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

Abstract

This research studies the capital structure of SMEs that issued debt in the Ecuadorian stock market by book entry in the Special Register of Unregistered Securities (REVNI) in 2014. It aims to determine the Weighted Average Cost of Capital (WACC) and the effect produced by changes in the structure of capital, overall capitalization rates (Ko), yield investors (Ke) and the value of the company. To do those SMEs that met the parameters sufficient information to make the study, resulting nine companies was considered. The methodology used for determining the WACC was established by Van Horne and Wachowicz Jr. including Net Operating Income approach (OIN). Empirical evidence that there is a reduction in the rate of global capitalization at the time of including debt capital structure of SMEs, and a linear relationship between financial leverage with the rate of return Requested by shareholders was found.