El sentimiento de los inversores sobre el tamaño en los múltiplos de valoración europeos

  1. Gracia Rubio Martín 1
  1. 1 Universidad Complutense de Madrid
    info

    Universidad Complutense de Madrid

    Madrid, España

    ROR 02p0gd045

Revista:
Cuadernos de economía: Spanish Journal of Economics and Finance

ISSN: 2340-6704,  0210-0266

Año de publicación: 2019

Volumen: 42

Número: 119

Páginas: 173-188

Tipo: Artículo

DOI: 10.32826/CUDE.V42I119.86 DIALNET GOOGLE SCHOLAR lock_openBiblos-e Archivo editor

Otras publicaciones en: Cuadernos de economía: Spanish Journal of Economics and Finance

Resumen

El objetivo de este documento es aportar una nueva perspectiva sobre los factores de control, diferentes a sector o industria, necesarios para el correcto uso de los múltiplos de valoración: MARKET-EBITDA, MARKET-SALES y MARKET-BOOK en el mercado europeo. Analizamos el papel del tamaño y sus interacciones con el resto de las variables, en especial aquellas relativas a rentabilidad y riesgo. Se ha desarrollado un modelo de valoración basado en datos de panel para empresas cotizadas europeas durante el período 2002-2013. Descubrimos que el tamaño incluye aspectos económicos de las empresas, pero también capta otros aspectos diferenciadores, demostrando que los inversores pagan diferente en cada ratio la misma magnitud económica en función del tamaño de las empresas. Por todo ello el tamaño es un factor de control importante, junto al resto de variables, para seleccionar el grupo de comparación y averiguar si una empresa está cara o barata frente a otras. Lo descrito ayuda a comprender por qué las empresas grandes evolucionan de un modo diferente a comparación de otras más pequeñas ante las mismas condiciones económicas o ciclos. El artículo está en consonancia con el marco teórico de valoración por múltiplos, así como con la teoría del efecto tamaño.

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Fuente de los datos: Dialnet