Valoración de la empresa orientada al mercado de capitales: Hallazgos de la investigación empírica del mercado de capitales y métodos de valoración alternativos
DOI:
https://doi.org/10.29105/vtga6.2-663Palabras clave:
Capital, CAPM, Calificación, Acciones, Anomalías, ValoraciónResumen
Los resultados de la investigación del mercado de capitales muestran que el CAPM no puede explicar la rentabilidad de las acciones y que otros modelos, por ejemplo, Fama & French, son de uso limitado. Otros estudios incluso sugieren que las empresas con bajo riesgo y buenas calificaciones crediticias superan el rendimiento de las acciones. Las anomalías de un mercado de capitales ineficiente cuestionan la valoración orientada al mercado de capitales y conducen a la recomendación de derivar el valor de la empresa con base en el riesgo de ganancias, es decir, sin datos del mercado de capitales sobre el objeto de valoración.
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