Curso Gratis Análisis Recursos Financieros

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Curso

Análisis de
Recursos Financieros
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HV PX\ LPSRUWDQWH SDUD ODV SHUVRQDV TXH GLULJHQ XQ
HPSUHVD\DTXHSHUPLWHFRQRFHUSRUHMHPSOR
FyPRVHFRPSRQHHOHIHFWLYRTXHVHKDJHQHUDGRGXUDQWH
SHUtRGRRGHPRVWUDUVLHOHIHFWLYRHVVXILFLHQWHSDUDDIURQWD
GHWHUPLQDGRVSDJRV

$ FRQWLQXDFLyQ YHUHPRV DOJXQDV KHUUDPLHQWDV ~WLOHV SDU


DQDOL]DU H LQWHUSUHWDU HO (VWDGR GH )OXMR GH (IHFWLYR
(TXLYDOHQWHV
*HQHUDFLyQSURSLDGHHIHFWLYR

)RQGRVJHQHUDGRVSRURSHUDFLRQHVRUGLQDULDV

(IHFWLYRJHQHUDGRSRUWRGDVODVDFWLYLGDGHV

(OUHVXOWDGRLQGLFDODSURSRUFLyQGHOWRWDOGHOHIHFWLYRTXHKD
VLGRJHQHUDGDSRUODVRSHUDFLRQHVRUGLQDULDV
*HQHUDFLyQGHHIHFWLYRFRQFDSLWDOSURSLR

(IHFWLYRJHQHUDGRSRUDSRUWHVGHORVSURSLHWDULRV

(IHFWLYRJHQHUDGRSRUWRGDVODVDFWLYLGDGHV

(OUHVXOWDGRLQGLFDODSURSRUFLyQGHOWRWDOGHOHIHFWLYRREWHQLG
DWUDYpVGHORVDSRUWHVGHORVSURSLHWDULRV
*HQHUDFLyQGHHIHFWLYRFRQFDSLWDODMHQR

(IHFWLYRJHQHUDGRSRUHQGHXGDPLHQWRFRQWHUFHURV

(IHFWLYRJHQHUDGRSRUWRGDVODVDFWLYLGDGHV

(OUHVXOWDGRLQGLFDODSURSRUFLyQGHOWRWDOGHOHIHFWLYR
REWHQLGDFRQFDSLWDOGHWHUFHURV

7DQWRSDUDHOFiOFXORGHODSURSRUFLyQGHHIHFWLYRJHQHUDGD
FRQFDSLWDOSURSLRFRPRFRQFDSLWDODMHQRVHHPSOHDXQ
IOXMRSXURFRQXQIOXMRQHWR
(IHFWLYRDSOLFDGRGHDFWLYRILMR

(IHFWLYRJHQHUDGRSRURSHUDFLRQHVRUGLQDULDV

(IHFWLYRDSOLFDGRDODFRPSUDGHELHQHVGHXVR

6LHOUHVXOWDGRHVPD\RUDVHFRQFOX\HTXHHOHIHFWLYR
JHQHUDGRSRUODVRSHUDFLRQHVRUGLQDULDVHVVXILFLHQWHSDUD
FXEULUORVSDJRVSRUDGTXLVLFLRQHVGHDFWLYRILMR
(IHFWLYRDSOLFDGRDOSDJRGHGLYLGHQGRV

(IHFWLYRJHQHUDGRSRURSHUDFLRQHVRUGLQDULDV

(IHFWLYRDSOLFDGRDOSDJRGHGLYLGHQGRV

6LHOUHVXOWDGRHVPD\RUDVHSXHGHFRQFOXLUTXHHO
HIHFWLYRJHQHUDGRSRUODVRSHUDFLRQHVRUGLQDULDVHVVXILFLHQ
SDUDFXEULUORVSDJRVHQFRQFHSWRGHGLYLGHQGRV
(IHFWLYRDSOLFDGRDOSDJRGHSUpVWDPRV

(IHFWLYRJHQHUDGRSRURSHUDFLRQHVRUGLQDULDV

(IHFWLYRDSOLFDGRDOSDJRGHSUpVWDPRV

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HIHFWLYRJHQHUDGRSRUODVRSHUDFLRQHVRUGLQDULDVHV
VXILFLHQWHSDUDFXEULUORVSDJRVGHSUpVWDPRV
&RPSDUDFLyQFRQGHXGDV

(IHFWLYRJHQHUDGRSRURSHUDFLRQHVRUGLQDULDV

3DVLYR

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SRUODVRSHUDFLRQHVRUGLQDULDVGHOHQWHHVVXILFLHQWHSDUD
DWHQGHUHOSDVLYR
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(IHFWLYRJHQHUDGRSRUFREUDQ]DVSRUYHQWDV

