Publication: Valoración del derecho de usufructo del accionista
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Publication Date
2011
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Universidad de León
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Abstract
La valoración de los títulos de propiedad de una sociedad se fundamenta, básicamente, en una doble vía complementaria, la vía patrimonial o estimación del valor de los activos que la empresa utiliza, ya sean tangibles o intangibles, o la vía de generación de rentas financieras en el futuro. ¿Qué ocurre si los titulares de los derechos patrimoniales no coinciden con los titulares de los derechos a las rentas que la empresa genere? Esto ocurre cuando el pleno dominio de los títulos de propiedad se divide en los derechos de nuda propiedad y usufructo.
The shareholder value is one of the most important issues in finance as the majority of business merger and acquisitions seeks the right value for each shareholder. The total amount of value transacted in international M&A is high enough that it is much important to know exactly which the drivers of this value are. In general, the shareholder owns both rights, what means that he owns the plain property of shares. In instance the problems arises when the usufruct right holder is not the same than the naked property right holder, this is the case in which the plain property is divided into usufruct and naked property. This paper sets out these rights and values them.
The shareholder value is one of the most important issues in finance as the majority of business merger and acquisitions seeks the right value for each shareholder. The total amount of value transacted in international M&A is high enough that it is much important to know exactly which the drivers of this value are. In general, the shareholder owns both rights, what means that he owns the plain property of shares. In instance the problems arises when the usufruct right holder is not the same than the naked property right holder, this is the case in which the plain property is divided into usufruct and naked property. This paper sets out these rights and values them.