La guerra de las métricas en la medición del valor económico en la industria bancaria: un análisis comparativo de EVA™ y sus alternativas
DOI:
https://doi.org/10.5377/reice.v12i23.18278Palabras clave:
Valor Económico Agregado, Cuadro de Mando Integral (BSC), Retorno del Capital Ajustado al Riesgo, Q de Tobin, Flujo de Caja, Retorno de la Inversión, Valor Agregado de MercadoResumen
Este artículo presenta un análisis exhaustivo de las medidas de desempeño basadas en el valor más utilizadas en el contexto de su asociación con los precios y rendimientos de las acciones, desafiando las métricas tradicionales basadas en la contabilidad. Se centra en el valor económico agregado (EVA™), el cuadro de mando integral (BSC), el rendimiento del capital ajustado al riesgo (RAROC), la Q de Tobin, el retorno de la inversión en flujo de efectivo (CFROI) y el valor agregado de mercado (MVA), examinando su efectividad en reflejando el verdadero beneficio económico y la creación de riqueza para los accionistas. EVA™ se destaca como una medida destacada, a menudo considerada superior para aproximar los retornos para los accionistas y guiar el éxito corporativo. Sin embargo, también enfrenta críticas por posible manipulación de datos y por no tener en cuenta las disparidades de tamaño. El BSC, si bien ofrece una evaluación multidimensional, es complejo y a veces ambiguo en sus relaciones de causa y efecto. RAROC, diseñado para el sector bancario, tiene limitaciones a la hora de evaluar oportunidades comerciales comparativas y enfatizar la gestión de riesgos individuales. La Q de Tobin, aunque conceptualmente atractiva, enfrenta desafíos prácticos debido a importantes errores de medición y problemas de disponibilidad de datos. CFROI, conocida por su evaluación económica detallada, tiene cálculos complejos y enfrenta el “problema de la tasa de rentabilidad”. MVA, de enfoque sencillo, puede resultar engañoso debido a su sensibilidad a los sentimientos del mercado. El artículo concluye que ninguna métrica puede capturar perfectamente el desempeño corporativo y el valor para los accionistas, enfatizando la necesidad de una elección de medida de desempeño específica del contexto que equilibre los beneficios y desventajas de cada uno.
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