Perspectiva histórica de la financiación empresarial
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2011
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Asociación Catalana de Contabilidad y Dirección (ACCID)
Resumen
En el artículo se resume lo que la teoría financiera nos puede aportar sobre la financiación empresarial. Tras una breve referencia a los primeros análisis sobre la financiación, se estudia el coste de los fondos, la importancia del concepto y su forma de cálculo. A continuación se plantea el problema de la estructura financiera: ¿existe una estructura financiera óptima? Y si existe, ¿cómo podemos saber dónde está? ¿Cómo toman las empresas sus decisiones de financiación? Hemos repasado así las posturas de Modigliani y Miller, el modelo trade-off, los efectos de la información asimétrica y de la teoría de agencia, el modelo pecking order y las dificultades de la separación entre inversión y financiación, para terminar con algunas contrastaciones empíricas recientes.
This paper summarizes the main ideas proposed by Financial Theory in relation to the financial decision problem. After a short reference to the earliest literature related to the financial decision of the firm, cost of capital is studied, both in terms of its importance, and in relation to how it should be estimated. Next step is to pose the main question related to the financial decision: Is there something like an optimal financial structure? And, if so, is it possible for us to determine precisely where is that optimum? How do companies decide about how they should be financed? In order to answer these questions, we have reviewed the Modigliani and Miller propositions; the Trade-off Model; the impact of both Asymmetric Information and Agency Theory; the Pecking Order Model; and the difficulties that we have to face when trying to separate investing and financing decisions. Finally, some of the most recent empirical evidence is discussed.
This paper summarizes the main ideas proposed by Financial Theory in relation to the financial decision problem. After a short reference to the earliest literature related to the financial decision of the firm, cost of capital is studied, both in terms of its importance, and in relation to how it should be estimated. Next step is to pose the main question related to the financial decision: Is there something like an optimal financial structure? And, if so, is it possible for us to determine precisely where is that optimum? How do companies decide about how they should be financed? In order to answer these questions, we have reviewed the Modigliani and Miller propositions; the Trade-off Model; the impact of both Asymmetric Information and Agency Theory; the Pecking Order Model; and the difficulties that we have to face when trying to separate investing and financing decisions. Finally, some of the most recent empirical evidence is discussed.
Palabras clave
Financiación
Modigliani
Miller
Estructura financiera óptima
Financing decision
Optimal financial structure
Modigliani
Miller
Estructura financiera óptima
Financing decision
Optimal financial structure
Descripción
Materias
Cita
Gómez-Bezares Pascual, F., & Santibáñez, J. (2011). Perspectiva histórica de la financiación empresarial. Revista de contabilidad y dirección, 12, 115-143.