Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine
La financiación Mezzanine para proyectos de infraestructuras representa gran atractivo para diferentes tipos de inversores, aquí se valora la opción de conversión, del financiador a accionista, de un proyecto de infraestructura con enfoque sostenible empleando el análisis de opciones reales. El caso...
- Autores:
-
Aguilar Pedrozo, Luis Alejandro
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2020
- Institución:
- Universidad Nacional de Colombia
- Repositorio:
- Universidad Nacional de Colombia
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.unal.edu.co:unal/78803
- Acceso en línea:
- https://repositorio.unal.edu.co/handle/unal/78803
- Palabra clave:
- 330 - Economía::332 - Economía financiera
650 - Gerencia y servicios auxiliares::658 - Gerencia general
Sustainable Infrastructure
Mezzanine Debt
Real Options
Project finance
Infrastructure projects
Public-Private Partnership
Infraestructura sostenible
Deuda Mezzanine
Opciones reales
Financiación de proyectos
proyectos de infraestructuras
Asociación Publico Privada
- Rights
- openAccess
- License
- Atribución-SinDerivadas 4.0 Internacional
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| dc.title.spa.fl_str_mv |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| dc.title.alternative.spa.fl_str_mv |
Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme |
| title |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| spellingShingle |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine 330 - Economía::332 - Economía financiera 650 - Gerencia y servicios auxiliares::658 - Gerencia general Sustainable Infrastructure Mezzanine Debt Real Options Project finance Infrastructure projects Public-Private Partnership Infraestructura sostenible Deuda Mezzanine Opciones reales Financiación de proyectos proyectos de infraestructuras Asociación Publico Privada |
| title_short |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_full |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_fullStr |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_full_unstemmed |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_sort |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| dc.creator.fl_str_mv |
Aguilar Pedrozo, Luis Alejandro |
| dc.contributor.advisor.spa.fl_str_mv |
González Ruiz, Juan David Botero Botero, Sergio |
| dc.contributor.author.spa.fl_str_mv |
Aguilar Pedrozo, Luis Alejandro |
| dc.contributor.corporatename.spa.fl_str_mv |
Universidad Nacional de Colombia - Sede Medellín |
| dc.subject.ddc.spa.fl_str_mv |
330 - Economía::332 - Economía financiera 650 - Gerencia y servicios auxiliares::658 - Gerencia general |
| topic |
330 - Economía::332 - Economía financiera 650 - Gerencia y servicios auxiliares::658 - Gerencia general Sustainable Infrastructure Mezzanine Debt Real Options Project finance Infrastructure projects Public-Private Partnership Infraestructura sostenible Deuda Mezzanine Opciones reales Financiación de proyectos proyectos de infraestructuras Asociación Publico Privada |
| dc.subject.proposal.eng.fl_str_mv |
Sustainable Infrastructure Mezzanine Debt Real Options Project finance Infrastructure projects Public-Private Partnership |
| dc.subject.proposal.spa.fl_str_mv |
Infraestructura sostenible Deuda Mezzanine Opciones reales Financiación de proyectos proyectos de infraestructuras Asociación Publico Privada |
| description |
La financiación Mezzanine para proyectos de infraestructuras representa gran atractivo para diferentes tipos de inversores, aquí se valora la opción de conversión, del financiador a accionista, de un proyecto de infraestructura con enfoque sostenible empleando el análisis de opciones reales. El caso de estudio consiste en la aplicabilidad en una infraestructura de transporte en Colombia llamado el túnel del Oriente, considerando que este cumple con los criterios sostenibles para acceder a un crédito por medio de un bono sostenible. Para la valoración del derecho de conversión se emplea el análisis de opciones reales con enfoque binomial bajo el concepto de una opción tipo Call y apreciando que los activos subyacentes están basados en los ingresos por el pronóstico de la demanda estimada y la alternativa de la reducción de dióxido de carbono como factor sostenible. Los resultados arrojados indican que el beneficio de captura financiera con coeficiente de conversión 1 puede ser de hasta 39.10% del aporte por deuda, por la conversión accionista y puede crecer hasta el 6% si se monetiza los ingresos por el factor sostenible, destacando que la reducción de renta en impuestos se interpreta en un 11% de ganancia del FCV y el valor de la opción de conversión es 39.09% de la inversión. Para finalizar se concluye que la financiación de proyectos con la deuda Mezzanine es un método efectivo y atractivo para todo tipo de acreedores o financiadores que deseen potenciar sus retornos, inclinándose por proyectos sostenibles e inversiones responsables. |
| publishDate |
2020 |
| dc.date.issued.spa.fl_str_mv |
2020-12-23 |
| dc.date.accessioned.spa.fl_str_mv |
2021-01-18T20:34:35Z |
| dc.date.available.spa.fl_str_mv |
2021-01-18T20:34:35Z |
| dc.type.spa.fl_str_mv |
Documento de trabajo |
| dc.type.driver.spa.fl_str_mv |
info:eu-repo/semantics/workingPaper |
| dc.type.version.spa.fl_str_mv |
info:eu-repo/semantics/acceptedVersion |
| dc.type.coar.spa.fl_str_mv |
http://purl.org/coar/resource_type/c_8042 |
| dc.type.content.spa.fl_str_mv |
Text |
| dc.type.redcol.spa.fl_str_mv |
http://purl.org/redcol/resource_type/WP |
| format |
http://purl.org/coar/resource_type/c_8042 |
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acceptedVersion |
| dc.identifier.citation.spa.fl_str_mv |
L. Aguilar-Pedrozo, J. González-Ruíz and S. Botero, “Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme”, Universidad Nacional de Colombia, 2020. |
| dc.identifier.uri.none.fl_str_mv |
https://repositorio.unal.edu.co/handle/unal/78803 |
| identifier_str_mv |
