文章基本信息

标题：Propuesta De Ratio Para El Análisis De Las Empresas Del Retail Financiero Chileno.
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作者：Humberto Borges Quintanilla ; Isabel Torres Zapata
期刊名称：C A P I C Review
印刷版ISSN：0718-4654
电子版ISSN：0718-4662
出版年度：2013
卷号：11
期号：1
出版社：Conferencia Academica Permanente de Investigacion Contable
摘要：One of the most important developments within the Chilean economy in last few decades is the growth of the retail sector (Ossandón y Tironi, 2013). This is due to its business model (Amit y Zott, 2001) based on imported fast moving consumer goods which can be bought through credit given by the same retail companies. This model has allowed these companies to increase their sales and maintain a customer portfolio, especially focused on people with medium to low incomes (financial retail sector). From these companies, a sample has been chosen which takes into account 80% of the market (Durán y Kremerman, 2007). The objective of this research is to compare conventional ratios and their ability to predict the financial solvency of a company, against another ratio developed in this research. This research has emerged from the risk assessment report on the retail company La Polar (Pe.a et al., 2013). In this report it is possible to note the uselessness of conventional ratios of solvency in La Polar, which led to one of the biggest financial scandals in the Chilean financial market ever in 2010 (The La Polar Scandal). The research design used in this study had several steps. Firstly, a ratio analysis was developed in several companies within the sector as a way of comparing their financial positions. Secondly, a ratio for Chilean financial retail companies was created (Special Ratio). And thirdly, two research models were proposed. Model 1 describes the influence of conventional ratios of solvency over leverage in companies, while Model 2 is similar but adds the Special Ratio. Both models were tested using Partial Least Square analysis (PLS). Due to the small number of cases in this research, Smart PLS software was used which allows a quantitative analysis of small samples. According to the results, each company showed different situations with respect to their solven- cy and leverage. Due to this, it is possible to conclude that Falabella is the only retail company which demonstrates a similar behaviour over time (2010 to 2012), while the other companies require more analysis on their solvency. In conclusion, Model 2, which included the Special Ratio shows an impro - ved level of explanation of leverage within these companies (R square). In this sense, the Special Ra- tio in this industry is a useful new ratio for better understanding the financial position of companies within the Chilean financial retail sector
关键词：Financial ratio; Financial retail; Partial Least Square; La Polar