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Valuación de proyectos de inversión para PYMES con opciones reales

Author

Listed:
  • Sara Barajas Cortés

    (Instituto Tecnológico y de Estudios Superiores de Monterrey)

  • Arturo Lorenzo Valdés

    (Instituto Tecnológico y de Estudios Superiores de Monterrey)

Abstract

In this work, we develop an investment project valuation for a Mexican small business. The project involves the design, selling and implementation of specialized information technologies solutions for the public safety government sector. The project valuation was done with the Net Present Value and Real Options methodologies considering the expansion option and using the binomial method in its investment phase, both scenarios without including external financing. Later on, we did the analysis of the value of the financial flexibility of the project. We include banking financing in the expansion scenario; the economic and strategic benefits of such financing were studied. A sensitivity analysis with real options for the financial flexibility was also developed. The cash flow uncertainty of the project was particularly studied. Based on the analysis, we propose a method based on the weighting of the most uncertain variable factors, which is applied in a case valuation

Suggested Citation

  • Sara Barajas Cortés & Arturo Lorenzo Valdés, 2010. "Valuación de proyectos de inversión para PYMES con opciones reales," Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics), Tecnológico de Monterrey, Campus Ciudad de México, vol. 4(1), pages 1-17.
    • Handle: RePEc:ega:rafega:201001
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    File URL: http://alejandria.ccm.itesm.mx/egap/documentos/2010V4A1Barajas-Lorenzo.pdf
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    References listed on IDEAS

    as
    1. Sean M. Hackett & David M. Dilts, 2004. "A Real Options-Driven Theory of Business Incubation," The Journal of Technology Transfer, Springer, vol. 29(1), pages 41-54, January.
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    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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