Relación entre capital, costo de capital promedio ponderado y riesgo país en el sector alimentario
Palabras clave:
costo de deuda, sector alimenticio, valuación financiera, estructura de capital, competitividad empresarial
Resumen
El presente artículo analiza las estrategias de valoración financiera en empresas del sector alimenticio peruano, enfocándose en la determinación del costo promedio ponderado de capital para el año 2024. El objetivo de la investigación es presentar los resultados del cálculo del Costo Promedio Ponderado de Capital en una empresa de la industria alimentaria, considerando factores claves como el análisis de empresas comparables y el riesgo país, permitiendo una mejor toma de decisiones estratégicas en el sector. La metodología empleada combina un enfoque cuantitativo, mediante la recopilación y análisis de estados financieros de empresas representativas del sector, con un análisis contextual basado en proyecciones macroeconómicas y tendencias del mercado peruano. Se consideraron variables como el costo de deuda, el costo de capital propio y las proporciones de financiación. Los resultados muestran que el valor del costo de capital promedio ponderado para la empresa alimentaria toma valores desde 8.292% a 8.354% según las empresas comparables que se tomen como base. Se concluye que las mediciones del costo de capital promedio ponderado deberían tomar en cuenta enfoques personalizados de tal forma que se tomen decisiones sobre contextos identificados.
Citas
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Berk, J. B., y DeMarzo, P. M. (2008). Finanzas corporativas. Pearson Educación.
Bravo, S. (2019). The corporate life cycle and the cost of equity. Journal of Business Valuation and Economic Loss Analysis, 14(1). https://doi.org/10.1515/jbvela-2018-0009
Carney, R. W., El Ghoul, S., Guedhami, O., & Wang, H. H. (2024). Geopolitical risk and the cost of capital in emerging economies. Emerging Markets Review, 61. https://doi.org/10.1016/j.ememar.2024.101149
Chen, B., Lin, C.-T., Tang, C.-H., & Wang, K.-L. (2008). A novel financial analysis model with dynamic discount rate for bot projects. EASEC-11 - Eleventh East Asia-Pacific Conference on Structural Engineering and Construction.
Chen, J. (2021). On the theoretical foundation of corporate finance. Structural Change and Economic Dynamics, 59, 256–262. https://doi.org/10.1016/j.strueco.2021.08.012
Chen, J., & Yu, H. (2013). Performance Simulation and Optimization of Agricultural Supply Chains. 2013 International Conference on Information Science and Cloud Computing, 131–137. https://doi.org/10.1109/ISCC.2013.22
Clare, A. D., & Kaplan, P. D. (2011). A macroeconomic model of the equity risk premium. In Frontiers of Modern Asset Allocation. https://doi.org/10.1002/9781119205401.ch9
Court, E. (2012). Finanzas Corporativas (1era ed.). Editorial Cengage Learning. www.cengage.com.mx
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De La Bruslerie, H. (2014). The difficulty of measuring the cost of capital | Les voies d’une refondation du capitalisme: Une responsabilité élargie et une rémunération spécifique de la fonction de contrôle actionnarial. Revue Francaise de Gestion, 242(5), 11–35. https://doi.org/10.3166/RFG.242.11-35
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Gürsoy, M. (2018). A Framework for Robust Estimation of Beta Using Information Fusion Approach. In Contributions to Management Science. https://doi.org/10.1007/978-3-319-77622-4_20
Hübscher, M. C., & Martynkiewitz, N. (2021). Intangibles in Different Industries. In Intangibles in the World of Transfer Pricing: Identifying - Valuing - Implementing. https://doi.org/10.1007/978-3-319-73332-6_7
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Jencova, S., Vasanicova, P., Gavurova, B., & Bacik, R. (2022). Financial position of companies operating in food processing industry of Slovakia by using multidimensional scaling. Economics & Sociology, 15(2), 253–273. https://doi.org/10.14254/2071-789X.2022/15-2/16
Kanaryan, N. K., Chuknyisky, P., & Kasarova, V. (2015). The cost of equity estimation in emerging Europe: the case of Bulgarian REITs. Journal of Property Investment and Finance, 33(6), 517–529. https://doi.org/10.1108/JPIF-05-2015-0028
Kwabi, F., Owusu, A., Ezeani, E., & Boateng, A. (2024). The impact of political uncertainty on the cost of capital. Review of Quantitative Finance and Accounting, 62(4), 1397–1429. https://doi.org/10.1007/s11156-023-01236-2
Llano-Ferro, F. (2009). The Weighted Average Cost of Capital (WACC) for Firm Valuation Calculations. International Research Journal of Finance and Economics, 1(26), 148–150.
