Análisis empírico en México de estructuras de capital y su relación con las inversiones significativas (Empirical analysis of capital structures in Mexico and its relation with major investing decisions)

Autores/as

  • Miguel Calzada Mezura Universidad de Monterrey (UDEM), Ave. Ignacio Morones Prieto 4500 pte., 66238, San Pedro, Garza García, México

DOI:

https://doi.org/10.29105/rinn14.28-1

Resumen

Las Teorías del Pecking Order (Financiamiento Selectivo) y la Estructura Óptima de
Capital, mencionan diferentes teoremas para las decisiones de financiamiento. El estudio busca comprender cómo las empresas en México consideran las diferentes fuentes de financiamiento para realizar inversiones significativas. La técnica de estudio de eventos es utilizada para analizar estas decisiones en empresas mexicanas. Las conclusiones del presente estudio apoyan la Teoría del Pecking Order, estableciendo que las inversiones significativas, en el corto plazo, se financian principalmente por fuentes externas y que el financiamiento de capital sólo se observa en las empresas que están limitadas financieramente. Esta postura conlleva a la búsqueda de
diferentes contextos para la aplicación o rechazo de la Teoría de la Estructura Óptima de Capital.


Palabras clave: estructura de capital, financiamiento, finanzas corporativas, inversiones.

 

Abstract.

This study focuses on the Theories of Pecking Order and the Optimal Capital Structure (Also known as Tradeoff Theory). In relation with the theories mentioned above, previous studies described different hypothesis on financing decisions. This study, seeks to understand how companies in Mexico consider the different funding sources to invest in significant investments.
The Event Study consideration is used to understand such financing decisions. The findings of this study support the Theory of Pecking Order, showing that significant investments in the shortterm are funded mainly by external sources and equity financing decisions are observed among companies that are financial constrained. This position leads to the search for different contexts in order to test the Optimal Capital Theory.


Keywords: capital structure, corporate finance, financing, investments.

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Citas

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Publicado

2018-07-19

Cómo citar

Calzada Mezura, M. (2018). Análisis empírico en México de estructuras de capital y su relación con las inversiones significativas (Empirical analysis of capital structures in Mexico and its relation with major investing decisions). Innovaciones De Negocios, 14(28). https://doi.org/10.29105/rinn14.28-1