I. TITLE OF THE INVESTIGATION STUDY
"Effective decisions for the development of the Public Sector, within the framework of the new Financial Administration"
II. AUTHOR'S NAME
III. PLACE WHERE THE THESIS WILL BE DEVELOPED
Lima Peru
IV. PROJECT DESCRIPTION
According to Márquez (2005), the development of activities in the public sector entails making dissimilar decisions. These decisions can be legal, organizational, administrative, financial, accounting, labor, etc. In other words, each aspect of the government sector requires its own decisions, so that the institutional activities work and participate in the results obtained that the Peruvian population demands.
In this sense, financial decisions play one of the most important roles; insofar as these decisions are effective, the entities of the national, regional and local government will be able to carry out their daily activities and also project themselves in time. The role of financial decisions currently includes determining the total volume of funds to be used by each tender, distributing these funds efficiently among the various investments, including distributing in the best way the sources of financing from the point of view of the global evaluation of the sector. In other words, financial decisions must have a very broad perspective because their influence extends to all the activities of the institutions as well as to the environment that surrounds it.
According to Collazos (2000), it has been determined that the entities of the national government, regional governments and local governments make financial decisions lacking in transparency, legality, efficiency, effectiveness and economy; such as, for example, requiring supplementary credits when it is not strictly necessary, using ordinary resources in activities other than the entity's business or activity; they do not develop mechanisms for obtaining directly collected resources (internal resources), they do not fully exploit modern financing modalities such as the issuance of bonds, supplier credit, leasing or financial leasing and other modalities.
It is all that range of ineffective financial aspects that will serve as the basis for initiating an investigation and presenting alternative solutions.
4.1 BIBLIOGRAPHICAL BACKGROUND
The existence of many texts on finance, financial management, financial management, financial management, fundamentals of finance, fundamentals of financial management, etc have been determined; These documents contain generic aspects of the role that finance plays in people, companies, governments, etc. They are not specific works, however they contain the financial doctrine that will be taken into account for the comprehensive development of the investigation.
On the other hand, academic centers have a large number of theses, monographs, work of professional experience and others of this kind, in which the role of finance in commercial, industrial, agricultural, mining, poultry companies is discussed. services, etc.
There are individual papers on financial decisions, others deal with business development. However, it has not been possible to determine any joint work that deals with the synergy between financial decisions, the framework of the new government financial administration and its impact on the development of the national public sector. These works are the following:
a) Hernández Fernández, Maritere (2005) Thesis: " Financial decisions for the continuous improvement of the public sector ". Thesis presented to opt for the Master's Degree in Finance at the Autonomous University of Mexico. The author describes a set of financing decisions that make it possible to make the investments that the Mexican federal government needs to meet the needs of the population of that country, in the context of continuous improvement in this sector that openly competes with the private sector;
b) Aguabarrena García, Carlo Magno (2004) Thesis: " Competitive financial administration with effective financial decisions ". Thesis presented to opt for the Master's Degree at the Catholic University of Chile. The author makes a description of the financial decisions that allow having an adequate capital structure to dispose of the goods and rights they need to fulfill the institutional mission and thus ensure their continuity in the competitive Chilean market.
c) Castillo Heredia, Gustavo (2005) Thesis: “ Peru: Effective financial decisions for business development, within the framework of the social market economy ”. Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. In this research work, the author describes how financial decisions, to the extent that they are effective, contribute to the continuous improvement, productivity, competitiveness and development of companies in the commerce, industry and services sector, all within the framework of the social market or free competition economy;
d) Gamarra López, Roberto Martín (2005) Thesis: " Emotional intelligence in the effectiveness of financial decisions of the Administration Service of the Armed Forces ". Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. In the aforementioned work, the author describes how the financial decisions of the entities can improve substantially using the emotional intelligence of the authorities, managers, officials and servants in general;
e) Rojas Oblitas, Máx Edinson (2005) Thesis: “ Diversification of the Financial Administration for the optimal management of the National Police of Peru ”. Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. The author presents financing alternatives through directly collected resources as an effective way to diversify the financial administration of the PNP, as a way to solve the financial problems that the entity faces and that does not allow the provision of services in the best conditions for the population;
f) Mendoza Torres, Ana María (2005) Thesis: " Strategic financial management for the competitiveness of private sector companies ". Presented to opt for the Master's Degree in Accounting in the Management Accounting mention at the Universidad Nacional Mayor de San Marcos. In this work, the author presents the effective management of investments and financing as the solution for private sector companies to obtain efficiency, effectiveness, economy; productivity, continuous improvement and competitiveness in the sub-sectors in which they carry out their business activities;
g) Ángeles Macedo, Floriana Viviana (2005) Thesis: “ Financial analysis and its impact on the decisions of outsourcing companies “. Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. The author analyzes, synthesizes and interprets how the analysis of liquidity, management, solvency and profitability contributes to making effective financial decisions and therefore leads to the optimization and competitiveness of outsourcing companies;
h) Chirhuana Ontón, María Isabel (2005) Thesis: " The scorecard in strategic integration and optimization of the performance of an extractive fishing company ". Work presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. In this document, a description of the balanced scorecard is made, especially from the financial perspective and the way it facilitates integration so that fishing companies obtain their goals, objectives and institutional mission, i) Rojas Guerrero, Ruth Odila (2005) Thesis: " Financial instruments in the optimal management of companies in the construction sector ". Work presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. The financial instruments and the way in which they facilitate the optimal management of human, material and financial resources of companies in the construction sector are identified;
j) Escobar Córdova, Gladys (2005) Thesis: " Financial administration in achieving the strategic plans of private educational entities ". Work presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. In this work the author analyzes the way in which the financial decisions of investment, indebtedness and dividends of the business financial administration, facilitate the achievement of the goals, objectives and mission contained in the strategic plans of private educational entities;
k) Guardia Huamaní, José Manuel (2005) Thesis: " Corporate management applied to local governments ". Thesis presented to opt for the Master's Degree in Administration at the University of San Martín de Porres. The author highlights the way in which the finances of local governments should be managed to obtain financing and then be able to apply it in the investments that these entities need to satisfy the requirements of the population of their jurisdiction, 4.2. DELIMITATION OF THE INVESTIGATION
Research, like any other activity, has its scope, within which the delimitation of the work to be carried out is established.
1. SPACE DELIMITATION
This research includes the study of financial decisions and their impact on the development of the public sector, within the framework of the new government financial administration; This work will be applied to the national government, local governments and regional governments that are components of the government sector of our country.
2. TEMPORARY DELIMITATION
This research will understand the current situation, as this is the period of time in which it is necessary for public sector entities to develop financing and investment decisions that facilitate the development of the public sector.
