Resumen La determinación del valor de los ahorros fiscales y el impacto del impuesto a la renta en la valuación de empresa depende del sistema tributario vigente en el mercado. Los efectos fiscales que implican pagos y ahorros deben analizarse con el sistema tributario donde opera la firma. Los trabajos de Modigliani y Miller (1963) y Miller (1977) suponen un sistema clásico de imposición a la renta. La Organización Mundial del Comercio (OCDE) identifica siete sistemas tributarios clasificados en dos grandes grupos: integrados y clásicos. El trabajo revisa los modelos existentes, particularmente el Modelo General. Seguidamente, expone las ecuaciones de valor correspondientes a los diferentes sistemas tributarios. Mediante un análisis de casos se analiza el impacto en las variables del sistema tributario en el que opera la firma, según los sistemas clasificados por la OCDE.

Abstract The determination of the tax savings´ value and the impact of income tax on the firm valuation is related to the current tax systems. The tax effects imply cash out flow and savings, and, must be analyzed with the tax systems where the firm operates. Modigliani and Miller (1963) and Miller (1977) works suppose a classical system of income tax. The World Trade Organization (OCDE), identify seven tax systems classified into two large groups: integrated and classical. The paper reviews the existing models, particularly the General Model. Next, shows the value equations corresponding to the different tax systems. Through an analysis of cases, the impact on the variables of the tax system in which the firm operates is analyzed, according to the systems classified by the OECD.

Abstract The purpose of this research is to examine the efficiency of cash flow metrics to forecast the probability of default of companies. Through a logistic regression model, the information of 58 companies with financial distress and 54 healthy companies had been analyzed for a period of 5 years. The results indicate that five of the ten metrics analyzed are efficient predictors of the probability of bankruptcy, with a correct prediction percentage of 87.73% of the cases. Similarly, it was determined that healthy companies and companies with financial difficulties have statistically different flow metrics from each other, so a greater use of cash flow metrics in financial analysis is recommended. The limitation of this study was to conform the sample of companies declared in default as of December 31, 2019. This research contributes to knowledge by demonstrating that cash flow metrics are a reliable tool in forecasting the probability serious financial problems in the context of Mexico.

Resumen El propósito de esta investigación es examinar la eficiencia de métricas de flujo de efectivo para pronosticar la probabilidad de quiebra de las compañías. A través de un modelo de regresión logística, se analizó la información de 58 empresas con problemas financieros graves y 54 empresas sanas por un período de 5 años. Los resultados indican que cinco de las diez métricas analizadas son predictores eficientes de la probabilidad de quiebra, con un porcentaje de predicción correcta del 87.73% de los casos. De igual forma, se determinó que las empresas sanas y con dificultades financieras presentan métricas de flujo estadísticamente diferentes entre sí, por lo que se recomienda un mayor uso de índices de flujo de efectivo en el análisis financiero. La limitante de este estudio fue el conformar la muestra de empresas que se hayan declarado formalmente en quiebra al 31 de diciembre del 2019. Esta investigación aporta al conocimiento al demostrar que las métricas de flujo de efectivo son una herramienta confiable en el pronóstico de la probabilidad de problemas financieros graves en el contexto de México.

Abstract Purpose This study employees cash flow rights and the contestability of multiple large shareholders to explore the impact of multiple large shareholders on investment efficiency in Chinese setting. Theoretical framework We introduce Asymmetric Information Theory and Theory of Principal and Agent o support our study. Design/methodology/approach Empirical study (including PSM method, IV method, threshold method and so on) is used in this study. Moreover, this paper selects the non-financial listed companies of A share enlisted in both the Shanghai and the Shenzhen Stock Markets from the period of 2007 to 2016 as the sample. Findings Our findings show a positive correlation between multiple large shareholders and absinvestment among Chinese listed firms. Practical & social implications of research Different from the previous views that multiple large shareholders have positive governance effects, we provide evidence that multiple large shareholders have negative governance effects. And we provide new evidence that controlling shareholders would collude with multiple large shareholders to seek for excess private benefits by enhancing enterprise absinvestment. Originality/value This study contributes to the literature in several important ways. First, it shows a positive correlation between multiple large shareholders and absinvestment, which extends the research of Jiang et al. (2018), which found that multiple large shareholders can profoundly enhance investment efficiency. Second, this paper is the first to introduce a threshold model to study the impact of controlling shareholders on the relation between multiple large shareholders and absinvestent, demonstrating that the positive relation between them is strengthened by promoting the governance effect of controlling shareholders.

