Capítulo 2

Generalidades del
análisis financiero
Copyright © 2009. Ecoe Ediciones. All rights reserved.

Competencias

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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.

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Fase 1. Recopilación
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FRPSRVLFLyQRHVWUXFWXUDSDUDHOGHVDUUROORGHDFWLYLGDGHVVRQORVVLJXLHQWHV

,QYHUVLRQLVWD/DUHQWDELOLGDGHVXQSURSyVLWRGHWRGRLQYHUVLRQLVWDDFFLRQLV-
WDRSURSLHWDULR\DOFDQ]DUHOUHWRUQRGHVXLQYHUVLyQHVHOREMHWLYRSURSXHVWR
HQHOPRPHQWRGHODFUHDFLyQGHOQHJRFLRHVWHGDWRHVLPSRUWDQWHFRQRFHUORDO


Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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XQD FLIUD LQIHULRU DO tQGLFH GH SUHFLRV DO FRQVXPLGRU ,3& QL VXSHULRU DO 
FRQWHPSODGRGHPDQHUDOHJDO

2. Administración. /DV GLIHUHQWHV KHUUDPLHQWDV GH OD DGPLQLVWUDFLyQ FRPR

SODQHDURUJDQL]DUGLULJLUFRQWURODU\HMHFXWDUPXHVWUDQVXIXQFLyQ\SHUPLWHQ
HQWUHJDULQIRUPDFLyQ\FRQWHQLGRVÀQDQFLHURVGHWDOODGRVDODQDOLVWDÀQDQFLHUR
SDUDTXHVHDWHQLGDHQFXHQWDHQVXHVWXGLR

3. Talento humano. (OFRQRFLPLHQWRGHOWDOHQWRKXPDQROHIDFLOLWDDODJHUHQFLD

ODLQQRYDFLyQHODSUHQGL]DMHRUJDQL]DFLRQDO\ODPRYLOL]DFLyQGHLQWHOLJHQFLDV
HVWRVDVSHFWRVVRQUHTXHULGRVFRQLQPHGLDWH]\GHEHQVHULPSOHPHQWDGRVSRU
ODDGPLQLVWUDFLyQGtDDGtDSDUDPHMRUDUODVUHODFLRQHVODERUDOHVLQFUHPHQWDU
ODSURGXFFLyQGHPDQHUDHÀFLHQWH\SRUFRQVLJXLHQWHVHUFRPSHWLWLYRVHQVX
VHFWRU\PHUFDGR

4. Tecnología. (QPDUFDGDHQODHÀFLHQFLDXQDHPSUHVDRUJDQL]DGDLQGHSHQ-
GLHQWHGHVXWLSRRWDPDxRGHVDUUROODUiFDPELRVWHFQROyJLFRVDPHGLGDTXH
VXRUJDQL]DFLyQ\HOPHUFDGRRIHUWD\ODGHPDQGDORUHTXLHUDQ\FRQIRUPH
FRQVXVOLQHDPLHQWRVHVWUDWpJLFRVHVGHFLUHQORTXHKDFHUHIHUHQFLDDODFDOL-
GDG\HOSUHFLR

8QDPDTXLQDULDREVROHWDD~QFRQHOPi[LPRGHPDQWHQLPLHQWRQRSURGXFH
Copyright © 2009. Ecoe Ediciones. All rights reserved.

FRQODPLVPDFDOLGDG\HÀFLHQFLDPHQRUHVFRVWRVTXHXQHTXLSRPRGHUQR

5. Clientes - Mercado – Consumidor. /DVGRVHVWUDWHJLDVTXHOHIDFLOLWDQODOD-

ERUDODHPSUHVDHQHOFRQRFLPLHQWRGHVXFOLHQWHVRQHOHVWXGLR\VDWLVIDFFLyQ
GHVXVQHFHVLGDGHV\H[SHFWDWLYDV

$OFOLHQWHWDPELpQVHOHGHEHFRQRFHUSRUVXFXPSOLPLHQWRHQODVREOLJDFLRQHV
SDUDFRQODHPSUHVDDTXtHVQHFHVDULRPDQWHQHUODFDUWHUDSRUHGDGHVUHDOL]DU
SURYLVLRQHV\HYDOXDUODVSROtWLFDVGHFUpGLWRODREWHQFLyQGHHVWRVGDWRVVHUiQ
LPSRUWDQWHVHQODHYDOXDFLyQÀQDQFLHUD

