Importancia del estado de flujos de efectivo para la gestión financiera sostenible
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dic 31, 2021
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Resumen
El propósito de este artículo es evidenciar las prácticas de presentación del Estado de Flujos de Efectivo (EFE) y los aportes que brinda para la gestión financiera sostenible. Este trabajo se fundamenta en la alta aplicación que tienen los flujos de caja en las finanzas corporativas y en el creciente interés por el EFE a raíz de la reciente implementación de las Normas Internacionales de Información Financiera (NIIF) en Colombia. Apoyados en una muestra de 14.979 empresas, se exponen ocho escenarios de interpretación y análisis basados en el EFE y el Flujo de Caja Libre (FCL) para su aplicación empresarial. En este estudio se aplicó un análisis correlacional multivariado a través del método Biplot que arrojó como resultado que las empresas que generan utilidades netas positivas no necesariamente cuentan con flujos de caja que les permita atender sus acreencias financieras y dividendos. Este trabajo aporta a la literatura académica sobre el estado de flujos de efectivo y sienta las bases para trabajos futuros una vez se consoliden estas nuevas normas en Colombia.
Keywords
Cash flow statement, sustainable financial management, free cash flow, IFRSEstado de flujos de efectivo, gestión financiera sostenible, flujo de caja libre, NIIFDemonstração dos fluxos de caixa, gestão financeira sustentável, fluxo de caixa livre, IFRS
References
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Arimany, N., Moya, S., & Viladecans, C. (2015). Utilidad del Estado de Flujos de Efectivo para el análisis empresarial. Revista de Contabilidad Y Dirección, 20, 195–217. https://dialnet.unirioja.es/servlet/articulo?codigo=5250483
Baik, B., Cho, H., Choi, W., & Lee, K. (2016). Who classifies interest payments as financing activities? An analysis of classification shifting in the statement of cash flows at the adoption of IFRS. Journal of Accounting and Public Policy, 35(4), 331–351. https://doi.org/10.1016/j.jaccpubpol.2015.11.003
Baños-Caballero, S., García-Teruel, P., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Bendickson, J., Muldoon, J., Liguori, E., & Davis, P. (2016). Agency theory: Background and epistemology. Journal of Management History 22(4),437-449 https://doi.org/10.1108/JMH-06-2016-0028
Bradbury, M. (2011). Direct or Indirect Cash Flow Statements? Australian Accounting Review, 21(57), 124–130. https://doi.org/10.1111/j.1835-2561.2011.00130.x
Cárdenas, O., Noguera, C., Galindo, P., & Vicente-Villardón, J. (2006). Alternativa a la regresión con componentes principales basada en biplot de regresión. Interciencia, 31(3), 160-167. http://ve.scielo.org/scielo.php?script=sci_arttext&pid=S0378-18442006000300004
Charitou, A., Karamanou, I., & Kopita, A. (2018). The determinants and valuation effects of classification choice on the statement of cash flows. Accounting and Business Research, 48(6), 613–650. https://doi.org/10.1080/00014788.2017.1407626
Chen, A., & Gong, J. (2019). Accounting comparability, financial reporting quality, and the pricing of accruals. Advances in Accounting, 45, 100415. https://doi.org/10.1016/j.adiac.2019.03.003
Correa-Garcia, J. (2007). Análisis comparativo: el Ebitda y el flujo de caja libre –FCL– y su aplicación en la gestión financiera empresarial. Revista Internacional Legis de Contabilidad & Auditoría, 1(32), 159–181. https://www.legis.com.co/revista-internacional-contabilidad-auditoria/p
Correa, D., Martínez, L., Ruiz, M., & Yepes, M. (2018). Los indicadores de costos: una herramienta para gestionar la generación de valor en las empresas industriales colombianas. Estudios Gerenciales, 34(147), 190–199. https://doi.org/10.18046/j.estger.2018.147.2643
Correa, J. (2005). De la partida doble al análisis financiero. Contaduría Universidad de Antioquia, (46), 169–194. https://revistas.udea.edu.co/index.php/cont/article/view/25682