Abstract An economic feasibility study must consider the uncertainties inherent to a mining project, whose risks must be quantified properly to enable accurate decision-making. Studies previously carried out through the Discounted Cash Flow (DCF) methodology in the project evaluated here - a quarry whose operations are currently interrupted, located in Pernambuco, Brazil, formerly taxed under the presumed profit regime - indicated a positive Net Present Value (NPV) in the deterministic scenario, therefore projecting a profitable project. However, a probabilistic analysis using Monte Carlo simulations indicated only a 49.98% occurrence probability for this NPV. An assessment focused on the company's taxation was never carried out, which is a gap that the present study intends to fill, in addition to evaluating the feasibility of immediate investment in this project. Furthermore, this is a gap in Brazilian literature in general, which does not take into account the taxation system in their economic assessments. In this context, considering scenarios whose taxation was based on real and presumed profit regimes, we reassessed the cash flows of this quarry and performed deterministic and probabilistic economic analyses, and compared the results of both scenarios. The sensitivity analysis indicated that the production rate would be the most impactful variable in the project's NPV, considering the six variables assessed. Hence, it was verified in both deterministic and probabilistic analyses that taxation under real profit, results in a higher economic return with a 56.08% probability of the NPV being positive and with the Internal Rate of Return (IRR) higher than infation (SELIC rate) at 4.81%; the taxation under the presumed profit, on the other hand, obtained respective probabilities of 46.54% and 3.23%. However, with the chances of obtaining some profit (NPV greater than zero) at the order of 50% and a minimal chance of the IRR being greater than the SELIC rate adopted at the time of this study, we would advise against investing in this venture. Moreover, even if the current moment is not the most suitable for investment in this sector, regardless of the production rate assessed in the probabilistic analysis, taxation on the real profit regime presented a greater economic return than taxation on the presumed profit regime., indicating that, for the parameters considered in this study, the first would be the most appropriate choice of tax system for this type of enterprise in Brazil.

Abstract This paper examines some of the implications of a process of rapprochement between the Kalapalo and the “world of white people,” focusing mainly on the construction of a road connecting the Aiha village (on the right bank of the Culuene River) with the municipality of Querência, Mato Grosso, and the creation of an internet connection point in the same village. Both processes are directly related to the growing flow of money into the village, mainly through social security policies (pensions) and cash transfer programs, and have significantly transformed daily life in the village since mid-2018. We suggest that these elements (money, the road, and the internet) allow the Kalapalo to create and establish new spatiotemporal connections, bringing together territories and previously disconnected people. While this can offer chances to experiment with other ways of life, to a certain extent this movement guarantees the establishment of the notion of “good distance” from the non-indigenous world.

Resumo Neste texto, serão apresentadas algumas reflexões acerca das implicações de um processo de aproximação dos Kalapalo em relação ao ‘mundo dos brancos’. O foco está principalmente na abertura de uma estrada ligando a aldeia Aiha (localizada na margem direita do rio Culuene) ao município de Querência, Mato Grosso, e na criação de um ponto de conexão com a internet, na mesma aldeia. Ambos os processos estão diretamente relacionados à ampliação do fluxo de dinheiro na aldeia, principalmente por meio das políticas previdenciárias e de transferência de renda, e vêm produzindo significativas transformações no cotidiano do local desde meados de 2018. O argumento central do texto é de que esses elementos – o dinheiro, a estrada e a internet – possibilitam aos Kalapalo a criação de conexões espaço-temporais, aproximando territórios e pessoas antes desconectados. Esse movimento, ao mesmo tempo que amplia as possibilidades de experimentação de outros modos de vida, garante, em alguma medida, a configuração de uma noção de ‘boa distância’ em relação ao mundo não indígena.