3URYHHGRUHV²3URGXFFLyQ(OQLYHOGHSURGXFWLYLGDGORGHWHUPLQDODFDOL-
GDGGHODPDWHULDSULPD\HOFRVWRGHSURGXFFLyQ/DRSRUWXQLGDGGHPDQHMR

Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com &DStWXOR 
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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(FRQRPtDJOREDOL]DGD/DHFRQRPtDJOREDOL]DGDVHHQWLHQGHODTXHFRP-
SUHQGHXQDVRODODXQDHFRQRPtDVLQIURQWHUDVRDTXHOODTXHVLHQGRHFRQRPtD
ORFDOHVGHSXHUWDVDELHUWDV(VWRVFRQFHSWRVGHWHUPLQDQODLPSRUWDQFLDTXH
VHOHVSUHVHQWDDODVHPSUHVDVGHKR\GtDVLQWHQHUHQFXHQWDVXWLSRRVXWD-
PDxR

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FLyQ HQ HO PXQGR H[WHUQR HV GHFLU DQDOL]DU ORV DFRQWHFLPLHQWRV HQ ORV GLIH-
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&DGDXQRGHHVRVDFXHUGRVWUDWDGRVRQHJRFLDFLRQHVUHSHUFXWLUiHQODHPSUH-
VDVHDHVWDSRULPSRUWDFLyQGHSURGXFWRVRPDWHULDVSULPDVRHQHOFDVRGHODV
H[SRUWDFLRQHVSRUODYHQWDGHOSURGXFWRSURFHVDGR\WHUPLQDGR

2. Economía local. (QXQDHFRQRPtDIXQGDPHQWDGDVXGHVDUUROORHVHYDOXDGR

FRQVWDQWHPHQWHSRUORVVHFWRUHVXRUJDQLVPRVSDUWLFLSDQWHVGHHOODVHDQEH-
QHÀFLDGRVRDIHFWDGRVGHXQDXRWUDIRUPDHQVXDFWLYLGDGGLDULD

1RUPDOPHQWHVHUiQGHLQÁXHQFLDHQHOiPELWRORFDORQDFLRQDODVSHFWRVFRPR
HOSROtWLFRHOHFRQyPLFR\HOVRFLDOORVTXHHQVXGLQDPLVPRUDFLRQDOLQYROXFUDQ
FDPELRVHQFDGDXQDGHODVDFWLYLGDGHVPHQFLRQDGDV

Aspecto político
Copyright © 2009. Ecoe Ediciones. All rights reserved.

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GHVDUUROORHFRQyPLFRGHXQSDtVGHXQPHUFDGRGHXQVHFWRU\GHODPLVPD
HPSUHVD

8QHMHPSORHQHVWHDVSHFWRVRQORVFDPELRVVXVSHQVLyQRLQFUHPHQWRGHQRU-
PDVRSURFHGLPLHQWRVHQHOQLYHOGHGHFUHWRVROH\HVFXDQGRVRQLPSRVLWLYDV
RWURFDVRHVODSRVLFLyQSRUFRQÁLFWRGHLQWHUHVHVHQWUHJREHUQDQWHVRDVSLUDQ-
WHVDGHVLJQDWXUDVS~EOLFDV

(ODGPLQLVWUDGRUHOJHUHQWHRHODQDOLVWDÀQDQFLHURGHEHQHVWDUSHQGLHQWHVGH
WDOHVVXFHVRV\GHMDUUHJLVWUDGRVORVHYHQWRVHQVXVDSXQWHVSDUDFRPSOHPHQ-
WDUVXGLDJQyVWLFRÀQDQFLHUR\WRPDUGHFLVLRQHVVDQDV


Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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Aspecto económico
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WHUpVLQWHUEDQFDULDLQFUHPHQWRVHQHOtQGLFHGHSUHFLRVDOFRQVXPLGRUSROtWLFDV
HFRQyPLFDVGHOJRELHUQRPHGLGDVPRQHWDULDVGHOEDQFRFHQWUDOFRQWHQLGRV\
DFXHUGRVLQWHUJUHPLDOHVHOFUHFLPLHQWRRGHFUHFLPLHQWRGHODVLPSRUWDFLRQHV\
GHODVH[SRUWDFLRQHV\FRQHOODVHOHVWDGRGHODEDODQ]DFDPELDULDHQWUHRWURV
DVSHFWRVUHOHYDQWHV

Aspecto social
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VDOWDQODVPDUFKDV\SURWHVWDVGHODSREODFLyQSRUUHFKD]RDLPSXHVWRVSHDMHV
\HOLQFXPSOLPLHQWRSRUSDUWHGHOHVWDGRHQREUDVVRFLDOHV

3. Sector. /DHPSUHVDVHUiFRQIURQWDGDFRQHQWLGDGHVGHVXPLVPRQLYHOWD-
PDxR \ DFWLYLGDG SRU OR WDQWR HO DQDOLVWD ÀQDQFLHUR GHEH FRQWDU FRQ GLFKRV
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UHDOL]DGR

4. Mercado. 3DUDSHUPDQHFHUPHMRUDURVRVWHQHUVHHQHOPHUFDGRVHUHTXLHUH
GHODHYDOXDFLyQSHULyGLFDRFRQVWDQWHTXHUHDOLFHODFRPSDxtDDFDGDXQRGH
VXVSURGXFWRVDODDFHSWDFLyQSRUSDUWHGHOFRQVXPLGRUVXIRUPDRHVWLORGH
GLVWULEXFLyQHOFRPSRUWDPLHQWRGHVXVFOLHQWHV\SURYHHGRUHVHOVHJXLPLHQWRD
ODFRPSHWHQFLDODFDOLGDG\FDQWLGDGHQODVLPSRUWDFLRQHV\ODVH[SRUWDFLRQHV

'HQWURGHODIDVHGHUHFRSLODFLyQVHDJUXSDODLQIRUPDFLyQFRQWDEOH\ÀQDQFLH-
UDREMHWRGHDQiOLVLVLQWHUSUHWDWLYRFRPR
%DODQFHJHQHUDOFRQVROLGDGR
Copyright © 2009. Ecoe Ediciones. All rights reserved.

(VWDGRGHRSHUDFLRQHV
(VWDGRGHFDPELRVHQODVLWXDFLyQÀQDQFLHUD
)OXMRVGHHIHFWLYR

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PHVSHURGHGLIHUHQWHDxR/RPiVVDQR\SDUDORJUDUUHVXOWDGRVPiVFHUFDQRVD
ODUHDOLGDGHVFRQYHQLHQWHKDFHUHOHVWXGLRFRQORVWUHV~OWLPRVLQIRUPHVSUHVHQ-
WDGRV'HLJXDOIRUPDWUDEDMDUFRQDTXHOORVHVWDGRVÀQDQFLHURV\DDXGLWDGRV\
ÀUPDGRVTXHQRUHTXLHUDQGHFDPELRVSRVWHULRUHV\QLJHQHUHQLQFRQVLVWHQFLDV
HQODUHDOL]DFLyQGHORVFiOFXORVHLQIRUPHGHODQiOLVLVÀQDQFLHUR

Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com &DStWXOR 
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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Fase 2. Interpretación
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KHUUDPLHQWDVXWLOL]DGDVSDUDHYDOXDUODVLWXDFLyQÀQDQFLHUDGHODHPSUHVD
(MHPSOR
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E/HFWXUDVGHORVHVWDGRVÀQDQFLHURVYHUWLFDO\KRUL]RQWDO
F 5D]RQHVRLQGLFDGRUHVÀQDQFLHURV
G)OXMRVGHFDMDRPRYLPLHQWRVGHHIHFWLYR

