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Rentabilidad y creación de valor para los accionistas de las empresas españolas y del IBEX 35. 1993-2006

Author

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  • Fernandez, Pablo

    (IESE Business School)

  • Carabias, Jose M.

    (IESE Business School)

Abstract

2006 fue el año de mayor creación de valor en la historia del IBEX 35: 118 millardos de euros. La rentabilidad (teniendo en cuenta los dividendos) fue del 36%. Entre 1992 y 2005, la rentabilidad media fue del 15,4%, y la creación de valor para los accionistas, 196 millardos de euros. Las empresas del IBEX 35 crearon (en su conjunto) valor para sus accionistas todos los años, excepto en 1992, 1994, 2000, 2001 y 2002. Sin embargo, una parte importante de la rentabilidad media (un 5,2%) y de la creación de valor se debió al descenso de los tipos de interés en el período. Eliminando el efecto de los tipos de interés, la rentabilidad para los accionistas fue inferior a la rentabilidad exigida. El volumen de negociación de las empresas del IBEX 35 superó el billón de euros en 2006 y ha pasado de ser un 30% de la capitalización en 1992 a ser el doble en 2006. Las empresas del IBEX 35 concentran más del 90% de la negociación del mercado continuo. Las empresas pequeñas fueron, en media, más rentables que las grandes, y la rentabilidad media del Indice Total de la Bolsa de Madrid (ITBM) fue del 16,5%, superior a la del IBEX 35 ajustado por dividendos (15,4%). En los cuarenta días anteriores al anuncio de la entrada en el IBEX 35, las empresas que entraron tuvieron en media una rentabilidad un 10,1% superior a la del IBEX 35, y las que salieron tuvieron en media una rentabilidad un 5,9% inferior.

Suggested Citation

  • Fernandez, Pablo & Carabias, Jose M., 2007. "Rentabilidad y creación de valor para los accionistas de las empresas españolas y del IBEX 35. 1993-2006," IESE Research Papers D/673, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0673
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • 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
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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