3. SOCIAL DELIMITATION
This research work will consider the participation of authorities, directors, officials and public servants of the entities of the national government, regional governments and local governments; likewise, advisers and consultants of recognized trajectory and public finance professors from the universities of Metropolitan Lima.
4. CONCEPTUAL DELIMITATION
(1) Framework of the New Government Financial Administration.
(2) Making effective financial decisions
(3) Development of the National Public Sector
4.3. PROBLEM STATEMENT
Finance was initially considered part of the economy, others said it was part of accounting, others that it was part of administration; the so-called financial crises had to arise, for this professional activity to start its own path and development. Almost the same thing happens in institutional management, when it comes to decision-making, it is done in a generic way, as a whole, without giving it the necessary specialization, organizational, administrative and legal decisions are highlighted with greater incidence than financial ones, having to originate deficiencies in the financing and investment structure or the entities fall into problems of liquidity, management, solvency and profitability so that the importance due to financial decisions is just assigned.
Currently, the basic objective of every public entity is to maximize the value it has for the State and for the population, since this value is represented by the productivity and competitiveness of its products and services, which is nothing else. that the reflection of the financial decisions taken at the appropriate time regarding investment, financing, risks and profitability; Therefore, to the extent that the importance of financial decisions is not given, there will be deficiencies in the sources of financing to obtain the necessary investments; There will also be more risks and less profitability, all of which will not facilitate compliance with the impact, result and product indicators; the goals, objectives and institutional mission that leads to the development of the national public sector.
It has been determined that the entities of the national government, regional governments and local governments make financial decisions without considering the relevance that each situation deserves, such is the case of increasing current or non-current investments, without taking into account the line of business or activity or the goals and objectives of the entities. In this same context, there is an intention to facilitate sector development, but without considering the sources of financing, with which the necessary investments will be made.
In another context, the financial decisions that are made are not made taking into account the productivity that is desired to be achieved, therefore financial decisions are not worked together with managerial decisions to fully exploit the available resources at the lowest possible cost for companies. entities.
Another aspect is the lack of competitiveness. You cannot be competitive if you do not have the financing decisions that facilitate having the investments you need to produce or provide the most appropriate services for the Peruvian population.
Specifically, the problem could be summarized in the lack of synergy between financial decisions and the degree of development that is desired to achieve the productivity and competitiveness required by the population, all of which is aggravated for the entity if there is a new framework for the government financial management.
The lack of link between financial decisions and the degree of development of the public sector to be achieved, causes unnecessary activities to be carried out, which does not allow government entities to operate with transparency, legality, efficiency and effectiveness.
GENERAL PROBLEM:
How can financial decision-making within the framework of the new Financial Administration contribute to the development of the National Public Sector?
SECONDARY PROBLEMS:
1.- How can investment decisions, made within the framework of the fundamental principles of financial administration, facilitate the productivity of the National Public Sector and therefore have the confidence of the population?
2.- How can financing decisions, taken within the framework of the Financial Administration Systems, contribute to the competitiveness of the National Public Sector?
4.4. THEORETICAL FRAMEWORK
4.4.1. FRAMEWORK OF THE NEW FINANCIAL ADMINISTRATION.
According to Márquez (2005), this framework aims to modernize the financial administration of the Public Sector, establishing the basic rules for a comprehensive and efficient management of the processes related to the collection and use of public funds, as well as the registration and presentation of the corresponding information in terms that contribute to the fulfillment of the duties and functions of the State, in a context of fiscal responsibility and transparency and the search for macroeconomic stability.
Scope:
According to Rantes (2005), coinciding with Flores (2004), they are subject to compliance with the framework of the new financial administration, the respective laws, norms and directives of the systems that make up the Financial Administration of the Public Sector, the representative bodies and entities of the Legislative, Executive and Judicial Powers, as well as the Public Ministry, the constituents of the National Elections System, the National Council of the Magistracy, the Ombudsman's Office, Constitutional Court, the Comptroller General of the Republic, the Public Universities, as well as the corresponding decentralized entities. The Regional Governments are also included through their representative bodies, the Local Governments and their respective decentralized entities.
Likewise, legal persons of public law with their own assets that exercise regulatory, supervisory functions, and fund and tax administrators, and any other legal person where the State owns the majority of its assets or social capital or that administers funds or assets, are also subject. public.
Definition:
According to Márquez (2005) and Bellido (1989), the Financial Administration of the Public Sector comprises the set of norms, principles and procedures used by the systems that comprise it and, through them, by the entities and organisms participating in the process of planning, collection, allocation, use, custody, registration, control and evaluation of public funds.
Characteristics:
Flores (2004-A), coincides with the opinion of Márquez (2005), the Financial Administration of the Public Sector is made up of systems, with powers and competencies that the framework of the new financial administration and other specific norms grants them, to establish procedures and directives necessary for its operation and operability.
Organization at the central level:
According to the Framework Law of the Financial Administration of the Public Sector, the central authority of the systems that make up the Financial Administration of the Public Sector is the Ministry of Economy and Finance, and is exercised through the Vice Minister of Finance who establishes the policy that guides the regulations specific to each of the systems that comprise it, based on the proposals made by the Coordination Committee.
The systems that make up the Financial Administration of the Public Sector and their respective governing bodies are as follows:
a) National Budget System: National Directorate of the Public Budget;
b) National Treasury System: National Directorate of the Public Treasury;
c) National Debt System: National Directorate of Public Debt, and
d) National Accounting System: National Public Accounting Directorate.
Organization at the decentralized or operational level:
According to Márquez (2005), coinciding with the opinion of Bellido (1998), the Executing Unit constitutes the decentralized or operational level in the entities and organizations of the Public Sector, with which the governing bodies of the Financial Administration of the Sector are linked and interact. Public.
The Executing Unit is understood as that organic agency that has a level of administrative deconcentration that:
a) Determine and collect income;
b) It contracts commitments, accrues expenses and orders payments in accordance with the applicable legislation;
c) Records the information generated by the actions and operations carried out;
d) Reports on the progress and / or fulfillment of goals;
e) Receives and executes disbursements from debt operations; me
f) It is in charge of issuing and / or placing debt obligations.
The Head of each entity proposes to the Ministry of Economy and Finance, for its authorization, the Executing Units that it considers necessary to achieve its institutional objectives.
