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La tasa de descuento en el proceso de valoración de empresas: un estudio empírico en Colombia

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La valoración de empresas es una actividad cada vez más importante en un contexto globalizado, con empresas más dinámicas e internacionalizadas en busca de la creación de valor. La internacionalización afecta cada vez más a los países en desarrollo que se ven impelidos a tratar con operaciones de compra-venta internacionales y demandas de sus partners cada vez más especializadas, como es el caso de Colombia. Normalmente el método utilizado en la valoración es el descuento de los flujos de efectivo, lo que precisa el uso de tasas de actualización ad-hoc. Este trabajo tiene como objetivo principal analizar la aplicación de la tasa de descuento en la actividad de valoración de empresas en Colombia. Para ello se lleva a cabo un estudio exploratorio de carácter empírico, sobre una encuesta realizada a 32 expertos colombianos en valoración de empresas. Nuestras principales conclusiones revelan que los valoradores colombianos siguen pautas comunes a los valoradores internacionales, aunque se observa una gran dispersión a la hora de estimar la tasa de descuento. De esta forma el trabajo realizado puede ser de interés no solo para los profesionales de la valoración, sino también para los académicos y empresarios que estén inmersos en este proceso, ya que ofrece información sobre la realidad colombiana en un contexto internacional

Suggested Citation

  • Rojo-Ramírez, Alfonso & Palomino Rubio, César Augusto & García Pérez de Lema, Domingo & González Benítez, José Domingo & Mayorga Sanchez, Jose Zacarias & Alba Suárez, Miguel Antonio, 2019. "La tasa de descuento en el proceso de valoración de empresas: un estudio empírico en Colombia," Small Business International Review, Asociación Española de Contabilidad y Administración de Empresas - AECA, vol. 3(1), pages 19-35, January.
    • Handle: RePEc:aaz:sbir01:v:3:y:2019:i:1:p:19-35
    DOI: 10.26784/sbir.v3i1.145
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    3. Hitt, Michael A. & King, David & Krishnan, Hema & Makri, Marianna & Schijven, Mario & Shimizu, Katsuhiko & Zhu, Hong, 2009. "Mergers and acquisitions: Overcoming pitfalls, building synergy, and creating value," Business Horizons, Elsevier, vol. 52(6), pages 523-529, November.
    4. Jerald E. Pinto & Thomas R. Robinson & John D. Stowe, 2019. "Equity valuation: A survey of professional practice," Review of Financial Economics, John Wiley & Sons, vol. 37(2), pages 219-233, April.
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    More about this item

    Keywords

    valoración de empresas; descuento de flujos de efectivo; tasa de descuento; opinión de los profesionales; Colombia;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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