{"id":1932,"date":"2011-01-04T11:32:00","date_gmt":"2011-01-04T11:32:00","guid":{"rendered":""},"modified":"2022-08-08T09:37:20","modified_gmt":"2022-08-08T09:37:20","slug":"efecto-palanca-de-los-recursos-ajenos","status":"publish","type":"post","link":"https:\/\/prayde.com\/empresa\/efecto-palanca-de-los-recursos-ajenos\/","title":{"rendered":"Efecto Palanca de los Recursos Ajenos"},"content":{"rendered":"<p><!--[if gte mso 9]><xml>  <w:worddocument>   <w:view>Normal<\/w:View>   <w:zoom>0<\/w:Zoom>   <w:hyphenationzone>21<\/w:HyphenationZone>   <w:punctuationkerning\/>   <w:validateagainstschemas\/>   <w:saveifxmlinvalid>false<\/w:SaveIfXMLInvalid>   <w:ignoremixedcontent>false<\/w:IgnoreMixedContent>   <w:alwaysshowplaceholdertext>false<\/w:AlwaysShowPlaceholderText>   <w:compatibility>    <w:breakwrappedtables\/>    <w:snaptogridincell\/>    <w:wraptextwithpunct\/>    <w:useasianbreakrules\/>    <w:dontgrowautofit\/>   <\/w:Compatibility>   <w:browserlevel>MicrosoftInternetExplorer4<\/w:BrowserLevel>  <\/w:WordDocument> <\/xml><![endif]--><!--[if gte mso 9]><xml>  <w:latentstyles deflockedstate=\"false\" latentstylecount=\"156\">  <\/w:LatentStyles> <\/xml><![endif]--><!--[if !mso]><object classid=\"clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D\" id=\"ieooui\"><\/object> \n\n<style> st1:*{behavior:url(#ieooui) } <\/style>\n\n <![endif]--><!--[if gte mso 10]> \n\n<style>  \/* Style Definitions *\/  table.MsoNormalTable  {mso-style-name:\"Tabla normal\";  mso-tstyle-rowband-size:0;  mso-tstyle-colband-size:0;  mso-style-noshow:yes;  mso-style-parent:\"\";  mso-padding-alt:0cm 5.4pt 0cm 5.4pt;  mso-para-margin:0cm;  mso-para-margin-bottom:.0001pt;  mso-pagination:widow-orphan;  font-size:10.0pt;  font-family:\"Times New Roman\";  mso-ansi-language:#0400;  mso-fareast-language:#0400;  mso-bidi-language:#0400;} <\/style>\n\n <![endif]-->  <\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\">En una publicaci\u00f3n previa se demostr\u00f3 la relaci\u00f3n existente la rentabilidad econ\u00f3mica (RE) y la rentabilidad financiera (RF) de una empresa, llegando a la formula:<\/span><\/p>\n<p style=\"margin-left: 35.4pt; text-align: justify;\"><span style=\"font-size: 14pt; font-family: Arial; color: rgb(153, 51, 0); background: none repeat scroll 0% 0% silver;\" lang=\"EN-GB\">RF = (RE x (D + 1) \u2013<span style=\"\">  <\/span>I x D) x (1 &#8211; T)<\/span><span style=\"font-size: 14pt; font-family: Arial; color: rgb(153, 51, 0);\" lang=\"EN-GB\"><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\" lang=\"EN-GB\">Siendo:<\/span><\/p>\n<p style=\"margin-left: 71.4pt; text-align: justify; text-indent: -18pt;\"><span style=\"font-size: 11pt; font-family: Symbol;\"><span style=\"\">\u00b7<span style=\"font: 7pt &quot;Times New Roman&quot;;\">         <\/span><\/span><\/span><span style=\"font-size: 11pt; font-family: Arial;\">RF: Rentabilidad Financiera<\/span><\/p>\n<p style=\"margin-left: 71.4pt; text-align: justify; text-indent: -18pt;\"><span style=\"font-size: 11pt; font-family: Symbol;\"><span style=\"\">\u00b7<span style=\"font: 7pt &quot;Times New Roman&quot;;\">         <\/span><\/span><\/span><span style=\"font-size: 11pt; font-family: Arial;\">RE: Rentabilidad Econ\u00f3mica<\/span><\/p>\n<p style=\"margin-left: 71.4pt; text-align: justify; text-indent: -18pt;\"><span style=\"font-size: 11pt; font-family: Symbol;\"><span style=\"\">\u00b7<span style=\"font: 7pt &quot;Times New Roman&quot;;\">         <\/span><\/span><\/span><span style=\"font-size: 11pt; font-family: Arial;\">D: Grado de Apalancamiento: RA\/RP la relaci\u00f3n entre los recurso ajenos y los propios de la empresa o relaci\u00f3n de endeudamiento de la empresa<\/span><\/p>\n<p style=\"margin-left: 71.4pt; text-align: justify; text-indent: -18pt;\"><span style=\"font-size: 11pt; font-family: Symbol;\"><span style=\"\">\u00b7<span style=\"font: 7pt &quot;Times New Roman&quot;;\">         <\/span><\/span><\/span><span style=\"font-size: 11pt; font-family: Arial;\">T: Tipo del Impuesto de Sociedades<\/span><\/p>\n<p style=\"margin-left: 71.4pt; text-align: justify; text-indent: -18pt;\"><span style=\"font-size: 11pt; font-family: Symbol;\"><span style=\"\">\u00b7<span style=\"font: 7pt &quot;Times New Roman&quot;;\">         <\/span><\/span><\/span><span style=\"font-size: 11pt; font-family: Arial;\">I: