REVISTA DYNA MANAGEMENT

Key words:

Financiación, creación de empresas, capital de trabajo, riesgo de cierre, emprendedor, inversión.

Article type:

ARTICULO DE INVESTIGACION / RESEARCH ARTICLE

Section:

RESEARCH ARTICLES

Presents this writing a model to calculate the investment in working capital in new companies, useful to help minimize the risk of bankruptcy of these organizations, by preventing deficits in the operating cash flow, causing the closure of a high percentage of them, before the first year. The proposal was constructed as an alternative solution to the problem detected when evaluating the companies created with funding from the Emprender Fund, a program of the Colombian State that supports the generation of companies, since 44.79% of the initiatives funded in the 2005-2003 period owed close, mainly due to deficits in cash flow. The research followed the evaluative method using the logit model, verifying the weak entrepreneurial capacity in Colombia, due to the close relationship between closure risk and new companies. Build the model to establish the investment in working capital, I use the method of formulation and evaluation of investment projects. The conclusions indicate inappropriate to determine the working capital in companies to be created with the methods applied in operating companies, and the importance of estimating it by selecting dynamic variables, such as variable and fixed monthly costs, considering the latter in relation to the number of months that can be take each company to reach the break-even point.

Keywords: financing, business creation, work capital, closing risk, entrepreneur, investment