{"id":60247,"date":"2020-07-28T17:41:03","date_gmt":"2020-07-28T15:41:03","guid":{"rendered":"https:\/\/blog.euncet.com\/?p=60247"},"modified":"2023-06-14T09:29:30","modified_gmt":"2023-06-14T07:29:30","slug":"apalancament-financer","status":"publish","type":"post","link":"https:\/\/www.euncet.com\/blog\/ca\/apalancament-financer\/","title":{"rendered":"Que l’apalancament (financer) no t’apalanqui"},"content":{"rendered":"

\"\"<\/p>\n

Pol Santandreu<\/a> \u00e9s professor del <\/span>m\u00e0ster universitari en Administraci\u00f3 i Direcci\u00f3 d’Empreses <\/span><\/a>de l’Euncet Business School i en el seu article d’opini\u00f3<\/span> \u00abQue el palancajament (financer) no t’apalanqui\u00bb<\/span><\/a> publicat en <\/span>l’economic<\/span><\/b> analitza el fenomen d’\u00abapalancament financer\u00bb per part de les empreses en el context actual de confinament per coronavirus.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

En el llenguatge financer, l’apalancament financer \u00e9s la capacitat d’una empresa de finan\u00e7ar-se recorrent al deute amb tercers. Es denomina apalancament positiu quan el cost del deute \u00e9s inferior a la rendibilitat que s’obt\u00e9 de les inversions finan\u00e7ades amb aquests recursos. Si, en canvi, el rendiment \u00e9s menor al cost del finan\u00e7ament, l’apalancament \u00e9s negatiu.<\/span>\u00a0<\/span><\/p>\n

En el llenguatge col\u00b7loquial, diem que alg\u00fa s’apalanca quan s’acomoda a una situaci\u00f3 en la seva “zona de confort”, que es diu en psicologia. Aquest apalancament implica adaptar-se a unes rutines, sense canviar massa coses i sense assumir gaires riscos.<\/span>\u00a0<\/span><\/p>\n

QUAN LES EMPRESES S’\u00abAPALANQUEN\u00bb<\/span><\/span>\u00a0<\/span><\/h3>\n

A causa del confinament, resultat de la pand\u00e8mia, moltes empreses han generat fortes p\u00e8rdues. I \u00e9s que, en no poder oferir els seus productes i serveis, moltes s’han vist obligades a demanar finan\u00e7ament per cobrir aquest forat. Aquest finan\u00e7ament ha de venir d’aportacions de capital per part d’accionistes, d’ajuts a fons perdut per part d’administracions o b\u00e9 de deute nou. En aquesta \u00faltima l\u00ednia, les administracions p\u00fabliques estan oferint l\u00ednies de finan\u00e7ament a trav\u00e9s de les entitats financeres.<\/span>\u00a0<\/span><\/p>\n

Les organitzacions \u2013 les que poden i tenen acc\u00e9s a aquestes l\u00ednies-, en la mesura que no saben fins quan duraran els efectes de la caiguda de les vendes, es cobreixen les esquenes demanant el m\u00e0xim de deute possible.<\/span>\u00a0<\/span><\/p>\n

Els actuals baixos costos del finan\u00e7ament fan que moltes empreses demanin m\u00e9s del que les seves previsions m\u00e9s pessimistes fan suposar. Aix\u00f2 no presenta cap problema en si mateix, llevat que, posteriorment, s’oblidi el sentit de la decisi\u00f3 presa.<\/span>\u00a0<\/span><\/p>\n

Les empreses han de fer servir el deute per compensar les p\u00e8rdues, per\u00f2 han de ser capa\u00e7os d’adaptar els seus models de negoci, perqu\u00e8 funcionin en un futur immediat i siguin capa\u00e7os de generar els fluxos de caixa suficients que permetin el pagament d’aquest deute i la viabilitat del mateix.<\/span>\u00a0<\/span><\/p>\n

Si el deute que es demana \u00e9s massa gran, es pot caure en l’apalancament (l’acomodament) en la presa de decisions. I aquest fet pot ser molt perill\u00f3s. El deute ha d’ajudar \u2013com els respiradors ajuden els malalts de la COVID-19-, per\u00f2 les organitzacions han de prendre les decisions estrat\u00e8giques que els permetin sortir d’aquesta crisi.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Pol Santandreu \u00e9s professor del m\u00e0ster universitari en Administraci\u00f3 i Direcci\u00f3 d’Empreses de l’Euncet Business School i en el seu article d’opini\u00f3 \u00abQue el palancajament (financer) no t’apalanqui\u00bb publicat en l’economic analitza el fenomen d’\u00abapalancament financer\u00bb per part de les empreses en el context actual de confinament per coronavirus.\u202f\u00a0 En el llenguatge financer, l’apalancament financer […]<\/p>\n","protected":false},"author":28,"featured_media":60725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[451],"tags":[],"class_list":["post-60247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finances-i-comptabilitat"],"acf":[],"yoast_head":"\nQue l'apalancament (financer) no t'apalanqui - Euncet Business School<\/title>\n<meta name=\"description\" content=\"Pol Santandreu dona les claus per a comprendre el palanquejament financer en aquesta crisi sanit\u00e0ria provocada pel coronavirus.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.euncet.com\/blog\/ca\/apalancament-financer\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Que l'apalancament (financer) no t'apalanqui - 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