Ponderación del costo de capital de pymes que emiten deuda en el mercado de valores en Ecuador, mediante REVNI en el año 2014

Abstract

Abstract:This research examines the capital structure of SMEs that issued debt in the Ecuadorian stock market through registration in the Special Register of Unregistered Securities (REVNI) in 2014. It aims to determine the Weighted Average Cost of Capital (WACC) and analyze the effects produced by changes in capital structure, overall capitalization rates (Ko), investor required returns (Ke), and firm value. To achieve this, SMEs that met the criteria of providing sufficient data for the study were selected, resulting in a sample of nine companies. The methodology used to determine the WACC follows the framework established by Van Horne and Wachowicz Jr., incorporating the Net Operating Income (NOI) approach. The empirical evidence reveals a reduction in the overall capitalization rate when debt is included in the capital structure of these SMEs, as well as a linear relationship between financial leverage and the rate of return requested by shareholders.