ABSTRACT The objective of this study was to evaluate the potential of improving the economic value of integrated crop-livestock systems (ICLS) compared to conventional systems specialized in monoculture. The experimental area was 16.02 ha, divided into 18 paddocks of 0.89 ha each, organized in a randomized block design, with three replicates and six models of production systems: crop system [corn ( Zea mays ) grain production], livestock system (beef cattle under grazing conditions), and four ICLS, identified as: ICLS-1, corn integrated with Marandu palisadegrass [ Urochloa brizantha (Hoechst. ex A. Rich.) R.D. Webster cv. Marandu (syn. Brachiaria brizantha cv. Marandu] sown simultaneously without herbicide; ICLS-2, corn and Marandu palisadegrass sown simultaneously with herbicide; ICLS-3, corn and Marandu palisadegrass with lagged sowing; and ICLS-4, corn and Marandu palisadegrass sown simultaneously, with herbicide in rows and between-rows of corn. We demonstrated the economic impact analysis combined with the risk optimization and discounted cash flow techniques based on Monte Carlo simulation, considering price and productivity uncertainties. The indicators of added value and return on investment of ICLS had an economic advantage compared with conventional systems. It was also found that ICLS needed a smaller operational area than conventional systems for the economic break-even point. Integrated systems provide lower financial and operational risk levels and greater economic value per hectare compared with conventional systems specialized in monoculture.

Abstract A multicenter, randomized controlled clinical trial evaluated the effectiveness of two treatments for deep caries lesions in permanent molars - selective caries removal (SCR) to soft dentin with restoration in a single visit, and stepwise excavation (SW) - regarding pulp vitality for a 5-year follow-up period. The present study aimed to determine the cost-effectiveness of these treatments. Treatments were conducted in two Brazilian cities (Brasília and Porto Alegre). At baseline, 299 permanent molars (233 patients) were treated and 229 teeth (174 patients) were evaluated after 5 years. The discounted cash flow method was adopted. The total cost of each treatment was calculated, and the failure cost (endodontic treatment + restoration) was added to the final cost, according to the 5-year failure rates of each therapy (20% for SCR and 44% for SW). A public health service unit composed of three dentists in 4-hour work shifts was used to calculate the monetary value of the treatments, assuming a total of 528 treatments/month. Considering the 229 teeth evaluated after 5 years (115 SCR and 114 SW), SCR provided savings of 43% (amalgam) and 41% (resin composite) per treatment, compared to SW. The SCR technique provides benefits for public finances (direct economy) and for public health services (increase in the number of treatments performed). Considering that maximizing profit and reducing costs are powerful motivating factors for adopting a certain treatment, this study provides data to better support the decision-making process, regarding the management of deep caries lesions in permanent molars.

PURPOSE: This research aims to investigate whether increasing the pension contributions of a firm leads to inefficient investments DESIGN/METHODOLOGY/APPROACH: Based on the 26 135 observations of the Chinese listed firms, this study employs ordinary least squares models to investigate the relationship between pension costs and inefficient investments FINDINGS/RESULTS: This study shows that Chinese listed firms' pension contribution increments result in fewer investment opportunities and a decreased in investment efficiency. This is insignificant for the more profitable firms and state-owned enterprises. It suggests further that a firm's pension cost is significantly associated with its investment inefficiency, particularly for cash flow dominated and financing-restricted firms. This indicates a negative association between pension contributions and cash flows, and several pension contributions may lead to a cash flow shortage in the firms PRACTICAL IMPLICATIONS: For managers, they should improve their investment efficiency within an affordable pension plan; for investors, increasing pension costs potentially decrease their investment returns ORIGINALITY/VALUE: Some findings have reference values for some developing countries

Abstract Maintenance plays an indispensable role in the productive sector of an organization. The increasing use of high-precision operations in the steel industry means that hydraulic systems demand greater attention. This study proposes an evaluation framework for analyzing the economic feasibility of insourcing hydraulic maintenance services, seeking to present tools for assisting managers in decision-making and optimizing maintenance strategies. This paper presents a cash flow study, where the Net Present Value (NPV), the Internal Rate of Return (IRR), and the Profitability Index (PI) are calculated. Subsequently, the Monte Carlo method is applied to perform a sensitivity analysis for viewing the probabilities and output results. The main contribution of this study is to enable the evaluation of the results considering the economic feasibility of insourcing or outsourcing maintenance contracts through the proposed framework. In this case, the economic viability of insourcing presents a cost reduction in maintenance services. This approach suggested an industrial case study, where the use of the Monte Carlo and cash flow methods are useful tools for decision-making, contributing to the optimization of resources among industrial managers.

