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Palancamiento
Palancamiento
Apalancamiento financiero
El apalancamiento financiero o secundario es la estrategia que permite el uso de la deuda con
terceros. En lugar de utilizar recursos propios la empresa accede a capitales externos para
aumentar la producción con el fin de alcanzar una mayor rentabilidad. Para ello la empresa
puede recurrir a una deuda o al capital común de accionistas.
El hecho de incorporar fondos ajenos en una operación puede hacer variar la rentabilidad
financiera de la empresa, debido a que la deuda genera intereses que se incorporan a los
resultados de la empresa. En consecuencia, el apalancamiento financiero viene a ser el efecto
que produce el endeudamiento en la rentabilidad financiera. Este efecto puede ser positivo
(cuando la rentabilidad financiera aumenta), negativo (cuando disminuye) o neutro (cuando
queda inalterada).
Operating leverage: refers to the relationship between sales and operating profits (UAII).
Operating leverage arises from the existence of fixed operating costs and expenses.
It is defined as the ability to use these fixed charges in order to maximize the effect that an
increase in sales can have on operating profit.
The operating or primary leverage is that strategy that allows converting variable costs into
fixed costs, in such a way that the higher the production ranges, the lower the cost per unit
produced.
Suppose that a company produces pants and uses a lot of labor to manufacture them, which is
a variable cost. For a greater production of trousers, more workers would be needed. But the
company can buy machinery and automate the production process, thereby reducing labor. I
would change the variable cost for fixed cost, reducing the first and raising the second. The
increase in the fixed cost will be due to the investment of automating the process via
depreciation or wear and tear of the purchased machinery. And the unit cost of producing each
pair of pants will be lower, thereby increasing efficiency.
Financial appeceament. Financial or secondary leverage is the strategy that allows the use of
debt with third parties. Instead of using its own resources, the company accesses external
capital to increase production in order to achieve greater profitability. For this, the company
can resort to a debt or to the common capital of shareholders. The fact of incorporating third-
party funds in an operation can make the financial profitability of the company vary, because
the debt generates interest that is incorporated into the results of the company. Consequently,
financial leverage becomes the effect that indebtedness produces on financial profitability. This
effect can be positive (when financial profitability increases), negative (when it decreases) or
neutral (when it remains unchanged).