Lohmann, S., Lacerda, D. P., Camargo, L. F. R., & Dresch, A. (2019). Operations strategy and analysis of competitive criteria: a case study of a food business. Gestão & Produção, 26(3). https://doi.org/10.1590/0104-530x2290-19
Mari, C., & Marra, M. (2019). Valuing firm’s financial flexibility under default risk and bankruptcy costs: a WACC based approach. International Journal of Managerial Finance, 15(5), 688–699. https://doi.org/10.1108/IJMF-05-2018-0151
Markauskas, M., & Saboniene, A. (2020). Evaluation of capital cost: Long run evidence from manufacturing sector. Engineering Economics, 31(2), 169–177. https://doi.org/10.5755/j01.ee.31.2.21439
Miller, R. A. (2009). The weighted average cost of capital is not quite right. Quarterly Review of Economics and Finance, 49(1), 128–138. https://doi.org/10.1016/j.qref.2006.11.001
Nwude, C., & Udeh, S. N. (2016). Beta of equities listed in the a gricultural/agro-allied sector of the Nigerian stock exchange. International Business Management, 10(19), 4626–4634.
Nwude, E. C., Agbo, E. I., & Agbadua, B. O. (2016). Risks of equities listed in the airlines, automobile, road and maritime sectors of the nigerian stock exchange. International Business Management, 10(22), 5463–5474. https://doi.org/10.3923/ibm.2016.5463.5474
O’Brien, T. J. (2011). Managerial economics and operating beta. Managerial and Decision Economics, 32(3), 175–191. https://doi.org/10.1002/mde.1525
Olivera, J. A., y Loza, R. M. (2021). Efecto de la pandemia de COVID-19 en el comportamiento de la economía del Perú, 2020. Economía & Negocios, 3(2), 39–46. https://doi.org/10.33326/27086062.2021.2.1182
Pratt, S. P., & Grabowski, R. J. (2014). Weighted Average Cost of Capital. In Cost of Capital (pp. 544–575). Wiley. https://doi.org/10.1002/9781118846780.ch21
Qizam, I. (2017). On the causality analysis of the correlation between financial leverage and systematic risk: Evidence from Indonesian stock exchange. Investment Management and Financial Innovations, 14(4), 73–89. https://doi.org/10.21511/imfi.14(4).2017.08
Redacción EC. (2022, March 15). Inestabilidad política y débil gobernabilidad ponen en riesgo la economía peruana y su calificación, advierte Fitch. El Comercio.
Romero, J. S. (2023). Sistema privado de pensiones y financiamiento de los principales grupos económicos: Perú 1996-2020. Desafíos: Economía y Empresa, 004, 49–63. https://doi.org/10.26439/ddee2024.n04.6232
Ross, S. A., Westerfield, R. W., y Jaffe, J. F. (2012). Finanzas corporativas (9na ed.). Mc Graw Hill Education.