Resumo A manutenção representa um papel indispensável no sector produtivo de uma organização. A crescente utilização de funções operacionais com alto nível de precisão na indústria siderúrgica, faz dos sistemas hidráulicos um dos itens que requer um maior índice de atenção. O objetivo deste estudo é efetuar uma análise de viabilidade económica para primarização de serviços de manutenção hidráulica, se tornando uma ferramenta para auxiliar os gestores na tomada de decisões, almejando otimizar as estratégias de manutenção. Este artigo apresenta um estudo de fluxo de caixa, onde é calculado o Valor Presente Líquido (VPL), a Taxa Interna de Retorno (TIR) e o Índice de Lucratividade (PI). Posteriormente utiliza-se o método de Monte Carlo para efetuar uma análise de sensibilidade, permitindo assim visualizar as probabilidades e resultados de saída. A principal contribuição deste estudo se dá pela utilização do framework proposto, o qual permite uma visualização da análise dos resultados, considerando a viabilidade económica para primarização ou terceirização dos contratos de manutenção. Neste caso, a viabilidade econômica de primarização apresenta uma redução de custos nos serviços de manutenção. Esta abordagem propôs um estudo de um caso industrial, onde a utilização dos métodos de Monte Carlo e do fluxo de caixa se tornam ferramentas úteis para a tomada de decisão, contribuindo assim para a optimização dos recursos por parte dos gestores industriais.

Resumen Las empresas muy pequeñas de desarrollo de software poseen un máximo de 25 empleados y tienen un limitado flujo de caja y tiempo para implementar mejoras en sus procesos que les permita ser más competitivos. Esta es una de las razones por las que estas empresas recurren a la implementación de marcos de trabajo ágil como SCRUM para gestionar el proceso de desarrollo de software. Pero cuando inician su adopción, encuentran que los documentos solo sugieren los cambios que se pueden realizar, pero no como hacerlos, tornando el proceso de descubrir cuales técnicas, eventos y artefactos son los que deben implementar en un enfoque de prueba y error costoso y en algunos casos inviable. Lo mismo sucede con otros marcos que pueden ser complementarios a SCRUM como DevOps, que propone un acercamiento entre el área de desarrollo y operaciones, donde se automaticen la mayor cantidad de tareas y se incrementen los controles de calidad para obtener mejores productos. Este artículo expone tres buenas prácticas basadas en DevOps, sus modelos de uso y en qué momentos dentro de SCRUM pueden ser utilizadas para facilitar su adopción en estas empresas. Se tiene como como objetivo exponer un modelo para el uso de versionamiento, integración y despliegue continuos y los momentos recomendados para su implementación dentro de SCRUM. Se identificaron las buenas prácticas más reportadas en la literatura para desarrollo de software basado en SCRUM y DevOps. Se seleccionaron tres de las mejores prácticas y se construyó un modelo de uso para cada una de ellas. Estas prácticas se pusieron a prueba mediante un caso de estudio y se evaluaron los resultados obtenidos. Las prácticas fueron evaluadas en 3 empresas, obteniendo cambios en los casos de soporte reportados semanalmente y en el número de despliegues exitosos. La división del proceso de desarrollo en fases evidencia que la fase que representa mayor posibilidad de empalme entre el conjunto de prácticas sugeridas por DevOps en SCRUM es la de desarrollo y calidad. El conjunto de prácticas sugeridas apunta a la implementación de controles para el aseguramiento de la calidad entregando información clave para el aprendizaje y mejora del equipo de desarrollo.