Rules of Intersystemic Integration:
According to the Framework Law of the Financial Administration of the Public Sector, the following rules must be taken into account:
a) The governing bodies of the Financial Administration of the Public Sector must ensure that the treatment of the documentation and information that is required of the entities is of multiple use, both in the form and content and in the timing of the same, and Avoid duplication of efforts and use of human, material and financial resources that meet the requirements of each of the systems.
b) The regulations, procedures and other specific technical instruments of each member system must be known in advance of the governing bodies of the other systems, before their approval and dissemination, in order to ensure their adequate coherence with the regulations and procedures of the other systems, within the framework of the policy established by the central authority of the Public Sector Financial Administration, ensuring integrity in their formulation, approval and application.
Coordination Committee:
The Coordination Committee chaired will be chaired by the Vice Minister of Finance and made up of the heads of the governing bodies of each of the systems that comprise it, with the purpose of establishing conditions that contribute to the permanent integration of its operation and operation, both in the central level as well as the decentralized level of the Financial Administration of the Public Sector.
Integration at the operational or decentralized level:
The Executing Units must ensure that the aspects related to compliance and application of the regulations issued by the systems that make up the Financial Administration of the Public Sector and with the treatment of the corresponding information, are conducted in a coherent and uniform manner, avoiding overlapping or interference in the operation of the processes of each system.
Unique Information Registry:
a) The registration of information is unique and mandatory for all entities and agencies of the Public Sector, at the national, regional and local levels and is carried out through the Integrated System of Financial Administration of the Public Sector (SIAF-SP) administered by the Ministry of Economy and Finance, through the Coordination Committee;
b) The SIAF-SP is the official means for the registration, processing and generation of information related to the Financial Administration of the Public Sector, whose operation and operation is developed within the framework of the regulations approved by the governing bodies.
4.4.1.1. PRINCIPLES OF FINANCIAL ADMINISTRATION
According to Márquez (2005), who coincides with what is established in the Framework Law of the Financial Administration of the Public Sector, the new government financial administration will be governed based on the following general principles:
1) The Financial Administration of the Public Sector is regulated by Law No. 28112 - Framework Law of the Financial Administration of the Public Sector, by the laws of the systems that comprise it, by its complementary norms and additionally by Law No. 27444, Law of the General Administrative Procedure;
2) The Financial Administration of the Public Sector is constituted by the set of rights and obligations of financial economic content whose ownership corresponds to the State, through the entities and organisms in charge of its administration in accordance with the Law;
3) The Financial Administration of the Public Sector is aimed at making the management of public funds viable, in accordance with the provisions of the legal system, promoting the proper functioning of its constituent systems, according to the established economic policy measures, in accordance with the Law of Fiscal Responsibility and Transparency and the Multiannual Macroeconomic Framework;
4) The principles that frame the Financial Administration of the State are transparency, legality, efficiency and effectiveness;
5) The Public Budget allocates public funds according to the spending priorities determined for the fulfillment of the objectives and goals set out in the framework of the Strategic Planning of the Public Sector entities and the programmed availability of income;
6) Public Sector entities can only execute income and make expenses in accordance with the Law. Any additional unforeseen demand is attended only with charge to the authorized allocations in the respective Institutional Budget;
7) The Public Treasury centralizes, custody and channels the funds and values of the Public Treasury;
8) Public Indebtedness allows obtaining external and internal financing to meet part of the requirements established in the Public Sector Budget, in accordance with the payment capacity of the country or the obligated entity;
9) The Public Accounting consolidates the budgetary and patrimonial information of the entities and organisms of the Public Sector to show the integral result of the management of the State through the General Account of the Republic; and, 10) The Financial Administration of the Public Sector is subject to the rule of normative centralization and operational decentralization within a framework of integration of the systems that comprise it.
4.4.1.2. FINANCIAL ADMINISTRATION SYSTEMS
4.4.1.2.1. NATIONAL BUDGETING SYSTEM
Analyzing the opinion of Andrade (1999), when it refers to the National Budget System, it coincides with what was stated by Gitman (1986) and Van Horne (1995), who indicate is the set of organs, rules and procedures that lead the budget process of all entities and agencies of the Public Sector in their programming, formulation, approval, execution and evaluation phases.
It is governed by the principles of balance, universality, unity, specificity, exclusivity, and annuity.
System Members:
The National Budget System is made up of the National Public Budget Directorate, dependent on the Vice Ministry of Finance and by the Executing Units through the offices or dependencies in which the processes related to the System are conducted, at the level of all entities. and Public Sector bodies that administer public funds, which are responsible for ensuring compliance with the rules and procedures issued by the governing body.
National Directorate of Public Budget - DNPP:
According to the Framework Law of the Financial Administration of the Public Sector, the National Directorate of the Public Budget is the governing body of the National Budget System and dictates the rules and establishes the procedures related to its scope, within the framework of the provisions of the Framework Law of the Financial Administration of the Public Sector, Budgetary Directives and complementary provisions. The main powers of the National Directorate of the Public Budget are:
a) Program, direct, coordinate, control and evaluate the management of the budget process;
b) Prepare the draft of the Annual Budget Law;
c) Issue the relevant complementary directives and standards;
d) Carry out the monthly programming of the Income and Expenses Budget;
e) Promote permanent improvement of budgeting technique; and
f) Issue an authorized opinion on budgetary matters.
The Public Sector Budget:
The Public Sector Budget is the annual economic and financial programming instrument and is approved by the Congress of the Republic. Its execution begins on January 1 and ends on December 31 of each year.
Public Sector Income:
Public Funds, without exception, are income of a tax, non-tax or financing nature that serve to finance all expenditures of the Public Sector Budget. They are disaggregated according to the corresponding income classifiers.
Public Sector Expenses:
Government expenses are grouped into Current Expenses, Capital Expenses and Debt Service, which are disaggregated according to the corresponding classifiers.
a) Current expenses are the expenses for the maintenance or operation of the services provided by the State;
b) Capital expenditure, are the expenses destined to the increase of production or the immediate or future increase of the State Assets; and, c) Debt service, are the expenses destined to the fulfillment of the obligations originated by the public debt, whether internal or external.
Execution of income and expenditure of the Public Sector:
The Income Execution comprises the stages of estimation, determination and perception.
a) The estimate consists of the calculation or projection of the income levels that are expected to be achieved for all reasons;
b) The determination is the identification of the concept, opportunity and other elements related to the realization of the income; and
c) The perception is the collection, capture or obtaining of public funds.
Expenditure Execution comprises the stages of commitment, accrual and payment.
a) The commitment is the preventive affectation of the budget of the entity by acts or administrative provisions;
b) The accrual is the final execution of the budget allocation for the recognition of a payment obligation; and, c) Payment is the extinction of the obligation by canceling it.
Institutional budgets:
All public income and expenses must be contemplated in the institutional budgets approved in accordance with the Law, being prohibited the administration or management of public funds, under any other form or modality. Any provision to the contrary is null and void.
