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Una nota sobre el cálculo del valor con endeudamiento constante

Author

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  • Ignacio Vélez-Pareja
  • Joseph Tham

Abstract

Es ampliamente conocido que si el endeudamiento es constante en el tiempo, entonces el costo del patrimonio, Ke, y el costo promedio de capital CPPCFCL también es constante. En otras palabras, no es correcto usar un CPPCFCL constante para descontar el flujo de caja libre FCL, si el endeudamiento cambia en el tiempo. Sin embargo, es muy común, tanto en la práctica, como en la literatura, encontrar analistas y autores que de manera inconsistente usan un CPPCFCL para descontar el FCL aunque el endeudamiento no sea constante. En esta nota pedagógica utilizamos un ejemplo numérico sencillo para ilustrar cómo modelar los flujos de caja que sean consistentes con ese endeudamiento. En el ejemplo se verifica la consistencia con dos principios básicos: la conservación de los flujos de caja y la conservación de los valores.

Suggested Citation

  • Ignacio Vélez-Pareja & Joseph Tham, 2005. "Una nota sobre el cálculo del valor con endeudamiento constante," Proyecciones Financieras y Valoración 3713, Master Consultores.
    • Handle: RePEc:col:000463:003713
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    More about this item

    Keywords

    CPPC para el Flujo de caja libre;

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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