Abstract Very small entities in software development have a maximum of 25 employees. Their cash flow and time available for implementing improvements in their processes to enable them to be more competitive are limited, leading them to turn to agile frameworks such as SCRUM to manage the software development process. However, when they try to adopt these, they find that the documents only suggest changes that can be made and not how to make them. As a result, the trial and error process of discovering which techniques, events and artifacts ought to be implemented is costly and, in some cases, unfeasible. The same applies to other frameworks that can complement SCRUM, such as DevOps, a framework that proposes a rapprochement between the development and operations areas, in which as many tasks as possible are automated, and quality controls are increased to obtain better quality products. This article presents three best practices based on DevOps, its models of use and when these can be used within SCRUM to facilitate its adoption in the smallest companies. A model is presented for the use of versioning, integration, and continuous deployment and the particular moments recommended for implementing these within SCRUM. The best practices most widely reported in the literature for software development based on SCRUM and DevOps were identified. Three were then selected, and a usage model was built for each of them. Then, they were evaluated using a case study, and the results were assessed. The practices were evaluated in three (3) very small entities, obtaining changes in the support cases reported weekly and in the number of successful deployments. The division of the development process into phases reveals that the development and quality phase provides more possibilities for splicing among the set of practices suggested by DevOps in SCRUM. Likewise, the set of suggested practices points to the implementation of controls for quality assurance, providing key information for development team learning and improvement.

Resumo As empresas de desenvolvimento de software muito pequenas têm no máximo 25 funcionários e possuem fluxo de caixa e tempo limitados para implementar melhorias em seus processos que lhes permitam ser mais competitivas. Essa é uma das razões pelas quais essas empresas recorrem à implementação de frameworks ágeis como o SCRUM para gerenciar o processo de desenvolvimento de software. Mas quando iniciam sua adoção, descobrem que os documentos apenas sugerem as mudanças que podem ser feitas, mas não como fazê-las, tornando o processo de descoberta de quais técnicas, eventos e artefatos são os únicos a serem implementados em uma tentativa e erro dispendiosa abordagem e, em alguns casos, inviável. O mesmo acontece com outros frameworks que podem ser complementares ao SCRUM, como o DevOps, que propõe uma aproximação entre a área de desenvolvimento e operações, onde o maior número de tarefas é automatizado e os controles de qualidade são aumentados para obter melhores produtos. Este artigo expõe três boas práticas baseadas em DevOps, seus modelos de uso e quando dentro do SCRUM podem ser utilizados para facilitar sua adoção nessas empresas. O objetivo é expor um modelo para uso de versionamento, integração e deployment contínuos e os momentos recomendados para sua implementação dentro do SCRUM. Foram identificadas as boas práticas mais relatadas na literatura para desenvolvimento de software baseado em SCRUM e DevOps. Três das melhores práticas foram selecionadas e um modelo de uso foi construído para cada uma delas. Estas práticas foram postas à prova através de um estudo de caso e os resultados obtidos foram avaliados. As práticas foram avaliadas em 3 empresas, obtendo mudanças nos casos de suporte relatados semanalmente e no número de implantações bem-sucedidas. A divisão do processo de desenvolvimento em fases mostra que a fase que representa a maior possibilidade de junção entre o conjunto de práticas sugeridas pelo DevOps no SCRUM é a de desenvolvimento e qualidade. O conjunto de práticas sugeridas aponta para a implantação de controles para garantia da qualidade, fornecendo informações fundamentais para aprendizado e aprimoramento da equipe de desenvolvimento.

Abstract: This study examines three investment methodologies for renewable energy projects: 1) leveled electricity cost, 2) discounted cash flow with Monte Carlo and value at risk (VaR) simulations, and 3) real-world scenarios. Two investment strategies are evaluated: 1) investment without tax incentives, without financing, and with an assets depreciation of over 10 years, and 2) the same conditions as 1), but with tax incentives. A sensitivity analysis is performed to assess the impact of depreciation rate variation and debt percentage on the initial outcomes. The results show that levelized photovoltaic solar electricity and wind costs are 5.1 ¢USD/kWh and 4.8 ¢USD/kWh respectively. There is a reduction of 44% and 39%, respectively, when tax incentives consider assets depreciation to 10 years, 100% debt percentage, and 6% interest rate E.A (discount rate). It is concluded that the LCOE (levelized cost of energy) methodology can be combined with other investment assessment methodologies such as discounted cash flow with Monte Carlo and VaR simulations.

