ESTRUCTURA DE CAPITAL ÓPTIMA EN PRESENCIA DE COSTOS DE DIFICULTADES FINANCIERAS
Keywords:
Estructura de Capital, Costos de Dificultades Financieras, Decisiones de Financiamiento, Asimetrías de Información, Teoría Estática de IntercambioAbstract
En el presente documento se presentan los conceptos relacionados con la estructura de capital desde una perspectiva de mercados financieros imperfectos. El objetivo principal es mostrar mediante un estudio de caso, cómo una empresa puede generar un impacto positivo en su valor de mercado a través de sus decisiones de endeudamiento. La exposición del trabajo se desarrolla a través de los planteamientos de Franco Modigliani y Merton Miller referidos a la estructura de capital, analizando cada uno sus supuestos, se realiza un recorrido sobre los principales trabajos de investigación en la materia que intentan explicar la importancia que tienen este tipo de decisiones cuando los mercados de capitales presentan imperfecciones, operan bajo asimetrías de información, existen costos de agencia y costos de quiebra. La aplicación fue orientada a la evaluación de una empresa industrial cuyas acciones no cotizan en un mercado bursátil. Los resultados encontrados permitieron comprobar que bajo la presencia de costos de dificultad financiera y mediante la aplicación de la Teoría Estática de Intercambio es posible determinar un nivel de apalancamiento financiero óptimo que permita maximizar el valor de la empresa.Downloads
References
G. A. Akerlof “The Market for Lemons: Quality Uncertainty and the Market Mechanism.” The Quarterly Journal of Economics, vol. 84, pp. 488-500, 1970.
E.I. Altman. “A further empirical Investigation of the Bankruptcy Cost Question.” Journal of Finance, vol. 39, pp. 1067-1089, 1984.
A. Saunders and L. Allen. Credit Risk Measurement In and Out of the Financial Crisis. 3th ed., New Jersey: Willey Finance, 2010.
K. Arrow. “The Theory of discrimination”. Industrial Relations Section Princeton University, vol. 30, pp. 1-31, 1971.
I. Babenko. “Optimal Capital Structure of the Firm in the Presence of Cost of Financial Distress.” Maastricht Meetings Paper, vol. 5179, pp. 1-44, 2004.
G. W. Blazenko. “Managerial Preference, Asymmetric Information, and Financial Structure.” Journal of Finance, vol. 42, pp. 839-862, 1987.
M. Bradley et.al. “On the Existence of an Optimal Capital Structure: Theory and Evidence.” The Journal of Finance, vol. 39, pp.857-878, 1984.
I.E. Brick et al. “Asymmetric information concerning the variance of cash flows: The capital structure choice.” International Economic Review, vol. 39, pp. 745-761, 1998.
C.J. Cambell et al. “Tax Shields, sample-selection bias, and the information content of conversion - forcing bond calls.” Journal of Finance, vol. 46, no.4, pp. 1291-1324, 1991.
C.L. Gootkind. “Fundamentals of Credit Analysis Reading 42 - Alternative Asset Valuation and Fixed Income,” in Program Curriculum Volume 5 Level II 2013, CFA® Institute, Ed. Boston: Pearson Custom Publishing, 2013.
A. Dittmar. “Capital structure in corporate spin – offs.” The Journal of Business, vol.77, no.1, pp.9 – 43, 2004.
E. I. Altman and E. Hotchkiss. Corporate Financial Distress and Bankruptcy. 3th ed., New Jersey: Willey Finance, 2006.
F. Black and M. Scholes. “The Pricing of Options and Corporate Liabilities.” The Journal of Political Economy, vol. 81, no.3, pp. 637-654, 1973.
E. F. Fama. “Efficient Capital Markets: A Review of Theory and Empirical Work.” The Journal of Finance, vol. 25, no. 2, pp. 383-471, 1970.
P. Fernández. Valoración de Empresas. Ed. Gestión 2000, 2012.
J.R. Graham and C.R. Harvey. “The theory and practice of corporate finance: Evidence from the field.” Journal of Financial Economics, vol. 60, no. 1, pp. 187-243, 2001.
M. H. Grouard et al. “Stock market volatility: from empirical data to their interpretation.” Banque de France Articles, pp. 55-162, 2003.
N. Halov and F. Heider. “Capital structure, risk and asymmetric information.” Quarterly Journal of Finance, vol. 1, no. 4, pp. 767-809, 2011.
M. Haris and A. Raviv. “The theory of capital structure.” Journal of Finance, vol. 46, no. 1, pp. 297-355, 1991.
G. B. Hatfield et al. “The Determination of Optimal Capital Structure: The Effect of Firm and Industry Debt ratios on Market Value.” Journal Of Financial And Strategic Decisions, vol. 7, no. 3, pp. 1-14, 1994.
R. Heinkel. "A theory of capital structure relevance under imperfect information.” Journal of Finance and Quantitative Analysis, vol. 23, no. 1, pp. 39-51, 1982.
