Examinando por Materia "ESTRUCTURA ÓPTIMA DE CAPITAL"

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    Desviación respecto al óptimo teórico de la estructura de capital del sector de generación eléctrica colombiano
    (2014-05-13) Uribe-Mejía, A. (Andrés); Velásquez-Alviar, J. C. (Juan Carlos)
    This paper is based on the study and analysis done (with data as of December 2008) in order to determine the actual dispersion that exists between Colombian power generation companies and the industry in terms of the optimal capital structure. It is based on the financial statements and supplementary data for eight companies that account for almost 79% of the power generation capacity of Colombia’s interconnected system. The Industry’s financial statements used to calculate optimal capital structure are the result of the aggregated financial reports from the eight companies. Some of the companies include: thermoelectric, hydroelectric, public companies, private companies and companies with different debt levels. The results from this study are really important for the country, since it allows the entrepreneurs and business managers to have a useful tool in the financing decision making process for the Colombian power generation industry, that along with their own developed financial models will help them lo identify different options to get an optimal capital structure that will result in a higher market value for the company. This work arises from a lack of research and public studies for the power generation sector in Colombia from the financial point of view and more specifically from the point of view of debt and optimal capital structure.
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    PublicaciónAcceso abierto
    Medición y análisis de un modelo para determinar la estructura óptima de capital
    (2014-05-12) Grajales-Bedoya, D. D. (Duvan Dario)
    The way in which a company finances itself is named the capital structure. Actually, the capital structure talks about the proportion of debt financing that the company has and their leverage rate. The capital structure election is a simple compensatory interchange risk-yield. A critical aspect of the capital structure is to answer the question if this affects the company value. Capital structure is not a static result; it varies in time, with base in the fluctuations of the external and inner variables affecting an economic sector or a company, and even, they can change with the expectations of growth held. This paper firstly reviews the existing theory in the capital structure field, then designs a model with a clear methodology that can be found from a minimum cost and a maximum value from the company point of view to determine an optimum composition of the capital structure.