Valoración de pymes del sector industrial en Colombia. Una aplicación del modelo Earnings Power Value
Abstract
El presente estudio aborda la aplicación del modelo Earnings Power Value para la valoración de pequeñas y medianas empresas del sector industrial colombiano. La investigación se desarrolla bajo un enfoque metodológico cuantitativo, con un diseño de exploratorio. Para su desarrollo se analizan un total de 2.443 empresas que reportaron información financiera de forma sistemática durante el periodo 2019-2023. Los resultados de las pruebas estadísticas efectuadas revelan heterogeneidad en los indicadores financieros como el NOPAT y WACC, reflejando la diversidad en la gestión y las condiciones operacionales entre las empresas del sector. De igual manera se evidencia que el valor intrínseco del 80,6% de las empresas del sector manufacturero es inferior al valor en libros. Se puede concluir que el método de valoración Earnings Power Value se presenta como una herramienta eficaz para la valoración de empresas en entornos económicos volátiles o industrias con crecimiento limitado, al enfocarse en los resultados operacionales ajustados por impuestos y prescindir de proyecciones futuras inciertas, proporcionando así una estimación más estable y realista del valor empresarial.
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Martínez, R. M., Tuya, L. C., Martínez, M., Pérez, A., y Cánovas, A. M. (2009). El coeficiente de correlación de los rangos de Spearman caracterización. Revista Habanera de Ciencias Médicas, 8(2), 1-19. http://scielo.sld.cu/pdf/rhcm/v8n2/rhcm17209.pdf
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McCarthy, D., & Fader, P. (2020). How to value a company by analyzing its customers. Harvard Business Review. https://hbr.org/2020/01/how-to-value-a-company-by-analyzing-its-customers
Miciuła, I., Kadłubek, M., & Stępień, P. (2020). Modern methods of business valuation—case study and new concepts. Sustainability, 12(7), 2699. https://doi.org/10.3390/su12072699
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Nenkov, D., & Hristozov, Y. (2022). DCF valuation of companies: Exploring the interrelation between revenue and operating expenditures. Economic Alternatives, 28(4), 626–646. https://doi.org/10.37075/ea.2022.4.04
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Racha, A. G., & Maysam, E. A.-Z. (2022). Motives, Valuation, and Pricing Analysis of Small and Medium Enterprises in Lebanon. IJRSP Journal, 3(29), 21-43. https://www.ijrsp.com/pdf/issue-29/2.pdf
Ramírez, K. L. M., Vega, T. D. J. V., y Jiménez, S. D. P. (2024). Efecto de la contabilidad creativa en la valoración de empresas. Revista de ciencias sociales, 30(4), 94-108. https://doi.org/10.31876/rcs.v30i4.42980
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Restrepo-Morales, J. A., Loaiza, O. L., & Vanegas, J. G. (2019). Determinants of innovation: A multivariate analysis in Colombian micro, small and medium-sized enterprises. Journal of Economics, Finance, and Administrative Science, 24(47), 97–112. https://doi.org/10.1108/jefas-09-2018-0095
Rivera-Godoy, J. A., y Villota-Ortega, L. G. (2022). Rentabilidad y valor económico agregado del sector de elaboración de productos de café en Colombia. Libre Empresa, 19(1), 9-26. https://doi.org/10.18041/1657-2815/libreempresa.2022v19n1.9420
Rodríguez-Valencia, L., Lamothe-Fernández, P., & Alaminos, D. (2023). The market value of SMEs: a comparative study between private and listed firms in alternative stock markets. Annals of Finance, 19(1), 95–117. https://doi.org/10.1007/s10436-022-00420-z
Roque, D. I., Caicedo Carrero, A., Con, D., y de la Oliva, F. (2023). Medición de los factores que determinan la creación de valor en los sectores económicos colombianos: periodo 2016-2020. Revista finanzas y política económica, 15(1), 213–244. https://doi.org/10.14718/revfinanzpolitecon.v15.n1.2023.9
