El efecto palanca de los intangibles en el valor de las empresas de internet
DOI:
https://doi.org/10.51302/rcyt.2003.16235Resumen
Este trabajo ha sido seleccionado y obtenido el Accésit Premio Estudios Financieros 2002 en la Modalidad de contabilidad y administración de empresas.
El objetivo del presente trabajo es, partiendo del análisis de la aplicabilidad en el sector de Internet de los modelos econométricos más extendidos de valoración de empresas, estudiar el efecto potenciador que los intangibles presentan en el valor de estas empresas representativas de la denominada nueva economía. Los modelos convencionales de valoración de empresas únicamente consideran variables de naturaleza económico-financiera, y su escasa capacidad explicativa en el sector que nos ocupa los convierte en prácticamente inservibles. La propuesta que se presenta es ampliar los modelos generales con nuevas variables que reflejen las particularidades de este sector, como es el caso de los gastos en investigación y desarrollo, que contribuyen de manera positiva y significativa desde un punto de vista estadístico a aumentar el coeficiente de determinación de los modelos de regresión para la valoración de empresas. Adicionalmente, por la naturaleza de este sector, se considera apropiado dividirlo en empresas con beneficios y con pérdidas; esto permite generar nuevos modelos con mayor capacidad explicativa e incorporar nuevas variables, como el número de visitas de las páginas web, mejorando sensiblemente la capacidad explicativa y configurándose como una valiosa ecuación de utilidad tanto para los directivos que persiguen la creación de valor en sus empresas como para los inversores en los mercados financieros.
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