Buenas prácticas en la determinación de la estructura de capital óptima y su impacto en el valor económico agregado (EVA) de los bancos más representativos del Perú durante el periodo 2014-2018
Date
2020-06-30
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Pontificia Universidad Católica del Perú
Abstract
El presente trabajo de investigación tiene como principal objetivo dar a conocer las
buenas prácticas en la determinación de la estructura de capital óptima y su impacto en el
Valor Económico Agregado (EVA) de los bancos más representativos del Perú durante el
periodo 2014-2018, se justifica la realización de esta investigación al no existir en el país
mayor evidencia de estudios previos que analicen el comportamiento financiero de los bancos
y porque no se encontraron evidencias previas de estudios exhaustivos a cerca de la gestión
de la estructura de capital en este tipo de negocio.
La selección de los bancos se da tras reconocer la relevancia que tienen en el mercado
actual, en donde destacan: el Banco de Crédito del Perú, el Banco BBVA Perú, Banco
Scotiabank y Banco Interbank, así pues estas empresas sirven como referente para poder
identificar la existencia de buenas prácticas en la determinación de una estructura de capital
óptima, toda vez que se comprende como buenas prácticas a aquellas rutinas desarrolladas
por las empresas para la solución de un problema o tópico en particular y que sirvieron para
alcanzar un resultado satisfactorio y demostrable por lo que deberían ser copiados y puestos
en práctica por aquellas empresas que desean alcanzar los mismos niveles de satisfacción
(Urban, 2018).
Por otro lado, el campo de análisis de la estructura de capital comprende además
aquellas teoría que cobran relevancia por proveer de características concretas que aborde una
determinada gestión del capital , así se tiene que la teoría del Trade-Off menciona que las
empresas toman en consideración la compensación entre los costos y los beneficios del
endeudamiento para decidir un nivel de endeudamiento y por otro lado Pecking Order
menciona cómo influye la información imperfecta y la jerarquización de preferencias de
financiamiento en la decisión de un nivel de endeudamiento; estas dos teoría sirven como
punto de referencia al momento de poder identificar buenas prácticas que, para el presente estudio, se realiza una contrastación entre la información que brinda las empresas y la teoría
identificada. El análisis de la información que se obtiene de las empresas se desarrolla con
base a la metodología previa que el estudio propone donde se da uso a la información
financiera publica que los bancos proveen y las entrevistas a profundidad que se realizaron a
los ejecutivos responsables de la gestión de la estructura de capital dentro de estas
instituciones.
Así pues, esta información es analizada cualitativamente para poder identificar
aquellas acciones y/o estrategias que concuerden o no con lo postulado por la teoría; pero
además el estudio es enriquecido pues también se analiza el impacto que tiene la estructura de
capital con el indicador de creación de valor económico agregado (EVA) pues este último
complementa el análisis financiero de una empresa al considerarse el factor de creación de
valor dentro de la organización.
Entre los hallazgos más destacables del presente estudio resalta la composición de la
estructura de capital de los bancos donde el financiamiento externo es decir el pasivo, se
mantiene en niveles del 85% y 90%, y este nivel de apalancamiento está justificado por el
giro del negocio que demanda el manejo de niveles de apalancamiento pues es este recurso el
insumo principal para las inversiones que realiza el banco; no obstante, el nivel de capital que
mantienen resulta del marco regulatorio que rige a nivel nacional y que tiene sustento en los
postulados internacionales que Basilea propone como medida preventiva a potenciales
riesgos y crisis económicas globales.
Y, en ese sentido, el presente estudio resalta como buenas prácticas para la
determinación de la estructura de capital en los bancos al control activo del cumplimiento del
marco regulatorio del país en torno a la solvencia, liquidez y calidad de activos que poseen
los bancos; la gestión y control interno de indicadores de gestión y financieros; el manejo y
contacto activo con las clasificadores de riesgo en búsqueda de cumplir expectativas de calificación que mejoren su calificación crediticia en miras de buscar financiamiento menos
costosos; y finalmente, el desarrollo de escenarios de estrés financiero simulado que permitan
prever y establecer estrategias preventivas y toma de acciones.