Saksonova, S., Abramishivi, N., & Papiashvili, T. (2020). Business valuation: Classical and advanced methods. [University of Latvia]. https://dspace.lu.lv/dspace/handle/7/54228
Stancu, I., Obrejabraşoveanu, L., Ciobanu, A., & Stancu, A. T. (2017). Are company valuation models the same? a comparative analysis between the discounted cash flows (DCF), the adjusted net asset, value and price multiples, the market value added (MVA) and the residual income (RI) models. Economic Computation & Economic Cybernetics Studies & Research, 51(3), 1-17. https://www.semanticscholar.org/paper/d20180ad4020537f702d4151e713d2749ac2a99d
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Tobón, L. N., Urquía, E., & Cano, E. I. (2023). The use of financial information in the business management of SMEs in Colombia. Revista perspectiva empresarial, 9(2), 11–23. https://doi.org/10.16967/23898186.791
Vargas, V. (2007). Estadística descriptiva para ingeniería ambiental con SPSS. Universidad Nacional de Colombia. https://repositorio.unal.edu.co/handle/unal/82794
Vásquez-Bernal, O. A., & Mosquera-Laverde, W. E. (2021). Analysis of the sustainability management model in the productivity of small and medium enterprises. Case study in the city of Bogotá D.C. Proceedings of the International Conference on Industrial Engineering and Operations Management. https://doi.org/10.46254/SA02.20210140.
Zakhmatov, D., Vagizova, V., & Valitov, G. (2022). Accounting for ESG risks in the discount rate for business valuation. Korporativnye finansy, 16(1), 83–98. https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.83-98
Zuzik, J., Mixtaj, L., Weiss, E., Weiss, R., & Laskovsky, V. (2015). Quality of business valuation methods in Slovakian mining industry. Investment management and financial innovations, 12(4), 200-205. https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/7172/imfi_en_2015_04spec.issue_Zuzik.pdf
Bayona , J. A., y Navarro, G. T. (2024). Bankruptcy forecast analysis: empirical study of the manufacturing subsector of Norte de Santander, Colombia. Baltica Journal, 37(4), 12-28. https://doi.org/10.59879/dOR3m
Becerra-Peña, D. L., y Lemos, M. X. (2021). La productividad del sector manufacturero: caso Colombia 2005-2016. Revista mexicana de economía y finanzas, 16(4), 1–27. https://doi.org/10.21919/remef.v16i4.527
Booth, L. (2007). Capital cash flows, APV and valuation. European financial management, 13(1), 29-48. https:// doi.org/10.1111/j.1468-036X.2006.00284.x
Botirkhoja, A. (2024). Analyzing the Valuation of Stocks in Uzbekistan. Академические исследования в современной науке, 3(20), 124–130. https://econferences.ru/index.php/arims/article/view/16407
Caicedo, A. (2022). Relación entre el impuesto de renta y la rentabilidad sobre el patrimonio en las empresas colombianas periodo 2016 a 2019. Equidad y desarrollo, 1(38), 5–6. https://doi.org/10.19052/eq.vol1.iss38.3
Calandro, J. (2009). Distressed M&A and corporate strategy: lessons from Marvel Entertainment Group’s bankruptcy. Strategy & Leadership, 37(4), 23-32. https://doi.org/10.1108/10878570910971601
Calandro, J. (2011). Growth-Based Franchise Opportunities: Lessons from the GEICO Acquisition. The Journal of Private Equity, 14(2), 6–17. http://www.jstor.org/stable/43504301
Calandro, J. (2011). Turnaround Value and Valuation: Reassessing Scott Paper. The Journal of Private Equity, 15(1), 67–78. http://www.jstor.org/stable/43503701
Calandro, J., Dasari, R., & Lane, S. (2007). Berkshire Hathaway and GEICO: an M&A case study. Strategy & Leadership, 35(6), 34-43. https://doi.org/10.1108/10878570710833741