tipo medio de inter\u00e9s a que se remuneran los Fondos Ajenos <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> Claramente se deduce de la propia estructura de la formula anterior que si se quiere <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\">RF > RE <span style=\"\">                    <\/span>es necesario, que: <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\">(D+ 1) x (1-T) > 1 <span style=\"\"> <\/span><span style=\"\">     <\/span>para lo cual<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"><span style=\"\"> <\/span>D > T\/(1-T)<span style=\"\">  <\/span>y como: T = 0,30 actualmente, resulta que <b style=\"\">D> 0,48<\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"><span style=\"\"> <\/span>Y adem\u00e1s, es necesario que: (RE x (D+1) \u2013 ID) x (1-T) > RE<\/span><\/p>\n<p style=\"text-align: justify; text-indent: 35.4pt;\"><span style=\"font-size: 11pt; font-family: Arial;\"><span style=\"\"> <\/span><span lang=\"EN-GB\">(1-T) <span style=\"\"> <\/span>x RE x (1+D) \u2013 RE > <span style=\"\"> <\/span>(1 \u2013 T) x I x D <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> O sea: RE (1 \u2013 T <span style=\"\"> <\/span>+ (1 \u2013 T) x D -1) > (1 \u2013 T) x I x D<\/span><\/p>\n<p style=\"text-align: justify; text-indent: 35.4pt;\"><span style=\"font-size: 11pt; font-family: Arial;\" lang=\"EN-GB\">RE x (1 \u2013 T) x D &#8211; T x RE > (1 \u2013 T) x I x D<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\" lang=\"EN-GB\"> Luego: D x ( (1 \u2013 T) x RE \u2013 <span style=\"\"> <\/span>(1 \u2013 T) x I) > T x RE<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\">Es decir: <span style=\"\">        <\/span><b style=\"\">D > (T\/(1 \u2013 T)) x RE\/(RE- I)<\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> Por ejemplo, para: RE = 20%; I = 5% y T = 30%, resulta, como valor m\u00ednimo de D = 0,4285 x 0,20\/0,20 \u2013 0,05 = 0,57813 = 57,813%<span style=\"\">   <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> Desde ese valor de relaci\u00f3n entre recursos ajenos y propios, la RF > RE, es decir <b style=\"\">a partir de ese valor, <\/b>para el caso que estamos estudiando, <b style=\"\">LOS RECURSOS AJENOS HACEN DE PALANCA PARA ELEVAR LA RENTABILIDAD  FINANCIERA<\/b>, logicamente para un tipo de interes y un tipo de impuesto de sociedades determinado, AHORA BIEN A COSTA DE AUMENTAR EL RIESGO DE LA EMPRESA..<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> Si, <b style=\"\">por ejemplo<\/b> el ratio de endeudamiento de la empresa, medido por la relaci\u00f3n de recursos ajenos a recursos propios se eleva hasta un 200%, para una RE = 20%, I = 5% y T = 30%, resultar\u00eda que:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> RF = (0,20 x 3 \u2013 2 x 0,05) x (1 \u2013 0,3) = 35%, lo que supone un efecto palanca o multiplicador o \u201cleverage\u201d del 1,75 <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> Si, como es l\u00f3gico, consideramos la conducta racional de los mercados financieros, eso llevar\u00eda a que <b style=\"\">si aumenta el riesgo de la empresa, como es el caso, aumentar\u00edan los tipos de inter\u00e9s<\/b>, es decir su coste de los pasivos ajenos que utiliza. El efecto multiplicador se reducir\u00eda. Por ejemplo, si en el caso anterior, el tipo de inter\u00e9s sube hasta, por ejemplo el 10%, tendr\u00edamos:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 11pt; font-family: Arial;\"> RF = (0,20 x 3 \u2013 2 x 0,10) x (1 \u2013 0,3) = 28%, y el efecto palanca se habr\u00eda reducido hasta 1.40, lo que supone una reducci\u00f3n del 20%<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>En una publicaci\u00f3n previa se demostr\u00f3 la relaci\u00f3n existente la rentabilidad econ\u00f3mica (RE) y la rentabilidad financiera (RF) de una empresa, llegando a la formula: RF = (RE x (D\u2026 <a class=\"continue-reading-link\" href=\"https:\/\/prayde.com\/empresa\/efecto-palanca-de-los-recursos-ajenos\/\">Continue leyendo<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[42,43,30,21],"class_list":["post-1932","post","type-post","status-publish","format-standard","hentry","category-sin-categoria","tag-analisis","tag-apuntes-contables","tag-inmobiliaria","tag-vivienda"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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