Russon, M. G., & Neumann, J. J. (2016). Minimum sum regression as the optimum robust algorithm in the computation of financial beta. Investment Management and Financial Innovations, 13(4), 231–234. https://doi.org/10.21511/imfi.13(4-1).2016.09
Saad, M., & Samet, A. (2017). Liquidity and the implied cost of equity capital. Journal of International Financial Markets, Institutions and Money, 51, 15–38. https://doi.org/10.1016/j.intfin.2017.08.007
Sanvicente, A. Z., Sheng, H. H., & Guanais, L. F. P. (2017). Are country and size risks priced in the brazilian stock market? BAR - Brazilian Administration Review, 14(1). https://doi.org/10.1590/1807-7692bar2017160076
Sarmiento-Sabogal, J., & Sadeghi, M. (2014). Unlevered betas and the cost of equity capital: An empirical approach. North American Journal of Economics and Finance, 30, 90–105. https://doi.org/10.1016/j.najef.2014.08.002
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Vélez-Pareja, I., & Tham, J. (2009). Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC. RAM. Revista de Administração Mackenzie, 10(6), 101–131. https://doi.org/10.1590/S1678-69712009000600007
Xu, Z., Elomri, A., Kerbache, L., & El Omri, A. (2020). Impacts of COVID-19 on Global Supply Chains: Facts and Perspectives. IEEE Engineering Management Review, 48(3), 153–166. https://doi.org/10.1109/EMR.2020.3018420
Zaremba, A. (2018). Country risk and expected returns across global equity markets. Finance a Uver - Czech Journal of Economics and Finance, 68(4), 374–398. https://doi.org/10.2139/ssrn.2778061
Zúñiga, S., y Soria, K. (2009). Costo del capital en el sector pesquero-acuícola Chileno. Interciencia, 34(8), 543–550. https://ve.scielo.org/scielo.php?script=sci_arttext&pid=S0378-18442009000800006
Aharon, D. Y., & Yagil, Y. (2019). The impact of financial leverage on shareholders’ systematic risk. Sustainability (Switzerland), 11(23). https://doi.org/10.3390/su11236548
Banco Central de Reserva del Perú. (2025a). Rendimiento del bono del Gobierno Peruano a diez años (en US$). https://estadisticas.bcrp.gob.pe/estadisticas/series/diarias/resultados/PD31894DD/html
Banco Central de Reserva del Perú. (2025b, January 26). Spread - EMBIG Perú (pbs). https://estadisticas.bcrp.gob.pe/estadisticas/series/diarias/resultados/PD04709XD/html
Barbier, P. J. A. (2023). Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model. International Journal of Economic Policy in Emerging Economies, 17(4), 586–599. https://doi.org/10.1504/IJEPEE.2023.132536
Berk, J. B., y DeMarzo, P. M. (2008). Finanzas corporativas. Pearson Educación.
Bravo, S. (2019). The corporate life cycle and the cost of equity. Journal of Business Valuation and Economic Loss Analysis, 14(1). https://doi.org/10.1515/jbvela-2018-0009
Carney, R. W., El Ghoul, S., Guedhami, O., & Wang, H. H. (2024). Geopolitical risk and the cost of capital in emerging economies. Emerging Markets Review, 61. https://doi.org/10.1016/j.ememar.2024.101149
Chen, B., Lin, C.-T., Tang, C.-H., & Wang, K.-L. (2008). A novel financial analysis model with dynamic discount rate for bot projects. EASEC-11 - Eleventh East Asia-Pacific Conference on Structural Engineering and Construction.
Chen, J. (2021). On the theoretical foundation of corporate finance. Structural Change and Economic Dynamics, 59, 256–262. https://doi.org/10.1016/j.strueco.2021.08.012
Chen, J., & Yu, H. (2013). Performance Simulation and Optimization of Agricultural Supply Chains. 2013 International Conference on Information Science and Cloud Computing, 131–137. https://doi.org/10.1109/ISCC.2013.22
Clare, A. D., & Kaplan, P. D. (2011). A macroeconomic model of the equity risk premium. In Frontiers of Modern Asset Allocation. https://doi.org/10.1002/9781119205401.ch9
Court, E. (2012). Finanzas Corporativas (1era ed.). Editorial Cengage Learning. www.cengage.com.mx
Damodaran, A. (2025). Data: Current. https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.html
De La Bruslerie, H. (2014). The difficulty of measuring the cost of capital | Les voies d’une refondation du capitalisme: Une responsabilité élargie et une rémunération spécifique de la fonction de contrôle actionnarial. Revue Francaise de Gestion, 242(5), 11–35. https://doi.org/10.3166/RFG.242.11-35
Dobrowolski, Z., Drozdowski, G., Panait, M., & Apostu, S. A. (2022). The Weighted Average Cost of Capital and Its Universality in Crisis Times: Evidence from the Energy Sector. Energies, 15(18). https://doi.org/10.3390/en15186655
Gitman, L. J., y Zutter, C. J. (2005). Administración Financiera (12th ed.). Editorial Pearson.
