Resumen

VENEGAS MARTINEZ, Francisco  y  FUNDIA AIZENSTAT, Andrés. Opciones reales, valuación financiera de proyectos y estrategias de negocios. El trimestre econ [online]. 2006, vol.73, n.290, pp.363-405.  Epub 11-Nov-2022. ISSN 2448-718X.  https://doi.org/10.20430/ete.v73i290.548.

In this paper the methodology of real options is presented as an imperative tool for the board of directors of a firm for the decision ma king process on the financial assessment of projects or business strategies when there is flexibility (optionality) of making, in the future, new decisions such as: expanding, contracting, deferring, correcting or abandoning a project or strategy. In this regard, this research carries out a literature review of closed-form formulas to value the optionality of several strategies are obtained under the assumption that the present value of the expected cash flow follows a log-normal distribution or by using binomial methods. In particular, this paper deals with the case of the decision making of selling or shut ting down a firm when the market value of its securities (titles of capital and debt) exceeds the present value of the expected cash flows, or the present value of such expected cash flows is less than certain salvage value. In this con text, a Mexican firm that provides satellite communications services is analyzed. Moreover, the methodology of real options is applied to high way construction projects, in particular, the case of the Toluca-Atlacomulco highway project is examined under the assumptions of constant and stochastic volatility. It is also important to emphasize that this paper focuses on: i) the valuation of American abandonment real options; ii) valuation of composed real options; iii) valuation of real options with stochastic volatility extending Hull and White’s (1987) model.

Palabras llave : valuación financiera de proyectos de inversión; estrategias de negocios; opciones reales.

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