Correa, J., Pulgarín, A., Muñoz, L., & Álvarez, M. (2010). Marco normativo y antecedentes de la revelación contable en Colombia. Contaduría Universidad de Antioquia, (56), 269–292. https://revistas.udea.edu.co/index.php/cont/article/view/14703
Correa-Mejía, D., & Lopera-Castaño, M. (2019). Pronóstico de insolvencia empresarial en Colombia a través de indicadores financieros. Panorama Económico, 27, 510-526. https://doi.org/10.32997/2463-0470-vol.27-num.2-2019-2639
Correa-Mejía, D., & Lopera-Castaño, M. (2020). Financial ratios as a powerful instrument to predict insolvency; a study using boosting. Estudios gerenciales, 36(155), 229-238. https://doi.org/10.18046/j.estger.2020.155.3588
Dewi, I., Sari, M., Budiasih, I., & Suprasto, H. (2019). Free Cash Flow Effect towards Firm Value. International Research Journal of Management, IT y Social Sciences, 6(3), 108–116. https://doi.org/https://doi.org/10.21744/irjmis.v6n3.643
Duque, A. (2015). Estado de flujos de efectivo: aplicación de razonamientos algebraicos y de la NIC 7. Cuadernos de Contabilidad, 16(40), 73–109. https://doi.org/10.11144/Javeriana.cc16-40.efea
Estridge, J., & Lougee, B. (2007). Measuring free cash flows for equity valuation: Pitfalls and possible solutions. Journal of Applied Corporate Finance, 19(2), 60-71. https://doi.org/10.1111/j.1745-6622.2007.00136.x
Foerster, S., Tsagarelis, J., & Wang, G. (2017). Are Cash Flows Better Stock Return Predictors Than Profits? Financial Analysts Journal, 73(1), 73–99. https://doi.org/10.2139/ssrn.2472571
Gabriel, K. (1971). The biplot graphic display of matrices with application to principal component analysis, Biometrika, 58(3), 453-467. https://doi.org/10.1093/biomet/58.3.453
Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm’s Value: (A Study About Agency Theory). Procedia Social and Behavioral Sciences, 219, 248–254. https://doi.org/10.1016/j.sbspro.2016.05.013
Gonzales-Rojas, V., Conde-Arango, G., & Ochoa-Muñoz, A. (2021). Análisis de Componentes Principales en presencia de datos faltantes: el principio de datos disponibles. Scientia et Technica, 26(2), 219-228. https://doi.org/10.22517/23447214.20591
Gordon, E., Henry, E., Jorgensen, B., & Linthicum, C. (2017). Flexibility in cash-flow classification under IFRS: determinants and consequences. Review of Accounting Studies, 22(2), 839–872. https://doi.org/10.1007/s11142-017-9387-1
Hales, J., & Orpurt, S. (2013). A Review of Academic Research on the Reporting of Cash Flows from Operations. Accounting Horizons, 27(3), 539–578. https://doi.org/10.2308/acch-50498
Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789?seq=1#page_scan_tab_contents
Kajananthan, R., & Velnampy, T. (2014). Liquidity, Solvency and Profitability Analysis Using Cash Flow Ratios and Traditional Ratios : The Telecommunication Sector in Sri Lanka. Research Journal of Finance and Accounting, 5(23), 163–171. https://www.iiste.org/Journals/index.php/RJFA/article/view/18769
Kamaluddin, A., Ishak, N., & Mohammed, N. (2019). Financial Distress Prediction Through Cash Flow Ratios Analysis. International Journal of Financial Research, 10(3), 63. https://doi.org/10.5430/ijfr.v10n3p63
Kroes, J., & Manikas, A. (2014). Cash flow management and manufacturing firm financial performance: A longitudinal perspective. International Journal of Production Economics, 148, 37–50. https://doi.org/10.1016/j.ijpe.2013.11.008
Kolmakov, V., & Polyakova, A. (2019). Regional free cash flow dataset: An approach to regional performance evaluation. Data in Brief, 25, 1-5. https://doi.org/10.1016/j.dib.2019.104175
Kousenidis, D. (2006). A free cash flow version of the cash flow statement: a note. Managerial Finance, 32(8), 645–653. https://doi.org/10.1108/03074350610676741
Mascareñas, J. (2013). Introducción a las Finanzas Corporativas. Monografías sobre Finanzas Corporativas. https://ssrn.com/abstract=2313264
Orpurt, S., & Zang, Y. (2007). Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows and Earnings? The Accounting Review, 84(3), 893–935. https://doi.org/10.2308/accr.2009.84.3.893
