The majority of experts recognizes the cash flow discount as the best technique to value SMEs. However, there is a divergence in the concepts and criteria that a valuation model must incorporate. neoclassical finance, heiress of logical positivism as an epistemological basis, maintains the efficient market hypothesis (EMH) y the capital asset pricing model (CAPM), to calculate the discount rate. On the contrary, behavioral finance, heiress of Husserl's phenomenology, suggests incorporating human behavior or behavior into its valuation models. On taking position, on one way or another, from a philosophical point of view, a valuation model, should lead us to the encounter of truth, justice and fairness in decision making. Both aspects of company valuation, philosophical and epistemological, are addressed in the present research, analyzing the different theories and positions in force, endi...

The majority of experts recognizes the cash flow discount as the best technique to value SMEs. However, there is a divergence in the concepts and criteria that a valuation model must incorporate. neoclassical finance, heiress of logical positivism as an epistemological basis, maintains the efficient market hypothesis (EMH) y the capital asset pricing model (CAPM), to calculate the discount rate. On the contrary, behavioral finance, heiress of Husserl's phenomenology, suggests incorporating human behavior or behavior into its valuation models. On taking position, on one way or another, from a philosophical point of view, a valuation model, should lead us to the encounter of truth, justice and fairness in decision making. Both aspects of company valuation, philosophical and epistemological, are addressed in the present research, analyzing the different theories and positions in force, endi...

No existe un modelo estándar de valoración de PYMES por descuento de flujo de fondos en Perú. A pesar de la evidencia empírica en su contra, los “expertos” (la academia, y la banca de inversión), sigue enseñando y utilizando el CAPM, como metodología para calcular el costo de oportunidad de las acciones en una valoración de empresa, en general, y de una PYME en particular. La presente investigación muestra la opinión de 65 expertos, analistas financieros y profesores, de los 16 mejores bancos de inversión y consultoras financieras internacionales del país y de sus 6 mejores escuelas de negocios. Presenta las incongruencias y contradicciones a la hora de valorar una PYME peruana por descuento de flujo de fondos, refleja sus fortalezas y debilidades conceptuales en este proceso y permite la presentación de una propuesta metodológica de valoración de PYMES por parte del a...