Acts or administrative spending provisions:
The officials of the Public Sector entities competent to commit expenses must observe, prior to the issuance of the act or administrative provision of expenditure, that the entity has the corresponding budget allocation. Otherwise they become null and void.
Record of execution of income and expenditure at the end of the fiscal year:
a) The budget execution and its corresponding record of income and expenses closes on December 31 of each Fiscal Year;
b) After December 31, the income received is considered part of the following Fiscal Year regardless of the date on which it was originated and settled. Likewise, no commitments can be assumed or expenses incurred under the Budget of the Fiscal Year that closes on that date;
c) Payment of the expense accrued as of December 31 of each Fiscal Year may be made until March 31 of the following Fiscal Year as long as it is duly formalized and registered.
Budget reconciliation:
The budget reconciliation comprises the set of acts conducive to reconcile the budgetary records of income and expenses carried out as of December 31 of each. Fiscal Year as well as the approval of the necessary provisions for the corresponding formalization.
4.4.1.2.2. NATIONAL TREASURY SYSTEM
According to Márquez (2005), the National Treasury System is the set of bodies, standards, procedures, techniques and instruments aimed at the administration of public funds in Public Sector entities and agencies, whatever the source of financing and use. thereof.
It is governed by the principles of unit cash and economy.
System members:
In accordance with the Framework Law of the Financial Administration of the Public Sector, the National Treasury System is made up of the National Directorate of the Public Treasury, dependent on the Vice Ministry of Finance and by the Executing Units through the offices or dependencies in which They conduct the processes related to the System, at the level of all the entities and agencies of the Public Sector that administer said funds, which are responsible for ensuring compliance with the rules and procedures issued by the governing body.
National Directorate of the Public Treasury- DNTP:
The National Directorate of the Public Treasury is the governing body of the National Treasury System, dictates the regulations and establishes the procedures related to its scope, within the framework of what is established in this Law, directives and instructions of the Treasury and complementary provisions. The main powers of the National Directorate of the Public Treasury are:
a) Prepare the cash budget of the National Government;
b) Centralize the availability of public funds;
c) Schedule and authorize payments and movement charged to the funds it manages;
d) Custody the Public Treasury securities; and, e) Issue an authorized opinion on treasury matters.
Single Fund of the Public Treasury:
The constitution of the Single Public Treasury Fund is for the purpose of centralizing the accounts determined by the National Directorate of the Public Treasury to ensure comprehensive management of the State's financial resources.
Main Account of the Public Treasury:
a) The National Directorate of the Public Treasury maintains in the Banco de la Nación a bank account, called Main Account, in which the public funds from the Ordinary Resources financing source are centralized;
b) The Main Account contains income bank subaccounts that the National Directorate of the Public Treasury authorizes for the registration and accreditation of the collection;
c) The Main Account contains bank spending subaccounts that the National Directorate of the Public Treasury authorizes on behalf of the Executing Units to pay attention to the obligations contracted.
Other sources of financing not managed directly by the National Directorate of the Public Treasury:
The determination, perception, use and registration of the funds that make up the Single Fund, as long as they come from financing sources other than those directly administered by the National Directorate of the Public Treasury, is the exclusive competence and responsibility of the corresponding body.
Public Treasury Cash Position:
The position of the Public Treasury Fund is constituted by the aggregation of the balances of the accounts that make up the Single Fund, whether in national or foreign currency.
Financing of seasonal cash deficits:
Indicates Márquez (2005), the National Directorate of the Public Treasury can request temporary financial facilities from the financial institutions in which it maintains its accounts in order to cover seasonal cash deficits in order to ensure timely attention to its obligations.
The National Directorate of the Public Treasury is authorized to issue Public Treasury Bills that constitute debt securities with terms of less than or equal to one year and are applied to the financing referred to in the preceding paragraph.
The limit amount of financial facilities and other conditions for the issuance of Public Treasury Bills is approved through the Annual Law of the Public Sector Budget.
Authorization of bank accounts for the management of public funds:
The National Directorate of the Public Treasury is the only authority with the power to establish regulations aimed at the opening, management and closing of bank accounts as well as the placement of public funds for which purpose it organizes and maintains an updated general register of bank accounts of the entities and agencies, for which they report periodically to said National Directorate.
Banking services:
According to Márquez (2005):
a) The National Directorate of the Public Treasury agrees with the Banco de la Nación the banking services required for the operation of the System and the facilities related to the movement of funds subject to its administration, whether in national or foreign currency, within the framework of current legislation.
b) The National Directorate of the Public Treasury may enter into agreements with the Central Reserve Bank of Peru and with other entities of the National Financial System in order to achieve greater coverage and efficiency in its operations.
Payment methods:
The payment of obligations contracted out of public funds is made in the following ways:
a) By checks or letters drawn from the bank accounts of the Executing Unit;
b) Through payments to individual bank accounts opened in entities of the National Financial System in the name of the beneficiary of the payment;
c) By cash, in the case of concepts such as wages, tips, banking services and others in accordance with what is established in the Treasury Directives.
Payment by electronic means:
The National Directorate of the Public Treasury authorizes the use of electronic means for the purposes of canceling the obligations contracted by the Executing Units, indicating the criteria or mechanisms that allow ensuring the timeliness, security and integrity of their use.
4.4.1.2.3. NATIONAL DEBT SYSTEM
Interpreting what is established by Márquez (2005), the National Debt System is the set of organs, rules and procedures aimed at achieving an efficient administration of debt for terms greater than one year of entities and agencies of the Public Sector.
It is governed by the principles of fiscal responsibility and debt sustainability.
System members:
According to the Framework Law on the Financial Administration of the Public Sector, the National Public Debt System is made up of the National Directorate of Public Debt, dependent on the Vice Ministry of Finance and, by the Executing Units in which the processes related to the system are conducted., at the level of all entities of the Public Sector that administer funds of public entities and agencies, which are responsible for ensuring compliance with the rules and procedures issued by the governing body.
National Directorate of Public Debt - DNEP:
Márquez (2005), establishes that the National Directorate of Public Debt is the governing body of the National Debt System, dictates the rules and establishes the procedures related to its scope within the framework of what is established in this Law, and others related to the public indebtedness. The main powers of the National Directorate of Public Indebtedness are:
a) Conduct the programming, the agreement and the disbursement of the National Government's debt operations and its guarantees or guarantees;
b) Register the debt of entities and agencies of the Public Sector;
c) To attend to the debt service of the National Government;
d) Develop the administration of liabilities; and, e) Act as the sole financial agent of the National Government, being able to authorize the realization of specific financial procedures to other State entities by means of a ministerial resolution of Economy and Finance.
