Capital de trabajo en pequeñas empresas Constructoras, como palanca financiera para la rentabilidad: Estudio comparado de Pymes Perú – Chile
No Thumbnail Available
Date
2025
Journal Title
Journal ISSN
Volume Title
Publisher
Universidad Nacional de Trujillo
Abstract
Anticipar si un Capital de trabajo (CT) es adecuado para un proyecto de construcción y como
éste explica su rentabilidad es un objetivo fundamental para la sostenibilidad, desarrollo y
crecimiento de toda organización, entonces, determinar los componentes de dicho CT más
significativos y que explicarían los efectos en la rentabilidad es, sin duda, relevante. El
objetivo de este estudio analizó el efecto apalancamiento del CT en la rentabilidad de
empresas constructoras en Chile y Perú, extrapolando las conclusiones que se obtengan en
las pequeñas y medianas empresas constructoras. Se consideraron las relaciones
estadísticamente significativas entre la rentabilidad de la empresa y otras variables,
utilizando ratios como: Ciclo operativo, Capital de trabajo neto, Endeudamiento de corto
plazo, Margen bruto, Oportunidades de crecimiento, Precio de la acción por volumen de
acciones, Tamaño de la empresa, Tangibilidad de los activos, y los componentes del CT,
entendido éste como, aquellos recursos que requiere la empresa para poder operar. En este
sentido, el CT es lo que comúnmente conocemos como activo corriente: efectivo,
inversiones a corto plazo, cartera e inventarios. Luego, se modelizó el éxito financiero de las
empresas constructoras, mediante regresiones lineales de efectos fijos y de efectos mixtos,
utilizando como indicador de rentabilidad el margen bruto trimestral. El modelo de efectos
mixtos con efectos aleatorios por empresa es el que mejor se ajusta al conjunto de datos
objetivo, con una bondad de ajuste estimada 𝑅𝐺𝐿𝑀𝑀
2 = 0,92,siendo significativos los efectos
de las variables CT, CT cuadrático y tasa en endeudamiento de corto plazo. Combinados los
efectos del CT cuadrático y no cuadrático, se estimó que el CT comienza a tener un efecto
positivo sobre el margen a partir de una tasa del 42% sobre los activos totales. Se debe
considerar una desviación del 2,2% en Chile y 3,7% en Perú, esta diferencia tiene relación
con la magnitud de la data utilizada con la metodología KDD, (Knowledge Discovery in
Databases), para las empresas en Chile y Perú.
Anticipating whether a Working Capital (WC) is adequate for a construction project and how it explains its profitability is a fundamental objective for the sustainability, development and growth of any organization, then determine the most significant components of said WC and that would explain the effects on profitability is, without a doubt, relevant. The objective of this study analyzed the leverage effect of WC on the profitability of construction companies in Chile and Perú, extrapolating the conclusions obtained in small and mediumsized construction companies. Statistically significant relationships between company profitability were considered using ratios such as: Operating cycle, Net working capital, Short-term debt, Gross margin, Growth opportunities, share price per share volume, Company size, Tangibility of the assets, and the components of the WC, understood as those resources that the company requires to be able to operate. In this sense, the WC is what we commonly known as current assets: cash, short-term investments, portfolio, and inventories. Then, the financial success of the construction companies was modeled through fixed -effects and mixed-effects linear regressions using the quarterly gross margin as an indicator of profitability; the mixed effects model with random effects by company is the one that best fits the objective data set, with an estimated goodness of fit 𝑅𝐺𝐿𝑀𝑀 2 = 0.92, with the effects of the variables WC, quadratic WC and short-term debt rate being significant. Combining the effects of quadratic and non-quadratic WC, it was estimated that WC begins to have a positive effect on the margin from a rate of 42% on total assets. A deviation of 2.2% in Chile and 3.7% in Peru must be considered. This difference is related to the magnitude of the data used with the KDD methodology (Knowledge Discovery in Databases) for companies in Chile and Peru.
Anticipating whether a Working Capital (WC) is adequate for a construction project and how it explains its profitability is a fundamental objective for the sustainability, development and growth of any organization, then determine the most significant components of said WC and that would explain the effects on profitability is, without a doubt, relevant. The objective of this study analyzed the leverage effect of WC on the profitability of construction companies in Chile and Perú, extrapolating the conclusions obtained in small and mediumsized construction companies. Statistically significant relationships between company profitability were considered using ratios such as: Operating cycle, Net working capital, Short-term debt, Gross margin, Growth opportunities, share price per share volume, Company size, Tangibility of the assets, and the components of the WC, understood as those resources that the company requires to be able to operate. In this sense, the WC is what we commonly known as current assets: cash, short-term investments, portfolio, and inventories. Then, the financial success of the construction companies was modeled through fixed -effects and mixed-effects linear regressions using the quarterly gross margin as an indicator of profitability; the mixed effects model with random effects by company is the one that best fits the objective data set, with an estimated goodness of fit 𝑅𝐺𝐿𝑀𝑀 2 = 0.92, with the effects of the variables WC, quadratic WC and short-term debt rate being significant. Combining the effects of quadratic and non-quadratic WC, it was estimated that WC begins to have a positive effect on the margin from a rate of 42% on total assets. A deviation of 2.2% in Chile and 3.7% in Peru must be considered. This difference is related to the magnitude of the data used with the KDD methodology (Knowledge Discovery in Databases) for companies in Chile and Peru.
Description
Keywords
Pequeñas empresas, Empresas constructoras chilenas, Empresas constructoras peruanas, Capital de trabajo, Rentabilidad, Margen bruto, Ratios financieras