The main objective of this research is to present good practices in determining the optimal capital structure and its impact on the Economic Value Added (EVA) of the most representative banks in Peru during the 2014-2018 period. It justifies the conduct of this research because there is no greater evidence in the country of previous studies that analyze the financial behavior of the banks and because no previous evidence of exhaustive studies was found about the management of the capital structure in this type of business. The selection of the banks occurs after recognizing the relevance they have in the current market, where they stand out: Banco de Crédito del Perú, Banco BBVA Perú, Scotiabank Perú and Banco Interbank, so these companies serve as a reference to identify the existence of good practices in determining an optimal capital structure, since it is understood as good practices to those routines developed by companies for the solution of a particular problem or topic and that served to achieve a satisfactory and demonstrable result so they should be copied and put into practice by those companies that want to reach the same levels of satisfaction (Urban, 2018). On the other hand, the field of analysis of the capital structure also includes those theory that are relevant for providing specific characteristics that address a specific management of capital, so we have that the Trade-Off theory mentions that companies take into consideration the compensation between the costs and benefits of borrowing to decide a level of indebtedness and on the other hand Pecking Order mentions how imperfect information influences and the hierarchy of financing preferences in the decision of a level of indebtedness; These two theory serve as a point of reference when identifying good practices that, for the present study, a contrast is made between the information provided by companies and the theory identified. The analysis of the information that is obtained from the companies is developed based on the previous methodology that the study proposes where the public financial information provided by the banks and the in-depth interviews that were conducted to the executives responsible for the use were employed. Thus, this information is analyzed qualitatively to identify those actions and / or strategies that agree or disagree with the postulated by the theory; but in addition the study is enriched because the impact of the capital structure with the indicator of creation of economic added value (EVA) is also analyzed because the latter complements the financial analysis of a company when considering the factor of value creation within the organization. Among the most outstanding findings of the present study, the composition of the capital structure of banks is highlighted, where external financing, that is, liabilities, is maintained at levels of 85% and 90%, and this level of leverage is justified by the turn of the business that demands the management of leverage levels because this resource is the main input for the investments made by the bank; nevertheless, the level of capital that they maintain results from the regulatory framework that governs at the national level and that is based on the international postulates that Basel proposes as a preventive measure to potential global economic crises. And, in that sense, the present study highlights as good practices for the determination of the capital structure in the banks to the active control of compliance with the country's regulatory framework regarding the solvency, liquidity and quality of assets held by the banks; the management and internal control of management and financial indicators; the management and active contact with the risk classifiers in search of fulfilling rating expectations that improve their credit rating in order to seek less expensive financing; and finally, the development of simulated financial stress scenarios that allow to anticipate and establish preventive strategies and take actions.
The main objective of this research is to present good practices in determining the optimal capital structure and its impact on the Economic Value Added (EVA) of the most representative banks in Peru during the 2014-2018 period. It justifies the conduct of this research because there is no greater evidence in the country of previous studies that analyze the financial behavior of the banks and because no previous evidence of exhaustive studies was found about the management of the capital structure in this type of business. The selection of the banks occurs after recognizing the relevance they have in the current market, where they stand out: Banco de Crédito del Perú, Banco BBVA Perú, Scotiabank Perú and Banco Interbank, so these companies serve as a reference to identify the existence of good practices in determining an optimal capital structure, since it is understood as good practices to those routines developed by companies for the solution of a particular problem or topic and that served to achieve a satisfactory and demonstrable result so they should be copied and put into practice by those companies that want to reach the same levels of satisfaction (Urban, 2018). On the other hand, the field of analysis of the capital structure also includes those theory that are relevant for providing specific characteristics that address a specific management of capital, so we have that the Trade-Off theory mentions that companies take into consideration the compensation between the costs and benefits of borrowing to decide a level of indebtedness and on the other hand Pecking Order mentions how imperfect information influences and the hierarchy of financing preferences in the decision of a level of indebtedness; These two theory serve as a point of reference when identifying good practices that, for the present study, a contrast is made between the information provided by companies and the theory identified. The analysis of the information that is obtained from the companies is developed based on the previous methodology that the study proposes where the public financial information provided by the banks and the in-depth interviews that were conducted to the executives responsible for the use were employed. Thus, this information is analyzed qualitatively to identify those actions and / or strategies that agree or disagree with the postulated by the theory; but in addition the study is enriched because the impact of the capital structure with the indicator of creation of economic added value (EVA) is also analyzed because the latter complements the financial analysis of a company when considering the factor of value creation within the organization. Among the most outstanding findings of the present study, the composition of the capital structure of banks is highlighted, where external financing, that is, liabilities, is maintained at levels of 85% and 90%, and this level of leverage is justified by the turn of the business that demands the management of leverage levels because this resource is the main input for the investments made by the bank; nevertheless, the level of capital that they maintain results from the regulatory framework that governs at the national level and that is based on the international postulates that Basel proposes as a preventive measure to potential global economic crises. And, in that sense, the present study highlights as good practices for the determination of the capital structure in the banks to the active control of compliance with the country's regulatory framework regarding the solvency, liquidity and quality of assets held by the banks; the management and internal control of management and financial indicators; the management and active contact with the risk classifiers in search of fulfilling rating expectations that improve their credit rating in order to seek less expensive financing; and finally, the development of simulated financial stress scenarios that allow to anticipate and establish preventive strategies and take actions.
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Keywords
Buenas prácticas, Empresas financieras--Perú, Estructura de capital, Sector financiero--Perú
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