According to the Framework Law of the Financial Administration of the Public Sector, public entities and organisms of the Public Sector are prevented from carrying out on their own account efforts aimed at achieving external debt operations. The Ministry of Economy and Finance, through the National Directorate of Public Debt, is the only entity authorized to evaluate and negotiate foreign debt operations.
Use of public debt resources:
The Executing Units are solely responsible for the use of the resources of the public debt operations in accordance with the terms agreed in the documentation representative of the operation. In the case of resources to support the Balance of Payments, their use is determined by the Ministry of Economy and Finance.
Annual Law on Public Sector Debt:
According to Flores (2004), the Annual Law of Public Sector Indebtedness establishes the maximum amounts of external and internal indebtedness that the National Government can agree on or guarantee during a Fiscal Year, the general structure of said amount, as well as the provisions related to the approval of debt operations and liability management operations.
Maximum amount of public debt agreements:
The maximum amount of public indebtedness approved by the Annual Law on Public Sector Indebtedness constitutes an upper limit for the indebtedness operations that the National Government approves or guarantees in a. determined Fiscal Year, subjecting its execution to compliance with the procedures established in said annual Law and other regulations issued by the governing body of the system.
4.4.1.2.4. NATIONAL ACCOUNTING SYSTEM.
According to the El Pacífico Research Institute (2002), the National Accounting System is the set of accounting bodies, policies, principles, standards and procedures of the public and private sectors, generally accepted and applied to the entities and bodies that make up and contribute to the fulfillment of its aims and objectives.
As regards the Public Sector, its purpose is to establish the conditions for the rendering of accounts and the preparation of the General Account of the Republic.
It is governed by the principles of uniformity, integrity and timeliness.
Members of the National Accounting System:
The National Accounting System is made up of:
a) The National Directorate of Public Accounting, dependent on the Vice Ministry of Finance;
b) The Regulatory Accounting Council;
c) The Accounting Offices or dependencies that take their place in the entities and agencies of the Public Sector designated by law; and, d) Representative bodies of the Non-Public Sector, made up of natural and legal persons engaged in economic and financial activities.
National Directorate of Public Accounting –DNCP:
According to the Framework Law of the Financial Administration of the Public Sector, the National Public Accounting Directorate is the governing body of the National Accounting System, dictates the rules and establishes the procedures related to its scope, within the framework of what is established by this Law, complementary provisions and Accounting Directives and instructions. The main powers of the National Directorate of Public Accounting, within the framework of the State Financial Administration, are.
a) To regulate the accounting procedures for the systematic recording of all the transactions of the Public Sector entities, with an impact on the economic-financial situation;
b) Prepare the financial reports corresponding to their management;
c) Receive and process the rendering of accounts for the preparation of the General Account of the Republic;
d) Evaluate the application of accounting standards; and, e) Others within its competence.
Accounting Regulatory Council:
The Accounting Regulatory Council is the regulatory body of the Private Sector and of consultation of the National Directorate of Public Accounting, having as its main attribution that of studying, analyzing and giving an opinion on the proposed regulations, relating to Accounting.
Supporting documentation:
The documentation that supports the administrative and financial operations that have an accounting impact already registered, in accordance with the accounting standards, must be properly preserved and guarded for the inspection and control actions.
4.4.2. EFFECTIVE FINANCIAL DECISION MAKING
The authorities, managers and / or officials of the public sector entities must decide what goods (current or capital) they should buy and how these acquisitions should be financed.
Asset investment decisions depend on two factors: expected rates of return and risk. In order to estimate the expected returns of a project, program or activity, detailed analyzes are carried out on the forecasts of potential income, expenses and expected benefits of the investment. The risk depends on the uncertainty that the entity has regarding the annual benefits that it can obtain.
Financial decisions depend on the type of financial contract that minimizes financial costs to the entity. As with asset investment decisions, financial costs are expressed in terms of the annual interest rate.
4.4.2.1. FINANCING DECISIONS
According to Weston (1990), financing the financial capital of an entity can be short, medium or long term. Short-term debt issuance must be paid off in less than one year. Bank loans are the most common example of short-term debt. These lines of credit are not usually backed by a guarantee. Banks also offer two- or three-year loans, but these are usually backed by the entity's inventories or receivables if they are not repaid within the specified term.
There are three other types of short-term financing, which are promissory notes, pledges, and factoring. Promissory notes are a debt issued by a company that has a maturity term of less than one year. They are issued only by large, financially sound companies and have a slightly lower interest cost than bank loans granted for investments with lower risks. Pledge and factoring are used by smaller companies with less financial strength. Factoring is the physical sale of accounts receivable from customers or users. The pledge is a loan guaranteed with the accounts receivable from the company's clients. Since they carry a higher risk, pledging and factoring force the entity to pay higher interest than that paid on the promissory notes.
Normally, long-term financing is carried out through the issuance of bonds or through leases with an option to buy. Bonds that are not backed by an asset are often called obligations. Given the risk involved, the obligations imply a higher rate of return. The issues of covered bonds imply that they are backed by an asset, so they yield lower interest. The lease with purchase option is similar to the issuance of a debt, with the difference that the title of ownership of the asset is not assigned to the company that makes the lease. This type of financing is increasing thanks to its greater tax advantages, which other means of financing do not have.
In some cases, the issuance of long-term bonds allows the buyer to later acquire common shares of the company. These convertible bonds allow the holder of the bonds to exchange them for a certain number of common shares. Some bonds allow the holder of the bonds to buy ordinary shares at a lower price. From the company's point of view, convertible bonds give rise, upon maturity, to a capital increase, while senior notes will remain debt but will also involve a capital increase in the future.
Preferred stocks are, in some ways, similar to bonds. They are sold with a certain value (at par), a certain amount is paid annually and, in the event of bankruptcy, they grant the right to go to the liquidation of the assets ahead of the owners of ordinary shares. In other respects they are analogous to ordinary stocks: there are no dividends to be paid if the company does not have enough cash, and the dividends paid can be higher if the profits of the company increase. For their part, the bonds yield a fixed and mandatory coupon every year.
The true owners of a company are the holders of ordinary shares; they receive all of the profits, discounting the interest payments on the debts and the payment of dividends on the preferred shares. These profits are distributed in two ways: as cash, in the form of dividends to shareholders, and as an increase in the value of ordinary shares. This increase (or decrease) in the price of common shares can have two causes: 1) The reinvestment of profits, to increase the growth of the company or allow the achievement of other objectives, increases the total value of the assets of the company, and therefore, the value of their shares. If, for example, a certain amount of income is withheld for each share of the company, the value of each share must increase by the same amount.2) The change in the expectations of the shareholders about the future potential profits of the company will cause the price of the shares to vary. The return obtained by a shareholder is given by the dividend received plus the gains (losses) of the value of the shares
The concrete thing in all this is that in each act that is carried out in relation to short or long-term financing, what must be done is to make the most effective financial decisions, so that this is reflected in the development of the entity in particular and the public sector in general, in order to have maximum productivity and competitiveness.
