Sensibilidad estructural en el costo de capital: un ajuste multidimensional ante volatilidad de mercado
Palabras clave:
Costo de capital, costo promedio, capital, ajuste estructural, volatilidad
Resumen
El costo promedio ponderado de capital constituye una herramienta central en la valoración financiera y en la evaluación de proyectos de inversión. Su formulación clásica, basada en el modelo de valoración de activos de capital y en la teoría de estructura de capital, asume estabilidad estructural en variables que, en contextos de alta volatilidad y cambios sistémicos, presentan comportamientos dinámicos. El objetivo de la presente investigación es proponer un mecanismo de ajuste estructural del costo promedio ponderado de capital mediante el desarrollo del Factor de Ajuste Multidimensional, concebido como un correctivo complementario basado en crecimiento, volatilidad y liquidez estandarizadas. La investigación es de tipo teórica–conceptual, con diseño analítico–propositivo y demostración ilustrativa controlada. Los resultados evidencian que la incorporación del Factor de Ajuste Multidimensional permite introducir sensibilidad estructural en la tasa de descuento sin reemplazar el modelo de valoración de activos de capital ni alterar la formulación clásica del costo promedio ponderado de capital, sino corrigiendo sus supuestos de estabilidad bajo escenarios de inestabilidad sistémica. Se concluye que el modelo propuesto amplía el marco tradicional del costo de capital y abre nuevas líneas de investigación empírica orientadas a la calibración estructural en distintos regímenes de mercado.
Citas
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Mali, D., & Lim, H. J. (2022). Does relative (absolute) efficiency affect capital costs? Annals of Operations Research, 315(2), 1037–1060. https://doi.org/10.1007/s10479-021-04159-0
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Pilay-Majao, A., Chasipanta-Baraja, J., Reyes-Armas, R., & Oña-Sinchiguano, B. (2024). Evaluación del riesgo crediticio y su impacto en el costo de capital de la COAC Sierra Centro Cía. Ltda. 593 Digital Publisher CEIT, 9(4), 470–482. https://doi.org/10.33386/593dp.2024.4.2539
Rahman, F. (2022). Impact of WACC on firm profitability: Evidence from food and allied industry of Bangladesh. European Journal of Business and Management Research, 7(6), 89–92. https://doi.org/10.24018/ejbmr.2022.7.6.1707
Robayo, G., & Vidal-Llana, X. (2025). Cálculo del WACC para empresas que no cotizan en mercados de valores como variante de la gestión del riesgo empresarial. European Public & Social Innovation Review, 10, 1–17. https://doi.org/10.31637/epsir-2025-2410
Romeijnders, W., & Mulder, M. (2022). Optimal WACC in tariff regulation under uncertainty. Journal of Regulatory Economics, 61(2), 89–107. https://doi.org/10.1007/s11149-022-09447-6
Stereńczak, S. (2024). Illiquidity and stock returns: The moderating role of investors’ holding period in Central and Eastern European markets. International Journal of Emerging Markets, 19(8), 2025–2045. https://doi.org/10.1108/IJOEM-01-2022-0125
Tambiah, M. A. (2011). FAST WACC formula (Documento de investigación No. 1). HAL Open Science. https://hal.science/hal-00561564
Xiao, C., & Zhou, W. (2024). WACC analysis of banks: Take JPMorgan Chase and Industrial and Commercial Bank of China as examples. Business, Economics and Management EMFRM, 24, 2273–2277. https://doi.org/10.54097/z9pze279
Zambrano, F., Rivera, C. I., & Sánchez, M. E. (2023). Rentabilidad de las mipymes del sector inmobiliario en Ecuador. Revista Venezolana de Gerencia, 28(103), 1021–1036. https://doi.org/10.52080/rvgluz.28.103.7
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
Aguilar, V., Naula, F., & Cabrera, F. (2024). Cost of capital in the energy sector, in emerging markets, the case of a dollarized economy. Energies, 17(19), 4782. https://doi.org/10.3390/en17194782
Baker, S. R., Bloom, N., & Davis, S. J. (2013). Measuring economic policy uncertainty (Chicago Booth Research Paper No. 13-02). SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2198490
Baule, R. (2018). The cost of debt capital revisited. Business Research, 12(2), 721–753. https://doi.org/10.1007/s40685-018-0070-6
Bedoya-Cadavid, J. A., Lanzas-Duque, Á. M., & Salazar, H. (2023). WACC for electric power transmission system operators: The case of Colombia. Energies, 16(2), 964. https://doi.org/10.3390/en16020964
Bejar-León, L. M., Jijon-Gordillo, E. R., & Soria-Freire, V. J. (2017). Valoración de flujos futuros mediante el uso eficiente del costo promedio ponderado de capital (WACC). Polo del Conocimiento, 2(7), 156–189. https://doi.org/10.23857/pc.v2i7.231
Bekaert, G., Hoerova, M., & Lo Duca, M. (2013). Risk, uncertainty and monetary policy. Journal of Monetary Economics, 60(7), 771–788. https://doi.org/10.1016/j.jmoneco.2013.06.003
