Examinando por Materia "Tasa interna de retorno (TIR)"
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Ítem Análisis comparativo de proyectos de aprovechamiento energético de residuos orgánicos biodegradables utilizando evaluación financiera(Universidad EAFIT, 2016) Arias Sánchez, Juan Diego; García Mejía, Carlos Jaime; Gómez Salazar, Elkin ArcesioLos residuos sólidos urbanos son un creciente problema en las ciudades debido al fenómeno de la concentración urbana -- La generación desmedida de residuos, la mala gestión de estos (disposición en rellenos sanitarios o al aire libre), lo que causa, por falta de un adecuado tratamiento o aprovechamiento, una cantidad excesiva de metano que se va a la atmósfera y lixiviados que contaminan las aguas subterráneas, todo eso, producto de la descomposición -- Para empezar a mitigar este problema, se debe modificar la forma en la que se gestionan los residuos sólidos urbanos para que se conviertan en un recurso, no en un costo -- Lo anterior, se puede lograr implementando tecnologías de aprovechamiento energético entre otros, el compostaje, la biodigestión y la gasificación-pirólisis -- Por esto, en este proyecto de grado se diseñó un modelo de análisis comparativo de proyectos de aprovechamiento energético de residuos orgánicos biodegradables utilizando evaluación financiera, con el objetivo de contar con una herramienta que permitiera analizar y comparar diferentes tecnologíasÍtem Análisis de factibilidad para el montaje de una empresa de servicios de laboratorio de suelos en el municipio de Calarcá, Quindío(Universidad EAFIT, 2017) Fajardo Torres, Óscar Fabián; Restrepo Romero, Juan José; Escalante Gómez, Juan EstebanThe purpose of this work is the evaluation of the financial feasibility for the assembly of a laboratory of soil and concrete service business in the municipality of Calarcá, department of Quindío -- Engineer Stella Sánchez Giraldo, owner of the company Ingeotécnica del Quindío, requires a concept to decide whether she continues to provide her services as an independent consultant or if she is legally constituted as a company, considering the extension of the scope of services currently provided -- It is proposed to carry out an analysis of the current conditions, a market analysis (supply, price and demand), present a proposal of operation and check the economic profitability of the company, through the analysis of financial indicators such as Net Present Value (NPV), he internal rate of return (IRR) and the ratio of coverage (RBC), among others, which provide information relevant to decision making -- Finally, a risk analysis is carried out that broadens the horizon and identifies possible scenarios of failure in the project, to recommend to the investor the decision to formalize the company or not to formalize itÍtem Análisis de la creación de un fondo de estabilización tarifario del Sistema Estratégico de Transporte Público de Popayán (Colombia)(Universidad EAFIT, 2018) Martínez Cajas, Adriana María; Trespalacios Carrasquilla, AlfredoRate Stabilization Funds - FET are mechanisms of promotion and development, created by law, that pursue the price balance of a product in order to support its commercialization -- In Colombia, there are Stabilization Funds for oil derived fuels price, coffee price and, recently, FETs for Public Transport Systems, due to, in Colombia, these systems are not sustainable because they are involved in a vicious circle of operators financial imbalance, frequency of service and demand reduction -- Regardless this, the intermediate cities of the country are advancing the structuring and implementation of the mobility solutions called Strategic Public Transport Systems -- Therefore, it is necessary to consider the sustainability of the system evaluated from two points: the estimated demand and the financing sources, specifically, Rate Stabilization Funds -- For this purpose, this document strives for establishing the Popayan’s SETP Rate Stabilization Fund structuring conditions based on the estimate difference between the rate to the public and the System´s Technical Rate -- To do it, three demand scenarios are defined to estimate the required resources of the FET and the project is evaluated in each scenario with the Internal Rate of Return-TIR and Net Present Value –VPN criteria -- The System Sustainability depends on the join action between Government and private entities that allows to solve financial imbalances without rewarding the private agent inefficienciesÍtem Análisis y estructuración de los flujos de caja del proyecto APP para la construcción, dotación, mantenimiento y operación de ciertos servicios de un Establecimiento de Reclusión de Orden Nacional (“ERON”) en Popayán Departamento del Cauca - Colombia(Universidad