Estructura para la valoración de franquicias: aproximación mediante opciones reales

Carlos Andrés Ramírez Denis, Uvenny Quirama Estrada, Luis Fernando Montes Gómez, Jovany Sepúlveda-Aguirre

Resultado de la investigación: Contribución a una revistaArtículorevisión exhaustiva

Resumen

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.

Título traducido de la contribuciónStructure for the valuation of franchises: Approach through real options
Idioma originalEspañol
Páginas (desde-hasta)162-184
Número de páginas23
PublicaciónContaduria y Administracion
Volumen67
N.º3
DOI
EstadoPublicada - 2022

Palabras clave

  • franchising
  • intangible asset
  • Montecarlo simulation
  • real options
  • valuation

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