Resumen: En este estudio se examinan tres metodologías de inversión para proyectos de energía renovable: 1) costo nivelado de electricidad, 2) flujo de caja descontado con simulación de Montecarlo y valor en riesgo (VaR), y 3) opciones reales. Se evalúan dos escenarios: 1) inversión sin incentivos tributarios, sin financiación y con una depreciación de activos a 10 años, y 2) las mismas condiciones previas, pero con incentivos tributarios. Los resultados muestran que el costo nivelado de electricidad solar es 5.1 ¢USD/kWh y el eólico es 4.8 ¢USD/kWh. Estos presentan una reducción del 44% y 39%, respectivamente, cuando se consideran incentivos tributarios con depreciación de activos a 10 años, porcentaje de deuda del 100% y tasa de interés del 6% E.A (tasa de descuento). Se concluye que la metodología del LCOE (levelized cost of energy) puede ser combinada con otras metodologías de evaluación de inversiones, tales como el flujo de caja descontado con simulación de Montecarlo y VaR.

Resumen El presente caso de estudio busca analizar la situación financiera BBVA Perú, utilizando la metodología CAMEL, y plantear una correcta valoración de la entidad, bajo los métodos de Múltiplos Comparables y Flujo de Caja Descontado. Previamente, se describe el entorno económico bajo la metodología Top-Down: región, país, sector financiero y, por último, la empresa. El periodo de desarrollo es de 2015 a 2019 y se utiliza datos de producción, industria y tecnología. Además, se describe las operaciones del banco, detallando la estructura de ingresos, los productos y servicios financieros, políticas y gobierno corporativo.

Resumo Este estudo de caso busca analisar a situação financeira do BBVA Peru utilizando a metodologia CAMEL, bem como propor uma correta avaliação da entidade sob os métodos de Múltiplos Comparáveis e Fluxo de Caixa Descontado. Inicialmente, o ambiente econômico é descrito sob a metodologia Top-Down: região, país, setor financeiro e, por fim, a empresa. O período de desenvolvimento é de 2015 a 2019 e são utilizados dados de produção, indústria e tecnologia. Além disso, são descritas as operações do banco, detalhando a estrutura de receitas, produtos e serviços financeiros, políticas e governança corporativa.

Abstract The present case study was aimed at analyzing the financial situation of BBVA Peru using the CAMEL methodology. Additionally, a proper valuation was carried out using Comparable Multiples and Discounted Cash Flow methods. The first was to describe the economic environment through a Top-Down methodology: region, country, financial sector, and company. The period of analysis was 2015-2019. The data analyzed belonged to production, industry, and technology. Moreover, the bank operations are presented detailing the income structure, financial products and services, politics, and corporate governance.

ABSTRACT Hydroelectric plants broadly sustain Colombian electricity demand. However, wind power emerges to improve the Colombian energy matrix and capacity, satisfying the energy demand. Thus, this study evaluates the technical and economic feasibility of projects based on Small Wind Turbines (SWTs), based on the Colombian wind resource availability. Furthermore, due to the Colombian diversity of energy sources, sensitivity to climate changes and a high percentage of non-interconnected territory, the SWTs excels as an off-grid energy system alternative. For this purpose, the annual energy production and the capacity factor of 24 SWT and the wind resource in Puerto Bolívar, La Guajira, are considered. A techno-economic study that includes cash flow analysis and net present value is used to determine economic viability, considering a financing percentage sensitivity analysis. From the results, it can be concluded that an SWT based project increases its profitability by increasing the IRR value and lowering the financing percentage. Further, the best SWT models can be related to a higher capacity factor value based on the economic phase.

