El presente trabajo de investigación tiene como objetivo analizar el desempeño financiero de las principales empresas cementeras de Perú, Chile y Colombia que cotizan en bolsa durante los años 2015 al 2019. Para ello se utilizarán la metodología de análisis Du Pont, se determinará el Valor Económico Agregado (EVA) y el riesgo de quiebra usando el modelo Z de Altman. Este trabajo de investigación tiene como propósito identificar la condición financiera de las empresas más representativas de cada país seleccionado, tomando como base sus estados financieros, donde se evaluará sus principales indicadores y aplicará modelos para determinar la salud financiera de estas empresas y como se relacionan con la realidad económica de cada una con sus respectivos países. El sector cementero en los países objeto de estudio, representa uno de los principales medidores del comportamiento económico de cada país, ya que este sector está muy relacionado con las actividades de construcción tanto privada como pública en beneficio de la población. Es un sector altamente competitivo, ya que la inversión en infraestructura siempre ha constituido un pilar en el desarrollo tanto de países emergentes como desarrollados, resultando interesante la búsqueda de mercados rentables, la optimización de procesos y estrategias de reducción de costos para obtener una mayor y mejor rentabilidad. Así también, el presente análisis busca ser una guía para inversionistas, donde se pueda determinar qué país logra brindar las mejores condiciones económicas y financieras para obtener un mejor retorno de la inversión. / The objective of this research work is to analyze the financial performance of the main cement companies in Peru, Chile and Colombia that are listed on the stock market during the years 2015 to 2019. For this, the Du Pont analysis methodology will be used, the Economic Value will be determined Aggregate (EVA) and bankruptcy risk using Altman's Z model. The purpose of this research work is to identify the financial condition of the most representative companies of each selected country, based on their financial statements, where their main indicators will be evaluated and models will be applied to determine the financial health of these companies and how they relate to the economic reality of each one with their respective countries. The cement sector in the countries under study represents one of the main measures of the economic behavior of each country, since this sector is closely related to both private and public construction activities for the benefit of the population. It is a highly competitive sector, since investment in infrastructure has always been a pillar in the development of both emerging and developed countries, making it interesting to search for profitable markets, process optimization and cost reduction strategies to obtain greater and better profitability. Also, this analysis seeks to be a guide for investors, where it can be determined which country manages to provide the best economic and financial conditions to obtain a better return on investment. / Trabajo de investigación

Bankruptcies have been a sensitive topic all around the world for over 50 years. From their research, the authors have found that only a few bankruptcy studies have been conducted in Sweden and even less on the topic of bankruptcy prediction models. This thesis investigates the performance of the Altman, Ohlson and Zmijewski bankruptcy prediction models. This research investigates all Swedish companies during the years 2017 and 2018.  This study has the intention to shed light on some of the most famous bankruptcy prediction models. It is interesting to explore the predictive abilities and usability of those three models in Sweden. The second purpose of this study is to create two models from the most significant variable out of the three models studied and to test its prediction power with the aim to create two models designed for Swedish companies.  We identified a research gap in terms of Sweden, where bankruptcy prediction models have been rather unexplored and especially with those three models. Furthermore, we have identified a second research gap regarding the time period of the research. Only a few studies have been conducted on the topic of bankruptcy prediction models post the financial crisis of 2007/08.  We have conducted a quantitative study in order to achieve the purpose of the study. The data used was secondary data gathered from the Serrano database. This research followed an abductive approach with a positive paradigm. This research has studied all active Swedish companies between the years 2017 and 2018. Finally, this contributed to the current field of knowledge on the topic through the analysis of the results of the models on Swedish companies, using the liquidity theory, solvency and insolvency theory, the pecking order theory, the profitability theory, the cash flow theory, and the contagion effect. The results aligned with the liquidity theory, the solvency and insolvency theory and the profitability theory. Moreover, from this research we have found that the Altman model has the lowest performance out of the three models, followed by the Ohlson model that shows some mixed results depending on the statistical analysis. Lastly, the Zmijewski model has the best performance out of the three models. Regarding the performance and the prediction power of the two new models were significantly higher than the three models studied.

This thesis deals with analysis of creditworthy and bankruptcy models. The aim is to analyze how are individual creditworthy and bankruptcy models able to predict problems in the company. Creditworthy and bankruptcy models are applied to 25 companies, which were facing problems during their life. These are mainly limited liability companies, but also there are joint-stock companies. A total of five sectors is analyzed. Manufacturing industry, construction, wholesale and retail trade, transportation and warehousing and professional, scientific and technical activities. Five creditworthy and bankruptcy models are analyzed: Altman model, model IN05, Taffler model, Springate analysis and balance analysis system according to Rudolf Doucha, which is used in two variants.