L. Aguilar-Pedrozo, J. González-Ruíz and S. Botero, “Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme”, Universidad Nacional de Colombia, 2020. |
| url |
https://repositorio.unal.edu.co/handle/unal/78803 |
| dc.language.iso.spa.fl_str_mv |
eng |
| language |
eng |
| dc.relation.references.spa.fl_str_mv |
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Atribución-SinDerivadas 4.0 InternacionalAtribución-SinDerivadas 4.0 InternacionalDerechos reservados - Universidad Nacional de ColombiaAcceso abiertohttp://creativecommons.org/licenses/by-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2González Ruiz, Juan David22471128-876b-43c4-9a49-6545c2f1c1bd-1Botero Botero, Sergioc1b34fab-305b-41c2-9270-3115a0d75021-1Aguilar Pedrozo, Luis Alejandro0a3a3fe7-fb14-45dc-89fe-94dc6beb2e69Universidad Nacional de Colombia - Sede Medellín2021-01-18T20:34:35Z2021-01-18T20:34:35Z2020-12-23L. Aguilar-Pedrozo, J. González-Ruíz and S. Botero, “Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme”, Universidad Nacional de Colombia, 2020.https://repositorio.unal.edu.co/handle/unal/78803La financiación Mezzanine para proyectos de infraestructuras representa gran atractivo para diferentes tipos de inversores, aquí se valora la opción de conversión, del financiador a accionista, de un proyecto de infraestructura con enfoque sostenible empleando el análisis de opciones reales. El caso de estudio consiste en la aplicabilidad en una infraestructura de transporte en Colombia llamado el túnel del Oriente, considerando que este cumple con los criterios sostenibles para acceder a un crédito por medio de un bono sostenible. Para la valoración del derecho de conversión se emplea el análisis de opciones reales con enfoque binomial bajo el concepto de una opción tipo Call y apreciando que los activos subyacentes están basados en los ingresos por el pronóstico de la demanda estimada y la alternativa de la reducción de dióxido de carbono como factor sostenible. Los resultados arrojados indican que el beneficio de captura financiera con coeficiente de conversión 1 puede ser de hasta 39.10% del aporte por deuda, por la conversión accionista y puede crecer hasta el 6% si se monetiza los ingresos por el factor sostenible, destacando que la reducción de renta en impuestos se interpreta en un 11% de ganancia del FCV y el valor de la opción de conversión es 39.09% de la inversión. Para finalizar se concluye que la financiación de proyectos con la deuda Mezzanine es un método efectivo y atractivo para todo tipo de acreedores o financiadores que deseen potenciar sus retornos, inclinándose por proyectos sostenibles e inversiones responsables.Mezzanine debt for infrastructure projects can be a great attraction to many types of investors. This research values the conversion option of a funder of a sustainable infrastructure project, using real options analysis. The case is a transport infrastructure in Colombia called Tunel del Oriente, considering that it meets sustainable criteria to allow access to credit through a sustainable bond. The valuation of the right to exercise the conversion option employs the real options analysis with the binomial approach under the concept of a call option, and the underlying assets are based on revenues from the forecast of estimated demand and the alternative of sales carbon dioxide saved as the sustainable factor. The results released say the financial capture value, with 1 as conversion ratio, it could be up to 39.10% of the investment, when the lender makes a decision to become a shareholder and FCV can also increase by 6% more if the project sells TonCO2e saved by the sustainable factor, all highlighting that the tax benefits are around 11% of FCV if the project is sustainable, besides, the value of the option is 39.09% of the amount of the debt. Finally, project finance using Mezzanine debt proves to be an effective and attractive method for any type of creditor, who wants to boost profit while supporting the community and the environment with sustainable projects and responsible investment.Maestría131application/pdfeng330 - Economía::332 - Economía financiera650 - Gerencia y servicios auxiliares::658 - Gerencia generalSustainable InfrastructureMezzanine DebtReal OptionsProject financeInfrastructure projectsPublic-Private PartnershipInfraestructura sostenibleDeuda MezzanineOpciones realesFinanciación de proyectosproyectos de infraestructurasAsociación Publico PrivadaModelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo MezzanineDecision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing schemeDocumento de trabajoinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/acceptedVersionhttp://purl.org/coar/resource_type/c_8042Texthttp://purl.org/redcol/resource_type/WPMedellín - Minas - Maestría en Ingeniería AdministrativaDepartamento de Ingeniería de la OrganizaciónUniversidad Nacional de Colombia - Sede MedellínJ. 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Correa, “Consumo de combustible en camiones según peso del vehículo y otras variables,” Universidad Nacional de Colombia, 2014.ORIGINAL1098708854.2020.pdf1098708854.2020.pdfTesis de Maestría en Ingeniería Administrativaapplication/pdf2218971https://repositorio.unal.edu.co/bitstream/unal/78803/4/1098708854.2020.pdf49e31ad5bbf5e35048000ce48d966aa7MD54CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805https://repositorio.unal.edu.co/bitstream/unal/78803/6/license_rdfdab767be7a093b539031785b3bf95490MD56LICENSElicense.txtlicense.txttext/plain; charset=utf-83964https://repositorio.unal.edu.co/bitstream/unal/78803/5/license.txtcccfe52f796b7c63423298c2d3365fc6MD55THUMBNAIL1098708854.2020.pdf.jpg1098708854.2020.pdf.jpgGenerated Thumbnailimage/jpeg4974https://repositorio.unal.edu.co/bitstream/unal/78803/7/1098708854.2020.pdf.jpg4933b26707c563ba94a30e2bfe6904a8MD57unal/78803oai:repositorio.unal.edu.co:unal/788032024-07-20 23:11:18.01Repositorio Institucional Universidad Nacional 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