- -

Application of the continuing value model to small and medium-sized Spanish enterprises

RiuNet: Institutional repository of the Polithecnic University of Valencia

Share/Send to

Cited by

Statistics

Application of the continuing value model to small and medium-sized Spanish enterprises

Show simple item record

Files in this item

dc.contributor.author Blasco Ruiz, Ana es_ES
dc.contributor.author Ribal Sanchis, Francisco Javier es_ES
dc.date.accessioned 2014-12-01T14:39:30Z
dc.date.available 2014-12-01T14:39:30Z
dc.date.issued 2013-04
dc.identifier.issn 0895-7177
dc.identifier.uri http://hdl.handle.net/10251/45038
dc.description.abstract By far, the most widely used enterprise valuation method in business practice is the discounted cash-flow method. Thus, the residual value or continuing value accounts for a significant percentage of the enterprise's value and will depend on the length of the time horizon. In 2006, Jennergren developed a continuing value model based on one of the methods most commonly used for calculating this value, the Gordon model. The Jennergren model extends the analysis of this model and aims to have it implemented more strictly, taking into account two main parameters, capital expenditures and tax savings due to the depreciation of productive assets. In this study the Jennergren model has been applied to small and medium-sized Spanish enterprises with turnover ranging from 2 to 50 million euros over the period 2005-2008. These enterprises have also been differentiated by industry, using the Spanish NCAE classification (National Classification of Economic Activities). The information used was taken from the SABI (Iberian Balance Sheet Analysis System) database. The resulting economic lives of the productive assets of each industry were compared to the useful lives shown in the Spanish Corporation Tax Law Amortisation and Depreciation tables. It was found that most estimates are within the range established by law. In those cases where this assumption is not met, it is usually due to accelerated depreciation over the limits strictly permitted under law. (C) 2011 Elsevier Ltd. All rights reserved. es_ES
dc.language Inglés es_ES
dc.publisher Elsevier es_ES
dc.relation.ispartof Mathematical and Computer Modelling es_ES
dc.rights Reserva de todos los derechos es_ES
dc.subject Enterprise valuation es_ES
dc.subject Continuing value es_ES
dc.subject Discounted cash-flows es_ES
dc.subject.classification ECONOMIA FINANCIERA Y CONTABILIDAD es_ES
dc.subject.classification ECONOMIA, SOCIOLOGIA Y POLITICA AGRARIA es_ES
dc.title Application of the continuing value model to small and medium-sized Spanish enterprises es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.1016/j.mcm.2011.11.046
dc.rights.accessRights Cerrado es_ES
dc.contributor.affiliation Universitat Politècnica de València. Departamento de Economía y Ciencias Sociales - Departament d'Economia i Ciències Socials es_ES
dc.contributor.affiliation Universitat Politècnica de València. Centro de Ingeniería Económica - Centre d'Enginyeria Econòmica es_ES
dc.description.bibliographicCitation Blasco Ruíz, A.; Ribal Sanchis, FJ. (2013). Application of the continuing value model to small and medium-sized Spanish enterprises. Mathematical and Computer Modelling. 57(7-8):1788-1794. doi:10.1016/j.mcm.2011.11.046 es_ES
dc.description.accrualMethod S es_ES
dc.relation.publisherversion http://dx.doi.org/10.1016/j.mcm.2011.11.046 es_ES
dc.description.upvformatpinicio 1788 es_ES
dc.description.upvformatpfin 1794 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 57 es_ES
dc.description.issue 7-8 es_ES
dc.relation.senia 234777


This item appears in the following Collection(s)

Show simple item record