A. Hovakimian et al. “The debt - equity choice.” Journal of financial and quantitative analysis, vol. 36, no. 1, pp. 1-24, 2001.
M. C. Jensen. “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”. American Economic Review, vol. 76, no. 2, pp. 323-339, 1986.
M.C. Jensen and H.M. Meckling. “Theory of the Company: Managerial Behavior, Agency Costs, and Ownership Structure.” Journal of Financial Economic, vol. 3, no. 4, pp. 305-360, 1976.
M. Jianjun. “Optimal Capital Structure and Industry Dynamics.” The Journal of Finance, vol. 30, no. 6, pp. 2621 2660, 2005.
J. Kose and J. Williams. “Dividends, dilution and taxes: A signaling equilibrium.” Journal of Finance, vol. 40, no. 4, pp. 1053-1070, 1985.
W.S. Krasker. “Stock price movements in response to stock issues under asymmetric information.” Journal of Finance, vol. 41, no. 1, pp.93-105, 1986.
A. Kraus and R.H. Litzenberger. “A State-Preference Model of Optimal Financial Leverage.” Journal of Finance, vol. 28, no. 4, pp. 911-922, 1973.
H. E. Leland and D. Pyle. “Information Asymmetries, Financial Structure and Financial Intermediation.” The Journal of Finance, vol. 32, no. 2, pp. 371-387, 1977.
R.W. Masulis. “The impact of capital structure change on firm value: some estimate.” Journal of finance, vol. 38, no. 1, pp. 107-126, 1983.
R. C. Merton. “Theory of Rational Option Pricing.” Bell Journal of Economics and Management Science, vol. 4, no. 1, pp. 141-183, 1973.
R.C. Merton. “Dynamic General Equilibrium Model of the Asset Market and Its Application to the Pricing of the Capital Structure of the Firm.” Sloan of Management Working Paper, vol. 497, no. 70, 1970.
J. Miao. “Optimal Capital Structure and Industry Dynamics.” The Journal of Finance, vol. 15, no. 6, 2005.
R. Michaely and M. R. Roberts. Dividend Smoothing, Agency Costs, and Information Asymmetry: Lessons from the Dividend Policies of Private Firms, pp. 1-63, 2006.
F. Modigliani and M. H. Miller. “The Cost of Capital, Corporation Finance, and the Theory of Investment.” American Economic Review, vol. 3, no. 1, pp. 261-297, 1958.
S. Myers and N.S. Majluf. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics, vol. 13, no. 1, pp. 187-221, 1984.
M. Poitevin. “Financial signalling and the “deeppocket” argument.” RAND Journal of economics, vol. 20, no. 1, pp. 26-40, 1989.
R. Aggarwal et al. “Capital Structure Reading 26 - Corporate Finance,” in Program Curriculum Volume 3 Level II 2013, CFA® Institute, Ed. Boston: Pearson Custom Publishing, 2013.
A.S. Ravid and O.H. Sarig. “Financial signalling by committing to cash outflows.” Journal of Financial and Quantitative Analysis, vol. 26, no. 2, pp. 165-180, 1991.
S. A. Ross and R. W. Westerfield. Corporate Finance, Ed. McGrawHill, 2011.
S. A. Ross. “The Determination of Financial Structure: The Incentive-Signalling Approach.” The Bell Journal of Economics, vol. 8, no. 1, pp. 23-40, 1977.
M. Spence. “Job Market Signaling.” The Quarterly Journal of Economics, vol. 87, no. 3, pp. 355-374, 1973.
B. A Dittmar. “Costless versus costly signaling, Theory and evidence from share Repurchases.” Internet: http://business.illinois.edu/finance/papers/2001/dittmar.pdf, 2001 [Nov.21, 2013].
S. A. Vargas. “Estimación del Costo del Patrimonio y Costo del Capital por medio de tasas de rendimiento ajustadas al riesgo.” Revista de Investigación & Desarrollo, vol. 11, no. 1, pp. 118 – 135, 2011.
S. A. Vargas. “Valoración Económica de Empresas mediante la aplicación de flujos descontados, modelos de creación de valor y múltiplos de mercado.” Revista de Investigación & Desarrollo, vol. 13, no. 1, pp. 81 – 97, 2013.
P. Veronesi. “How Does Information Quality Affect Stock Returns?” Journal of Finance, vol. 55, no. 2, pp. 807-837, 2000.
Published
How to Cite
Issue
Section
License
Creative Commons Attribution-Noncommercial-Share Alike
CC BY-NC-SA
This license lets others remix, tweak, and build upon your work for non-commercial purposes, as long as they credit the author(s) and license their new creations under the identical terms.
The authors can enter additional separate contract agreements for non-exclusive distribution of the version of the article published in the magazine (for instance, they may publish it in an institutional repository or a book), subject to an acknowledgement of its initial publication in this magazine.