Estrategias de Financiamiento: Emisión de Deuda
Germán Estrada Mendoza
MAXIMIZE THE VALUE OF THE BUSINESS (FIRM)
The Investment Decision
Invest in the assets that
earn a return greater than
the minimum acceptable
hurdle rate
The Financing Decision
Find the right kind of debt
for your firm and the right
mix of debt and equity
to fund your operations
The Dividend Decision
If you cannot find
investments that make your
minimum acceptable rate,
return the cash to owners
of your business
Fuente: Damodaran. Applied Corporate Finance, 4th Ed
The hurdle rate should reflect the riskiness of the investment and the mix of debt and equity used to fund it
The return
should reflect
the magnitude
and the timing
of the cash
flows as well
as all side
effects
The optimal mix of debt and equity maximizes firm value
The right kind of debt matches the tenor of your
assets
How much cash you can return depends on current and potential investment opportunities
How you choose to return cash to the owners will depend on whether they prefer dividends or buybacks
Germán Estrada Mendoza
MAXIMIZE THE VALUE OF THE BUSINESS (FIRM)
The Investment Decision
Invest in the assets that
earn a return greater than
the minimum acceptable
hurdle rate
The Financing Decision
Find the right kind of debt
for your firm and the right
mix of debt and equity
to fund your operations
The Dividend Decision
If you cannot find
investments that make your
minimum acceptable rate,
return the cash to owners
of your business
Fuente: Damodaran. Applied Corporate Finance, 4th Ed
The hurdle rate should reflect the riskiness of the investment and the mix of debt and equity used to fund it
The return
should reflect
the magnitude
and the timing
of the cash
flows as well
as all side
effects
The optimal mix of debt and equity maximizes firm value
The right kind of debt matches the tenor of your
assets
How much cash you can return depends on current and potential investment opportunities
How you choose to return cash to the owners will depend on whether they prefer dividends or buybacks
Germán Estrada Mendoza
Dos preguntas sobre la estrategia de financiamiento
Germán Estrada Mendoza
Mix óptimo
Germán Estrada Mendoza
¿Modigliani-Miller?
Germán Estrada Mendoza
Estructuración adecuada
Germán Estrada Mendoza
Debt vs. Equity
Germán Estrada Mendoza
Equity
Cash flows remanentes, última prelación de pago
Germán Estrada Mendoza
Debt
Cash flows y prelación de pago específicos, con base contractual
Germán Estrada Mendoza
Debt tiene mayor prelación que equity
Germán Estrada Mendoza
Riesgos diferentes
Germán Estrada Mendoza
Tratamiento tributario distinto, deuda es considerada un gasto deducible
Germán Estrada Mendoza
Reduce la base imponible, por lo que genera un beneficio tributario
Germán Estrada Mendoza
Pago de dividendos implican impuestos relacionados a las ganancias de capital
Germán Estrada Mendoza
Por ello algunos inversionistas “esconden” sus aportes de capital como préstamos de accionistas
Germán Estrada Mendoza
Deuda tiene una fecha de expiración (maturity), equity no expira
Germán Estrada Mendoza
En algunos casos se puede “adelantar” el pago de deuda (call option)
Germán Estrada Mendoza
Tipos de deuda
Germán Estrada Mendoza
Instrumentos de deuda
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Deuda bancaria
Bonos
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Carta fianza
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Letras descontadas
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Factoring
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Deuda capital de trabajo
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Deuda revolvente
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Instrumentos híbridos:
Deuda convertible
Germán Estrada Mendoza
¿Lease Operativo?
Germán Estrada Mendoza
Deuda Senior
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Deuda Mezzanine o Subordinada
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Préstamo bridge
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Préstamo sindicado
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Deuda garantizada
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Deuda entre relacionadas
Germán Estrada Mendoza
¿Qué es un covenant?
Germán Estrada Mendoza
german.estrada@pucp.edu.pe
german@fincorp.io
Germán Estrada Mendoza