EAFIT, 2016) Garavito Estrada, Carlos Eduardo; Goméz Gómez, GermánEn el contexto del desarrollo de la inversión privada, los proyectos de infraestructura carcelaria representan una posible solución al problema de hacinamiento existente en las prisiones colombianas -- Una eficiente estructuración de estos proyectos contribuye a garantizar el efectivo cumplimiento de los fines de resocialización de la pena en condiciones de dignidad humana de las personas privadas de libertad -- El presente trabajo de investigación pretende determinar la viabilidad financiera del proyecto "Establecimiento de Reclusión de Orden Nacional (“ERON”) en Popayán (el “Proyecto”), el cual se ha concebido para realizarse bajo la figura de asociación público privada -- De acuerdo con los resultados de este trabajo, el proyecto resulta atractivo para sus potenciales promotores y financiadores del proyecto -- Ofrece una tasa esperada de rendimiento de 89.85% aproximadamente que corresponde a un VPN esperado cercano a $269.330.756.829Ítem Comparación de metodologías de optimización de carteras: Markowitz vs. Black-Litterman, para activos financieros colombianos(Universidad EAFIT, 2016) Montoya Gil, Juan Miguel; Maya Bastidas, Carolina; Almonacid Hurtado, Paula MaríaPersonas naturales y compañías financieras que manejan grandes volúmenes de capital, especialmente fondos de pensiones y aseguradoras, deben tener muy claro tanto el nivel de exposición al riesgo como la rentabilidad esperada de las carteras de activos financieros que conforman para cada uno de sus clientes desde antes de que estos inviertan -- El presente trabajo busca contribuir en este sentido presentando las diferencias y las principales ventajas y desventajas de utilizar los métodos Markowitz y Black-Litterman, para optimizar carteras con activos del mercado de capital colombiano -- Dicha comparación se lleva a cabo mediante el cálculo de la frontera eficiente para cada uno de los métodos -- Los resultados muestran que el método Black-Litterman se ajusta más a las necesidades de diversificación de un inversionista que transa con activos colombianosÍtem Determinación de la rentabilidad de las inversiones realizadas en Investigación, Desarrollo e Innovación (I+ D + i) por la empresa Integra S. A.(Universidad EAFIT, 2018) Duque Arboleda, Jonathan; Molina Hernández, Yormen Nery; Marín Moreno, César AugustoResearch, Development and innovation (hereinafter RDi) have been strengthened as an engine of business competitiveness in recent years, and this has aroused great interest in the creation of RDi units in the business sector, removing the exclusivity of these units to the academy -- These units have been created not only to investigate, but to generate innovations that add value to their customers and the company itself -- This graduate work analyzes the case of Integra SA, operator of the mass public transport system, Megabús, of the Central West metropolitan area (AMCO), of the city of Pereira, which, since 2009, has been developing RDiactivities focused on the transport sector, through the implementation of projects that have directly impacted the productivity of their internal processes -- Integra S.A. has been characterized since its creation in 2004 for being a visionary company and attentive to world trends, in order to measure itself and become a world-class company; for this reason, in 2011 it established the RDiunit and allocated 2% of the gross profits for investment in these activities; this is confirmed by the administrative and financial manager, María Elena Vélez (2017) -- Integra SA has been characterized by the leadership in the transformation of the transport sector of the region, through active participation in local, regional and national dynamics (2011); this leadership has become one of the factors that has made it possible to plan and direct the development strategies of the transportation industry, in line with the growth and development of the AMCO -- Thanks to its economic efforts, good administrative work and commitment to the constant search for RDi, the company has managed to position itself and has been able to comply with its Strategic Planning 2014-2016 (2013), as demonstrated by Colciencias, which, in resolution 233 of April 4, 2016, granted it recognition as a highly innovative company -- Although the formulation and implementation of projects through the RDiunit has delivered positive results both in the internal processes of the company and in the strengthening of its intellectual capital, and, in addition, these results have positioned Integra SA as the most innovative company in the region and one of the 25 most innovative companies in Colombia, according to the manager of the RDiprocess, César Augusto Marín Moreno (2017), has