El Análisis de Proyectos de Inversión por la Víade las Opciones
Article Sidebar
Main Article Content
Abstract
El método del Valor Actual Neto (VAN) asume que los proyectos son ahora o nunca, que las inversiones son reversibles o que no se pueden demorar. Por esto las desestima, al no reconocer el valor de las opciones implícitas. La técnica conocida como opciones reales es mejor que el VAN debido a que sí reconoce el valor de la flexibilidad. La incorporación de la flexibilidad operativa en el análisis de inversiones reconoce el hecho de que no existen, en la mayoría de los casos, rutas fijas donde no puedan existir cambios de planes o ajustes en la marcha y que, por el contrario, mucho del valor de los proyectos se crea, precisamente, ajustando éstos a través del tiempo, conforme se va recibiendo nueva información del entorno.
ABSTRACT
The NPV assumes that all projects should be done now or never, that investments are reversible or can’t be delayed; that is why it undervalues them as it does not recognize the value of implicit options. The technique known as real options is better than the NPV because it recognizes the value of flexibility. Incorporating operational flexibility in investment analysis addresses the fact that in most cases there are not fixed routes in which cannot be change of plans or adjustments under way and that on the contrary much of the value of the projects is created by precisely adjusting them through time as much new information from the environment is obtained.
Article Details
The digital version of the journal is registered under the BY-NC-ND 4.0 Creative Commons license. Therefore, this work may be copy and redistribute the material in any medium or format, as long as you give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
The authors keep the copyright and give the journal the right of the first publication and the possibility of editing, reproducing, distributing, exhibiting and communicating in the country and abroad through printed and electronic means. On the other hand, the author declares to assume the commitment on any litigation or claim related to the rights of intellectual property, exonerating of responsibility to the Business School of the Costa Rica Institute of Technology.