Modelo para estimar el costo de uso de capital (wacc) para las empresas pymes del sector industria caucho y plástico de la ciudad de Bogotá

dc.contributorVernazza Páez, Álvaro Andrés
dc.creatorBonilla Bonilla, Yudy Marlen
dc.date.accessioned2017-06-15T20:42:50Z
dc.date.accessioned2017-06-24T16:13:12Z
dc.date.available2017-06-15T20:42:50Z
dc.date.available2017-06-24T16:13:12Z
dc.date.created2017-06-15T20:42:50Z
dc.date.created2017-06-24T16:13:12Z
dc.date.issued2016-08-02
dc.identifierhttps://hdl.handle.net/11634/2425
dc.identifierhttp://dx.doi.org/10.15332/tg.mae.2020.0741
dc.identifierreponame:Repositorio Institucional Universidad Santo Tomás
dc.identifierinstname:Universidad Santo Tomás
dc.identifierrepourl:https://repository.usta.edu.co
dc.description.abstractThis research was aimed at designing a model to estimate the "Weighted Average Cost of Capital (WACC) ", through accounting betas, for small and medium-sized enterprises - SMEs - (PYMES by its acronym in Spanish) of the rubber and plastics industry in Bogota, based on the adjusted Capital Asset Pricing Model - CAPM, for non-listed companies. The purpose of this work is to make a contribution for those SMEs that look for a model simpler and easier to understand, based on the WACC's theoretical assumptions. In the process, the research tried to understand and describe the different alternatives of financing, the financial impacts in the SMEs' financial structures by using models or measuring methods available to them, as these tools provide significant support to businesses' financial decisions making process.. The final results showed that it is possible to build models to support the businesses' financial management, based on the theoretical and practical approaches of the CAPM and the WACC. As it can be seen in the project's results, these can be successfully applied to different sectors of the economy.
dc.languagespa
dc.publisherUniversidad Santo Tomás
dc.publisherMaestría Ciencias Económicas
dc.publisherFacultad de Economía
dc.relationBall, R.,& Brown, P. (1968). An Empirical Evaluation of Accouning income Numbers. Journal of Accounting Research, 159-178.
dc.relationBaskin, J. (1989). An empirical investigation of the pecking order theory. Financial Mangement, 18(1), 26-35.
dc.relationBlack, F., Jensen, M. C., & Scholes, M. (1972). The Capital Asset Pricing Model: Some empirical tests. Nueva York: Praeger Publishing Co.
dc.relationBlume, M. E., & Friend, L. (1973). A new look at the Capital Asset Pricing Model. The Journal of Finance, 28(1), 10-33.
dc.relationBruner, R., Eades, K., Harris, R., & Higgins, R. (2001). Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education, 8(1), 13-28.
dc.relationBurmeister, E., & McElroy, M. (1988). Joint estimation of factor sensitivities and risk premia for the arbitrage pricing theory. Journal of Finance, 43(3), 721-735.
dc.relationBrealey, R. & Myers, S. (1993): Fundamentos de Financiación Empresarial. Mc Graw Hill. Madrid. (4ª ed.).
dc.relationBurmeister, E., Roll, R., & Ross, S. (1994). A Practicioner´s Guide to Arbitrage Pricing Theory. En A Practicioner´s Guide to Factor Models (págs. 1-30). Charlottesville: The Research Foundation of the Institute of Chartered Financial Analysts.
dc.relationChan, K., Chen, N., & Hsieh, D. (1985). An Exploratory Investigation of the Firm Size Effect. Journal of Financial Economics, 451-471.
dc.relationChen, N. (1983). Some empirical tests of the theory of Arbitrage Pricing. Journal of Finance, 38(5), 1393-1414.
dc.relationChen, N., Roll, R., & Ross, S. (1986). Economic forces and the stock market. Journal of Business, 59(3), 383-403.
dc.relationChen, S., & Jordan, B. (1993). Some empirical tests in the Arbitrage Pricing Theory: Macrovariables vs. Derived Factors. Journal of Banking and Finance, 65-89.
dc.relationClavijo, S. Gonzales y Vera (2010) Evolución del costo de capital en Colombia. Enfoque No. 49
dc.relationCubillos, C. A. (2013). Teoría de Valoración por Arbitraje (APT) en la construcción de portafolios sectorizados de acciones colombianas (2005 a 2011). Bogotá D.C. Universidad Nacional de Colombia. Recuperado de: http://www.bdigital.unal.edu.co /40017/1/940830.2013.pdf
dc.relationDamodaran, A. (2002). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (2da ed.). Nueva York: John Wiley and Sons.