9HQWDV

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HQHOSHUtRGR\VXHIHFWRILQDQFLHUR
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(IHFWLYRJHQHUDGRSRURSHUDFLRQHVRUGLQDULDV

5HVXOWDGRRUGLQDULRGHOHMHUFLFLR

3HUPLWHFRQRFHUODFRUUHODFLyQHQWUHHOUHVXOWDGR
GHYHQJDGRHQHOHMHUFLFLR\VXHIHFWRILQDQFLHUR
5HVSHFWRGHHVWDVGRV~OWLPDVUD]RQHVHVGDEOHGHVWDFDU
ODVSDODEUDVGHO'U)ODYLR0DQWRYDQ

©'HEH WHQHUVH SUHVHQWH TXH WDQWR ORV LPSRUWHV FREUDGRV


FRPR ORV SDJDGRV TXH VH H[SRQHQ HQ HO (VWDGR GH )OXMR
GH (IHFWLYR SXHGHQ FRPSUHQGHU FRQFHSWRV QDFLGRV WDQWR
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SXHGHQQRLQFOXLURSHUDFLRQHVQDFLGDVHQHOHMHUFLFLR\TXH
VH FREUDUiQ R SDJDUiQ HQ HO VLJXLHQWH OR FXDO UHVWD
KRPRJHQHLGDGUHVSHFWRGHODVFLIUDVGHYHQJDGDVª
/DDGPLQLVWUDFLyQGHOHIHFWLYR

5D]RQHVSDUDPDQWHQHUFDMD

/D GHFLVLyQ GH PDQWHQHU GHWHUPLQDGR QLYHO GH DFWLYR


OtTXLGRVFRPRFXDOTXLHURWUDDVLJQDFLyQGHIRQGRVGHQWURG
XQDHPSUHVDGHEHWHQHUFRPRREMHWLYREiVLFRPD[LPL]DUH
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GLQHUR HQ WHVRUHUtD DXQ VDELHQGR TXH SXHGH QR JHQHUD
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8QD GH ODV UD]RQHV HV SDUD SRGHU FXPSOLU FRQ WRGDV OD
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HVWiQ UHODFLRQDGDV D ODV QHFHVLGDGHV GH GHVHPEROVR
PLHQWUDVVHHIHFW~DQODVFREUDQ]DVGHODHPSUHVD

/RV GHVHPEROVRVGH GLQHUR LQFOX\HQWRGRV ORV SDJRVTXH O


HPSUHVDGHEHHIHFWXDUGHQWURGHXQSOD]RGHWHUPLQDGRSR
HMHPSORHOSDJRGHVXHOGRVODFRPSUDGHLQVXPRVHOSDJ
GHGHXGDVFRPHUFLDOHV\ILQDQFLHUDV\HOSDJRGHLPSXHVWR
\GLYLGHQGRV
(O GLQHUR TXH LQJUHVD HV SURGXFWR GH ODV YHQWDV YHQWDV
GHDFWLYRV\GHORVILQDQFLDPLHQWRVVROLFLWDGRV

/RV LQJUHVRV \ VDOLGDV GH HIHFWLYR QR QHFHVDULDPHQWH


HVWiQVLQFURQL]DGRVHQIRUPDSHUIHFWDHVSRUHOORTXHVH
QHFHVLWD PDQWHQHU XQ QLYHO GH FDMD TXH SHUPLWD FXPSOLU
RSRUWXQDPHQWHFRQORVFRPSURPLVRVFRQWUDtGRV
2WUD UD]yQ HV OD SUHFDXFLyQ (VWR VLJQLILFD FRQWDU FRQ
HIHFWLYR GLVSRQLEOH SDUD SRGHU FXEULU FRQWLQJHQFLDV
LQHVSHUDGDVGHODHPSUHVD
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PDQWHQHU HIHFWLYR SDUD GH DOJXQD PDQHUD REWHQHU
YHQWDMDVHQODYDULDFLyQHQORVSUHFLRVSRUHMHPSORGHORV
WtWXORV
6LQ HPEDUJR OD PD\RUtD GH ODV HPSUHVDV VyOR PDQWLHQHQ
HIHFWLYR HQ FDMD SRU PRWLYRV GH WUDQVDFFLRQHV \ GH
SUHFDXFLyQ
0DQWHQHUUHFXUVRVOtTXLGRVDVtFRPRFXDOTXLHURWURLQVXPR
GH OD HPSUHVD GHEH WHQHU HO QLYHO DGHFXDGR \ FRQWULEXLU D
ORVREMHWLYRVGHODPLVPD

