables, como préstamos a Largo Plazo durante la estación floja. Consiste en el uso de Capital a Largo Plazo para financiar todos los Activos permanentes y algunos Activos Circulantes temporales. Esta es una política de bajos niveles de Riesgo y Rentabilidad.
  • Política de autoliquidación o coordinación de vencimientos: este procedimiento requiere que se coordinen los vencimientos de los Activos y Pasivos. Esta estrategia minimiza el Riesgo de que la empresa sea incapaz de liquidar sus
  • Obligaciones a medida que venzan, tratando de coordinar en forma exacta la estructura de los vencimientos de sus Activos y Pasivos. Esta es una política que busca un equilibrio entre los niveles de Riesgo y Rentabilidad.

Las tres políticas que se describieron anteriormente se distinguen por las cantidades relativas de Deudas a Corto Plazo. La política agresiva exigió mayor uso de Deudas a Corto Plazo, mientras que la política conservadora requirió el mínimo de estos recursos, en tanto la coordinación de vencimiento tuvo en cuenta un punto intermedio.


Después de haber realizado el estudio de la teoría en torno al de Capital de trabajo y su influencia en el riesgo y la rentabilidad, se arriba a las conclusiones parciales siguientes:

  1. A partir de la definición de Capital de trabajo brindada, se pueden identificar sus dos componentes: el activo circulante que engloba al disponible, el realizable y las existencias y pasivo circulante, que incluye cuentas y efectos por pagar, cobros anticipados y pasivos estables o acumulados.
  2. La importancia de mantener Capital de trabajo para la empresa se basa en que esta generalmente no puede hacer coincidir las recepciones de dinero con los desembolsos de éste, por lo que es necesario que las fuentes de entradas superen a los desembolsos, dando vida al Capital de trabajo.
  3. Relacionado con la gestión del Capital de trabajo, dos de sus objetivos fundamentales son maximizar la rentabilidad, que es definida como la habilidad de la empresa para generar utilidades a partir de la explotación de la inversión corriente, y minimizar el riesgo que es valorado por su capacidad para cubrir sus deudas a corto plazo con su inversión corriente; sin embargo, ambos son directamente proporcionales.
  4. Las políticas de Capital de trabajo estudian tres cuestiones fundamentales: el nivel fijado como meta para cada categoría de activo circulante, la forma en que se financiarán estos activos circulantes y los efectos o influencia de estos niveles en el binomio riesgo–rentabilidad.


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  • Demestre Ángela, Castell César y Gonzáles Antonio, 2002. Técnicas para analizar estados financieros. Segunda edición ampliada. Grupo Editorial Publicentro. Cuba.
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  • Gitman, Lwrense, 1978 Fundamentos de Administración Financiera. Tomo I. Edición Especial. Ministerio de Educación Superior. Cuba.
  • Lamar Yasmany, 2012. Procedimiento para el análisis del Capital de Trabajo y evaluación de la posición de riesgo y rentabilidad en la Empresa de Servicios Portuarios de Matanzas. Tesis presentada en opción al título de Licenciatura en Contabilidad y Finanzas. Matanzas, 2012.
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  • Weston Fred y Brigham Eugene. Fundamentos de Administración Financiera. Tomo I. Edición Especial. Ministerio de Educación Superior. Cuba.
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Como colofón te dejamos con la siguiente video-lección, de la Universidad Autónoma de Campeche, en la cual se explican los elementos más importantes de la gestión del capital de trabajo.



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