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Modelo de Valuación de Empresas Estratégicas Descentralizadas que Exploran y Explotan Recursos Naturales (Caso Pemex)

Author

Listed:
  • Humberto Valencia Herrera

    (Instituto Tecnológico de Estudios Superiores de Monterrey Campus Ciudad de México)

  • Araceli Espinosa Elguea

    (Scotiabank Subdirectora de Análisis de Deuda Scotia Capital México)

Abstract

La valuación de empresas descentralizadas que exploran y explotan recursos naturales (caso Pemex), interpretándolas como "Vehículo de Propósito Especial" (VPE), permite un análisis profundo y transparente, cuando la entidad no es dueña de los activos generadores de flujo operativo, tiene capital contable negativo, presenta una generación de flujo libre de efectivo negativa y está sujeta a un régimen fiscal asumido como "regalías" que no le permiten la deducibilidad de intereses. Además su elevada carga tributaria la obligan a emitir deuda para financiar su Capex. La propuesta es que estas empresas pueden allegarse de fuentes monetarias bajo cualquier esquema financiero, incluyendo capital privado, sin afectar la soberanía de los recursos naturales de cada país.

Suggested Citation

  • Humberto Valencia Herrera & Araceli Espinosa Elguea, 2013. "Modelo de Valuación de Empresas Estratégicas Descentralizadas que Exploran y Explotan Recursos Naturales (Caso Pemex)," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 8(1), pages 101-127, Enero-Jun.
    • Handle: RePEc:imx:journl:v:8:y:2013:i:1:p:101-127
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    File URL: http://www.remef.org.mx/index.php/remef/article/view/43/71
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    More about this item

    Keywords

    Recursos naturales; Costo de capital; Régimen fiscal;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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