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Los ciclos de la inversión y su financiamiento en Colombia

Author

Listed:
  • Fernando Tenjo G.
  • Jorge Martínez T.
  • Enrique López Enciso

Abstract

Este documento reporta los resultados de la aplicación de un test de las teorías de estructura de capital aplicado a los datos colombianos. El test utiliza un filtro para identificar los picos de inversión. Se encuentra que las empresas en Colombia no realizan siempre su inversión de forma rutinaria sino que esporádicamente emprenden proyectos de formación de capital fijo de mayor envergadura. Es probable que estos proyectos contribuyan más que la inversión rutinaria a la competitividad y productividad de las firmas. En el momento de tomar la decisión de realizar esas inversiones las empresas se alejan de la estructura de capital que tenían previamente.

Suggested Citation

  • Fernando Tenjo G. & Jorge Martínez T. & Enrique López Enciso, 2007. "Los ciclos de la inversión y su financiamiento en Colombia," Borradores de Economia 438, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:438
    DOI: 10.32468/be.438
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    Keywords

    estructura de capital; finanzas corporativas; orden de prioridades; teoría de la disyuntiva.;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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