Publication: Modelo de gestión financiera basado en la optimización de las necesidades operativas de fondos: el caso de las empresas farmacéuticas en España
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2016-12-21
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Universidad Complutense de Madrid
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Abstract
Este trabajo de investigación pretende poner de manifiesto la necesidad de gestionar de forma adecuada la tesorería que genera el ciclo de explotación de la empresa. Esta teso-rería es garantía de continuidad de la empresa, porque permite disponer de liquidez y obtener financiación a partir de la optimización de los elementos del negocio, especial-mente, en situaciones de crisis, con estancamiento o caída de las cifras de negocio, con recortes en el gasto público que afectan a la cadena de valor, con limitaciones al acceso al crédito externo, con socios y accionistas que buscan rentabilidad para sus inversiones sin tener que realizar nuevas aportaciones. Síntesis Para gestionar de forma adecuada la tesorería que genera el ciclo de explotación, es ne-cesario disponer de un modelo de optimización de las Necesidades Operativas de Fon-dos (NOF). Ante la ausencia de este tipo de modelos, este trabajo de investigación pre-tende construir y probar uno, como herramienta automatizada que simule y mida el im-pacto que tiene la inversión en las NOF sobre la solvencia, la rentabilidad y el valor de una empresa, para corregir un problema de indisponibilidad o de insuficiencia de liqui-dez. Para construir el modelo, se ha elegido Excel como software informático soporte. A partir de este software, se ha planteado la construcción del modelo siguiendo los si-guientes pasos: 1. Automatización del paso de los estados financieros contables a unos estados finan-cieros funcionales a partir la utilización de plantillas de toma de datos que permitan identificar y cuantificar las NOF. 2. Diseño de unas plantillas de simulación con alternativas generadoras de impactos sobre los estados financieros. Estas alternativas incluyen tanto elementos sin coste explícito como elementos con dicho coste. 3. Emisión automática de informes comparativos de la posición de la empresa antes y después de los impactos simulados sobre los estados financieros, para analizar la si-tuación de la misma en términos de equilibrio financiero, de solvencia, de rentabili-dad y de valor generado, incluyendo ratios que relacionan distintas magnitudes y permiten observar la gestión y la eficiencia operativa..
This research work is intended to show the need for a good management of the liquidity available to a business from its day-to-day operating cycle. This liquidity is a guarantee of business sustainability as it provides cash and access to financial resources by the optimisation of the business elements. Particularly, it is relevant in times of crisis, when sales are stuck or declining, when public spending cuts are impacting the whole business chain, when there is limited access to bank credit and when shareholders are expecting returns from their investments instead of capital contributions. Synopsis. In order to ensure that the liquidity available from the day-to-day operating cycle is properly managed, a financial management model that is able to optimise working capital needs (WCN) is required. In the absence of such a model, this research work intends to create and test one as an automated tool that simulates and assesses the impact that investing on working capital makes on solvency, profitability and business value when there exists a liquidity problem or cash is not available. In order to build a model, Excel has been chosen as the reference software to provide the necessary frame. With this software, the process of building the model goes through the following phases: 1. Automation of the process of turning financial statements into functional statements ready for analysis. The turning process relies on the use of data collection spreadsheets for the allocation and assessment of working capital needs. 2. Design of a set of spreadsheets able to simulate different financial alternatives with impacts on the financial statements. These financial alternatives include either costfree or cost-bearing elements. 3. Automated production of comparative reports on the company’s position prior and after simulating the impacts on the financial statements. These reports provide the company’s position in terms of solvency, profitability and value and include financial ratios that show relationship among different magnitudes and assess management and operative efficiency...
This research work is intended to show the need for a good management of the liquidity available to a business from its day-to-day operating cycle. This liquidity is a guarantee of business sustainability as it provides cash and access to financial resources by the optimisation of the business elements. Particularly, it is relevant in times of crisis, when sales are stuck or declining, when public spending cuts are impacting the whole business chain, when there is limited access to bank credit and when shareholders are expecting returns from their investments instead of capital contributions. Synopsis. In order to ensure that the liquidity available from the day-to-day operating cycle is properly managed, a financial management model that is able to optimise working capital needs (WCN) is required. In the absence of such a model, this research work intends to create and test one as an automated tool that simulates and assesses the impact that investing on working capital makes on solvency, profitability and business value when there exists a liquidity problem or cash is not available. In order to build a model, Excel has been chosen as the reference software to provide the necessary frame. With this software, the process of building the model goes through the following phases: 1. Automation of the process of turning financial statements into functional statements ready for analysis. The turning process relies on the use of data collection spreadsheets for the allocation and assessment of working capital needs. 2. Design of a set of spreadsheets able to simulate different financial alternatives with impacts on the financial statements. These financial alternatives include either costfree or cost-bearing elements. 3. Automated production of comparative reports on the company’s position prior and after simulating the impacts on the financial statements. These reports provide the company’s position in terms of solvency, profitability and value and include financial ratios that show relationship among different magnitudes and assess management and operative efficiency...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Financiera y Contabilidad III, leída el 19/01/2016