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De vuelta a lo basico: el costo de capital depende de los flujos de caja libre

Author

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  • Ignacio Velez-Pareja

Abstract

La mayoría de los textos de finanzas corporativas y los analistas presentan el cálculo delCosto Promedio Ponderado de Capital CPPC (WACC) como independiente del Flujo de caja libre.Es una práctica común que los analistas calculen un CPPC (WACC) a priori y lo usen independientemente del valor de la firma (esto es, del FCL). En esta nota se muestra queel FCL afecta el CPPC (WACC) y que esta interrelación crea una circularidad, pero además mostramos cómo se puede resolver de una manera sencilla. Hay dos apéndices: uno que explica la circularidad y otro con la derivación de la fórmula del costo del patrimonio (patrimonio).

Suggested Citation

  • Ignacio Velez-Pareja, 2008. "De vuelta a lo basico: el costo de capital depende de los flujos de caja libre," Proyecciones Financieras y Valoración 5151, Master Consultores.
    • Handle: RePEc:col:000463:005151
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    More about this item

    Keywords

    Costo promedio ponderado de capital; CPPC (WACC); valoracion de la firma; presupuesto de capital; costo de capital del patrimonio; circularidad;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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