Modelo de Z Altman y diagrama de solidez aplicado al mercado costarricense

Abstract

This project analyses the application of the Z Altman and Financial Strength models, as tools to predict financial insolvencies for ten companies listed at Bolsa Nacional de Valores, for the purpose to offer the investor ways to improve the decision making process. There is few information, and sometimes there is no information at all at the Bolsa Nacional de Valores and the different site webs of the companies analyzed for the national or foreign investor who wishes to participate in Costa Rica stock market. The investor does not have the tools needed to determine the financial strength of the companies at the Bolsa Nacional de Valores, so this is a great opportunity to effectuate a financial analysis that allows to determinate if the companies shows financial insolvency and an a solid financial structure. In order to effectuate this project it was required the acquisition of the several Financial Statements such as General Balance Sheet and the Income Statement for all the analyzed companies, the information was obtained at the site web of Superintendencia General de Valores (SUGEVAL). Once the models were applied to the companies, the results show three companies in a safe zone, with a few possibilities to have financial insolvency, while six present fluctuations between a safe and a precaution zone for the periods analyzed. Ad Astra Rockect shows some atypical conditions due to its nature, so it was excluded from the general analysis because the Z model is not totally applicable.