Estructura de capital. Evolución teórica
Abstract
Este trabajo tiene como objetivo examinar la evolución de algunas teorías sobre estructura de capital, desde el punto de vista de la economía fi nanciera y que han surgido a partir de la década de 1950, con el fi n de poder evidenciar los diversos enfoques surgidos alrededor de este concepto a partir del estudio de diferentes autores. Además se muestra que a pesar de los avances en el estudio de la estructura de capital, aún no ha sido posible llegar a un consenso con respecto a cuál es la teoría que mejor se acerca a las condiciones fi nancieras tanto externas como internas que enfrenta una fi rma. Tampoco se ha podido dar respuesta a la pregunta que en su escrito Myers (1984, p. 575) se plantea acerca de cómo eligen las empresas su estructura de capital. Se construye un cuerpo teórico a partir del análisis desde los mercados perfectos e imperfectos y fi nalmente se resaltan algunos estudios realizados en Colombia con los resultados obtenidos. AbstrAct CAPITAL STRUCTURE. THEORETICAL EVOLUTION This paper’s objective is to examine the evolution of some of theories about capital structure from the financial economy point of view arising emerging all the way from the 50’s in order to evidence the different approaches around the concept of different authors. It also shows that in spite of the advances in the study of capital structure, there hasn’t been a consensus regarding which is the closest theory to the internal and external financial conditions that a Firm faces. Neither has there been an answer to the question that Myers (1984, p. 575) asks about how companies choose their capital structure. A theoretical body is built from the analysis of perfect and imperfect markets and finally highlighted some studies made in Colombia with the obtained results. rEsUMO ESTRUTURA DE CAPITAL. EVOLUÇÃO TEÓRICA Este trabalho tem como objetivo examinar a evolução de algumas teorias sobre estrutura de capital, desde o ponto de vista da economia financeira que hão surgido a partir da década de 1950, com o fim de poder evidenciar os diversos enfoques surgidos ao redor deste conceito a partir do estudo de diferentes autores. Ademais se mostra que apesar dos avanços no estudo da estrutura de capital, ainda não foi possível chegar a um consenso a respeito de qual és a teoria que melhor aproxima-se às condições financeiras tanto externas como internas que enfrenta uma firma. Tampouco se pode dar resposta à pergunta que em seu artigo Myers (1984, p. 575) propõe a respeito de como as empresas elegem sua estrutura de capital. Constróise um corpo teórico a partir da análise desde os mercados perfeitos e imperfeitos e finalmente ressaltam-se alguns estudos realizados na Colômbia com os resultados obtidos. rÉsUMÉ LE STRUCTURE DU CAPITAL. ÉVOLUTION THÉORIQUE Ce document vise à examiner l’évolution des théories sur la structure du capital, du point de vue de l’économie financière qui a émergé depuis les années 1950, afin de démontrer les différentes approches qui ont émergé autour de cette notion de l’étude des différents auteurs. Le document montre aussi que malgré les progrès dans l’étude de la structure du capital n’a pas encore été possible de parvenir à un consensus sur ce qui est la meilleure théorie sur les conditions financières internes et externes face à une entreprise. Aucun des deux n’a été en mesure de répondre à la question dans son mémoire Myers (1984, p. 575) se pose sur la façon dont les entreprises choisissent leur structure de capital. Il construit une analyse théorique à partir des marchés parfaits et imparfaits, et enfin mettre en évidence certaines études en Colombie avec les résultats.Download Info
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Article provided by UNIVERSIDAD LIBRE - SEDE PRINCIPAL in its journal REVISTA CRITERIO LIBRE.
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