dc.relationDNP,(2011) Balance sector Industrial 2011. Págs. 10 -75 Tomado de www.dnp.gov.co.
dc.relationDurand, D. (1952). Costs of debt and equity funds for business: trends and problems of measurement. National Bureau of Economic Research, 215-262.
dc.relationDurand, D. (1959). The Cost of Capital, Corporation Finance, and Theory of Investment: Comment. American Economic Association, 49(4), 639-655.
dc.relationElton, E., & Gruber, M. (1995). Modern Portfolio Theory and Investment Analysis. Nueva York: John Wiley and Sons
dc.relationEmery, D. & Finnerty, J. (1997): Corporate Financial Management. Prentice Hall. Englewood Cliffs (NJ)
dc.relationFrench, C. W. (2003). The Treynor Capital Asset Pricing Model. Journal of Investment Management, 1(2), 60-72.
dc.relationGlobal Entrepreneurship Monitor : reporte anual Bogotá 2012-2013 / Rafael Augusto Vesga Fajardo y Raúl Fernando Quiroga Marín - Bogotá: Universidad de los Andes, Facultad de Administración, Ediciones Uniandes : Cámara de Comercio de Bogotá, 2013.p. 72;
dc.relationHill, N.C.,& Stone,B.K. (1980). Accounting Betas, systematic operating Risk, and financial leverage: a Risk – composition Approach to the Determinants of Systematic Risk. The Journal of Financial and Quantitative Analysis, Vol. 15, No. 3, 595 -637
dc.relationHuberman, G. (1987). Arbitrage Pricing Theory. En J. Eatwell, M. Milgate, & P. Newman, The New Palgrave: A Dictionary of Economic Theory and Doctrine. Nueva York: Stockton Press.
dc.relationJaramillo Acosta, J. C. (2012). Calameo. Costos de Capital. Recuperado de: http://es.calameo. com/read/002776184723279604e8e
dc.relationJensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownwerhip Structure. Journal of Finance Economic, 3(4), 305-360.
dc.relationJimenez, J.(2012). Betas Contables. Recuperado de: http://repository.cesa.edu.co/bitstream/10726 /392/5/TMF00237.pdf.
dc.relationKim, H. (1978). A mean- variance theory of optimal capital structure and corporate debt capacity. The Journal of Finance, 33(1), 45-63.
dc.relationLevy, H. (1978). Equilibrium in an imperfect market: A constraint on the number of securities in the portfolio. The American Economic Review, 643-658.
dc.relationLinther, J. (febrero de 1965). The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets. Review of Economics and Statistics, 47(1), 13- 37
dc.relationMascareñas, J. & Lejarriaga, G. (1993): Análisis de la Estructura de Capital dela Empresa. Edema. Madrid.
dc.relationMascareñas, J. (2001). El Coste del Capital. Madrid: Universidad de Madrid.
dc.relationMascareñas, J. (Diciembre de 2012). Gestión de carteras II: Modelo de valoración de activos. Recuperado el 2015, de http://pendientedemigracion.ucm.es/info/jmas/mon/06.pdf
dc.relationMacBeth, J., & Fama, E. (1973). Risk, return, and equilibrium: Empirical tests. Journal of Political Economy, 81(3), 607-636.
dc.relationMarkowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91.
dc.relationMerton, R. C. (Sep. de 1973). An Intertemporal Capital Asset Pricing Model. Econometrica, 41(5), 867-887.
dc.relationMidigliani, F., & Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3), 433-443.
dc.relationMiller, M. (1977). Debt and taxes. Journal of Finance, 32(2), 261-275.
dc.relationMiller, M. H., & Scholes, M. (1972). Rates or Return in Relation to Risk: a reexamination of some recent findings. Studies in the Theory of Capital Markets, 47-78.
dc.relationModigliani, F., & Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261-297
dc.relationMossin, J. (1966). Equilibrium in a Capital Asset Market. Econometrica, 34(4), 768-783.
dc.relationMyers, S. (1984). Capital Structure Puzzle. Journal of Economic perspective, 39(3).
dc.relationMyers, S., & Majluf, N. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Finance Economic, 13, 187- 221.
dc.relationOficina de Approvechamiento del TLC con Estados Unidos, (2012) Análisis Sector de Plástico y Caucho
dc.relationPereiro, L.E.(2010). The Beta Dilemma in Emerging Markets. Journal of applied corporate finance, 22(4), 110-122.
