DIVIDENDOS POTENCIALES Y FLUJOS DE CAJA REALES EN VALORACIÓN. UN ANÁLISIS CRÍTICO (Artículo publicado en inglés)

Ignacio Vélez Pareja; Carlo Alberto Magni

doi:10.1016/S0123-5923(09)70092-0

Autores/as

Ignacio Vélez Pareja Master of Science en Industrial Engineering, University of Missouri, Estados Unidos. Profesor Asociado, Universidad Tecnológica de Bolívar, Colombia. Grupo de investigación Instituto de Estudios para el Desarrollo, IDE, Colombia.
Carlo Alberto Magni PhD in Mathematics applied to economic problems, University of Trieste, Italia. Associate Professor of Mathematical Methods for Economics, Actuarial and Financial Sciences , University of Modena and Reggio Emilia, Faculty of Economics, Italia.

DOI:

https://doi.org/10.1016/S0123-5923(09)70092-0

Palabras clave:

VALOR, FLUJO DE CAJA, ACCIONISTAS, DIVIDENDOS, PATRIMONIO

Resumen

Dividendos potenciales y flujos de caja reales en valoración. Un análisis crítico. Profesionales y la mayoría de los académicos de valoración incluyen los cambios en activos líquidos (dividendos potenciales) en los flujos de efectivo. Esta práctica generalizada y equivocada es incompatible con la teoría básica de finanzas. Se presentan argumentos económicos, teóricos y empíricos para apoyar esta tesis. Los argumentos económicos dicen que para la valoración sólo se deben considerar flujos de caja; los teóricos muestran cómo los dividendos potenciales conducen a contradicciones y a pérdidas de arbitraje. Los argumentos empíricos sugieren que los inversionistas descuentan los dividendos potenciales con altas tasas de descuento, lo que significa que el cambio en activos líquidos destruyen valor. Por tanto, al valorar los flujos de caja, se debería considerar sólo los pagos que en realidad ocurren.

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