experienced serious difficulties in determining the profitability of the investments made in these activities, which is why it was identified that the realization of this research has great relevance for the company, since the determination of the profitability generated by investments in RDiis essential to know where to focus Investment efforts. The difficulty presented is that, despite the fact that the company has the relevant information to do this research, it does not have an instrument for measuring profitability that facilitates management decisions directed at this topic; additionally, it does not have a baseline that allows comparative analysis to identify the behavior before and after the implementation of the developments resulting from the investigations, which makes it more complex to determine the financial impact of the innovations implemented within the organization. In addition, one must take into account another exogenous variable that is presented in the measurement of this financial impact: the company can only develop innovations in processes and organizational innovation, since the concession contract requests exclusivity to provide the service of mass transit operator. Megabús passengers (concession contract 002 of 2004), and this causes their innovations to focus only on the company's processes. In spite of being a constant process, at present this operation changes the needs of allocation of personnel and vehicles, reason for which the dynamics of the company, by its constant movement, does not allow easily the comparison of a baseline against another, which creates the need to determine the participation of investments in RDiin the net profitability of the company, to identify if these have generated or destroyed value -- For this, then, the results of the RDiinvestments in the period 2014-2016 were analyzed -- This research, as a tool associated with economic-financial theory, for making investment decisions of a company, was able to identify that the profitability of investments made in Science Technology and innovation by Integra SA in the period 2014-2016 is 10.03% on average for these three yearsÍtem Estimación de la volatilidad a través de los supuestos teóricos de Godinho y Brandão en la valoración por medio de opciones reales: caso aplicado a un proyecto del sector petrolero en Colombia(Universidad EAFIT, 2017) Prada Sánchez, Nubia Marcela; Moreno Escobar, Martha Elizabeth; Pareja Vasseur, Julián AlbertoIn the present market players require to assess their investments with the aim of ensuring the maximization of the profitability and the minimization of risk, therefore, apply different tools of valuation, as the discounted cash flow (DCF), multiples, internal rate of return (IRR), economic value added (EVA), among others; being the DCF method of greater implementation; however, this does not provide for such variables as the flexibility and the uncertainty in the valuation -- It is as well as, financial management provides other instruments such as the valuation by real options, which includes the impact of operational alternatives, such as delay, abandon, expand, stop, restart and reduce, and incorporates the element of volatility, whose calculation has been studied by various authors as Black & Scholes, Copeland and Antikarov, Herath and Park, Brandão, Godinho and Davis -- In this context, this research aims to analyze the most suitable methodology for estimating the volatility through the use of theoretical assumptions of Brandão and Godinho, and determine its impact on decision making for a project of the sector of oil and gas in Colombia, for it is calculated the value of the project by real options, using more exact volatility, and will be compared with the result obtained by the DCF methodÍtem Evaluación de proyecto de inversión: viabilidad financiera de la generación de energía fotovoltaica por medio de un huerto solar en Pereira(Universidad EAFIT, 2017) López Mejía, Eliana; Arcila Duque, Luis AntonioThe search for alternatives to improve industrial processes that are consistent with the global need for preserving the environment and that, in turn, are retained as lucrative in a mostly capitalist world economic activities, take this research seeks to determine if it is financially viable or not, generate energy through clean sources (solar farms) in a way that they are a business opportunity for the entrepreneur in the city of Pereira -- Initially, the value of the investment is estimated to determine the NPV and the IRR of the project -- The cost of capital (WACC) is built according to the necessary leverage and determines the cost of debt -- Collected information, revenues, costs, expenses, taxes, depreciation, among others, are deducted from the