¿Los modelos basados en el CAPM valoran adecuadamente los emprendimientos familiares?

Translated title of the contribution: Do CAPM-based models adequately assess entrepreneurial family businesses?

David Ernesto Wong Cam, Miguel Víctor Chirinos Grados

Research output: Contribution to journalArticle in a journalpeer-review

1 Scopus citations


This paper attempts to show the relevance of the VPN-CAPM model (net present value adopted by the discount rate prescribed by the CAPM) to assess new family ventures. This analysis is performed under two perspectives: i) the revision of the assumptions of CAPM and its adaptation to the characteristics of entrepreneurships and ii) the efficacy in prescribing a set of entrepreneurships managed by university graduates in an emerging market. On the one hand, most of the assumptions of the CAPM do not fit to the characteristics of entrepreneurial family businesses – added to the lack of a robust theoretical model to value them. On the other, of a sample of 147 enterprises only 3 were implemented under the criteria of the VPN-CAPM; although just 17 continued to operate for two or more years. As an example, a case initially prescribed as a failure reports sells of 184 million USD annually after twenty years in business, while other cases resumed in a different business after a starting failure.
Translated title of the contributionDo CAPM-based models adequately assess entrepreneurial family businesses?
Original languageSpanish
Pages (from-to)65-82
Number of pages18
Issue number61
StatePublished - 1 Jul 2016


  • CAPM
  • Emerging market
  • Family business
  • VPN


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