4.4.2.2. INVESTMENT DECISIONS
Gitman (1986), Van Horne (1995) and Márquez (2005) coincide when they indicate that technically, investments are expenses to increase future wealth and enable the growth of an entity's production. The materialization of the investment depends on the decisions of the economic agent that carries it out.
The definition of which are the determining factors of the level of investment is one of the most controversial issues in finance and that is where the technicality and good sense of smell must work to make the financial decisions that best suit the development of the entity and the national public sector.
According to Brealey (1998), the so-called 'accelerator theory' links the annual investment level to the necessary changes in the capital structure of an entity due to changes in production. Another approach is the 'neoclassical theory of investment', focuses on the study of fixing the equilibrium of the capital stock as a function of variables such as the level of activity, the prices of the final goods or services, the costs of capital goods and the opportunity cost of capital (determined by the interest rate that could have been obtained by investing the same money in financial assets). The level of investment will be determined by the desire to eliminate the difference between the capital stock available and the desired one for fixed values of the variables that determine the latter.
The variables that determine this level of capital change constantly, and since the investment can be carried out over several years, the interpretation of past variations in the level of investment and in its determining variables is a very complex interpretation.. Other approaches underscore the importance of the entity's expectations and that of the uncertainty associated with any investment; other theories focus on the liquidity needs of the entity. All these theories are not mutually exclusive; Since entities vary their investment rates, as well as the amount thereof, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities
4.4.3. DEVELOPMENT OF THE NATIONAL PUBLIC SECTOR
We can consider the development of the National Public Sector as the progressive evolution of the entities of said sector, towards better levels of production and services, productivity and competitiveness.
In the current context, it can be said that development is the degree of productivity and competitiveness that the public sector has achieved, assuming all the risks inherent to its economic activity, in which financial decisions play a preponderant role, to have the resources that allow consolidate investments, minimize risks and obtain the corresponding return.
The authorities, directors, officials and servants of the public sector entities seek to obtain benefits or gains, the same that will be obtained according to the financial decisions that have been made. On the other hand, some entities incur deficits year after year as a result of the financial decisions taken. These same entities survive thanks to the financial decisions that are made. All these financial events occur by virtue of the development policy adopted by the particular entity, the sector or the government in general.
But, today, another type of development that occurs within the framework of general development and is called sustainable development, a term applied to financial, economic and social development that allows to face the needs of the present without endangering the ability of future generations of producers and consumers to meet their needs.
4.4.3.1. PRODUCTIVITY
Productivity is the relationship between final production and productive factors (capital and labor) used in the production of goods and services. In a general way, productivity refers to that generated by work: production for each worker, production for each hour worked, or any other type of indicator of production based on the labor factor. Typically, production is calculated using index numbers (related, for example, to production and hours worked), and this allows one to find out the rate at which productivity varies. The most reliable data in this regard comes from the industry, because it is in this sector where it is easier to measure production, unlike, for example, a financial services company.One of the keys to the success of a company lies in knowing how to increase productivity, by takingproper decisions. But for this, it is necessary to take into account the total return of the productive activity of the factors, and not only the productivity of labor. When capital investment (purchase of machinery) is increased to reduce the needs of the labor factor (and therefore raise the productivity of this factor) the objective should be to increase the performance of all factors.
Wage growth is usually linked to productivity improvements. Many entities use a payment system based on the work performed, so that part of the salary depends on the performance of each worker. It is also common for the entity that is negotiating wages with the workers to ensure that the wage increase will only be possible if there is an increase in production; This is a way of threatening a reduction in staff or staff if the increase in wages is not accompanied by an increase in productivity.
4.4.3.2. COMPETITIVENESS.
According to Encarta (2006), to compete is to contend with each other, aspiring one and the other with determination to the same thing. It is also equal to another analogous entity, in perfection or in properties.
For Porter (1996), competitiveness can be interpreted as the creation and maintenance of superior performance. The author says, the competition is at the center of the success or failure of companies. Competition determines ownership of a company's activities that can contribute to its performance, such as innovations, a cohesive culture, or good implementation.
The competitive strategy is the search for a favorable position in a socioeconomic sector. Competitive strategy tries to establish a profitable and sustainable position against the forces that determine competition in the sector.
In the framework of competitiveness, the central point of this research work is how a public sector entity can really make the most efficient and effective financial decisions that influence its development, creating and maintaining a competitive advantage in its sector; In other words, the intention is to build a bridge between financial decisions and institutional development to achieve competitiveness.
Porter (1982) mentions that in most companies, a central characteristic of competition is that they are mutually dependent: companies feel the effects of the movements of each other and are prone to react to them. In this situation, which economists call an oligopoly, the outcome of a competitive move by a firm depends, at least to some degree, on the reactions of its rivals. Bad or irrational reactions from competitors - even the weakest companies - often derail good strategic moves. Thus, success can only be assured if competitors choose or are influenced to respond in a non-destructive way. In an oligopoly, the company often faces a dilemma.You can seek the interests (profitability) of the sector in general (or some subgroup of companies) thus not inciting a competitive reaction, or you can seek your own interest at the risk of provoking retaliation and turning the competition of the sector into a battle.
4.5. HYPOTHESIS
MAIN HYPOTHESIS:
Financial decisions contribute to the development of the National Public Sector, within the framework of the new Financial Administration, by obtaining productivity and competitiveness of the sector entities.
SECONDARY HYPOTHESES:
- Financial decisions, in order to facilitate obtaining a high degree of productivity from the National Public Sector, must be made within the framework of transparency, legality, efficiency and effectiveness that the Peruvian population demands.
- Financing decisions, in order for them to effectively contribute to the competitiveness of the National Public Sector, must be taken taking into account the guidelines established in the Financial Administration Systems, which have been established to provide quality products and services for the Peruvian population..