exercise of the activity and projected flows of box and financial statements, in order to analyze the different indices that suggest the feasibility of the project (Ebitda, liquidity, leverage and profitability indices) -- They play an important role, almost as decisive, tax incentives created by the Colombian Government, in order to encourage investors to create environmentally friendly enterprises; Therefore, that Decree 2143 2015 is fundamental part in this researchÍtem Gestión de portafolio eficiente de proyectos para una compañía constructora: un análisis de metodologías de selección y jerarquización de proyectos(Universidad EAFIT, 2017) Maya Zambrano, Juan Manuel; Gómez Salazar, Elkin ArcesioLa gestión de portafolio de proyectos se ha centrado en la alineación de los proyectos con los objetivos de la organización -- Es decir, cómo implementar la estrategia mediante los proyectos de la organización; centrándose en metodologías de evaluación, jerarquización y selección de proyectos; apoyada en la gestión de múltiples proyectos y enfocada en la operatividad, la asignación de recursos, los cronogramas y el riesgo -- Dichas metodologías serán contrastadas con respecto a las ya existentes, implementadas en varias constructoras del medio, con el fin de seleccionar la metodología que mejor se acople a las necesidades del mercado de la construcción local y regional -- En este sentido, se realizarán entrevistas a los miembros de dichas organizaciones que toman las decisiones de portafolio -- Las metodologías que se tomarán en cuenta son tanto las cualitativas como las cuantitativas que se encuentren en las literaturas afines al PMI, Princes2, ISO 31000, ISO 9001 e IPM, esto con el fin de tomar una decisión que no solo valore las oportunidades financieras del proyecto o grupo de proyectos, si no que a su vez mida el impacto de dichos proyectos sobre los objetivos de la organización, que pueden ser tanto monetarios, reputacionales y expansionistas, en aras de alcanzar un crecimiento continuoÍtem Herramientas financieras para empresas risaraldenses productoras y comercializadoras de hierbas aromáticas y frutos deshidratados(Universidad EAFIT, 2017) Quiroz Parra, Diana María; Gómez Jiménez, Sandra Eliana; Alzate Valencia, Óscar AlbertoThe department of Risaralda is, at the national level, center of agro-industrial projects, because its infrastructure, its geography and its human capital with experience in the farming sector -- Nevertheless, there isn´t an adequate and persevering use of the financial tools to plan and Project its growing -- In fact, the present research has as objective to analyze the financial tools used for the producers enterprises of aromatic herbs and dehydrated fruits, located in the department of Risaralda, to determinate its adequate put on operation, with the objective of improving its competitiveness and productivity; objective that was reached as was presented and study about financial tools, applicable to any Enterprise regardless of its size or infrastructure, and also to each one of the people pertaining to the agro-industry and the citizenship in general -- The study of the mentioned tools was focused to the analysis of liquidity, profitability, flow of free cash register, point of balance, state of sources and use of funds, operative leverage and financial leverage, and tools of creation of value as margin EBITDA, PKT and KTNO; in addition to that, some indicators of margins of profitability and the TIR for the investor -- Also, the research is of a qualitative and quantitative sort, and included, between other: interviews with producers, the market area, between governmental, local and national onesÍtem Medidas de rentabilidad en Project Finance de infraestructura(Universidad EAFIT, 2018) Taborda Agudelo, Pablo Federico; Gutiérrez Batancur, Juan CarlosThis article begins with the study of different measures of return; Internal Rate of Return (IRR), Modified Internal Rate of Return (MIRR), Average Internal Rate of Return (AIRR), Shareholder Average Internal Rate of Return (SAIRR) and Average Return on Invested Capital (AROIC), to determine which it is the true profitability of a Project Finance in infrastructure -- In the first place, the characteristics of a Project Finance are defined -- Secondly, the qualities and shortcomings of the profitability measures with respect to conventional and non-conventional cash flows are identified, then a contrast is made between the perspectives that have debtors and creditors to estimate the measures of profitability, since the former do not take into account the probability of default against the debt obtained, while the latter are rigorous and pessimistic in their valuations -- Finally, when evaluating the SAIRR and the AIRR as profitability