<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422022000300007</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2022.2938</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estructura para la valoración de franquicias: aproximación mediante opciones reales]]></article-title>
<article-title xml:lang="en"><![CDATA[Franchise valuation framework: a real options approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez Denis]]></surname>
<given-names><![CDATA[Carlos Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Quirama Estrada]]></surname>
<given-names><![CDATA[Uvenny]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Montes Gómez]]></surname>
<given-names><![CDATA[Luis Fernando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sepúlveda-Aguirre]]></surname>
<given-names><![CDATA[Jovany]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Medellín  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Corporación Universitaria Americana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<volume>67</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422022000300007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422022000300007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422022000300007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La franquicia se ha empleado como una estrategia de expansión basada en el Know-how y la marca, permite tanto al empresario como al franquiciante obtener un beneficio económico a partir de estos activos intangibles. Este trabajo propone una estructura para la valoración de franquicias empleando opciones reales para tres empresas colombianas de diferentes sectores económicos, partiendo de información histórica de sus estados financieros, así como información de mercado para determinar el costo de capital con el fin de descontar los flujos de caja futuros. La opción real como complemento a los modelos de valoración tradicional permite mediante árboles binomiales incorporar la incertidumbre en los flujos de caja con el fin de estimar, bajo simulaciones, la tasa de regalía y el canon inicial de la franquicia acorde con las condiciones y el desempeño del sector.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  The franchise has been used as an expansion strategy, based on Know-how and the brand, which allows both the entrepreneur and the franchisor to obtain an economic benefit from said intangible assets. This work proposes a structure for the valuation of franchises using real options for three Colombian companies from different economic sectors, based on historical information from their Financial Statements, as well as market information to determine the cost of capital in order to discount cash flows. Future cash, the real option as a complement to the traditional valuation models allows, through binomial trees, to incorporate the uncertainty in the cash flows in order to estimate under simulations the royalty rate and the Initial franchise fee according to the conditions and performance of the sector.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[opciones reales]]></kwd>
<kwd lng="es"><![CDATA[franquicia]]></kwd>
<kwd lng="es"><![CDATA[simulación Montecarlo]]></kwd>
<kwd lng="es"><![CDATA[valoración]]></kwd>
<kwd lng="es"><![CDATA[activo intangible]]></kwd>
<kwd lng="en"><![CDATA[real options]]></kwd>
<kwd lng="en"><![CDATA[franchising]]></kwd>
<kwd lng="en"><![CDATA[Montecarlo simulation]]></kwd>
<kwd lng="en"><![CDATA[valuation]]></kwd>
<kwd lng="en"><![CDATA[intangible asset]]></kwd>
</kwd-group>
</article-meta>
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