RESUMEN Las plantas hidroeléctricas sustentan la demanda de electricidad de Colombia. Sin embargo, la energía eólica surge para mejorar la matriz y capacidad energética colombiana, satisfaciendo la demanda energética. De esta manera, este estudio evalúa la factibilidad técnica y económica de proyectos basados en Turbinas Eólicas Pequeñas (SWT) considerando la disponibilidad del recurso eólico colombiano. Además, debido a la diversidad colombiana de fuentes de energía, la sensibilidad a los cambios climáticos y un alto porcentaje de territorio no interconectado, los SWT sobresalen como una alternativa de sistemas de energía fuera de la red. Para ello, se considera la producción de energía anual y el factor de capacidad de 24 SWT y el recurso eólico en Puerto Bolívar, La Guajira. Se implementa un estudio técnico-económico, que incluye el análisis de flujo de caja y valor actual neto para determinar la viabilidad económica, considerando el análisis de la sensibilidad porcentual de financiamiento. A partir de los resultados, se puede concluir que un proyecto basado en SWT aumenta su rentabilidad al aumentar el valor de la TIR y reducir el porcentaje de f mandamiento. Además, los mejores modelos SWT pueden relacionarse con un valor de factor de capacidad más alto en función de la fase económica.

Abstract The labor market panorama for recently graduated Public Accountants in Villavicencio, Meta evidences a shortage of labor supply and an unfavorable rate in the income they obtain when entering the labor market. This is not a very encouraging panorama that is increased by the business informality and the existence of SMEs that have not yet made convergence to international accounting standards, limiting the gap of possibilities to enter the labor field. Since Public Accountancy is a liberal profession, it is inferred that it should generate professional empowerment, which will allow them to practice it independently in the future, by being able to climb or be located according to Kiyosakiıs cash flow quadrant theory in Employee (E), Self-Employed (SE), Business Owner (BO) and Investor (I).

Resumen El panorama del mercado laboral para los Contadores Públicos recién egresados en Villavicencio-Meta evidencia una escasez de oferta laboral y una desfavorable tasa en los ingresos que obtienen al incursionar al mundo laboral. Panorama no muy alentador que se acrecienta por la informalidad empresarial y la existencia de Pymes que aún no han realizado convergencia a estándares internacionales de contabilidad, limitando la brecha de posibilidades de ingresar al campo laboral. Siendo la Contaduría Publica una profesión liberal, se infiere que este deberá generar empoderamiento profesional, que le permita ejercer de forma independiente en un futuro pudiendo escalar o ubicarse de conformidad con la teoría del cuadrante de flujo de dinero de Kiyosaki en Empleado (E), Auto Empleado (A), Dueño de empresa (D) e Inversionista (I).

Resumen La valoración de una tecnología o patente de invención es un ejercicio de sensatez basado en referentes de inteligencia competitiva y de expertos. El presente artículo tiene por objeto establecer el valor monetario de la patente de invención de acuerdo con la situación de la tecnologia y bajo posibles escenarios de comercialización. En primer lugar, se evalúan las condiciones y potencialidades de la patente, mediante análisis de expertos, las expectativas de los titulares de la patente de invención y de potenciales clientes o aliados. En segundo lugar, se valora la patente por flujo de caja libre descontado (FCLD) y según posibles alternativas de comercialización. Los resultados muestran que existe un incremento en el valor agregado de 2.7 veces para la empresa, en la alternativa correspondiente al licenciamiento de distribuidoras de energía en el territorio nacional, frente a la alternativa de solo producir internamente y hacer su propia distribución.

Abstract The valuation of a technology or invention patent is an exercise of good sense based on referents of competitive intelligence and experts. The purpose of this article is to establish the monetary value of the invention patent according to the technology situation and under possible commercialization scenarios. First, the conditions and potential of the patent are evaluated through expert analysis, the expectations of the owners of the invention patent and of potential clients or allies. Second, the patent is valued by discounted free cash flow (FCLD) and according to possible commercialization alternatives. The results show that there is an increase in the added value of 2.7 times for the company, in the alternative corresponding to the licensing of energy distributors in the national territory, compared to the alternative of only producing internally and making its own distribution.