Valoración de empresas para el mercado de valores del Ecuador : una propuesta metodológica.

Abstract

The main objective of this research is to carry out business valuations using the Black & Scholes methodology. In the same way, based on the review of the literature, the Black & Scholes model was adapted to use it as a method of business valuations in the Ecuadorian context because this model adds the volatility variable. On the other hand, it was important to know that in Ecuador there are 4 260 large companies that have great potential to become issuers on the Ecuadorian stock market. Thus, according with the business ranking for annual sales, only 18 companies of the 155 largest companies in Ecuador issue securities in stock market. Similarly, this research found out about Ecuadorian stock market and its participants. In this way, market capitalizations represent 6.6% of total GDP, which is below the average for other regional countries. In addition, there are 344 issuers, of which 9 are from the public sector. Likewise, there are 34 legally constituted commissioning firms in Ecuador. With regard to business valuations, 2 companies were valued by the DCF methodology and by the Black & Scholes method. In this sense, the different in business valuations between these two methods were between 6.34% and 8.68%. In short, it is concluded that although the Black & Scholes method is more recommended given the volatility of the Ecuadorian market, it is recommended to also use the DCF model as a complement and not as a substitute method in order to get a better perspective of business valuation.