‫‪RAZONES DE LIQUIDEZ‬‬ ‫‪RAZONES DE RENTABILIDAD‬‬

‫݁ݐ݊݁݅ݎݎ݋ܿ ݋ݒ݅ݐܿܣ‬ ‫ܽݐ݁݊ ݈݀ܽ݀݅݅ݐܷ‬

‫= ݈ܽݎ݁݊݁ܩ ݖ݁݀݅ݑݍ݅ܮ ‪1.‬‬ ‫= )ܧܱܴ( ݋݅݌݋ݎ݌ ݈ܽݐ݅݌ܽܿ ݈݁݀ ݈ܾ݀ܽ݀݅݅ܽݐܴ݊݁ ‪19.‬‬
‫݁ݐ݊݁݅ݎݎ݋ܿ ݋ݒ݅ݏܽܲ‬ ‫݋݅݊݋݉݅ݎݐܽܲ‬

‫ݏ݋݅ݎܽݐ݊݁ݒ݊ܫ ‪݁ −‬ݐ݊݁݅ݎݎ݋ܿ ݋ݒ݅ݐܿܣ‬ ‫ܽݐ݁݊ ݈݀ܽ݀݅݅ݐܷ‬

‫= ܽ݀݅ܿ‪ܾ݁ܽ Á‬ݑݎܲ ‪2.‬‬ ‫= )ܣܱܴ( ݏ݋ݒ݅ݐܿܽ ݁݀ ݈ܾ݀ܽ݀݅݅ܽݐܴ݊݁ ‪20.‬‬
‫݁ݐ݊݁݅ݎݎ݋ܿ ݋ݒ݅ݏܽܲ‬ ‫݈ܽݐ݋ܶ ݋ݒ݅ݐܿܣ‬

‫ݏ݋ܿ݊ܽܤ ݕ ݆ܽܽܥ‬ ‫ܽݐ݁݊ ݈݀ܽ݀݅݅ݐܷ‬

‫= ܽݒ݅ݏ݂݊݁݁ܦ ܾܽ݁ݑݎܲ ‪3.‬‬ ‫= )ܣܷܲ( ݊‪ ܽܿܿ݅ó‬ݎ݋݌ ݈݀ܽ݀݅݅ݐܷ ‪21.‬‬
‫݁ݐ݊݁݅ݎݎ݋ܿ ݋ݒ݅ݏܽܲ‬ ‫ݏ݁݊݋݅ܿܿܽ ݁݀ ‪#‬‬

‫݁ݐ݊݁݅ݎݎ݋ܥ ݋ݒ݅ݏܽܲ ‪݁ −‬ݐ݊݁݅ݎݎ݋ܥ ݋ݒ݅ݐܿܣ = ݋݆ܾܽܽݎݐ ݁݀ ݈ܽݐ݅݌ܽܥ ‪4.‬‬ ‫ܽݐ݁݊ ݈݀ܽ݀݅݅ݐܷ‬

‫= ܽ݅ܿ݊ܽ݊ܽܩ ݁݀ ݊݁݃ݎܽܯ ‪22.‬‬
‫ݏܽݐܸ݊݁‬
‫݋݆ܽݎݐ ݁݀ ݈ܽݐ݅݌ܽܥ‬
‫= ݀ܽ݀݅ݎݑ݃݁ܵ ݁݀ ݊݁݃ݎܽܯ ‪5.‬‬
‫݁ݐ݊݁݅ݎݎ݋ܿ ݋ݒ݅ݏܽܲ‬

‫‪RAZONES DE GESTIÓN, EFICIENCIA O ACTIVIDAD‬‬

‫ݏܽݐ݁݊ ݏܽݐܸ݊݁‬
‫= ݎܽݎܾ݋ܿ ݎ݋݌ ݏܽݐ݊݁ݑܿ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ ‪6.‬‬
‫ݎܽݎܾ݋ܿ ݎ݋݌ ݏܽݐ݊݁ݑܿ ݋݅݀݁݉݋ݎܲ‬

