Caso_Tema6_Retribucion_accionista_2011

Caso_Tema6_Retribucion_accionista_2011 - Gestin Financiera...

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Gestión Financiera Curso 2008/2009 Tema 7: La retribución al accionista Análisis y discusión de la política de remuneración de una empresa A. Presentación La sociedad Universidades Privadas SA (UP SA) ha emitido un millón de acciones y cotiza en la Bolsa de Madrid. Presenta los siguientes datos económicos en los últimos años: Facturación Beneficio Neto Gastos financ. Fondos Propios Endeudami ento Capitalizaci ón Dividendos 2002 170 8 9 50 60 55 - 2003 130 10 10 60 70 90 - 2004 170 11 10 71 75 152 - 2005 220 13 9 84 76 195 - 2006 230 13 7 97 70 210 - 2007 240 13 6 110 65 200 - 2008 220 8 7 118 70 120 - Su competidora Elite Universidades SA (EU SA) que también cotiza en la Bolsa de Madrid, y tiene 1 millón de acciones emitidas, presenta los siguientes datos económicos en los últimos años: Facturación Beneficio Neto Gastos financ. Fondos Propios Endeudami ento Capitalizaci ón Dividendos 2002 100 10 12 50 80 56 2 2003 115 11.5 12 59.2 80 85 2.3 2004 131 13 12 69.6 80 155 2.6 2005 150 15 13 81.6 85 195 3 2006 160 16 14 94.1 90 215 3.5 2007 165 16.5 14 106.5 90 215 4.1 2008 162 16 14 118 95 140 4.5 B. Se pide 1.
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