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Intangibles Y Valoracion De Empresas: Evidencia Empirica

Listed author(s):
  • Fernando Rubio


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.

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Paper provided by EconWPA in its series Finance with number 0404014.

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Length: 21 pages
Date of creation: 25 Apr 2004
Handle: RePEc:wpa:wuwpfi:0404014
Note: Type of Document - pdf; pages: 21
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