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Estructura de capital óptima en presencia de costos de dificultades financieras

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  • Alejandro Vargas Sanchez

    ()
    (Universidad Privada Boliviana)

Abstract

En el presente documento se presentan los conceptos relacionados con la estructura de capital desde una perspectiva de mercados financieros imperfectos. El objetivo principal es mostrar mediante un estudio de caso, cómo una empresa puede generar un impacto positivo en su valor de mercado a través de sus decisiones de endeudamiento. La exposición del trabajo se desarrolla a través de los planteamientos de Franco Modigliani y Merton Miller referidos a la estructura de capital, analizando cada uno sus supuestos, se realiza un recorrido sobre los principales trabajos de investigación en la materia que intentan explicar la importancia que tienen este tipo de decisiones cuando los mercados de capitales presentan imperfecciones, operan bajo asimetrías de información, existen costos de agencia y costos de quiebra. La aplicación fue orientada a la evaluación de una empresa industrial cuyas acciones no cotizan en un mercado bursátil. Los resultados encontrados permitieron comprobar que bajo la presencia de costos de dificultad financiera y mediante la aplicación de la Teoría Estática de Intercambio es posible determinar un nivel de apalancamiento financiero óptimo que permita maximizar el valor de la empresa

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File URL: http://www.upb.edu/RePEc/iad/wpaper/0214.pdf
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Bibliographic Info

Paper provided by Universidad Privada Boliviana in its series Investigación & Desarrollo with number 0214.

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Length: 23 pages
Date of creation: Jan 2014
Date of revision: Jan 2014
Publication status: Published in Investigación & Desarrollo, March 2014, pages 44-66
Handle: RePEc:iad:wpaper:0214

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Web page: http://www.upb.edu/node/235
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Related research

Keywords: Estructura de Capital; Costo Financiero; Decisión Financiera; Asimetría de Información; Teoría de Trade-off Estático;

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