La estructura de capital y su efecto en la generación de valor en la empresa Calidda periodo 2015 al 2019
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Date
2023
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Universidad Nacional de Trujillo
Abstract
En la presente investigación se evaluó a la empresa de distribución de gas natural de Lima y Callao en torno a la estructura de capital y generación de valor, con el fin de determinar la incidencia de la estructura de capital en la generación de valor de la empresa Calidda.
Se ha examinado los estados financieros de los años 2015 al 2019, utilizando técnicas financieras y contables basadas en el cálculo de rentabilidad y el desempeño del negocio, cuantificando el retorno sobre el capital invertido (ROIC), el costo promedio ponderado del capital y el valor económico agregado. La generación de valor se midió mediante el valor económico agregado, el cual se calculó a partir de la relación entre, VEA = (ROIC – WACC) x Capital Invertido Promedio y el modelo estadístico para corroborar la hipótesis fue el de regresión lineal, en base a la fórmula, E(y) = β0 + β1x.
Se determinó que en el periodo del 2015 al 2019: 1) La estructura de capital utilizado por la empresa fue basada en financiamiento mixto entre recursos propios y endeudamiento, 2) la estructura de capital resultó estar más enfocada al financiamiento a través de endeudamiento y por tanto más bajo, 3) la generación de valor de la empresa de distribución de gas natural en Lima y Callao aumenta cuando se incrementa el financiamiento con deuda. En síntesis, la estructura de capital incide favorablemente en la generación de valor de la empresa Calidda, en el periodo 2015 al 2019.
In this research, the natural gas distribution company in Lima and Callao was evaluated regarding its capital structure and value generation, in order to determine the impact of the capital structure on the value generation of the company Calidda. The financial statements from 2015 to 2019 were examined using financial and accounting techniques based on the calculation of profitability and business performance, quantifying the return on invested capital (ROIC), the weighted average cost of capital (WACC), and the economic value added. The value generation was measured using economic value added, which was calculated from the relationship between VEA = (ROIC - WACC) x Average Invested Capital, and the statistical model used to test the hypothesis was linear regression based on the formula E(y) = β0 + β1x. It was determined that from 2015 to 2019: 1) The capital structure used by the company was based on mixed financing between equity and debt, 2) The capital structure was more focused on financing through debt and therefore lower, 3) The value generation of the natural gas distribution company in Lima and Callao increases when debt financing is increased. In summary, the capital structure has a favorable impact on the value generation of the company Calidda, during the period from 2015 to 2019.
In this research, the natural gas distribution company in Lima and Callao was evaluated regarding its capital structure and value generation, in order to determine the impact of the capital structure on the value generation of the company Calidda. The financial statements from 2015 to 2019 were examined using financial and accounting techniques based on the calculation of profitability and business performance, quantifying the return on invested capital (ROIC), the weighted average cost of capital (WACC), and the economic value added. The value generation was measured using economic value added, which was calculated from the relationship between VEA = (ROIC - WACC) x Average Invested Capital, and the statistical model used to test the hypothesis was linear regression based on the formula E(y) = β0 + β1x. It was determined that from 2015 to 2019: 1) The capital structure used by the company was based on mixed financing between equity and debt, 2) The capital structure was more focused on financing through debt and therefore lower, 3) The value generation of the natural gas distribution company in Lima and Callao increases when debt financing is increased. In summary, the capital structure has a favorable impact on the value generation of the company Calidda, during the period from 2015 to 2019.
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Keywords
Estructura de capital, Generación de valor