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Flexibilidad, Activos Estratégicos, y Valuación por Opciones Reales

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  • José Pablo Dapena Fernández

Abstract

El presente trabajo expone las opciones reales y su aplicación a la valuación de la estrategia de adquisición de activos (definición en sentido amplio) por la empresa. Hace especial hincapié en el impacto que tiene la flexibilidad en la formación de la estrategia que escoge el management para administrar la colección de activos y procesos que le es delegada por los accionistas. Pone en evidencia la necesidad de contar con derechos de propiedad sobre esos activos, a los efectos que la flexibilidad que de los mismos surge sea apropiada integramente por la empresa y valorizada por opciones reales. Finalmente estudia el impacto de la tecnología y la globalización en la incertidumbre que rodea a la empresa, que eleva el valor de contar con estructuras flexibles. Asimismo, menciona como una economía de alto riesgo puede dar lugar a la existencia de activos valiosos desde el punto de vista de opciones.

Suggested Citation

  • José Pablo Dapena Fernández, 2001. "Flexibilidad, Activos Estratégicos, y Valuación por Opciones Reales," CEMA Working Papers: Serie Documentos de Trabajo. 187, Universidad del CEMA.
    • Handle: RePEc:cem:doctra:187
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    References listed on IDEAS

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    3. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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