VARIABLES OF THE INVESTIGATION
1) INTERVINENT VARIABLE:
Z. Framework of the new Financial Administration
Governmental
INDICATORS:
Z.1. Principles of Financial Management
Z.2. Financial Management Systems
2) INDEPENDENT VARIABLE:
X. Making effective financial decisions.
INDICATORS:
Z.1. Financing Decisions
Z.2. Investment decisions
3) DEPENDENT VARIABLE
Y. Development of the National Public Sector
INDICATORS:
Y.1. Productivity
Y.2. Competitiveness
4.6. JUSTIFICATION AND IMPORTANCE OF THE WORK
4.6.1. JUSTIFICATION
Currently the supreme paradigm seems to be competitiveness; Every day, private entities in greater quantity and public entities in minimal quantity are developing forces and resources to add capacity to produce quality goods and services, they are also trying to gain position in productivity levels and are even developing mechanisms to anticipate being present in the population or market that they have to compete
The public sector cannot be oblivious to this search for transparency, efficiency, effectiveness and economy; it cannot be relegated and condemned to the negative opinions of the population; on the contrary, it must take advantage of the experiences of the public sector in other countries and the national private sector and especially be prepared to make the most effective financial decisions in relation to financing and investments in order to develop until achieving the best indicators of impact, result and product until you have the necessary productivity that allows you to gain competitiveness.
Adequate financial decision-making can lead state entities to achieve local, regional and national leadership. This leadership can add enough capacity to cover most of the population's demand and implement an orderly expansion, which is nothing more than institutional development.
Effective financial decision making facilitates the construction of the installed capacity that the entity needs to offer additional benefits to the population. It will also make it possible to take advantage of the imbalances in supply and demand that the private sector cannot cover and obtain the benefits that will facilitate its development.
Effective financial decisions will lead to the necessary adjustments in the organizational structure and institutional strategies, which will lead to the solidification that the company needs to achieve development.
Effective financial decisions serve as the basis for adjusting the financing and investment priorities necessary to produce the quality goods and services required by the population, which in one way or another means advantages over other public sector entities and especially against the public sector. private sector, in areas where competition is open.
This research is justified to the extent that there is no work that formulates a synergy between financial decisions, the framework of the new financial administration and the development of public sector entities, to maintain the trust of the population, with the best standards to achieve competitiveness.
4.6.2. IMPORTANCE
This research work is important, insofar as it allows to translate financial knowledge and experiences into work that seeks the connection between investment decisions, financing, risk and profitability to access the productivity and competitiveness of public sector entities.
This work must become a means of consulting authorities, managers, officials and public sector servants; as well as to teachers, students and other interested parties to the extent that it will identify the financial decisions that must be taken jointly so that the public sector entities guide their institutional development.
V. OBJECTIVES
MAIN GOAL:
Identify how financial decisions can contribute to the development of the National Public Sector, within the framework of the new Financial Administration.
SECONDARY OBJECTIVES:
1. Identify the principles of Financial Administration and how they can be applied in investment decisions, in order to facilitate a high degree of productivity of the National Public Sector and therefore gain the confidence of the Peruvian population.
2. Determine the guidelines contained in the systems that make up the Financial Administration, for an effective decision-making on financing, which contributes to the competitiveness of the National Public Sector.
SAW. METHODOLOGY
6.1. TYPE AND LEVEL OF INVESTIGATION:
| KIND OF INVESTIGATION: | LEVEL OF INVESTIGATION |
| This research is of the basic or pure type, since all aspects will be theorized, although its scope will be practical to the extent that they are applied by public sector entities in making financial decisions for the development of the public sector, within the framework of the new financial administration, that is to say with transparency, legality, economy, efficiency, effectiveness. | The investigation will be of the descriptive-explanatory level, as it analyzes investment decisions, financing, profitability and risks and explains the contribution of effective financial decisions to the development of the public sector, within the framework of the new financial administration. |
6.2. INVESTIGATION METHODS
| DESCRIPTIVE | INDUCTIVE |
| This method will be applied to describe or analyze the effect of investment decisions, financing, profitability and risks in the development of the national public sector, within the framework of the new government financial administration.
Investment decisions include taking a position for the acquisition of current assets and capital assets so that entities can carry out their activities. Financing decisions are the set of options that those responsible have to choose to obtain ordinary resources, directly collected, donations and of another type so that the entity can acquire the investments. Every decision, no matter how small, contributes to the development of the sector. |
This method will be applied to reflect the effect of financial decisions on the development of the national public sector. Undoubtedly, investment, financing, risk and profitability decisions have an immediate positive or negative effect on the development of the sector.
This method will be used to infer the results of the sample obtained through interviews and surveys, in the population of the research work, which will facilitate the contrasting of the proposals made. |
6.3. DESIGN OF THE INVESTIGATION
| This work includes the methodological approach and theoretical approach of the investigation.
In the methodological approach, the formulation of the problems, objectives and hypotheses of the research stands out. In the theoretical approach, the development of the variables and indicators of the research in relation to the problems, objectives and hypotheses formulated stands out. At the end of the research work, first the specific objectives will be contrasted with the general objective of the research. The specific contrasted objectives will be the basis for issuing the partial conclusions of the investigation. The partial conclusions will be the basis for issuing the general conclusion of the work. Finally, an interrelation between the general objective and the general conclusion will be established until the general hypothesis of the research is contrasted. |
6.4. POPULATION AND INVESTIGATION SAMPLE
| POPULATION | SHOWS |
| The research population will be comprised of authorities, directors, officials and servants of the national government entities, regional governments and local governments throughout the country. | The sample will be made up of authorities, managers, officials and servants of the national government entities located in Metropolitan Lima; also by specialists and teachers of public finance. |
COMPOSITION OF THE INVESTIGATION SAMPLE
| INSTITUTIONS AND PEOPLE | Interview | Survey | TOTAL |
| Authorities | 5 | 0 | 5 |
| Directors | 12 | 0 | 12 |
| Officials | 13 | 0 | 13 |
| Servers | 0 | fifty | fifty |
| Specialists | 0 | 10 | 10 |
| Teachers | 0 | 10 | 10 |
| TOTAL | 30 | 70 | 100 |
Source: self made.
6.5. DATA COLLECTION TECHNIQUES:
| INTERVIEWS | SURVEYS | DOCUMENTARY ANALYSIS |
| This technique will be applied to the personnel of authorities, managers and officials of the entities of the national government; who will answer questions related to financial decision making, framework of the new government financial administration and development of the public sector. | It will be applied to the staff of servants of national government entities, finance specialists and public finance teachers. | This technique will be applied to analyze the norms of government financial administration, bibliographic information (books, texts, theses, professional experience works, monographs, etc.); as well as other aspects related to the investigation. |
6.6. DATA COLLECTION INSTRUMENTS
The instruments to be used in the research are related to the aforementioned techniques, as follows:
TECHNIQUES AND INSTRUMENTS USED IN THE INVESTIGATION
| TECHNIQUE | INSTRUMENT |
| INTERVIEW | INTERVIEW GUIDE |
| POLL | QUESTIONNAIRE |
| DOCUMENTARY ANALYSIS | DOCUMENTARY ANALYSIS GUIDE |
6.7. TECHNIQUES OF ANALYSIS AND PROCESSING OF
DATA
| ANALYSIS TECHNIQUES: | DATA PROCESSING TECHNIQUES: |
| a) Documentary analysis
b) Inquiry c) Data reconciliation d) Tabulation of tables with quantities and percentages e) Formulation of graphics f) Others that are necessary. |
a) Ordering and classification
b) Manual processing c) Computerized process with Excel d) Computerized process with SPSS |
VII. TENTATIVE SCHEME OF THE THESIS
TITLE OF THE THESIS
DEDICATIONS
INTRODUCTION
CHAPTER I:
