Wacc

In: Business and Management

Submitted By rhfirayner
Words 385
Pages 2
INCAE
11829

EL COSTO DEL CAPITAL Y LOS PROYECTOS DE INVERSION

Tomado de INVERSIONES. Por Werner Ketelhohn, J. Nicolás Marin y Eduardo Montiel, Bogotá, Grupo Editorial Norma, 2004, Cap 5, pag 93-113. Reproducida en el INCAE para servir como base de discusión en clase, más bien que como ilustración del manejo correcto o incorrecto de la gestión administrativa

DISTRIBUCION RESTRINGIDA

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·I_n · D· E·:L ·C···'A··P·J,.....AL. \''LOS PROYEC'TOS

·. ·:=a··'·· C·.:·OS··~()·····

·=·

·

·

· ·

·

···

·

·

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DE INVERSION t Las fuentes de financiamiento. &·larg plazo
• los costos ··de capital .· .·

• El costo de la deuda • El costo de las acciones. preferenciales, • ELcosto de los recursos. propios t Elmsto ponderado de capital
• Ejemplificación • ümitaciones del costO ponderadó de· capital ·

En los ·capÍtulos anteriores· hemos considerado las decisiones de inversión siri profundizax e~ las decisiones de tlpandamiento. Sin embargo, meridoiiamos con frecuen .. éút que las inversiones requieren una tasa de rendimiento mínima aceptable para la e111pres~ que refleja el nivel de riesgo del proyecto. En este capítulo nos proponemos es· tudiar la problemática en torno a las tasas de rendimiento requeri~ en las decisíon~s ·d~ inversión. .· .· El uso del costo del capi~ aj\lStadopor el riesgo del

prqfect(), :córno ret:tdÚriiento. mínimo. Para escoger entre nü~ás oportunidades de inversión ha sído generalmente

aceptado en el pasado'entte los teóricos financieros. El razonamiento ,es claro y convincente. El propósito básico de las inversiones es agregar valor al capital de participación de lo~p~ófiet.;qi:,ªe @:o~~~i~~W'Se~ do los re«>;rpo,s't;~~nir;9t~ ~' ~>i~ye~~io~s nuevas financiarlas cubren el césst:d de,'tos"tot'ldos · c~os y también el rie§~igene~~' ~rfásidn~iones. El costo del capital (o la tasa de rendimiento…...

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