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Estructura de capital. Evolución teórica

Author

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  • SANDRA MILENA ZAMBRANO VARGAS

    ()

  • GUSTAVO ADOLFO ACUÑA CORREDOR

    ()

Abstract

Este trabajo tiene como objetivo examinar la evolución de algunas teoríassobre estructura de capital, desde el punto de vista de la economía fi nancieray que han surgido a partir de la década de 1950, con el fi n de poderevidenciar los diversos enfoques surgidos alrededor de este concepto apartir del estudio de diferentes autores. Además se muestra que a pesar delos avances en el estudio de la estructura de capital, aún no ha sido posiblellegar a un consenso con respecto a cuál es la teoría que mejor se acercaa las condiciones fi nancieras tanto externas como internas que enfrenta unafi rma. Tampoco se ha podido dar respuesta a la pregunta que en su escritoMyers (1984, p. 575) se plantea acerca de cómo eligen las empresas suestructura de capital. Se construye un cuerpo teórico a partir del análisisdesde los mercados perfectos e imperfectos y fi nalmente se resaltan algunosestudios realizados en Colombia con los resultados obtenidos.AbstrActCAPITAL STRUCTURE. THEORETICAL EVOLUTIONThis paper´s objective is to examine the evolution of some of theories aboutcapital structure from the financial economy point of view arising emergingall the way from the 50´s in order to evidence the different approachesaround the concept of different authors. It also shows that in spite of theadvances in the study of capital structure, there hasn´t been a consensusregarding which is the closest theory to the internal and external financialconditions that a Firm faces. Neither has there been an answer to thequestion that Myers (1984, p. 575) asks about how companies choose theircapital structure. A theoretical body is built from the analysis of perfect andimperfect markets and finally highlighted some studies made in Colombiawith the obtained results.rEsUMOESTRUTURA DE CAPITAL. EVOLUÇÃO TEÓRICAEste trabalho tem como objetivo examinar a evolução de algumas teoriassobre estrutura de capital, desde o ponto de vista da economia financeiraque hão surgido a partir da década de 1950, com o fim de poder evidenciaros diversos enfoques surgidos ao redor deste conceito a partir do estudo dediferentes autores. Ademais se mostra que apesar dos avanços no estudo daestrutura de capital, ainda não foi possível chegar a um consenso a respeitode qual és a teoria que melhor aproxima-se às condições financeiras tantoexternas como internas que enfrenta uma firma. Tampouco se pode darresposta à pergunta que em seu artigo Myers (1984, p. 575) propõe arespeito de como as empresas elegem sua estrutura de capital. Constróiseum corpo teórico a partir da análise desde os mercados perfeitos eimperfeitos e finalmente ressaltam-se alguns estudos realizados na Colômbiacom os resultados obtidos.rÉsUMÉLE STRUCTURE DU CAPITAL. ÉVOLUTION THÉORIQUECe document vise à examiner l´évolution des théories sur la structure ducapital, du point de vue de l´économie financière qui a émergé depuis lesannées 1950, afin de démontrer les différentes approches qui ont émergéautour de cette notion de l´étude des différents auteurs. Le document montreaussi que malgré les progrès dans l´étude de la structure du capital n´a pasencore été possible de parvenir à un consensus sur ce qui est la meilleurethéorie 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 sonmémoire Myers (1984, p. 575) se pose sur la façon dont les entrepriseschoisissent leur structure de capital. Il construit une analyse théorique à partirdes marchés parfaits et imparfaits, et enfin mettre en évidence certainesétudes en Colombie avec les résultats.

Suggested Citation

  • Sandra Milena Zambrano Vargas & Gustavo Adolfo Acuña Corredor, 2011. "Estructura de capital. Evolución teórica," REVISTA CRITERIO LIBRE, UNIVERSIDAD LIBRE - SEDE PRINCIPAL, December.
  • Handle: RePEc:col:000370:009274
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    Keywords

    Estructura de capital; apalancamiento; costo de capital; valor de la firma.;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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