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Hernan Herrera-Eceheverri
En este trabajo, se utiliza el criterio de costo mínimo para determinar la estructura óptima de capital de una empresa del sector de procesamiento de alimentos en un mercado emergente (Colombia). Se abordan y armonizan varios aspectos relacionados con la política de endeudamiento para demostar que el ratio óptimo de deuda simultaneamente, maximiza el valor de la empresa y de las acciones, pero además y minimiza el costo promedio ponderado de capital (Wacc). Mediante el cálculo recursivo se determina el valor de mercado del capital propio,  basado en los fundamentales de la empresa y se hace un contraste con el valor pactado en una transacción de mercado reciente.  El caso permite examinar algunos de los mecanismos asociados a la teoría de la estructura de capital y aterrizarlos a resultados concretos en una empresa real, para proponer una reestrucutración del nivel de endeudamiento.

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Herrera-Eceheverri, H. (2017). Estructura óptima de capital para empresas en mercados maduros de economías emergentes: una aplicación. Revista Universidad Y Empresa, 20(34), 157-191. https://doi.org/10.12804/revistas.urosario.edu.co/empresa/a.5463

Hernan Herrera-Eceheverri, Universidad Eafit

Hernan Herrera-Echeverri:  Is a Professor at Universidad EAFIT in the area of Corporate Finance.Director of the Master in Financial Administration (MAF) at Universidad EAFIT in Medellin. He is Ph.D in Management, Finance concentration at Universidad de los Andes, Bogota, Colombia and visiting researcher at FIU (Florida International University) United States. He received his Master in Management at Universidad de los Andes. He is Specialist in Finance at Universidad EAFIT in Medellin-Colombia and Specialist in project management at Universidad Javeriana, Cali, Colombia. He graduated in System Engineering from the Universidad San Buenaventura de Colombia. He has been board member of several firms in Colombia. His research interests are related to topics in corporate finance, private equity, venture capital and corporate governance.

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