Fase 3. Comparación
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ORVGLIHUHQWHVSHUtRGRV\DUHODFLRQDUGLFKRVGDWRVFRQWRGDODLQIRUPDFLyQRE-
WHQLGDGHIRUPDFXDOLWDWLYDVHJHQHUDXQLQIRUPHFRQHOHVWDGRGHODHPSUHVD
HQVXVLWXDFLyQÀQDQFLHUD\SRVWHULRUPHQWHVHGDQODVRSLQLRQHVTXHOHSHUPL-
WDQDODGPLQLVWUDGRUJHUHQWHRHPSUHVDULRWRPDUXQDVDQDGHFLVLyQ

(QHVWDIDVHGHFRPSDUDFLyQODVWpFQLFDVPiVFRPXQHV\XWLOL]DGDVVRQ

1. Valor absoluto. &RQVLVWHHQGHWHUPLQDUODVDQDORJtDV\GLIHUHQFLDVHQWUHODV

GLVWLQWDVPDJQLWXGHVGHXQEDODQFH\GHPiVHVWDGRVÀQDQFLHURVHVWRVHKDFH
FRQHOÀQGHSRQGHUDUVXFXDQWtDHQIXQFLyQGHYDORUHVDEVROXWRVGLIHUHQFLDHQ
SHVRVHQWUHXQDxR\RWURSDUDSURFHGHUDGLDJQRVWLFDUVREUHODVGLIHUHQFLDV\
YDULDFLRQHVREWHQLGDV

9DORUUHODWLYRRGHSRUFHQWDMH6HSXHGHKDOODUPHGLDQWHFiOFXORVGHODV
KHUUDPLHQWDVGHODQiOLVLVYHUWLFDO\DQiOLVLVKRUL]RQWDOVXUHVXOWDGRVHFODVLÀFD
HQIRUPDYHUWLFDO\VXFRPSRVLFLyQFRUUHVSRQGHDODFWLYRSDVLYRSDWULPRQLR
\HVWDGRGHRSHUDFLRQHV(OSURSyVLWRHVUHDOL]DUXQDPHMRUSRQGHUDFLyQGHODV
RVFLODFLRQHVGHORVUHVXOWDGRV
Copyright © 2009. Ecoe Ediciones. All rights reserved.

3. Números índices. 6H XWLOL]D SDUD HVWXGLDU OD WHQGHQFLD GH FDGD JUXSR GH
FXHQWDVRGHHVWDVHQWUHVtWHQLHQGRFRPREDVHXQHMHUFLFLRQRUPDO~OWLPR
SHUtRGRVHDDQXDORPHQVXDO6HWRPDODFLIUDEDVHLQLFLDOGHFRPSDUDFLyQVH
LJXDODD\VHUHVWDHQWDQWRVSRUFLHQWRGHOSULPHUR

5D]yQ6HUHODFLRQDQORVGLIHUHQWHVHOHPHQWRVRPDJQLWXGHVTXHSXHGHQWH-
QHUXQVLJQLÀFDGRHVSHFLDO(VXQDUHODFLyQGLYLVLyQGHOYDORUGHGRVHOHPHQWRV
FDUDFWHUtVWLFRVGHODJHVWLyQTXHVHYDDHYDOXDU

5HSUHVHQWDFLyQJUiÀFD0XHVWUDORVGLIHUHQWHVGDWRVRUHJLVWURVFRQWDEOHV
KDOODGRVPHGLDQWHVXSHUÀFLHVJUiÀFDVXRWURVPpWRGRVGLDJUDPiWLFRV6XXVR
HVSDUDUHVDOWDUGHWHUPLQDGDVUHODFLRQHVHYDOXDGDV


Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.

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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com &DStWXOR 
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com &DStWXOR 
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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com &DStWXOR 
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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
Created from bibliouniminutosp on 2019-10-03 06:59:08.
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Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com &DStWXOR 
Created from bibliouniminutosp on 2019-10-03 06:59:08.
Copyright © 2009. Ecoe Ediciones. All rights reserved.

Baena, T. D. (2009). Análisis financiero : Enfoque, proyecciones financieras. Retrieved from http://ebookcentral.proquest.com
Created from bibliouniminutosp on 2019-10-03 06:59:08.