6L OD HPSUHVDPDQWLHQH XQ QLYHO SRU GHEDMRGH OR WROHUDEOH


SXHGH TXHGDUVH VLQ HIHFWLYR VLWXDFLyQ TXH OD REOLJDUtD D
YHQGHUVXV YDORUHVQHJRFLDEOHV DWRPDUQXHYRV FUpGLWRVX
RWUDV PHGLGDV FRQ OR FXDO WHQGUtD FRVWRV DGLFLRQDOHV R D
SHUGHURSRUWXQLGDGHVGHQHJRFLRV
3RU HO FRQWUDULR VL PDQWLHQH GHPDVLDGD OLTXLGH] HVWi
SHUGLHQGR OD SRVLELOLGDG GH XVDU IRQGRV HQ REMHWLYRV PiV
UHQWDEOHV

6HGHEHWHQHUSUHVHQWHTXHORVEHQHILFLRV\ORVFRVWRVVRQ
ODSULQFLSDOJHVWLyQGHWHVRUHUtD(OVDOGRGHFDMDTXHFDGD
HPSUHVD GHEH PDQWHQHU HV HO TXH OH SRVLELOLWH XQ VLVWHPD
GH GHVHPEROVR HILFLHQWH \ RSRUWXQR \ DGHPiV WHQHU HO
UHQGLPLHQWRDGHFXDGRSRUODOLTXLGH]FRQTXHVHFXHQWD
(OFRVWR GHPDQWHQHU FDMDHTXLYDOH DOFRVWR GHRSRUWXQLGD
GH SHUGHU UHQGLPLHQWRV TXH VH SXHGDQ JHQHUDU FRQ HV
HIHFWLYR 3DUD GHWHUPLQDU HO VDOGR GH FDMD SURPHGLR O
HPSUHVD GHEH DQDOL]DU ORV EHQHILFLRV GH PDQWHQHU OLTXLGH
FRQWUDHOFRVWRGHODPLVPD

8VXDOPHQWH ODV HPSUHVDV KDFHQ SUR\HFFLRQHV SDUD SRGH


VDWLVIDFHU VXV QHFHVLGDGHV WUDQVDFFLRQDOHV \ OXHJ
FRQVLGHUDQ FyPR FRPSHQVDU ORV VDOGRV GH FDMD UHTXHULGRV
HO HVWXGLR GHDPERV GHWHUPLQD HO OtPLWH LQIHULRUGHO QLYHO G
FDMDTXHGHEHPDQWHQHUODHPSUHVD
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HQODVHPSUHVDV

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$FWLYLGDG$KRUFDGR

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35(&$8&,21

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TXH PXHVWUD ORV PRYLPLHQWRV GH HIHFWLYR \ HTXLYDOHQW
UHVXOWDQWHVGHWUDQVDFFLRQHVFRQORVSURSLHWDULRVGHOFDSLWD
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),1$1&,$&,21
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(O REMHWLYR JHQHUDO GH OD DGPLQLVWUDFLyQ GH OD FDMD HV
FRQWULEXLUDPD[LPL]DUHOYDORUGHODHPSUHVD

(O REMHWLYR HVSHFtILFR GH OD DGPLQLVWUDFLyQ GH FDMD HV


PDQWHQHUODOLTXLGH]ORPiVEDMDSRVLEOHGHPRGRTXHODV
DFWLYLGDGHVGHODHPSUHVDVHGHVDUUROOHQHQIRUPDHILFD]
\ HILFLHQWH \ VH SXHGD DGHPiV LQYHUWLU ORV PD\RUHV
VDOGRVGLVSRQLEOHV
3DUD OD DGPLQLVWUDFLyQ DGHFXDGD GH FDMD VH GHEHUiQ
FRQVLGHUDUORVVLJXLHQWHVDVSHFWRV

 3UHVXSXHVWRGHIOXMRGHFDMD
 'HWHUPLQDFLyQGHODVUHVHUYDVGHFDMD
 $GPLQLVWUDFLyQGHORVLQJUHVRV\HJUHVRVGHFDMD
 ,QYHUVLyQGHORVVDOGRVRFLRVRVGHFDMD
 3UHVXSXHVWRGHOIOXMRGHFDMD

(O SUHVXSXHVWR GHO IOXMR GH FDMD HV HO HVWDGR HQ HO FXDO VH
UHIOHMDQ ODV SUR\HFFLRQHV GH ORV LQJUHVRV \ GH ORV HJUHVRV
GHO HIHFWLYR TXH WHQGUi OD HPSUHVD GH HVSHFLDO UHOHYDQFLD
SDUDODDGPLQLVWUDFLyQGtDDGtDGHODFDMD

 'HWHUPLQDFLyQGHODVUHVHUYDVGHFDMD

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