Métricas contables como factores críticos del desempeño financiero: Evidencia de fusiones y adquisiciones en México.

Autores/as

  • Alma Berenice Méndez Sáenz Universidad Autónoma de Nuevo León image/svg+xml
  • Sergio Raúl Hinojosa Treviño Universidad Autónoma de Nuevo León image/svg+xml

DOI:

https://doi.org/10.29105/rinn12.23-3

Palabras clave:

desempeño financiero, fusiones y adquisiciones, métricas contables, rendimiento, riesgo

Resumen

Las operaciones de fusiones y adquisiciones han tenido un crecimiento en México en los últimos años. La literatura divide sus opiniones respecto a las ganancias que representa la adquisición para el adquiriente, en función de diversas características de la operación como el método de pago, las sinergias operativas y financieras, así como las circunstancias macroeconómicas. La relación riesgo-rendimiento de los activos se ha estimado de manera eficiente por el CAPM de Sharpe (1964). El modelo asume una eficiencia en media-varianza en condiciones de equilibrio bajo incertidumbre, y considera que todo el riesgo sistemático es medido por el coeficiente beta del modelo. La evidencia empírica sugiere que las métricas contables y de mercado son herramientas apropiadas para medir y analizar el desempeño financiero de las organizaciones. Las sinergias son el principal motivo para llevar a cabo procesos de adquisición; una manera de medirlas es comparar el poder explicativo de las métricas contables antes y después de la operación de adquisición en relación al desempeño financiero de la emisora adquiriente. Las métricas contables se componen de variables fundamentales relacionadas con la información de los estados financieros de la empresa y explican de manera eficiente, cualquier cambio en el desempeño financiero después de una adquisición de empresa. Los resultados de la presente investigación demuestran que para aquellas emisoras cotizan en la Bolsa Mexicana de Valores y que tuvieron alguna adquisición aprobada por la Comisión Federal de Competencia Económica durante 2010 y 2011, demuestran que las métricas contables ROA y ROE apoyándose en variables proxy de tamaño y deuda son estadísticamente significativas y favorables en la comparación antes y después de la operación de adquisición en relación al índice de capitalización de empresas.

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Publicado

01-06-2015

Cómo citar

Méndez Sáenz, A. B., & Hinojosa Treviño, S. R. (2015). Métricas contables como factores críticos del desempeño financiero: Evidencia de fusiones y adquisiciones en México. InnOvaciOnes De NegOciOs, 12(23), 53–73. https://doi.org/10.29105/rinn12.23-3