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

Rodríguez Vázquez Verónica Patricia () and Aca Varela Jaquelina Marcela ()
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Rodríguez Vázquez Verónica Patricia: Universidad de la Americas Puebla
Aca Varela Jaquelina Marcela: Universidad de la Americas Puebla

Contaduría y Administración, 2010, vol. 55, issue 3, 143-172

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.

Keywords: flujo de efectivo descontado; valuación de empresas; valor de mercado; Producto Interno Bruto (PIB) (search for similar items in EconPapers)
Date: 2010
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