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http://ssrn.com/abstract=1767898
 
 

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Estructura óptima de capital y estructura de varias empresas (Optimal Capital Structure)


Pablo Fernandez


University of Navarra - IESE Business School

April 15, 2013


Abstract:     
Para que exista estructura óptima es preciso suponer que el valor global de la empresa (deuda acciones valor actual de los impuestos) disminuye con el apalancamiento (esto es, que existen los costes del apalancamiento). Esto puede suceder por dos motivos: porque el FCF esperado disminuya con el endeudamiento o bien, porque el riesgo de los activos (el riesgo del FCF y la probabilidad de quiebra) aumente con el apalancamiento (o por una combinación de ambos). Se realiza el análisis de la estructura óptima basándonos en dos ejemplos propuestos en notas de Harvard Business School y de Damodaran.

Se muestra la estructura de capital de varias empresas (Chevron, Coca Cola, GE, Google, IBM, Intel, J&Johnson, Mcdonalds, Microsoft, Pepsico, Procter, Sealed Air, Sealy, Wal-Mart, Walt Disney) que no parecen perseguir la “estructura óptima”.

In this paper we will present an analysis of the optimal capital structure using two examples: one proposed by the Harvard Business School and the other proposed by Damodaran.

First, we highlight certain inconsistencies in the debt and equity costs assumed by the Harvard Business School note from a number of viewpoints. Damodaran (1994) offers a similar approach to that of the Harvard Business School note, but applies it to a real company (Boeing in 1990) and assumes a constant cash flow growth. One problem with Damodaran results is that the value of the firm for debt ratios above 70% is less than the value of debt, which implies a negative value for equity. An additional error in Damodaran's calculations is that he calculates the WACC using book values in the weighting, instead of market values.

Note: Downloadable document is in Spanish.

Number of Pages in PDF File: 13

Keywords: Cash flow, Optimal capital structure, Incremental cost of debt, Required return on debt, Required return to equity

JEL Classification: G12, G31, M21

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Date posted: February 27, 2011 ; Last revised: April 18, 2013

Suggested Citation

Fernandez, Pablo, Estructura óptima de capital y estructura de varias empresas (Optimal Capital Structure) (April 15, 2013). Available at SSRN: http://ssrn.com/abstract=1767898 or http://dx.doi.org/10.2139/ssrn.1767898

Contact Information

Pablo Fernandez (Contact Author)
University of Navarra - IESE Business School ( email )
Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)
HOME PAGE: http://web.iese.edu/PabloFernandez/
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