Ortas, E., Alvarez, I., Jaussaud, J., & Garayar, A. (2015). The impact of institutional and social context on corporate environmental, social and governance performance of companies committed to voluntary corporate social responsibility initiatives. Journal of Cleaner Production, 108, 673–684. https://doi.org/10.1016/j.jclepro.2015.06.089
Park, K., & Jang, S. (2013). Capital structure, free cash flow, diversification and firm performance: A holistic analysis. International Journal of Hospitality Management, 33, 51–63. https://doi.org/10.1016/j.ijhm.2013.01.007
Rivera-Godoy, J., & Rendón-Perea, J., (2019). Sector avícola en Colombia: rendimiento contable y EVA. Contaduría Universidad de Antioquia, 74, 127-151. Doi: https://doi.org/10.17533/udea.rc.n74a06
Sayari, N., & Mugan, F. (2013). Cash Flow Statement as an Evidence for Financial Distress. Universal Journal of Accounting and Finance, 1(3), 95–103. https://doi.org/10.13189/ujaf.2013.010302
Shyam, B., & Mollie, T. (2017). On the Definition, Measurement, and Use of the Free Cash Flow concept in financial reporting and analysis: A review and recommendations. Journal of Accounting and Finance, 17(1), 11–19. https://doi.org/10.33423/jaf.v17i1.972
Sierra, E. (2001). Evolución de la normativa contable en Colombia. Revista Innovar, 17, 47–65. https://revistas.unal.edu.co/index.php/innovar/article/view/24230
Soboleva, Y., Matveev, V., Ilminskaya, S., Efimenko, I., Rezvyakova, I., & Mazur, L. (2018). Monitoring of businesses operations with cash flow analysis. International Journal of Civil Engineering and Technology, 9(11), 2034–2044. http://ogiik.orel.ru/efimenko_is/Efimenko_Scopus1.pdf
Terreno, D., Peréz, J., & Sattler, S. (2020). La relación entre liquidez, rentabilidad y solvencia: Una investigación empírica por el modelo de ecuaciones estructurales. Contaduría Universidad De Antioquia, (77), 13-35. https://doi.org/10.17533/udea.rc.n77a01
Vishwanath, S., & Krishnamurti, C. (2009). Investment Management: A Modern Guide to Security Analysis and Stock Selection. Nagpur, India: Springer-Verlag Berlin Heidelberg. https://doi:10.1007/978-3-540-88802-4 6
Yaari, U., Nikiforov, A., Kahya, E., & Shachmurove, Y. (2016). Finance methodology of Free Cash Flow. Global Finance Journal, 29, 1–11. https://doi.org/10.1016/j.gfj.2015.05.003
Yeo, H. (2018). Role of free cash flows in making investment and dividend decisions: The case of the shipping industry. Asian Journal of Shipping and Logistics, 34(2), 113–118. https://doi.org/10.1016/j.ajsl.2018.06.007
Zhang, E. (2019). The impact of cash flow management versus accruals management on credit rating performance and usage. Review of Quantitative Finance and Accounting, 54, 1163-1193. https://doi.org/10.1007/s11156-019-00821-8
Arimany, N., Moya, S., & Viladecans, C. (2015). Utilidad del Estado de Flujos de Efectivo para el análisis empresarial. Revista de Contabilidad Y Dirección, 20, 195–217. https://dialnet.unirioja.es/servlet/articulo?codigo=5250483
Baik, B., Cho, H., Choi, W., & Lee, K. (2016). Who classifies interest payments as financing activities? An analysis of classification shifting in the statement of cash flows at the adoption of IFRS. Journal of Accounting and Public Policy, 35(4), 331–351. https://doi.org/10.1016/j.jaccpubpol.2015.11.003
Baños-Caballero, S., García-Teruel, P., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Bendickson, J., Muldoon, J., Liguori, E., & Davis, P. (2016). Agency theory: Background and epistemology. Journal of Management History 22(4),437-449 https://doi.org/10.1108/JMH-06-2016-0028
Bradbury, M. (2011). Direct or Indirect Cash Flow Statements? Australian Accounting Review, 21(57), 124–130. https://doi.org/10.1111/j.1835-2561.2011.00130.x
Cárdenas, O., Noguera, C., Galindo, P., & Vicente-Villardón, J. (2006). Alternativa a la regresión con componentes principales basada en biplot de regresión. Interciencia, 31(3), 160-167. http://ve.scielo.org/scielo.php?script=sci_arttext&pid=S0378-18442006000300004
Charitou, A., Karamanou, I., & Kopita, A. (2018). The determinants and valuation effects of classification choice on the statement of cash flows. Accounting and Business Research, 48(6), 613–650. https://doi.org/10.1080/00014788.2017.1407626
