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Supuestos implícitos en la utilización del capital Assets Pricing Model - Capm - para el cálculo del costo del capital propio - Equity-

Author

Listed:
  • Carlos Arturo Gómez Restrepo
  • Mario García Molina

Abstract

El artículo evidencia los supuestos y problemas que implica la utilización del Capital Assets Pricing Model- CAPM en el cálculo del costo del capital propio de las empresas - Equity, haciendo énfasis en la diferencia que existe entre la forma como toman sus decisiones de inversión quienes lo hacen en el mercado de valores y quienes lo hacen en una empresa que desarrolla procesos productivos. Presenta una revisión de los trabajos que se han realizado sobre el CAPM y el Costo de Capital Promedio Ponderado, demostrando que ninguno de ellos tiene en cuenta la lógica propia del empresario. A partir de los desarrollos teóricos del CAPM demuestra la inconveniencia de utilizar este modelo en el cálculo del costo de capital de las empresas.

Suggested Citation

  • Carlos Arturo Gómez Restrepo & Mario García Molina, 2011. "Supuestos implícitos en la utilización del capital Assets Pricing Model - Capm - para el cálculo del costo del capital propio - Equity-," Documentos Doctorado en Ciencias Económicas 8905, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000430:008905
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    File URL: http://www.fce.unal.edu.co/centro-editorial/documentos/doctorado/907-1-supuestos-implicitos-en-la-utilizacion-del-capital-assets-pricing-model-capm.html
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    More about this item

    Keywords

    CAPM; Costo de Capital Promedio Ponderado; Rentabilidad; Empresario; Mercado de Valores.;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • 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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