Gribkova, N., & Zitikis, R. (2017). Statistical foundations for assessing the difference between the classical and weighted-Gini betas. Mathematical Methods of Statistics, 26(4), 267–281. https://doi.org/10.3103/S1066530717040020
Gürsoy, M. (2018). A Framework for Robust Estimation of Beta Using Information Fusion Approach. In Contributions to Management Science. https://doi.org/10.1007/978-3-319-77622-4_20
Hübscher, M. C., & Martynkiewitz, N. (2021). Intangibles in Different Industries. In Intangibles in the World of Transfer Pricing: Identifying - Valuing - Implementing. https://doi.org/10.1007/978-3-319-73332-6_7
Investing.com. (2025a). Alicorp (ALICORC1). https://es.investing.com/equities/alicorp?utm_source=google&utm_medium=cpc&utm_campaign=21460141670
Investing.com. (2025b). Alicorp (ALICORI1). https://es.investing.com/equities/alicorp-saa
Investing.com. (2025c). S&P Lima General (SPBLPGPT). https://es.investing.com/indices/lima-stock-exchange-general-historical-data
Iotti, M., & Bonazzi, G. (2023). Financial Sustainability in Agri-Food Companies: The Case of Members of the PDO Parma Ham Consortium. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15053947
Jencova, S., Vasanicova, P., Gavurova, B., & Bacik, R. (2022). Financial position of companies operating in food processing industry of Slovakia by using multidimensional scaling. Economics & Sociology, 15(2), 253–273. https://doi.org/10.14254/2071-789X.2022/15-2/16
Kanaryan, N. K., Chuknyisky, P., & Kasarova, V. (2015). The cost of equity estimation in emerging Europe: the case of Bulgarian REITs. Journal of Property Investment and Finance, 33(6), 517–529. https://doi.org/10.1108/JPIF-05-2015-0028
Kwabi, F., Owusu, A., Ezeani, E., & Boateng, A. (2024). The impact of political uncertainty on the cost of capital. Review of Quantitative Finance and Accounting, 62(4), 1397–1429. https://doi.org/10.1007/s11156-023-01236-2
Llano-Ferro, F. (2009). The Weighted Average Cost of Capital (WACC) for Firm Valuation Calculations. International Research Journal of Finance and Economics, 1(26), 148–150.
Lohmann, S., Lacerda, D. P., Camargo, L. F. R., & Dresch, A. (2019). Operations strategy and analysis of competitive criteria: a case study of a food business. Gestão & Produção, 26(3). https://doi.org/10.1590/0104-530x2290-19
Mari, C., & Marra, M. (2019). Valuing firm’s financial flexibility under default risk and bankruptcy costs: a WACC based approach. International Journal of Managerial Finance, 15(5), 688–699. https://doi.org/10.1108/IJMF-05-2018-0151
Markauskas, M., & Saboniene, A. (2020). Evaluation of capital cost: Long run evidence from manufacturing sector. Engineering Economics, 31(2), 169–177. https://doi.org/10.5755/j01.ee.31.2.21439
Miller, R. A. (2009). The weighted average cost of capital is not quite right. Quarterly Review of Economics and Finance, 49(1), 128–138. https://doi.org/10.1016/j.qref.2006.11.001
Nwude, C., & Udeh, S. N. (2016). Beta of equities listed in the a gricultural/agro-allied sector of the Nigerian stock exchange. International Business Management, 10(19), 4626–4634.
