ESTE ARTÍCULO PRESENTA LOS RESULTADOS DE UNA INVESTIGACIÓN DOCTORAL REALIZADA DENTRO DEL PROGRAMA DE POSGRADO EN CIENCIAS DE LA ADMINISTRACIÓN EN LA UNIVERSIDAD NACIONAL AUTÓNOMA DE MÉXICO. LA APORTACIÓN PRINCIPAL ES UNA PROPUESTA PARA CREAR UN NUEVO ESTADO FINANCIERO DENOMINADO ESTADO DE GENERACIÓN DE VALOR. ESTA PROPUESTA PUEDE BRINDAR A LOS INVERSIONISTAS Y A TODOS LOS USUARIOS DE LA INFORMACIÓN ELEMENTOS QUE LOS ESTADOS FINANCIEROS TRADICIONALES NO CONTIENEN COMO LA CAPACIDAD QUE LA EMPRESA HA TENIDO Y TENDRÁ PARA GENERAR VALOR. AL INCLUIR EL VALOR QUE DE LA EMPRESA SE ESPERA TENER EN EL FUTURO, SE CAMBIA LA TENDENCIA TRADICIONAL EN RELACIÓN CON LOS NÚMEROS QUE ENCONTRAMOS EN LOS ESTADOS FINANCIEROS, PUES SÓLO REPRESENTAN LOS ACONTECIMIENTOS PASADOS. CABE SEÑALAR QUE EL MÉTODO DE VALUACIÓN DE EMPRESAS QUE MAYOR CONSISTENCIA TIENE EN SU APLICACIÓN CON LAS MÉTRICAS DE CREACIÓN DE VALOR ECONÓMICO ES EL MÉTODO GOODWILL. POR OTRA PARTE, EL MODELO BLACK Y SCHOLES NO NOS VA A BRINDAR EL VALOR EXACTO QUE LA EMPRESA TENDRÁ EN EL FUTURO, SINO QUE "DADAS LAS CARACTERÍSTICAS DEL MISMO QUE CON BASES PROBABILÍSTICAS SÓLIDAS INDICA EL VALOR QUE EN EL FUTURO PODRÍA TENER LA EMPRESA" NOS SEÑALARÍA SI LA EMPRESA FUE CAPAZ DE GENERAR VALOR O NO EN RELACIÓN CON EL VALOR QUE DE ELLA MISMA SE ESPERABA.
This paper presents a proposal for the creation of a project management model that incorporates the spatial sustainability within the design process of small satellites. The study includes the product life cycle within the sustainable design process. It will be possible to adopt current international efforts to deal with the problem of solid waste in space for each subsystem of the satellite platforms. The proposed model of the project management space enables planning, evaluation, control, execution and implementation, within the entire mission, strategy development and decision making, based on the principles of sustainability: economics, societal and environmental impact. There is a common acknowledgement that space technology development has thrown contamination beyond the borders of the earth, becoming lately a latent threat for several space activities. The creation of space debris is due to different causes such as the collision of solid objects in space, exploding fuel tanks, meteor impact, malfunctioning satellites and no recovery at the end of its useful life.There must be a balance between development space, as an enabler for countries that are making significant efforts to enter the space community, space missions and regulations; that can make costs unfeasible for several missions. Appropriate space policies and managerial models can help switching the perception of regulation as a barrier, rather than a technological enabler. Whereas the problem needs to be analyzed in a holistic way, the LEO orbit is the gateway for low cost mission and technology testing for micro satellites and smaller devices. Space agencies around the world are looking for solutions to mitigate and control waste found in Earth orbit especially in LEO, but it is very important to contemplate the space debris problem comprehensively. In Mexico, the recent creation of the Mexican Space Agency (AEM), gives us the opportunity to have direct involvement nationwide in generating research and development of space technology. This proposal will enable Mexico to develop capabilities that allow it to understand, analyze and propose project management practices to foster the adoption of a sustainable model for missions involving micro and smaller satellites. To accomplish that, initiatives from NASA, EADS, UN and other countries will be studied in order to develop an initial model to help management of the mission design process involving sustainable development criteria. In the specific case of Mexico, several initiatives will be launched, but it is necessary to adopt international standards for collaboration and development of space missions, involving international cooperation. The search for objective indicators for establishing the benefits that have been generated through the adoption of sustainable models is of paramount importance.Moreover, the assessment of the impact caused for the solid waste generation in space and their associated risks must be 565 978-1-4673-6396-9/13/$31.00 ©2013 IEEE understood and incorporated in the desig...
Este artículo es fruto de una investigación doctoral realizada en la Facultad de Contaduría y Administración de la Universidad Nacional Autónoma de México del segundo semestre de 2000 a 2005. Tiene como propósito presentar los resultados de la investigación mencionada en lo que respecta a la aplicación del modelo de Black y Scholes en empresas mexicanas que cotizan en bolsa. Si se aplicara el modelo Black y Scholes con el criterio de dividendos equivalente al rendimiento real de la tasa libre de riesgo, en un proceso de negociación, los empresarios y los ejecutivos contarían con una información adicional sobre el valor que la empresa podría generar en el futuro que se relaciona con el RION, el RSI y la UAIIDA. Este modelo que con bases probabilísticas sólidas indica qué valor podría tener la empresa en el futuro, nos permitiría determinar si la empresa fue capaz de generar valor o no en relación con el valor que de ella misma se esperaba.
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