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¿Los modelos basados en el CAPM valoran adecuadamente los emprendimientos familiares?
DO CAPM-BASED MODELS ADEQUATELY ASSESS ENTREPRENEURIAL FAMILY BUSINESSES?
OS MODELOS BASEADOS NO CAPM VALORIZAM ADEQUADAMENTE AS EMPRESAS FAMILIARES?
DOI:
https://doi.org/10.15446/innovar.v26n61.57167Palabras clave:
Empresa familiar, CAPM, VPN, mercado emergente (es)Family business, CAPM, VPN, emerging market (en)
Empresa familiar, CAPM, VPL, mercado emergente (pt)
El presente artículo intenta mostrar la pertinencia del modelo VPN-CAPM (valor presente neto que adopta la tasa de descuento prescrita por el capital asset pricing model) para valorar emprendimientos familiares (EPF). Este análisis se realiza bajo dos ópticas: (a) la revisión de los supuestos del CAPM y su adecuación a las características de los emprendimientos, y (b) la eficacia en la prescripción de un conjunto de emprendimientos gestionados por graduados universitarios en un mercado emergente.
De un lado, la mayoría de los supuestos del CAPM no se ajustan a las características de los EPF; además, no se dispone de un modelo teórico robusto que permita valorarlos. Por otro lado, de una muestra de 147 emprendimientos solo 3 debieron implementarse bajo el criterio del VPN-CAPM; sin embargo, 17 operaron durante dos o más años. Un caso prescrito como fracaso, después de veinte años, vende rentablemente 184 millones de dólares anuales, y algunos otros casos, después del fracaso inicial, reiniciaron un negocio diferente.
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.
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