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Ponderaciones marginales. El supuesto crucial en cualquier sistema de ponderación es que la empresa en realidad puede obtenercapital en las proporciones deseadas. Puesto que la empresa obtiene capital marginalmente para haceruna inversión marginal en nuevos proyectos, necesitamos trabajar con el costo marginal del capital parala empresa como un todo. En otras palabras, nuestro preocupación tiene que ver con capital nuevo oincremental, no con capital que se obtuvo en el pasado.Los cálculos de costo promedio ponderado del capital deben pasar por alto las desviaciones temporalesde una estructura de capital que es su objetivo. Es esta estructura de capital anticipada, u objetivo, laque se debe utilizar para calcular el rendimiento requerido promedio ponderado. Costos de flotación. Los costos de flotación involucrados en la venta de acciones comunes, acciones preferentes o uninstrumento de deuda, afectan la rentabilidad de las inversiones de una compañía. En muchos casos, lanueva emisión debe tener un precio por debajo del precio de mercado para el financiamiento existente.Además, hay costos de flotación que son pequeños gastos en efectivo. A causa de los costos deflotación, la cantidad de fondos que recibe la compañía es menor que el precio en que se vende laemisión. La presencia de costos de flotación en el financiamiento exige que se haga un ajuste en laevaluación de propuestas de inversión.Ese ajuste se lleva a cabo agregando los costos de flotación del financiamiento al desembolso inicial deefectivo para el proyecto. De manera que el ajuste por costos de flotación se hace en los flujos deefectivo del proyecto, no en el costo de capital. Problema de períodos múltiples. El CAPM se aplica a un solo período en el marco del tiempo. En cambio, los proyectos depresupuestación de capital a los que se aplica el rendimiento requerido suelen ser de períodos múltiples.Cuando el riesgo sistemático del activo, como lo muestra su beta, es aproximadamente constantedurante la vida del proyecto, hay pocos problemas. Cuando cambia significativamente la beta de unactivo en el curso del tiempo, puede ser conveniente utilizar diferentes betas y, por consiguiente,diferentes tasas de descuento para diferentes períodos futuros. Justificación para el empleo del costo promedio ponderado. La justificación del uso de un costo promedio ponderado de capital es que al financiarse en lasproporciones especificadas y aceptar proyectos que rinden más que el rendimiento requerido promedioponderado, la compañía puede incrementar el precio de sus acciones en el mercado. Tasaderendimientoesperado Línea de mercado devaloresk i k p k e k o En la figura tenemos la conocida línea del mercado devalores con los rendimientos requeridos de la deuda,acciones preferentes y acciones comunes para una empresaen particular. El costo del capital de la empresa es unpromedio ponderado de las tasas de rendimiento requeridasde los diversos componentes. Si se aceptan proyectos conun riesgo sistemático de X y un rendimiento esperado de k o ,el rendimiento esperado apenas será suficiente paracompensar los diversos tenedores de valores a sus tasas derendimiento requeridas: k i , k p y k e .

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