Efectos de la titulización de cartera de crédito en la estructura de capital: un caso de estudio

Ketty del Rocío Hurtado García; Rodrigo Arturo Reyes Armas; Rosa Marjorie Torres Briones; Mayra Elizabeth García Bravo

doi:10.46652/rgn.v9i39.1136

Ketty del Rocío Hurtado García Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador https://orcid.org/0000-0002-5951-7341
Rodrigo Arturo Reyes Armas Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador
Rosa Marjorie Torres Briones Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador
Mayra Elizabeth García Bravo Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador

DOI: https://doi.org/10.46652/rgn.v9i39.1136

Keywords: Securitization; Capital Structure; Profitability; Liquidity; Economic Value Added.

Abstract

The identified problem in financial cooperatives is the need to increase their capital through external financing. In this context, securitization is a minimally explored option to improve liquidity. The study aims to propose a securitization process for the mortgage credit portfolio of the San Francisco Ltda. Savings and Credit Cooperative and to analyze its impact on the cooperative’s capital structure. The applied method is quantitative, based on financial analysis that includes the use of factorial analysis technique for the period 2017-2021. The findings indicate that the securitization of the mortgage credit portfolio has a positive impact on the cooperative’s capital structure. An improvement was observed in indicators such as liquidity, profitability, and Economic Value Added (EVA), particularly in situations following securitization. The study concludes that securitization indeed induces positive changes in the capital structure of savings and credit cooperatives. This is reflected in improvements in financial responsiveness and market competitiveness, offering an efficient financing alternative without the need to generate additional liabilities for the institution.

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Author Biographies

Ketty del Rocío Hurtado García, Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador

Magister en Contabilidad y Auditoría, Contador Público Autorizado, Docente de la Carrera de Licenciatura en Contabilidad y Auditoría de la Universidad Técnica del Cotopaxi, actualmente estudiante de Doctorado de Ciencias Contables en la Universidad de Los Andes. La línea de investigación afín al área contable es Administración y Economía para el Desarrollo humano y social.

Rodrigo Arturo Reyes Armas, Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador

Ingeniero en contabilidad y auditoría CPA en la Universidad Técnica Estatal de Quevedo desde el año 2013. Magister en contabilidad y auditoría en la Universidad Técnica Estatal de Quevedo desde el año 2018. En el campo profesional poseo más de 9 años de experiencia como contador público autorizado de manera independiente; experiencia laboral en el Servicio de Rentas Internas; además una trayectoria laboral en la institución financiera “Cooperativa CACPECO Ltda”., actualmente presto mis servicios como docente tiempo completo en la Universidad Técnica de Cotopaxi Extensión La Maná.

Rosa Marjorie Torres Briones, Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador

Contador Público Autorizado–CPA por la Universidad Técnica Estatal de Quevedo. Magister en Contabilidad y Auditoría; 6 años de Docente Investigador de la Carrera de Contabilidad y Auditoría en la Universidad Técnica Estatal de Quevedo y 6 años hasta la actualidad en la Universidad Técnica de Cotopaxi, línea de investigación afín al área contable es Administración y Economía para el Desarrollo humano y social.

Mayra Elizabeth García Bravo, Universidad Técnica de Cotopaxi, Extensión La Maná | La Maná | Ecuador

Ingeniero en gestión empresarial en la Universidad Técnica Estatal de Quevedo. Magister en contabilidad y auditoría en la Universidad Técnica Estatal de Quevedo desde el año 2013. En el campo profesional posee 9 años de experiencia como administrador de empresas y 9 años como docente Investigador de la Carrera de Contabilidad y Auditoría en la Universidad Técnica de Cotopaxi, línea de investigación afín al área contable en Administración y Economía para el Desarrollo humano y social.

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