Aplicación del modelo CAPM en los subsectores más relevantes de la industria manufacturera del Ecuador en el periodo 2015 - 2021

Abstract

The purpose of this research is the application and development of the financial asset valuation model known by its acronym in english as Capital Asset Pricing Model which will be applied to the most relevant subsectors of the manufacturing industry in Ecuador during the period 2015-2021. Taking a representative sample of 500 observations per year belonging to different companies that make up this sector, the economic situation of the subsectors will be identified based on the main financial indicators. When applying the model, it is intended to calculate the minimum expected return for each of the subsectors of the manufacturing industry based on the financial information calculated by the Superintendencia de Compañías, Valores y Seguros in order to estimate and analyze the market risk through of the Beta β coefficient, which this sector presents. The research is of a quantitative type with an explanatory and correlational approach, the capital asset valuation model was used using concepts of mathematics and descriptive and inferential statistics. The results show that there is a direct relationship between the minimum required return and its level of risk for subsectors C10, C11, C17, C19, C20, C22, C23, C24, that is, the higher the value of the beta coefficient, the higher the required return, which is in accordance with the classical theory of the model, this study will serve as a guide for manufacturing companies by being a tool for those investors who are interested in knowing what their expected return will be.