measures for the Infrastructure Project Finance, it is found that they are adequate, since they take into account the transitory information of the financing, the investment, its costs and the variability that is generated in unconventional cash flows -- Additionally, it is discovered that the values of traditional profitability measures increase when the cost of capital grows, which is contrary to common sense and financial orthodoxy -- The AIRR is the only measure of profitability that increases if the value of the project increases (when the WACC is minimized), and vice versaÍtem Opciones reales y simulación en la evaluación financiera de proyectos de construcción de vivienda(Universidad EAFIT, 2010) Suárez Orozco, José Humberto; Ruíz Anzola, EduardoÍtem Propuesta de Project Finance para la construcción de un parque temático de turismo natural en el departamento del Meta(Universidad EAFIT, 2017) Rodríguez Páramo, César Alberto; López Castaño, Claudia Fernanda; N/AFinancial valuation of a project through Project Finance seeks to promote an initiative that from a financial standpoint generates trustworthiness, the project finance is an investment model based on finding a cash flow that cover without problems the credits associated for its execution therefore warranting solvency, as for the construction of a theme park in the Department of Meta seeks to generate a positive impact in the regional economy assuming the development of a yet to explore level of the Department, world vision and national shows that this sector nas a high positive impact when is organized and developed in a structured manner with sight in competitiveness and time sustainability -- Studies show the high global and national growth of this sector and the economic projection that generates the implementation of this type of tourism -- Today there are many documents that show de great benefits that are generated when developing a theme park in a region, this added to the number of parks existing today, only Colombia has 400 parks of this type, with about 15 the most outstanding -- For this study will be based on the park called “Panaca”, which by its estructure has a model of operation similar to what expected from de park, a financial model will be made to guarantee cash flows and demonstrate the importance of a mixed model with public and private investment considering the amounts of such investment and the expected profitability in the projectÍtem Valoración por opciones reales como alternativa para valorar proyectos de infraestructura flexibles(Universidad EAFIT, 2017) Samacá Aguirre, Sergio Alexander; Sánchez Ribero, Gustavo AlbertoThis work aims to apply the methodology of valuation of mega infrastructure projects through real options, as a very important analysis proposal in the decision making of investment, taking into account the multiple infrastructure projects (energy, roads, aqueducts, Among others) that are being advanced and projected in Colombia and Latin America -- In practice, infrastructure projects are evaluated through traditional valuation methodologies such as Net Present Value, IRR, IRR, RBC; However, infrastructure projects may incorporate rights and risks associated with this, such as: technical, political, economic, financial, among others risks that affect the execution and completion of the work, which are not fully incorporated in the discount rate And can even generate rights that provide flexibility to the project, which are valued and that with the application of traditional methodologies, are not incorporated or valued -- In this paper, two infrastructure projects will be evaluated, such as: -- Oleoducto Bicentenario de Colombia – Fase I Araguaney-Banadia (OBC) -- Proyecto Mejorías de la seguridad Energético del país y Desarrollo del Gasoducto Sur Peruano (GSP) -- On which the Real Options Valuation methodology will be applied, based on the estimate of the WACC average Cost of capital for infrastructure projects, incorporating the risks of each project and country through the Extended CAPM model -- Subsequently, some of the traditional valuation methods, such as Net Present Value or NPV, Internal Rate of Return or IRR, Profitability Index or IRR, Cost Benefit Ratio or RBC will be evaluated and will be complemented by the application of the Valuation by Real Options, using the Binomial Trees methodology for American type options and Black And Sholes Merton, for European type options -- In the development of this paper, the methodology will be presented to include the risks in the big infrastructure projects and the Real Options Assessment, incorporating the uncertainty of different strategic implementation alternatives contemplated in the same, specifically in the signed construction contracts