Valuación de proyectos de inversión para PYMES con opciones reales

Sara Barajas Cortés () and Arturo Lorenzo Valdés ()
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Sara Barajas Cortés: Instituto Tecnológico y de Estudios Superiores de Monterrey
Arturo Lorenzo Valdés: Instituto Tecnológico y de Estudios Superiores de Monterrey

Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics), 2010, vol. 4, issue 1, 1-17

Abstract: In this work, we develop an investment project valuation for a Mexican small business. The project involves the design, selling and implementation of specialized information technologies solutions for the public safety government sector. The project valuation was done with the Net Present Value and Real Options methodologies considering the expansion option and using the binomial method in its investment phase, both scenarios without including external financing. Later on, we did the analysis of the value of the financial flexibility of the project. We include banking financing in the expansion scenario; the economic and strategic benefits of such financing were studied. A sensitivity analysis with real options for the financial flexibility was also developed. The cash flow uncertainty of the project was particularly studied. Based on the analysis, we propose a method based on the weighting of the most uncertain variable factors, which is applied in a case valuation

Keywords: PYME; Opciones Reales; VPN (search for similar items in EconPapers)
JEL-codes: G11 M1 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ega:rafega:201001

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