Rentabilidad de empresas constructoras en Chile: el rol del capital del trabajo y su apalancamiento financiero
Resumen
El análisis del capital de trabajo y su impacto en la rentabilidad es crucial para el crecimiento y la sostenibilidad de las empresas, especialmente en aquellas ligadas a proyectos de construcción. En ese sentido, el presente trabajo de investigación tiene como objetivo explorar el efecto del apalancamiento del capital de trabajo en la rentabilidad de pequeñas y medianas empresas constructoras en Chile. Para ello, se examinaron las siguientes variables: el ciclo operativo, el capital de trabajo neto, el endeudamiento a corto plazo, el margen bruto, las oportunidades de crecimiento, el precio de las acciones en relación con el volumen, el tamaño de la empresa, la tangibilidad de los activos y los componentes específicos del capital del trabajo, entendido como los recursos necesarios para la operatividad empresarial (efectivo, inversiones a corto plazo, cartera e inventarios). Así, el enfoque se centró en modelar el desempeño financiero de estas empresas mediante regresiones lineales de efectos fijos y mixtos, utilizando el margen bruto trimestral como indicador de rentabilidad. Entre los modelos evaluados, se determinó que el modelo de efectos mixtos y aleatorios por empresa mostró el mejor ajuste según los datos, con un coeficiente de determinación estimado de 0,92, cuyas variables significativas fueron el capital de trabajo, el capital de trabajo cuadrático y la tasa de endeudamiento a corto plazo. La combinación de efectos del capital de trabajo cuadrático y no cuadrático indicó que el impacto positivo del capital de trabajo en el margen se hace evidente a partir de una tasa del 42 % sobre los activos totales.
Citas
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