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Indices Financieros Essay

987 words - 4 pages


Al igual que las pruebas de laboratorio que ordena un médico a su paciente durante una revisión anual de salud, con el objetivo de establecer el nivel general de salud de dicho paciente, el cómputo de los índices financieros le permite al analista financiero tener una mejor idea acerca de la “salud” operacional y financiera de la entidad objeto de dicho análisis. Análogo a las categorías que existen dentro de las pruebas de laboratorio (niveles de lípidos, enzimas, etc.), los índices financieros también se dividen en categorías dependiendo del aspecto que se pretende evaluar. Más adelante revisaremos las principales categorías de índices, y ...view middle of the document...

Continuando con la analogía referente a los resultados en las pruebas de laboratorio, donde el valor obtenido por el individuo bajo análisis para cada prueba particular se compara contra un rango de valores mínimos y máximos, los índices particulares computados para una firma en particular son comparados con los de mercado para encontrar excepciones a lo que es típico. Es importante que al seleccionar los índices de mercado a usarse como referencia se mantenga paridad en las siguientes características:

1. Industria (SIC o NAICS) – los índices de mercado deben ser para la misma industria que la firma particular bajo estudio.
2. Tamaño de la firma – el tamaño de una empresa se típicamente se mide por medio de dos parámetros:
a. Dólares anuales de ventas
b. Valor total de los activos
3. Años operando
4. Localización geográfica

Las categorías principales de índices financieros son:

• Liquidez
• Actividad
• Deuda
• Rentabilidad
• Mercado

Los índices de liquidez pretenden evaluar la capacidad de la empresa de cumplir con sus obligaciones a corto plazo (pasivos corrientes), fundamentados en sus recursos (activos corrientes) que esperan convertir a efectivo en el corto plazo. Vale recalcar que liquidez no es sinónimo de rentabilidad; una entidad puede ser rentable (sus ingresos exceden sus gastos), pero experimentar simultáneamente una crisis de liquidez (entradas de efectivo exceden las salidas de efectivo), una situación que muy bien pudiese ocurrir de haber vendido la empresa una gran parte de sus bienes o servicios a crédito bajo términos sumamente generosos.

Los índices de actividad buscan evaluar el nivel de actividad (en términos de utilización de los recursos disponibles para lograr ventas) de la empresa, aparte de medir la agilidad con la que dicha empresa realiza sus actividades operacionales cotidianas.

Los índices de deuda miden la estructura de capital (repartición entre pasivos y capital, y composición de ambos, en relación a tipos de instrumentos y vencimiento) de la empresa, y el efecto el efecto de dicha distribución en su capacidad de repago de aquellas obligaciones asociadas a deuda a corto y largo plazo.

Los índices de rentabilidad miden cuán lucrativas han resultado las operaciones de la empresa. Debemos recordar que una empresa puede presentar liquidez, pero no ser rentable, y viceversa. Miden el resultado de las operaciones, utilizando distintos puntos en el estado de ingresos y gastos como referencia.

Los índices de mercado sirven para evaluar el desempeño de la empresa con relación a distintas medidas que se utilizan frecuentemente en los mercados organizados.

|Ratio Name |Ratio Definition |3P Data |Value |
|Current Ratio |Current Assets |$1,223,000 |1.97 times |

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