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Una alternativa multicriterio a la valoración de empresas: aplicación a las Cajas de Ahorro/A Multicriteria Alternative to Companies’ Valuation: Application to a Spanish Savings Bank

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  • AZNAR BELLVER, JERÓNIMO

    ()
    (Universidad Politécnica de Valencia. Camino de Vera, s/n. 46022-Valencia)

  • CERVELLÓ ROYO, ROBERTO

    ()
    (Departamento de Economía y Ciencias Sociales, UNIVERSIDAD POLITÉCNICA DE VALENCIA, ESPAÑA.)

  • GARCÍA GARCÍA, FERNANDO

    ()
    (Departamento de Economía y Ciencias Sociales, UNIVERSIDAD POLITÉCNICA DE VALENCIA, ESPAÑA.)

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    Abstract

    RESUMEN En numerosas ocasiones las metodologías de valoración usualmente empleadas presentan dificultades en su aplicación a la valoración de empresas, bien porque el valorador no dispone de suficientes datos para utilizar los métodos comparativos tradicionales, bien por la dificultad de estimar los flujos de caja futuros con objetividad. Ante esta problemática, el presente trabajo propone una alternativa que combina el método multicriterio CRITIC con el Ratio de Valoración de las Normas Internacionales de Valuación. La nueva metodología se inserta dentro de los métodos comparativos o de enfoque de mercado y requiere únicamente disponer de un número reducido de empresas comparables. En este trabajo se ha aplicado a la valoración de una caja de ahorros. La valoración de este tipo de instituciones financieras, por la situación actual del sector, es un cometido de gran interés y constituye además un ejemplo muy ilustrativo para mostrar las fortalezas de la metodología propuesta. In several occasions the traditional valuation methodologies present difficulties in their application to the companies’ valuation, either due to valuator’s lack of enough data to use in the traditional comparative methods, or due to the difficulty when estimating the future cash-flows with objectivity. In this situation, the present study suggests an alternative which combines the CRITIC multicriteria methodology with the Valuation Ratio of the International Standards of Valuation. The new methodology is included in the comparative or market approach methods and it only requires having at its disposal a small number of comparable companies. In this work this methodology is applied to get the value of a savings bank. The valuation of this kind of financial institutions, due to the current situation of the sector, implies a task of great interest and it also constitutes a very illustrative example to show the strengths of the proposed methodology.

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    Bibliographic Info

    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 29 (2011)
    Issue (Month): (Abril)
    Pages: 393 (16 págs.)

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    Handle: RePEc:lrk:eeaart:29_1_14

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    Keywords: Valoración de empresas; CRITIC; Ratio de Valoración; Cajas de Ahorro ; Companies Valuation; CRITIC; Valuation Ratio; Savings Banks .;

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    1. Subal C. Kumbhakar & Ana Lozano-Vivas & C. A. Knox Lovell & Iftekhar Hasan, 1999. "The Effects of Deregulation on the Performance of Financial Institutions: The Case of Spanish Savings Banks," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-064, New York University, Leonard N. Stern School of Business-.
    2. Psillaki, Maria & Tsolas, Ioannis E. & Margaritis, Dimitris, 2010. "Evaluation of credit risk based on firm performance," European Journal of Operational Research, Elsevier, vol. 201(3), pages 873-881, March.
    3. Sun, Lili & Shenoy, Prakash P., 2007. "Using Bayesian networks for bankruptcy prediction: Some methodological issues," European Journal of Operational Research, Elsevier, vol. 180(2), pages 738-753, July.
    4. Aragones-Beltran, P. & Aznar, J. & Ferris-Onate, J. & Garcia-Melon, M., 2008. "Valuation of urban industrial land: An analytic network process approach," European Journal of Operational Research, Elsevier, vol. 185(1), pages 322-339, February.
    5. Cervelló, Roberto & García, Fernando & Guijarro, Francisco, 2010. "Ranking multicriterio de viviendas: una adaptación del modelo de precio único/Housing Multicriteria Ranking: A Single Price Model Adaptation," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 28, pages 693 (22 pá, Diciembre.
    6. Rashmi Malhotra & D.K. Malhotra & C. Andrew Lafond, 2009. "Analysing financial services industry using data envelopment analysis," International Journal of Applied Management Science, Inderscience Enterprises Ltd, vol. 1(3), pages 217-246.
    7. Edward I. Altman, 1973. "Predicting Railroad Bankruptcies in America," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 184-211, Spring.
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