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Intangibles Y Valoracion De Empresas: Evidencia Empirica

Author

Listed:
  • Fernando Rubio

    (FERNCAPITAL S.A.)

Abstract

Existe un diferencial entre el valor de mercado del patrimonio y el valor contable. Este se relaciona a los activos intangibles. Un análisis de regresión, permite concluir que el retorno total al inversor, la rentabilidad sobre activos y las utilidades totales, en conjunto con alguna (todas están altamente correlacionadas) de las medidas que se indicaran, son capaces de explicar el 60% del diferencial. Las medidas surgen de la encuesta anual realizada por la revista Fortune e intentan medir las empresas más admiradas. Ellas son: Calidad de los directivos; Valor de largo plazo de la inversión; Calidad de los empleados; Uso de activos. Otra medida, la solidez financiera, absorbe el poder explicativo de dichas variables pero está muy correlacionada con las utilidades totales. En general, el diferencial podría explicarse fundamentalmente por la solidez financiera de la empresa y el factor humano en la misma. Sin embargo, un importante 40% permanece sin explicar.

Suggested Citation

  • Fernando Rubio, 2004. "Intangibles Y Valoracion De Empresas: Evidencia Empirica," Finance 0404014, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpfi:0404014
    Note: Type of Document - pdf; pages: 21
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/fin/papers/0404/0404014.pdf
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    References listed on IDEAS

    as
    1. Banz, Rolf W., 1981. "The relationship between return and market value of common stocks," Journal of Financial Economics, Elsevier, vol. 9(1), pages 3-18, March.
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    More about this item

    Keywords

    Acciones; Intangibles; Valoración; Finanzas;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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