Ernst, D. (2022). Simulation-based business valuation: Methodical implementation in the valuation practice. Journal of Risk and Financial Management, 15(5), 200. https://doi.org/10.3390/jrfm15050200
Ferraro, O., & Cristiano, E. (2021). Family business in the digital age: The state of the art and the impact of change in the estimate of economic value. Journal of Risk and Financial Management, 14(7), 301. https://doi.org/10.3390/jrfm14070301
Greenwald, B., Kahn, J., Sonkin, P. D., & Van Biema, M. (2001). Earnings Power Value: Assets Plus Franchise. En Value Investing: From Graham to Buffett and Beyond, Wiley & Sons. https://www.proquest.com/openview/b337fa233ba26d888ab406403699bbda/1?cbl=18750&pq-origsite=gscholar
Guasti, F., Figlioli, B., Confetti, R., & Alexandre, A. N. (2020). Valuation of Companies in Brazil: A Conflict Between Theory and Practice. Suma de Negocios, 11(24), 53-63. https://doi.org/10.14349/sumneg/2020.v11.n24.a6
Haley, C. (2018). Demystifying private company valuation. The Journal of Private Equity, 21(2), 42–44. https://doi.org/10.3905/jpe.2018.21.2.042
Herrera, G., & Coronado, J. R. (2021). Study of the effects of complexity on the manufacturing sector. Production Engineering, 15(1), 69–78. https://doi.org/10.1007/s11740-020-01014-2
Isaac, D., Caicedo, A., y De la Oliva De Con, F. (2023). Medición de los factores que determinan la creación de valor en los sectores económicos colombianos: periodo 2016-2020. Revista finanzas y política económica, 15(1), 213–244. https://doi.org/10.14718/revfinanzpolitecon.v15.n1.2023.9
Larkin, P. J. (2013). A practical approach to valuing growth in security analysis. International Research Journal of Applied Finance, 4(11), 1438-1454. https://ws49.cm-hosting.com/index.jsp/Resources/332003/AppliedValuationAndSecuritiesAnalysis.pdf
Martínez, R. M., Tuya, L. C., Martínez, M., Pérez, A., y Cánovas, A. M. (2009). El coeficiente de correlación de los rangos de Spearman caracterización. Revista Habanera de Ciencias Médicas, 8(2), 1-19. http://scielo.sld.cu/pdf/rhcm/v8n2/rhcm17209.pdf
Matschke, M. J., Brösel, G., & Matschke, X. (2010). Fundamentals of functional business valuation. Journal of business valuation and economic loss analysis, 5(1). https://doi.org/10.2202/1932-9156.1097
McCarthy, D., & Fader, P. (2020). How to value a company by analyzing its customers. Harvard Business Review. https://hbr.org/2020/01/how-to-value-a-company-by-analyzing-its-customers
Miciuła, I., Kadłubek, M., & Stępień, P. (2020). Modern methods of business valuation—case study and new concepts. Sustainability, 12(7), 2699. https://doi.org/10.3390/su12072699
Mota de Oliveira, É. M. (2022). Business Valuation: The Case Study of a Company from the Mining Sector. [Master’s in economics of business and Strategy, Universidad do Porto, Portugal]. https://repositorio-aberto.up.pt/bitstream/10216/146255/2/595369.pdf
Nenkov, D., & Hristozov, Y. (2022). DCF valuation of companies: Exploring the interrelation between revenue and operating expenditures. Economic Alternatives, 28(4), 626–646. https://doi.org/10.37075/ea.2022.4.04
Pupentsova, S. V., & Gromova, E. A. (2021). Risk management in business valuation in the context of digital transformation. Real Estate Management and Valuation, 29(2), 97–106. https://doi.org/10.2478/remav-2021-0016
Racha, A. G., & Maysam, E. A.-Z. (2022). Motives, Valuation, and Pricing Analysis of Small and Medium Enterprises in Lebanon. IJRSP Journal, 3(29), 21-43. https://www.ijrsp.com/pdf/issue-29/2.pdf
Ramírez, K. L. M., Vega, T. D. J. V., y Jiménez, S. D. P. (2024). Efecto de la contabilidad creativa en la valoración de empresas. Revista de ciencias sociales, 30(4), 94-108. https://doi.org/10.31876/rcs.v30i4.42980
