Risk determination for manufacturing micro-companies in Mexico

Abstract

Companies need financing sources that allow them to be competitive and fulfill their duty in the economy as generators and distributors of wealth. Specifically, the microenterprises dedicated to the manufacturing industry in Mexico constitute a sub-sector of great importance for this purpose due to variables such as personnel employed, distribution of remunerations and distribution of economic units by size. In order to support these organizations, the business valuation discipline offers several methods for improving business decision-making, specifically, the Capital Asset Valuation Model is a tool for measuring the financial risk of an asset or company with respect to the market in which it operates; however, in order to effectively apply it to micro-companies in Mexico, it has been proposed to contextualize the data and create an own index. The calculations made allowed the determination of eight beta risk coefficients for micro-companies from a selection of representative sub-sectors corresponding to the manufacturing industry in Mexico; which are considered representative and useful for making financial decisions of companies comparable to those used in the sample analyzed. Resumen Las empresas requieren de fuentes de financiamiento que les permitan ser competitivas y cumplir su labor en la economia como generadoras y distribuidoras de la riqueza. Especificamente, las microempresas dedicadas a la industria manufacturera en Mexico constituyen un subsector de gran importancia para dicho proposito debido a variables como personal ocupado, distribucion de las remuneraciones y distribucion de unidades economicas por tamano. Con el fin de apoyar a dichas organizaciones, la disciplina de la valuacion de empresas ofrece diversos metodos para la mejora en la toma de decisiones en los negocios; de manera concreta, el Modelo de Valuacion de Activos de Capital constituye una herramienta de medicion del riesgo financiero de un activo o empresa respecto del mercado en el que opera; sin embargo, para aplicarlo de manera efectiva a las microempresas en Mexico, se ha propuesto contextualizar los datos y crear un indice propio. Los calculos realizados permitieron determinar ocho coeficientes de riesgo beta para microempresas de una seleccion de subsectores representativos correspondientes a la industria manufacturera en Mexico; los cuales se consideran como representativos y utiles para la toma de decisiones financieras de empresas comparables a aquellas empleadas en la muestra analizada.