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| Format: | Artículo científico |
| Language: | es |
| Published: |
Universidad Nacional de Colombia
2016
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| Online Access: | https://www.redalyc.org/articulo.oa?id=81846217005 https://www.redalyc.org/journal/818/81846217005/ https://www.redalyc.org/journal/818/81846217005/html/ https://www.redalyc.org/journal/818/81846217005/81846217005.epub https://www.redalyc.org/journal/818/81846217005/movil |
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Table of Contents:
- ¿Los modelos basados en el CAPM valoran adecuadamente los emprendimientos familiares? David Ernesto Wong Cam Miguel Víctor Chirinos Grados Administración y Contabilidad VPN CAPM Family business emerging market This paper attempts to show the relevance of the VPN-CAPM model (net present value adopted by the discount rate prescribed by the CAPM) to assess new family ventures. This analysis is performed under two perspectives: i) the revision of the assumptions of CAPM and its adaptation to the characteristics of entrepreneurships and ii) the efficacy in prescribing a set of entrepreneurships managed by university graduates in an emerging market. On the one hand, most of the assumptions of the CAPM do not fit to the characteristics of entrepreneurial family businesses – added to the lack of a robust theoretical model to value them. On the other, of a sample of 147 enterprises only 3 were implemented under the criteria of the VPN-CAPM; although just 17 continued to operate for two or more years. As an example, a case initially prescribed as a failure reports sells of 184 million USD annually after twenty years in business, while other cases resumed in a different business after a starting failure. 2016 artículo científico 0121-5051 https://www.redalyc.org/articulo.oa?id=81846217005 https://www.redalyc.org/journal/818/81846217005/ https://www.redalyc.org/journal/818/81846217005/html/ https://www.redalyc.org/journal/818/81846217005/81846217005.epub https://www.redalyc.org/journal/818/81846217005/movil es http://www.redalyc.org/revista.oa?id=818 INNOVAR. Revista de Ciencias Administrativas y Sociales application/pdf Universidad Nacional de Colombia INNOVAR. Revista de Ciencias Administrativas y Sociales (Colombia) Num.61 Vol.26