El impacto del capital de trabajo en el margen y la rentabilidad de las industrias manufactureras ecuatorianas durante el periodo 2012-2016

Abstract

Como resultados se obtiene una relación significativa negativa entre el período medio de pago, así como, una relación significativa positiva entre el período medio de cobro, período medio de inventario, apalancamiento financiero e impacto en la carga financiera y la rentabilidad empresarial medida en términos de rentabilidad neta del activo. Por otro lado, en cuanto al margen bruto se halla una relación positiva significativa con el período medio de cobro, período medio de pago, liquidez e impacto en la carga financiera. The study shows the impact of working capital management, within the business profitability, measured by the gross margin and the net profitability of the assets of the Ecuadorian manufacturing companies; through the realization of an econometric data model panel with fixed and random effects, where the relationships between the variables are verified. The database of the Superintendence of Companies is used in terms of the financial information available from 108 companies in the sector, during the period 2012-2016. As a result, a significant negative relationship is obtained between the average payment period, as well as a significant positive relationship between the average collection period, average inventory period, financial leverage and impact on the financial burden and business profitability measured in terms of net return of the asset. On the other hand, regarding the gross margin there is a significant positive relationship with the average collection period, average payment period, liquidity and impact on the financial burden