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El costo del capital en las empresas colombianas

Author

Listed:
  • Santiago Herrera
  • Humberto Mora

Abstract

“El costo del capital de una empresa es el rendimiento mínimo requerido sobre un proyecto de inversión de tal forma que el valor de la misma aumente si se ejecuta el proyecto. El financiamiento de la inversión se realiza con recursos escasos provenientes de distintas fuentes, siendo las dos principales la deuda y el capital. Las características de estos instrumentos reflejan preferencias de determinados agentes por distintos tipos de riesgo. El objetivo de este trabajo es realizar estimativos del costo del capital de las empresas en Colombia. Igualmente se busca hacer una presentación detallada de algunas metodologías, de tal manera que los procedimientos se puedan replicar para alguna empresa o proyecto específicos. Para esta tarea emplearemos diversas metodologías. En primer término se estimarán los coeficientes de riesgo (betas) y las primas de riesgo por sectores económicos, con base en los modelos del CAPM (Capital Asset Pricing Model) y el APT (Arbitrage Pricing Theory), replicando los procedimientos empleados en un trabajo anterior para el caso de una empresa petrolera (Mora, 1996). En segunda instancia, se utilizará la metodología de similares, o "pure play", apropiada cuando no existe un mercado efectivo para los activos que se desean valorar o cuyo rendimiento se desea conocer. En tercer lugar se medirá el costo del capital siguiendo la metodología de Hsia (1991). En este orden de ideas, el documento se divide en dos capítulos. El primero describe las metodologías empleadas para estimar el costo del capital. El segundo presenta la aplicación y los resultados. Finalmente se resumen las conclusiones e implicaciones para la política económica.”

Suggested Citation

  • Santiago Herrera & Humberto Mora, 1998. "El costo del capital en las empresas colombianas," Coyuntura Económica, Fedesarrollo, September.
  • Handle: RePEc:col:000438:013505
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    References listed on IDEAS

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    More about this item

    Keywords

    Informes de Investigación; Costos del Capital; Empresas; Capital de Riesgo; Modelos Econométricos;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
    • P42 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Productive Enterprises; Factor and Product Markets; Prices

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