Brennan, M. J., Huh, S. W., & Subrahmanyam, A. (2012). An analysis of the Amihud illiquidity premium (Working Paper). SSRN. https://doi.org/10.2139/ssrn.1859632
Brusov, P., & Filatova, T. (2025). Qualitatively new approach to business valuation and company value. Mathematics, 13(1), 80. https://doi.org/10.3390/math13010080
Cala, G., Noriega, E., Enrique, A., & López, G. (2017). El impacto del WACC (Weighted Average Cost of Capital) en la valoración de empresas. Revista Universidad Libre, 1–14. https://doi.org/10.18041/2216-1236/innovando.9.2017.3898
Chávez, J. M., Moncada, E. S., & Arbulú, P. A. (2025). Relación entre capital, costo de capital promedio ponderado y riesgo país en el sector alimentario. Revista venezolana de gerencia, 30(111), 1392–1407. https://doi.org/10.52080/rvgluz.30.111.9
Danielson, M. G. (2023). Tax shields, the weighted average cost of capital, and the appropriate discount rate for a project with a finite useful life. Journal of Risk and Financial Management, 16(9), 398. https://doi.org/10.3390/jrfm16090398
Dobrowolski, Z., Drozdowski, G., Panait, M., & Apostu, S. A. (2022). The weighted average cost of capital and its universality in crisis times: Evidence from the energy sector. Energies, 15(18), 6655. https://doi.org/10.3390/en15186655
Girardone, C., Nieri, L., Piserà, S., & Santulli, R. (2024). Does FinTech credit affect firms’ cost of capital and capital structure? European Journal of Finance, 1–21. https://doi.org/10.1080/1351847X.2024.2383643
Grüninger, M. C., & Kind, A. H. (2013). WACC calculations in practice: Incorrect results due to inconsistent assumptions - status quo and improvements. Accounting and Finance Research, 2(2), 36–44. https://doi.org/10.5430/afr.v2n2p36
Kánová, M., Drábek, J., Ćurić, P., & Pirc Barčić, A. (2023). Quantification of expected return of investment in wood processing sectors in Slovakia. Forests, 15(1), 75. https://doi.org/10.3390/f15010075
Li, K., & Duan, Y. (2021). Research on the application of Fama and French three-factor and five-factor models in American industry. Journal of Physics: Conference Series, 1865(4), 042105. https://doi.org/10.1088/1742-6596/1865/4/042105
Logreira-Vargas, C., Pinos-Luzuriaga, L. G., Tonon-Ordoñez, L. B., & Vásquez-Peñaloza, L. (2025). Comparative analysis of capital structures in Latin America companies. Revista venezolana de gerencia, 30(109), 446–461. https://doi.org/10.52080/rvgluz.30.109.5
Mali, D., & Lim, H. J. (2022). Does relative (absolute) efficiency affect capital costs? Annals of Operations Research, 315(2), 1037–1060. https://doi.org/10.1007/s10479-021-04159-0
Moreno-Torres Gálvez, A. (2021). Aplicación regulatoria del WACC. Boletín Económico de ICE, (3137), 57–68. https://doi.org/10.32796/bice.2021.3137.7255
Narayan, P. K., Phan, D. H. B., & Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
Pilay-Majao, A., Chasipanta-Baraja, J., Reyes-Armas, R., & Oña-Sinchiguano, B. (2024). Evaluación del riesgo crediticio y su impacto en el costo de capital de la COAC Sierra Centro Cía. Ltda. 593 Digital Publisher CEIT, 9(4), 470–482. https://doi.org/10.33386/593dp.2024.4.2539
Rahman, F. (2022). Impact of WACC on firm profitability: Evidence from food and allied industry of Bangladesh. European Journal of Business and Management Research, 7(6), 89–92. https://doi.org/10.24018/ejbmr.2022.7.6.1707
Robayo, G., & Vidal-Llana, X. (2025). Cálculo del WACC para empresas que no cotizan en mercados de valores como variante de la gestión del riesgo empresarial. European Public & Social Innovation Review, 10, 1–17. https://doi.org/10.31637/epsir-2025-2410
Romeijnders, W., & Mulder, M. (2022). Optimal WACC in tariff regulation under uncertainty. Journal of Regulatory Economics, 61(2), 89–107. https://doi.org/10.1007/s11149-022-09447-6
Stereńczak, S. (2024). Illiquidity and stock returns: The moderating role of investors’ holding period in Central and Eastern European markets. International Journal of Emerging Markets, 19(8), 2025–2045. https://doi.org/10.1108/IJOEM-01-2022-0125
Tambiah, M. A. (2011). FAST WACC formula (Documento de investigación No. 1). HAL Open Science. https://hal.science/hal-00561564
Xiao, C., & Zhou, W. (2024). WACC analysis of banks: Take JPMorgan Chase and Industrial and Commercial Bank of China as examples. Business, Economics and Management EMFRM, 24, 2273–2277. https://doi.org/10.54097/z9pze279
Zambrano, F., Rivera, C. I., & Sánchez, M. E. (2023). Rentabilidad de las mipymes del sector inmobiliario en Ecuador. Revista Venezolana de Gerencia, 28(103), 1021–1036. https://doi.org/10.52080/rvgluz.28.103.7
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
Publicado
2026-08-17
Cómo citar
Robayo Cabrera, G. F., & Vidal-Llana, X. (2026). Sensibilidad estructural en el costo de capital: un ajuste multidimensional ante volatilidad de mercado. Revista Venezolana De Gerencia, 31(115), e3111525. https://doi.org/10.52080/rvgluz.31.115.25
Número
Sección
TRIMESTRE
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