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El flujo de efectivo descontado como método de valuación de empresas mexicanas en el periodo 2001-2007

Author

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  • Rodríguez Vázquez Verónica Patricia

    (Universidad de la Americas Puebla)

  • Aca Varela Jaquelina Marcela

    (Universidad de la Americas Puebla)

Abstract

The objective of this investigation was to evaluate a 50-enterprise sample of the Mexican Stock Exchange by the discounted-cash-flow model for a 7 year period, from 2001 to 2007, in order to compare the results obtained with the market value. To that end, the cash flows were projected with the most recent growth rate of the last known cross-sectioned GDP and the cross-sectioned GDP’s geometric medium, with the objective of knowing which of the two options gives a better estimate of the enterprise’s growth rate. We found that, despite the existence of a statistically significant relationship between the calculated values with the fed model and the market values of the enterprises in most of the years and sectors analyzed, the ß coefficient was not consistent. On the other hand, we concluded that the cross-sectioned GDP’s geometric medium gave a better estimate of the enterprise’s growth rate and as a consequence, a greater lineal association between the market values and the values calculated with the fed model.

Suggested Citation

  • Rodríguez Vázquez Verónica Patricia & Aca Varela Jaquelina Marcela, 2010. "El flujo de efectivo descontado como método de valuación de empresas mexicanas en el periodo 2001-2007," Contaduría y Administración, Accounting and Management, vol. 55(3), pages 143-172, septiembr.
    • Handle: RePEc:nax:conyad:v:55:y:2010:i:3:p:143-172
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    References listed on IDEAS

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    1. Athanassakos George, 2007. "Valuing Internet Ventures," Journal of Business Valuation and Economic Loss Analysis, De Gruyter, vol. 2(1), pages 1-17, April.
    2. Ignacio Velez-Pareja & Joseph Tham, 2003. "Do the RIM (Residual Income Model), EVA® and DCF (Discounted Cash Flow) Really Match?," Proyecciones Financieras y Valoración 2379, Master Consultores.
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