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15. Análisis del fondo de maniobra
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15. Análisis del fondo de maniobra

Understanding the Fourth Key Variable

The Importance of a Balanced Balance Sheet

  • The fourth key variable for a viable company is having a balanced balance sheet, which is essential alongside positive and sufficient profit, positive cash flow, and adequate returns.
  • A fundamental principle states that long-term investments should be financed with long-term funds, while short-term investments should be financed with short-term funds.

Logical Financing Examples

  • An example illustrates the illogicality of seeking 10-year financing for a short-term purchase like milk; common sense dictates appropriate financing durations.
  • Similarly, asking to pay for a house in 6 months instead of through a 20-year mortgage also defies logical financial practices.

Assessing Balance Sheet Equilibrium

  • A hypothetical balanced balance sheet shows non-current assets funded by long-term equity and debt, while current assets are funded by short-term debt.
  • However, despite appearing balanced, there are concerns regarding liquidity due to the certainty of needing to repay short-term debts versus uncertainty in selling current assets.

Liquidity Concerns and Common Sense

  • Certainty exists about repaying 30 million in short-term debts within one year; however, doubts arise about selling current assets worth only 15 million before that deadline.
  • This discrepancy indicates potential liquidity issues if current asset sales do not materialize as expected.

Factors Influencing Liquidity Problems

  • Liquidity problems depend on payment periods; shorter payment terms increase cash pressure compared to longer ones.
  • High inventory turnover rates can mitigate liquidity issues if combined with favorable payment terms from suppliers and quick collection from customers.

Defining Working Capital

Characteristics of an Ideal Balance Sheet

  • An ideal balance sheet follows the general rule: finance long-term investments with long-term funding. Short-term investments may also have some long-term financing components.

Understanding Working Capital Needs

  • The portion of current investments financed through long term is referred to as "working capital" or "Fondo de Maniobra."
Playlists: MOOC “Finanzas para no financieros”
Video description

El vídeo 2 del Módulo 6 “Análisis del fondo de maniobra y resumen de las cuatro variables clave para que una empresa sea viable” del MOOC de Finanzas para no financieros enlaza con la cuarta variable clave para que una empresa sea viable, tener un balance equilibrado, y por lo tanto un “Fondo de Maniobra” suficiente. Conceptos adquiridos: Balance equilibrado, plazo de pago y cobro, rotación, Fondo de Maniobra