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Valoracion de flujos de caja en inflacion. El caso de la regulacion en el Banco Mundial

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  • Ignacio Velez-Pareja

Abstract

En este trabajo mostramos que la evaluacion de proyectos debe hacerse con base en flujos de caja calculados a precios corrientes o nominales. Presentamos un caso donde los resultados obtenidos con el metodo de precios constantes estan sobre estimados y existe por tanto, el riesgo de aceptar malos proyectos como buenos. Evaluar proyectos con flujos a precios constantes es una practica muy generalizada. Se trabaja y evalua un ejemplo desarrollado por encargo del World Bank Institute y presentado como caso en el entrenamiento de consultores y asesores en regulacion de empresas de infraestructura. Se muestra que en ese caso hay una sobre valoracion del 21% cuando se compara con los resultados calculados a precios corrientes o nominales y cuando se utiliza un Costo Promedio Ponderado de Capital (CPPC) (Weighted Average Cost of Capital, WACC) correcto.

Suggested Citation

  • Ignacio Velez-Pareja, 2009. "Valoracion de flujos de caja en inflacion. El caso de la regulacion en el Banco Mundial," Proyecciones Financieras y Valoración 5666, Master Consultores.
    • Handle: RePEc:col:000463:005666
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    References listed on IDEAS

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    1. Estache, Antonio & Rodriguez Pardina, Martin & Rodriguez, Jose Maria & Sember, German, 2003. "An introduction to financial and economic modeling for utility regulators," Policy Research Working Paper Series 3001, The World Bank.
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    More about this item

    Keywords

    Banco Mundial; politicas de regulacion; infraestructura; paises en desarrollo; evaluacion de proyectos; valoracion de empresas; costo de capital; flujos de caja; flujo de caja libre; flujo de caja de capital;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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