Estructura financiera y costo de capital para la creación de valor de los accionistas en las empresas agroexportadoras de Chile

• Autor: Ruff Escobar, Claudio Alberto
• Formato: tesis doctoral
• Fecha de Publicación: 2011
• Institución: Universidad Nacional de Trujillo
• Repositorio: UNITRU-Tesis
• Lenguaje: español
• OAI Identifier: oai:dspace.unitru.edu.pe:20.500.14414/8186
• Enlace del recurso: https://hdl.handle.net/20.500.14414/8186
• Nivel de acceso: acceso abierto
• Materia: Problemas de agencia, Empresa Agroexportadora, Ponderado de Capital, Costo Promedio, Estructura de Capital Óptima, Valor económico agregado, Riesgo de Quiebra

In the last 200 years, Chile has come a long way through which it has moved from an Indigenous subsistence agriculture to a primary agriculture, that of the farmers of the early nineteenth century. As from 1970, emerges in this country a new type of farmer as a result of the new economic policy, with a technocentric or neoliberal position aimed at consolidating economic growth by strengthening a number of "Development Poles" [1], based on the principles of comparative and competitive advantage. The dynamic and natural interaction of international markets opened a new scenario for the agro-export companies, which had to start acting in a manner that they could meet the new challenges posed by globalization and the scenario presented in the XXI century. This situation presents new uncertainties in the management of corporate finance of companies that trade on the primary and secondary markets, as to how much debt to incorporate in the company's financial structure, thus considering the agency problems that exist between " Main "and" Agent "for the risks involved in a bankruptcy. To determine the rate of weighted average cost of capital (WACC), which, having taking into account the aforementioned capital structure, makes it achieve a maximum economic value directly benefiting shareholders, as well as positive results in annual process of "creating value" which interests and encourages managers of agro-export companies representing the industry. The existence of multiple empirical studies which attempt to explain similar phenomena are evidence. However, there is a lack in finding one that explains the maximization of "economic value" and the net benefit of having debt, in the case of export-oriented enterprises . From this, this doctoral thesis aims to carry out analysis and further study of other models referred to the creation and destruction of value, for companies that trade on stock exchange, based on authors who have conducted studies related to Economic Value Added (EVA) and Market Value Added (MVA) in Chile and the world. Thus, the main focus of this research is to become a contribution to the management process of agro-export companies, helping in the process of strategic decision making, in the specific area of management and corporate finance, as this will impact growth and expansion of export-oriented companies in national and international markets in the coming years. Among the results to be achieved with this research, we can name to identify a "Target Capital Structure" associated with certain variables which emerge from the empirical evidence arising from trials and simulations, which will represent the value that maximizes economic welfare of the export-oriented company by using combinations of bankruptcy risk, financial leverage and rate of weighted average cost of capital. This result may be used by agro-export firms so as to reach acceptable terms of economic efficiency and strengthen internal process of value creation, and thus increase the possibility to attract future investors.