Apalancamiento financiero para PyMEs del país de los últimos años

Abstract

El trabajo analiza el apalancamiento financiero como herramienta estratégica para el crecimiento y sostenibilidad de las PyMEs argentinas. El estudio se sitúa en un entorno de alta inflación y presión impositiva, utilizando como caso aplicado a "La Celia", una distribuidora mayorista de carnes en Santa Fe. La investigación aborda la dificultad de las pequeñas empresas para acceder al crédito, lo que suele limitar su expansión a la reinversión de utilidades. El trabajo demuestra, mediante el análisis de indicadores como el ROE (rentabilidad sobre el patrimonio neto), que el uso de créditos bancarios con aval de SGR permite aprovechar beneficios como el escudo fiscal (deducción de intereses) y el escudo inflacionario. Este último fenómeno ocurre cuando la inflación supera las tasas de interés fijas, reduciendo drásticamente el costo real de la deuda. A través de proyecciones (2023-2025) bajo escenarios pesimistas, moderados y optimistas, el autor concluye que una estructura de capital con un 65% de fondos propios y un 35% de financiamiento externo maximiza la rentabilidad. El estudio resalta que, siempre que la rentabilidad del negocio supere el costo financiero neto, el endeudamiento potencia la creación de valor. Finalmente, el trabajo enfatiza la importancia de la planificación financiera profesional para mitigar las asimetrías de información y facilitar el acceso a herramientas crediticias que fortalezcan el desarrollo del sector.

The final thesis analyzes financial leverage as a strategic tool for the growth and sustainability of Argentine SMEs (PyMEs). The study is set against a macroeconomic backdrop of high inflation and a heavy tax burden, using "La Celia," a wholesale meat distributor in Santa Fe, as its practical case study. The research addresses the chronic difficulty small businesses face in accessing credit, which often limits their expansion to the reinvestment of profits. Azar demonstrates, through the analysis of indicators such as ROE (Return on Equity), that utilizing bank loans—specifically those backed by Mutual Guarantee Societies (SGRs)—allows firms to benefit from the tax shield (interest deductibility) and an inflationary shield. The latter phenomenon occurs when inflation rates surpass fixed nominal interest rates, significantly reducing the real cost of debt. Based on financial projections for the 2023-2025 period across pessimistic, base, and optimistic scenarios, the author concludes that a capital structure consisting of 65% equity and 35% external financing maximizes profitability. The study highlights that as long as the business's return exceeds the net financial cost, debt serves to enhance value creation. Finally, the work emphasizes the importance of professional financial planning to mitigate information asymmetries and facilitate access to credit tools that strengthen the development of the SME sector.The research addresses the chronic difficulty small businesses face in accessing credit, which often limits their expansion to the reinvestment of profits. Azar demonstrates, through the analysis of indicators such as ROE (Return on Equity), that utilizing bank loans—specifically those backed by Mutual Guarantee Societies (SGRs)—allows firms to benefit from the tax shield (interest deductibility) and an inflationary shield. The latter phenomenon occurs when inflation rates surpass fixed nominal interest rates, significantly reducing the real cost of debt. Based on financial projections for the 2023-2025 period across pessimistic, base, and optimistic scenarios, the author concludes that a capital structure consisting of 65% equity and 35% external financing maximizes profitability. The study highlights that as long as the business's return exceeds the net financial cost, debt serves to enhance value creation.