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Creación de valor para los accionistas de las eléctricas españolas (1991-2006)


  • Fernandez, Pablo

    () (IESE Business School)

  • Carabias, Jose M.

    (IESE Business School)


En este documento se cuantifica la creación de valor para los accionistas de Endesa (ELE), de Iberdrola (IBE) y Unión Fenosa (UNF) entre diciembre de 1991 y diciembre de 2006. En ese periodo, el aumento de la capitalización (en millardos de euros) fue: ELE 33,4; IBE 26,3 y UNF 10,5. La creación de valor para los accionistas fue: ELE 29,9; IBE 23,9 y UNF 9,6. La rentabilidad ponderada de los accionistas en estos 15 años fue: ELE 19,1%; IBE 19,5% y UNF 21,6%. Las rentabilidades simples a lo largo de estos 15 años (ELE 18,5%; IBE 19,1% y UNF 21,6%) fueron sensiblemente superiores a la del IBEX 35 (15,4%). La inflación media fue 3,3% y los tipos de interés de los bonos a 10 años cayeron desde el 11,3% al 4%. La rentabilidad media debida a este descenso de los tipos se estima en un 5,2%.

Suggested Citation

  • Fernandez, Pablo & Carabias, Jose M., 2007. "Creación de valor para los accionistas de las eléctricas españolas (1991-2006)," IESE Research Papers D/679, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0679

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    References listed on IDEAS

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    More about this item


    creación valor para accionistas; rentabilidad ponderada accionistas; aumento valor para accionistas; rentabilidad para accionistas; rentabilidad debida cambios tipos interés; capitalización;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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