Modelo de valoración y asignación de estructura de capital eficiente

Abstract

One of the most relevant economic objectives for any company is to generate value for all the stakeholders. This is obtained when companies generate higher returns than the cost of their investment resources. There are several sources of economic value generation, among which are: cost and efficiency reduction, mergers and acquisitions of different companies. The present study focuses on an alternative way of generating value of great relevance nowadays, corresponding to the capital structure, which generates value through the fiscal shield of debt and the reduction of the cost of capital, through a good management that does not compromise the company's cash flows. For the applied case, the company's value increased by 15% under the APV methodology; moreover, the cost of capital decreased by 0.08%.