dc.relationReinganum, M. R. (1981). A new empirical perspective on the CAPM. The Journal of Financial and Quantitative Analysis, 16(4), 439-462.
dc.relationRoll, R. (1976). A Critic of the Asset Pricing Theory's Tests, Part I: On Past and Potential Testability of the Theory. The Journal Financial Economics, 4(2), 341-360.
dc.relationRoll, R., & Ross, S. (1980). An Empirical Investigation of the Arbitrage Pricing Theory. The Journal of Finance, 1073-1103.
dc.relationRomer, D. (2012). Advanced Macroeconomics (Cuarta ed.). Nueva York: McGraw-Hill.
dc.relationRoss, S. (1977). The determination of financial structure: the incentive-signalling approach. Bell Journal of Economics, 8(1), 23-40.
dc.relationRoss, S. A. (1976). The Arbitrage Theory of Capital Asset Pricing. Journal of Economic Theory, 341-360.
dc.relationSanchez, (2010). Jimenez, J.(2012). Betas Contables. Recuperado de: http://repository.cesa.edu.co/bitstream/10726 /392/5/TMF00237.pdf.
dc.relationSanchez, (2010). Jimenez, J.(2012). Betas Contables. Recuperado de: http://repository.cesa.edu.co/bitstream/10726 /392/5/TMF00237.pdf.
dc.relationShanken, J. (1982). The Arbitrage Pricing Theory: Is It Testable? Journal of Finance, 37(5), 1129-1140.
dc.relationSharpe, W. F. (1961). Portfolio Analysis Based on a Simplified Model of the Relationships Among Securities. Los Angeles: University of California at Los Angeles.
dc.relationSharpe, W. F. (1963). A Simplified Model for Portfolio Analysis. Management Science, 9(2), 277-293.
dc.relationSharpe, W. F. (1964). Capital Assets Prices: A Theory of Market Equilibrium Under Conditions of Risk. Journal of Finance, 19(3), 425-442.
dc.relationSharpe, W.F.(1970).Portfolio Theory and Capital Markets. McGraw_Hill, Inc,1970.
dc.relationStiglitz, J. (1969). A re-examination of the Modigliani-Miller theorem. Recuperado de: http://www.jstor.org/stable/1810676
dc.relationSuárez, A. (2008): Decisiones Óptimas de Inversión y Financiación en la Empresa. Pirámide. Madrid, (21ª ed.)
dc.relationSuperintendencia de Sociedades (2014). Comportamiento de las empresas del sector real. Grupo de estudios económicos y financieros. Págs. 5-27
dc.relationSuperintendencia de Sociedades (2013). Informe Regional Bogotá 2009 - 2012. Grupo de estudios económicos y financieros. Págs. 5-42.
dc.relationTabak, B., & Staub, R. (2007). Assessing financial instability: The case of Brazil. Research in International Business and Finance, 188-202
dc.relationTobin, J. (1958). Liquidity Preference as Behavior Towards Risk. The Review of Economic Studies, 65-86
dc.relationTong Chang, J. (2006). Finanzas empresariales: La decisión de inversión. Lima, Perú: Universidad del Pacifico.
dc.relationTraynor, J. L. (1973). How to Use Security Analysis to Improve Portfolio Selection. The Journal of Business, 46(1), 66-68.
dc.relationTreynor, J. L. (8 de Agosto de 1961). Market Value, Time and Risk. Manuscrito no publicado, 95- 209.
dc.relationTreynor, J. L. (1962). Toward a Theory of Market Value of Risks Assets. Manuscrito no publicado
dc.relationVélez Pareja, I. (2002). Costo de Capital para firmas no transadas en Bolsa. Revista latinoamericana de Administración (029), 45-75.
dc.relationWarner, J. (1977). Bankrputcy costs: some evidence. The Journal of Finance, 32(2), 337-347.
dc.relationZambrano, S. M., & Acuña, G. A. (2011). Estructura de capital. Evolución teórica. Evolución teórica Critero Libre , 81-102.
dc.rightshttp://creativecommons.org/licenses/by-nc-nd/2.5/co/
dc.rightsAbierto (Texto Completo)
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rightshttp://purl.org/coar/access_right/c_abf2
dc.rightsAtribución-NoComercial-SinDerivadas 2.5 Colombia
dc.titleModelo para estimar el costo de uso de capital (wacc) para las empresas pymes del sector industria caucho y plástico de la ciudad de Bogotá


Este ítem pertenece a la siguiente institución