Chen, A., & Gong, J. (2019). Accounting comparability, financial reporting quality, and the pricing of accruals. Advances in Accounting, 45, 100415. https://doi.org/10.1016/j.adiac.2019.03.003
Correa-Garcia, J. (2007). Análisis comparativo: el Ebitda y el flujo de caja libre –FCL– y su aplicación en la gestión financiera empresarial. Revista Internacional Legis de Contabilidad & Auditoría, 1(32), 159–181. https://www.legis.com.co/revista-internacional-contabilidad-auditoria/p
Correa, D., Martínez, L., Ruiz, M., & Yepes, M. (2018). Los indicadores de costos: una herramienta para gestionar la generación de valor en las empresas industriales colombianas. Estudios Gerenciales, 34(147), 190–199. https://doi.org/10.18046/j.estger.2018.147.2643
Correa, J. (2005). De la partida doble al análisis financiero. Contaduría Universidad de Antioquia, (46), 169–194. https://revistas.udea.edu.co/index.php/cont/article/view/25682
Correa, J., Pulgarín, A., Muñoz, L., & Álvarez, M. (2010). Marco normativo y antecedentes de la revelación contable en Colombia. Contaduría Universidad de Antioquia, (56), 269–292. https://revistas.udea.edu.co/index.php/cont/article/view/14703
Correa-Mejía, D., & Lopera-Castaño, M. (2019). Pronóstico de insolvencia empresarial en Colombia a través de indicadores financieros. Panorama Económico, 27, 510-526. https://doi.org/10.32997/2463-0470-vol.27-num.2-2019-2639
Correa-Mejía, D., & Lopera-Castaño, M. (2020). Financial ratios as a powerful instrument to predict insolvency; a study using boosting. Estudios gerenciales, 36(155), 229-238. https://doi.org/10.18046/j.estger.2020.155.3588
Dewi, I., Sari, M., Budiasih, I., & Suprasto, H. (2019). Free Cash Flow Effect towards Firm Value. International Research Journal of Management, IT y Social Sciences, 6(3), 108–116. https://doi.org/https://doi.org/10.21744/irjmis.v6n3.643
Duque, A. (2015). Estado de flujos de efectivo: aplicación de razonamientos algebraicos y de la NIC 7. Cuadernos de Contabilidad, 16(40), 73–109. https://doi.org/10.11144/Javeriana.cc16-40.efea
Estridge, J., & Lougee, B. (2007). Measuring free cash flows for equity valuation: Pitfalls and possible solutions. Journal of Applied Corporate Finance, 19(2), 60-71. https://doi.org/10.1111/j.1745-6622.2007.00136.x
Foerster, S., Tsagarelis, J., & Wang, G. (2017). Are Cash Flows Better Stock Return Predictors Than Profits? Financial Analysts Journal, 73(1), 73–99. https://doi.org/10.2139/ssrn.2472571
Gabriel, K. (1971). The biplot graphic display of matrices with application to principal component analysis, Biometrika, 58(3), 453-467. https://doi.org/10.1093/biomet/58.3.453
Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm’s Value: (A Study About Agency Theory). Procedia Social and Behavioral Sciences, 219, 248–254. https://doi.org/10.1016/j.sbspro.2016.05.013
Gonzales-Rojas, V., Conde-Arango, G., & Ochoa-Muñoz, A. (2021). Análisis de Componentes Principales en presencia de datos faltantes: el principio de datos disponibles. Scientia et Technica, 26(2), 219-228. https://doi.org/10.22517/23447214.20591
Gordon, E., Henry, E., Jorgensen, B., & Linthicum, C. (2017). Flexibility in cash-flow classification under IFRS: determinants and consequences. Review of Accounting Studies, 22(2), 839–872. https://doi.org/10.1007/s11142-017-9387-1
Hales, J., & Orpurt, S. (2013). A Review of Academic Research on the Reporting of Cash Flows from Operations. Accounting Horizons, 27(3), 539–578. https://doi.org/10.2308/acch-50498
Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789?seq=1#page_scan_tab_contents
Kajananthan, R., & Velnampy, T. (2014). Liquidity, Solvency and Profitability Analysis Using Cash Flow Ratios and Traditional Ratios : The Telecommunication Sector in Sri Lanka. Research Journal of Finance and Accounting, 5(23), 163–171. https://www.iiste.org/Journals/index.php/RJFA/article/view/18769
