Análisis de las fuentes de financiamiento de las necesidades operativas de fondos empleados por las empresas manufactureras ecuatorianas y su rentabilidad financiera

Abstract

Abstract: The objective of this research project is to analyze the relationship between the operational needs of funds (NOF), indebtedness and profitability, applying panel data as a methodology through correlation analysis. The data of 11,297 companies in the manufacturing sector for the period 2013-2018 is considered, based on the financial statements reported in the Superintendence of Securities and Insurance Companies of Ecuador. The variables are NOF, total debt, financial debt, leverage, return on assets, return on invested capital, sales margin, gross margin and turnover on assets. The results show that there is a weak positive relationship between operating fund needs and profitability; variable that showed a negative association with the return on equity, showing that manufacturing companies do not generate greater profitability on the funds invested by partners. Furthermore, a weak association was identified between indebtedness, return on assets and return on capital; Although there is a positive correlation between the operational needs of funds and financial indebtedness, since entities require financing to improve profitability.