METHODOLOGICAL APPROACH
1.1. Delimitation of the investigation.
1.2. Problem Statement
1.3. Justification and Importance
1.4. Research objectives
1.5. Research hypothesis
1.6. Investigation methodology.
CHAPTER II:
THEORETICAL APPROACH
2.1. General framework of the investigation
2.1.1. Bibliographic background
2.1.2. Historical review
2.1.3. Legal basis of the investigation
2.1.4. Framework of the new Financial Administration
2.1.5. Effective Financial Decision Making
2.1.6. Development of the National Public Sector
CHAPTER III:
PRESENTATION, ANALYSIS AND INTERPRETATION OF THE INTERVIEW CONDUCTED
3.1. Presentation of the interview
3.2. Analysis of the interview
3.3. Interpretation of the interview
CHAPTER IV:
PRESENTATION, ANALYSIS AND INTERPRETATION OF THE SURVEY CONDUCTED
4.1. Survey presentation
4.2. Survey analysis
4.3. Interpretation of the survey
CHAPTER V:
CONTRASTING AND VERIFICATION OF THE HISPOTHESES RAISED
5.1. Hypotheses raised
5.2. Results obtained
5.3. Contrasting and verification
CHAPTER VI:
CONSTRUCTION AND VERIFICATION OF THE SET OBJECTIVES
4.1. Planted objectives
4.2. Results obtained
4.3. Contrasting and verification
CONCLUSIONS AND RECOMMENDATIONS
BIBLIOGRAPHY
ANNEXES
VIII. SCHEDULE
| ACTIVITIES | FEB | SEA | APR | MAY | JUN | JUL | AUG |
| THESIS PLAN: | |||||||
| COLLECTION OF
DATA |
X | ||||||
| FORMULATION | X | ||||||
| PRESENTATION | X | ||||||
| APPROVAL | X | ||||||
| THESIS: | |||||||
| RECOPILATION OF
DATA |
X | X | X | X | X | X | |
| ORGANIZATION OF
INFORMATION |
X | X | X | X | |||
| PROCESS OF
INFORMATION |
X | X | |||||
| DRAFTING OF THE
THESIS |
X | ||||||
| PRESENTATION | X | ||||||
| LIFT | X | ||||||
| APPROVAL | X |
IX. FINANCING
| FINANCING OF HUMAN AND MATERIAL RESOURCES | |||||
| HEADINGS | QUANTITY | UNIT | UNIT PRICE | SUBTOTAL | TOTAL ITEM |
| I. ASSETS: | 720.00 | ||||
| GOODS | two | Thousand | 25 | 50.00 | |
| PENCILS | 5 | Dozen | 10 | 50.00 | |
| COMPUTER INK | 10 | UNITS | 30 | 300.00 | |
| FLOPPY | 3 | DOZEN | twenty | 60.00 | |
| CD | one | DOZEN | 60 | 60.00 | |
| OTHER ASSETS | 200.00 | ||||
| II. SERVICES | 2,680.00 | ||||
| STATISTICAL WORK SUPPORT | 700.00 | ||||
| SECRETARY SUPPORT | 500.00 | ||||
| MOBILITY | 300.00 | ||||
| VIATICOS | 500.00 | ||||
| TELEPHONE | 200.00 | ||||
| PRINTS | 180.00 | ||||
| PHOTOCOPIES | 100.00 | ||||
| VARIOUS | 200.00 | ||||
| TOTAL | 3,400.00 | ||||
X. BIBLIOGRAPHY
1. Andrade E., Simón (1999) Development Planning. Lima Editorial Rhodas.
2. Arnillas, Federico (1990) Peru, our common destiny: visions, actors, strategies and consensus for social development. Lime. Initiative Group I CONADES.
3. Bellido S. Pedro (1989) Financial Administration. Lime. Editorial Técnico Científica SA.
4. Brealey Richard A. (1998) Principles of Corporate Finance. Madrid. PRINTED.
5. Political Constitution of Peru (1993). Lime. Editora Peru SA
6. Collazos C. Jesús (2000) Investment and Project Financing. Lime. Editorial San Marcos.
7. Flores S. Jaime (2004) Financial Management: Theory and Practice. Lime. CECOF Asesores.
8. Flores S. Jaime (2004) Financial Management: Theory and Practice. Lime. CECOF Asesores.
9. Gitman Lawrence J. (1986) Fundamentals of Financial Management. Mexico. Harper & Row Latin American.
10. El Pacífico Research Institute (2004) Financial Management and Direction. Lime. Pacific Editors.
11. El Pacífico Research Institute (2002) Managerial Accounting and Finance for Executives. Lime. Pacific Editors.
12. Johnson and Scholes, Kevan. (1999) Strategic Direction. Madrid: Prentice May International Ltd.
13. Márquez Rantes, Jorge (2005) Contemporary Public Finance. Lime. Editorial San Marcos.
14. Porter Michael E. (1997) Competitive Strategy. Mexico. Compañía Editorial Continental SA de CV.
15. Porter Michael E. (1998) Competitive Advantage. Mexico. Compañía Editorial Continental SA de CV.
16. Ross Stephen A (1995) Corporate Finance. Mexico. IRWIN.
17. Van Horne, James (1980) Fundamentals of Financial Management. Mexico. Compañía Editorial Continental SA de CV.
18. Van Horne, James (1995) Financial Management. Mexico. Compañía Editorial Continental SA de CV.
19. Weston J. Fred (1990) Finance. Bogota El Ateneo Editorial Bookstore.
WEBSITES:
1. www.mef.gob.pe
2. www.cgr.gob.pe
3. www.pcm.gob.pe.
4. www.ccpl.org.pe
5. www.conasev.org.pe
6. www.caballerobustamante.org.pe
7. www.unfv.edu.pe
8. www.usmp.edu.pe
9. www.snmsm.edu.pe
10. www.uigv.edu.pe
11. www.ulima.edu.pe
12. www.ucatolica.edu.pe
13. www.upacifico.edu.pe
14. www.oecd.org/daf/governance.
15. www.telefonica.com
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