Kamaluddin, A., Ishak, N., & Mohammed, N. (2019). Financial Distress Prediction Through Cash Flow Ratios Analysis. International Journal of Financial Research, 10(3), 63. https://doi.org/10.5430/ijfr.v10n3p63
Kroes, J., & Manikas, A. (2014). Cash flow management and manufacturing firm financial performance: A longitudinal perspective. International Journal of Production Economics, 148, 37–50. https://doi.org/10.1016/j.ijpe.2013.11.008
Kolmakov, V., & Polyakova, A. (2019). Regional free cash flow dataset: An approach to regional performance evaluation. Data in Brief, 25, 1-5. https://doi.org/10.1016/j.dib.2019.104175
Kousenidis, D. (2006). A free cash flow version of the cash flow statement: a note. Managerial Finance, 32(8), 645–653. https://doi.org/10.1108/03074350610676741
Mascareñas, J. (2013). Introducción a las Finanzas Corporativas. Monografías sobre Finanzas Corporativas. https://ssrn.com/abstract=2313264
Orpurt, S., & Zang, Y. (2007). Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows and Earnings? The Accounting Review, 84(3), 893–935. https://doi.org/10.2308/accr.2009.84.3.893
Ortas, E., Alvarez, I., Jaussaud, J., & Garayar, A. (2015). The impact of institutional and social context on corporate environmental, social and governance performance of companies committed to voluntary corporate social responsibility initiatives. Journal of Cleaner Production, 108, 673–684. https://doi.org/10.1016/j.jclepro.2015.06.089
Park, K., & Jang, S. (2013). Capital structure, free cash flow, diversification and firm performance: A holistic analysis. International Journal of Hospitality Management, 33, 51–63. https://doi.org/10.1016/j.ijhm.2013.01.007
Rivera-Godoy, J., & Rendón-Perea, J., (2019). Sector avícola en Colombia: rendimiento contable y EVA. Contaduría Universidad de Antioquia, 74, 127-151. Doi: https://doi.org/10.17533/udea.rc.n74a06
Sayari, N., & Mugan, F. (2013). Cash Flow Statement as an Evidence for Financial Distress. Universal Journal of Accounting and Finance, 1(3), 95–103. https://doi.org/10.13189/ujaf.2013.010302
Shyam, B., & Mollie, T. (2017). On the Definition, Measurement, and Use of the Free Cash Flow concept in financial reporting and analysis: A review and recommendations. Journal of Accounting and Finance, 17(1), 11–19. https://doi.org/10.33423/jaf.v17i1.972
Sierra, E. (2001). Evolución de la normativa contable en Colombia. Revista Innovar, 17, 47–65. https://revistas.unal.edu.co/index.php/innovar/article/view/24230
Soboleva, Y., Matveev, V., Ilminskaya, S., Efimenko, I., Rezvyakova, I., & Mazur, L. (2018). Monitoring of businesses operations with cash flow analysis. International Journal of Civil Engineering and Technology, 9(11), 2034–2044. http://ogiik.orel.ru/efimenko_is/Efimenko_Scopus1.pdf
Terreno, D., Peréz, J., & Sattler, S. (2020). La relación entre liquidez, rentabilidad y solvencia: Una investigación empírica por el modelo de ecuaciones estructurales. Contaduría Universidad De Antioquia, (77), 13-35. https://doi.org/10.17533/udea.rc.n77a01
Vishwanath, S., & Krishnamurti, C. (2009). Investment Management: A Modern Guide to Security Analysis and Stock Selection. Nagpur, India: Springer-Verlag Berlin Heidelberg. https://doi:10.1007/978-3-540-88802-4 6
Yaari, U., Nikiforov, A., Kahya, E., & Shachmurove, Y. (2016). Finance methodology of Free Cash Flow. Global Finance Journal, 29, 1–11. https://doi.org/10.1016/j.gfj.2015.05.003
Yeo, H. (2018). Role of free cash flows in making investment and dividend decisions: The case of the shipping industry. Asian Journal of Shipping and Logistics, 34(2), 113–118. https://doi.org/10.1016/j.ajsl.2018.06.007
Zhang, E. (2019). The impact of cash flow management versus accruals management on credit rating performance and usage. Review of Quantitative Finance and Accounting, 54, 1163-1193. https://doi.org/10.1007/s11156-019-00821-8
Cómo citar
Correa García , J. A. ., & Correa Mejía, D. A. . (2021). Importancia del estado de flujos de efectivo para la gestión financiera sostenible. Cuadernos De Contabilidad, 22. https://doi.org/10.11144/Javeriana.cc22.iefe
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