La presente investigación tiene como objetivo identificar las buenas prácticas de
valorización dentro del proceso de fusiones y adquisiciones de tres empresas representativas
del sector industrial peruano y que cotizan sus acciones en la Bolsa de Valores de Lima. Estas
compañías referentes son Arca Continental, Backus - AB InBev y Grupo Gloria.
Se inicia el trabajo describiendo las propuestas y objetivos específicos que se esperan
lograr en la investigación, además de mencionar las limitaciones como las políticas de
confidencialidad corporativa o empresarial y la delimitación temporal correspondiente al
período de análisis entre los años 2013 al 2018. Para complementar se valida la literatura
relevante sobre buenas prácticas empresariales y sistemas de valorización que son utilizados
frecuentemente por las corporaciones en sus procesos de fusiones y adquisiciones.
Al realizar las valorizaciones de las empresas analizadas bajo la metodología de
Flujos de Caja descontado con los criterios inherentes a la naturaleza de la actividad y
operaciones de cada empresa, obtenidos en las entrevistas con los funcionarios de cada una
de ellas, se encontró que en los tres casos el valor fundamental de sus acciones listadas supera
ampliamente a sus cotizaciones vigentes en la BVL, por lo que se puede indicar que las
compañías se encontrarían subvaluadas en el mercado local para para fines del año 2018.
Dentro de las conclusiones más relevantes, tenemos la que indica que el éxito en las
negociaciones de fusiones y adquisiciones que han desarrollado las tres empresas estudiadas
se debe fundamentalmente a las buenas prácticas de valorización que aplican como parte de
una gestión financiera sostenible. / The objective of this research is to identify good valuation practices within the
mergers and acquisitions process of three companies representing the Peruvian industrial
sector and which list their shares on the Lima Stock Exchange. These reference companies
are Arca Continental, Backus - AB InBev and Grupo Gloria.
The work begins by describing the proposals and specific objectives that are expected
to be achieved in the research, in addition to mentioning the limitations such as corporate or
business confidentiality policies and the temporal delimitation corresponding to the period of
analysis between the years 2013 to 2018. To complement validates the relevant literature on
good business practices and valuation systems that are frequently used by corporations in
their mergers and acquisitions processes
When carrying out the valuations of the companies analyzed under the discounted
Cash Flow methodology with the criteria inherent to the nature of the activity and operations
of each company, obtained in the interviews with the officials of each of them, it was found
that in the In three cases, the fundamental value of their listed shares widely exceeds their
current prices on the BVL, so it can be indicated that the companies would be undervalued in
the local market by the end of 2018.
Among the most relevant conclusions, we have the one that indicates that the success
in the M&A negotiations carried out by the three companies studied is fundamentally due to
the good valuation practices that they apply as part of sustainable financial management. The answers provided showed that companies use financial valuation tools
comparable to each other, measuring the value generated by each one of them, the main
source of success being the Market Share Ranking, the sales ranking they lead nationwide,
and the strategies they use to list on the Lima stock exchange.
Finally, it was identified that the valuation practices of the three companies are a
determining factor to achieve success in mergers and acquisitions at a highly competitive
level, interviews were conducted with representatives of companies such as Arca Continental
and Backus - AB InBev and Gloria, analyzing and interpreting the results, to emphasize the
answers to the questions generated in the research work.
| Identifer | oai:union.ndltd.org:PUCP/oai:tesis.pucp.edu.pe:20.500.12404/17958 |
| Date | 27 January 2021 |
| Creators | Alan Caycho, Gabriela Julia |
| Contributors | De la Vega Hernández, Iván Manuel |
| Publisher | Pontificia Universidad Católica del Perú, PE |
| Source Sets | Pontificia Universidad Católica del Perú |
| Language | Spanish |
| Detected Language | English |
| Type | info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Rights | info:eu-repo/semantics/openAccess, http://creativecommons.org/licenses/by-nc-nd/2.5/pe/ |
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