أثر سياسات التمويل على ربحية المؤسسة الاقتصادية

Abstract

"This study aims to know the impact of financing policies on the profitability of the economic institution in the SONELGAZ corporation (AIN TEMOUCHENT) during the time period from 2017 to 2019, the relationship between financing policies (the independent variable) was studied with structuring ratios, liquidity ratios, financial performance, and profitability (the dependent variable). Financial balance indicators, profitability indicators represented by return on sales, return on probability, and return on capital. After relying on the descriptive approach in the theoretical aspect, and using the case study approach in the applied aspect of the studied institution (SONELGAZ) and using financial analysis tools in this (applied) aspect, this study concluded that there is a direct relationship between both internal financing ratios and self-financing and financial independence, which represents one of the elements of independent variable (financing policy), along with all profitability indicators represented by return on equity and return on capital, which represent elements of the dependent variable (financial performance), which was reflected positively on the financial balance indicators that achieved the financial balance rule, at different growth rates, while we concluded that there is an inverse relationship between both external financing ratios and all profitability indicators, and that the institution relies for its financing on self-financing and little debt, and enjoys financial independence, the effect of financing policy on financial performance is in its formation of the financing mix so that it is affected it has a negative impact on resolving its reliance on debt, and a positive impact if it relies on self-financing.

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