Razali, M. N., Jalil, R. A., Achu, K., & Ali, H. M. (2022). Identification of risk factors in business valuation. Journal of Risk and Financial Management, 15(7), 282. https://doi.org/10.3390/jrfm15070282
Restrepo-Morales, J. A., Loaiza, O. L., & Vanegas, J. G. (2019). Determinants of innovation: A multivariate analysis in Colombian micro, small and medium-sized enterprises. Journal of Economics, Finance, and Administrative Science, 24(47), 97–112. https://doi.org/10.1108/jefas-09-2018-0095
Rivera-Godoy, J. A., y Villota-Ortega, L. G. (2022). Rentabilidad y valor económico agregado del sector de elaboración de productos de café en Colombia. Libre Empresa, 19(1), 9-26. https://doi.org/10.18041/1657-2815/libreempresa.2022v19n1.9420
Rodríguez-Valencia, L., Lamothe-Fernández, P., & Alaminos, D. (2023). The market value of SMEs: a comparative study between private and listed firms in alternative stock markets. Annals of Finance, 19(1), 95–117. https://doi.org/10.1007/s10436-022-00420-z
Roque, D. I., Caicedo Carrero, A., Con, D., y de la Oliva, F. (2023). Medición de los factores que determinan la creación de valor en los sectores económicos colombianos: periodo 2016-2020. Revista finanzas y política económica, 15(1), 213–244. https://doi.org/10.14718/revfinanzpolitecon.v15.n1.2023.9
Saksonova, S., Abramishivi, N., & Papiashvili, T. (2020). Business valuation: Classical and advanced methods. [University of Latvia]. https://dspace.lu.lv/dspace/handle/7/54228
Stancu, I., Obrejabraşoveanu, L., Ciobanu, A., & Stancu, A. T. (2017). Are company valuation models the same? a comparative analysis between the discounted cash flows (DCF), the adjusted net asset, value and price multiples, the market value added (MVA) and the residual income (RI) models. Economic Computation & Economic Cybernetics Studies & Research, 51(3), 1-17. https://www.semanticscholar.org/paper/d20180ad4020537f702d4151e713d2749ac2a99d
Taha, A. (2021). Unlocking the Value of Small and Medium Enterprises. [Master’s Thesis, the American University in Cairo. AUC Knowledge Fountain]. https://fount.aucegypt.edu/etds/1666?utm_source=fount.aucegypt.edu%2Fetds%2F1666&utm_medium=PDF&utm_campaign=PDFCoverPages
Tobón, L. N., Urquía, E., & Cano, E. I. (2023). The use of financial information in the business management of SMEs in Colombia. Revista perspectiva empresarial, 9(2), 11–23. https://doi.org/10.16967/23898186.791
Vargas, V. (2007). Estadística descriptiva para ingeniería ambiental con SPSS. Universidad Nacional de Colombia. https://repositorio.unal.edu.co/handle/unal/82794
Vásquez-Bernal, O. A., & Mosquera-Laverde, W. E. (2021). Analysis of the sustainability management model in the productivity of small and medium enterprises. Case study in the city of Bogotá D.C. Proceedings of the International Conference on Industrial Engineering and Operations Management. https://doi.org/10.46254/SA02.20210140.
Zakhmatov, D., Vagizova, V., & Valitov, G. (2022). Accounting for ESG risks in the discount rate for business valuation. Korporativnye finansy, 16(1), 83–98. https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.83-98
Zuzik, J., Mixtaj, L., Weiss, E., Weiss, R., & Laskovsky, V. (2015). Quality of business valuation methods in Slovakian mining industry. Investment management and financial innovations, 12(4), 200-205. https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/7172/imfi_en_2015_04spec.issue_Zuzik.pdf
Published
2025-04-03
How to Cite
Caicedo Carrero, A., Isaac Roque, D., & Cortes, J. A. (2025). Valoración de pymes del sector industrial en Colombia. Una aplicación del modelo Earnings Power Value. Revista Venezolana De Gerencia, 30(110), 1030-1046. Retrieved from https://mail.produccioncientificaluz.org/index.php/rvg/article/view/43719
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