‫ݏܽ‪365 ݀í‬‬
‫= ݋ݎܾ݋ܿ ݁݀ ݋݅݀݁݉ ݋ݖ݈ܽܲ ‪7.‬‬
‫ݎܽݎܾ݋ܿ ݎ݋݌ ݏܽݐ݊݁ݑܿ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ‬

‫ݏܽݐܸ݊݁ ݁݀ ݋ݐݏ݋ܥ‬
‫= ݏ݋݅ݎܽݐ݊݁ݒ݊݅ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ ‪8.‬‬
‫ݏ݋݅ݎܽݐ݊݁ݒ݊݅ ݁݀ ݋݅݀݁݉݋ݎܲ‬

‫ݏܽ‪365 ݀í‬‬
‫= ݋݉ݑݏ݊݋ܿ ݁݀ ݋݅݀݁݉ ݋ݖ݈ܽܲ ‪9.‬‬
‫ݏ݋݅ݎܽݐ݊݁ݒ݊݅ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ‬

‫ݏܽݐܸ݊݁‬
‫= ݈ܽݐ݋ܶ ݋ݒ݅ݐܿܣ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ ‪10.‬‬
‫ݏ݈݁ܽݐ݋ܶ ݏ݋ݒ݅ݐܿܣ‬

‫ݏܽݐܸ݊݁‬
‫= ‪.‬݌݅ݑݍܧ ݕ ܽݐ݈݊ܽܲ ‪,‬݌݋ݎܲ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ ‪11.‬‬
‫݋݌݅ݑݍ݁ ݕ ܽݐ݈݊ܽܲ ‪݅݁݀ܽ݀,‬݌݋ݎܲ‬

‫ݏܽݐ݊݁ݒ ݁݀ ݋ݐݏ݋ܥ‬
‫= ݏ݁ݎ݋݀݁݁ݒ݋ݎ݌ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ ‪12.‬‬
‫ݏ݁ݎ݋݀݁݁ݒ݋ݎܲ ݋݅݀݁݉݋ݎܲ‬

‫ݏܽ‪365 ݀í‬‬
‫= ݋݃ܽ݌ ݁݀ ݋݅݀݁݉ ݋ݖ݈ܽܲ ‪13.‬‬
‫ݏ݁ݎ݋݀݁݁ݒ݋ݎ݌ ݁݀ ݊‪ܽܿ݅ó‬ݐ݋ܴ‬

‫– ‪14. CICLO DE EFECTIVO: PERÍODO INVENTARIOS + PERÍODO CXC‬‬

‫‪PERIODO PAGO A PROVEEDORES.‬‬

‫‪RAZONES DE ENDEUDAMIENTO‬‬

‫݈ܽݐ݋ܶ ݋ݒ݅ݏܽܲ‬
‫= ݋ݐ݊݁݅݉ܽ݀ݑ݁݀݊݁ ݁݀ ݊‪ó‬ݖܴܽ ‪15.‬‬
‫݈ܽݐ݋ܶ ݋ݒ݅ݐܿܣ‬

‫ݏ݁ݏ݁ݎ݁ݐ݊݅ ݁݀ ݏ݁ݐ݊ܽ ݈݀ܽ݀݅݅ݐܷ‬

‫= ܽݎ݁݅ܿ݊ܽ݊݅ܨ ܽݎݑݐݎܾ݁݋ܥ ‪16.‬‬
‫ݏ݋ݎ݂݁݅ܿ݊ܽ݊݅ ݏ݋ݐݏܽܩ‬

‫ܽݐݑݎܤ ݈݀ܽ݀݅݅ݐܷ‬
‫= ݏ݋݆݂݅ ݏ݋ݐݏܽ݃ ݁݀ ܽݎݑݐݎܾ݁݋ܥ ‪17.‬‬
‫ݏ݋݆݂݅ ݏ݋ݐݏܽܩ‬

‫݈ܽݐ݋ܶ ݋ݒ݅ݏܽܲ‬
‫= ݈ܽݐ݅݌ܽܥ ݁݀ ܽݎݑݐܿݑݎݐݏܧ ‪18.‬‬
‫݋݅݊݋݉݅ݎݐܽܲ‬