Nwude, E. C., Agbo, E. I., & Agbadua, B. O. (2016). Risks of equities listed in the airlines, automobile, road and maritime sectors of the nigerian stock exchange. International Business Management, 10(22), 5463–5474. https://doi.org/10.3923/ibm.2016.5463.5474
O’Brien, T. J. (2011). Managerial economics and operating beta. Managerial and Decision Economics, 32(3), 175–191. https://doi.org/10.1002/mde.1525
Olivera, J. A., y Loza, R. M. (2021). Efecto de la pandemia de COVID-19 en el comportamiento de la economía del Perú, 2020. Economía & Negocios, 3(2), 39–46. https://doi.org/10.33326/27086062.2021.2.1182
Pratt, S. P., & Grabowski, R. J. (2014). Weighted Average Cost of Capital. In Cost of Capital (pp. 544–575). Wiley. https://doi.org/10.1002/9781118846780.ch21
Qizam, I. (2017). On the causality analysis of the correlation between financial leverage and systematic risk: Evidence from Indonesian stock exchange. Investment Management and Financial Innovations, 14(4), 73–89. https://doi.org/10.21511/imfi.14(4).2017.08
Redacción EC. (2022, March 15). Inestabilidad política y débil gobernabilidad ponen en riesgo la economía peruana y su calificación, advierte Fitch. El Comercio.
Romero, J. S. (2023). Sistema privado de pensiones y financiamiento de los principales grupos económicos: Perú 1996-2020. Desafíos: Economía y Empresa, 004, 49–63. https://doi.org/10.26439/ddee2024.n04.6232
Ross, S. A., Westerfield, R. W., y Jaffe, J. F. (2012). Finanzas corporativas (9na ed.). Mc Graw Hill Education.
Russon, M. G., & Neumann, J. J. (2016). Minimum sum regression as the optimum robust algorithm in the computation of financial beta. Investment Management and Financial Innovations, 13(4), 231–234. https://doi.org/10.21511/imfi.13(4-1).2016.09
Saad, M., & Samet, A. (2017). Liquidity and the implied cost of equity capital. Journal of International Financial Markets, Institutions and Money, 51, 15–38. https://doi.org/10.1016/j.intfin.2017.08.007
Sanvicente, A. Z., Sheng, H. H., & Guanais, L. F. P. (2017). Are country and size risks priced in the brazilian stock market? BAR - Brazilian Administration Review, 14(1). https://doi.org/10.1590/1807-7692bar2017160076
Sarmiento-Sabogal, J., & Sadeghi, M. (2014). Unlevered betas and the cost of equity capital: An empirical approach. North American Journal of Economics and Finance, 30, 90–105. https://doi.org/10.1016/j.najef.2014.08.002
Superintendencia del Mercado de Valores. (2025). Servicio de Información del Mercado de Valores y Fondos Colectivos. Información Financiera. https://www.smv.gob.pe/SIMV/Frm_InformacionFinanciera?data=A70181B60967D74090DCD93C4920AA1D769614EC12
Vélez-Pareja, I., & Tham, J. (2009). Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC. RAM. Revista de Administração Mackenzie, 10(6), 101–131. https://doi.org/10.1590/S1678-69712009000600007
Xu, Z., Elomri, A., Kerbache, L., & El Omri, A. (2020). Impacts of COVID-19 on Global Supply Chains: Facts and Perspectives. IEEE Engineering Management Review, 48(3), 153–166. https://doi.org/10.1109/EMR.2020.3018420
Zaremba, A. (2018). Country risk and expected returns across global equity markets. Finance a Uver - Czech Journal of Economics and Finance, 68(4), 374–398. https://doi.org/10.2139/ssrn.2778061
Zúñiga, S., y Soria, K. (2009). Costo del capital en el sector pesquero-acuícola Chileno. Interciencia, 34(8), 543–550. https://ve.scielo.org/scielo.php?script=sci_arttext&pid=S0378-18442009000800006
Publicado
2025-06-04
Cómo citar
Chávez Díaz, J. M., Moncada Ochoa, E. S., & Arbulú, P. A. (2025). Relación entre capital, costo de capital promedio ponderado y riesgo país en el sector alimentario. Revista Venezolana De Gerencia, 30(111), 1392-1407. Recuperado a partir de https://mail.produccioncientificaluz.org/index.php/rvg/article/view/43893
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