Examinando por Materia "Valor presente neto (VPN)"

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  • No hay miniatura disponible
    Ítem
    Evaluación financiera de proyecto de comercialización internacional de aguacate a través de la aplicación de opciones reales
    (2019) Restrepo Sarmiento, Mateo; Pareja Vasseur, Julián Alberto
    The objective of this work is to identify the impacts in terms of value when evaluating projects where management's flexibility or decision making is present. For this purpose, the evaluation of an industrial project, dedicated to Hass avocado processing, using traditional methods of valuation with NVP criteria was defined as a methodology. Then binomial trees were built to evaluate the real options of expansion, abandonment and choice complementing the initial assessment. The results indicate that both methods complement each other and that the presence of flexibility and reaction to changes in uncertainty variables represent a portion of additional value in the evaluation of projects. The motivation of the work lies in demonstrating how the concepts of value can be limited by assuming the passivity of the project managers and how strategic factors are ignored.
  • No hay miniatura disponible
    Ítem
    Prácticas de presupuesto de capital: evaluación empírica en un grupo de empresas del sector de la construcción en Colombia
    (Universidad EAFIT, 2014) Ochoa Yepes, Julián; Mora Cuartas, Andrés Mauricio; Departamento de Finanzas, Universidad EAFIT; Departamento de Finanzas, Universidad EAFIT; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y Banca
    The empirical analysis of capital budgeting or investment appraisal is a topic that has been widely studied in developed countries, such as the United States, the United Kingdom, and Canada. The documentation of these practices in emerging countries is scarce. This paper provides some information about current capital budgeting techniques through an empirical study of practices in a group of Colombian companies in the construction industry. In the companies surveyed it was found that 86% of professionals use the most recommended methods in the literature, such as the Internal Rate of Return (IRR) and Net Present Value (NPV), with a preference for the IRR (50% always use it) over the NPV (36% always use it). It was also found that 95% lack knowledge of more sophisticated methods, such as Real Options (OR). Most of the respondents subjectively determine the discount rate that is used for evaluation, indicating the lack of any theoretical justification to determine an appropriate rate.