El costo promedio ponderado de capital (WACC) como indicador clave en la evaluación de proyectos de inversión para empresas del sector comercial del norte de Quito

Abstract

This article analyzes the importance of the Weighted Average Cost of Capital (WACC) as a key financial indicator in the evaluation of investment projects in companies in the commercial sector of northern Quito. In an environment characterized by high competition and the conditions typical of an emerging economy, accurately determining the cost of capital is essential to ensuring efficient, sustainable investment decisions that are aligned with the creation of business value. However, in practice, many organizations in the sector use arbitrary discount rates or financial benchmarks that do not reflect their actual financing structure or the true opportunity cost of equity capital. The research was conducted using a quantitative approach, with a non-experimental, cross-sectional design, using secondary financial information obtained from the Superintendency of Companies, Securities, and Insurance. The sample consists of 30 companies classified under the ISIC code G4711. To calculate the WACC, the cost of equity (Ke) was obtained using the CAPM model, taking into account the capital structure and the effect of the tax shield. For greater insight, the WACC was compared with the TMAR in order to assess its consistency as a discount rate in the valuation of investment projects. The results show significant differences, demonstrating the need to adopt methodologies tailored to the Ecuadorian financial context. In conclusion, the WACC is consolidated as an essential strategic tool for strengthening financial decision-making and promoting business sustainability.