Mexico: Problemáticas De Incorporar Nuevos Accionistas: Ideas Comunes

Last Updated: 12 April 2016
Article by Daniel Aguiñaga

Los empresarios se encuentran en una búsqueda constante de mecanismos para enfrentar sus necesidades de capital con el menor costo financiero posible para desarrollar y hacer crecer sus negocios. Por tal motivo, es común encontrarse ante la necesidad de atraer nuevos inversionistas que puedan aportar recursos económicos para dichos fines.

La necesidad de recursos, principalmente económicos, genera el deseo de asociarse y de integrar nuevos accionistas en una sociedad ya existente, generando distintas situaciones que pueden ser complejas e incluso problemáticas tanto para los socios como para los inversionistas potenciales.

Por lo tanto, una posibilidad de capitalizar a la sociedad es a partir de la emisión de acciones o deuda, ya sea de manera privada o bursátil en la Bolsa Mexicana de Valores, aunque la segunda opción no está al alcance de todas las sociedades, para ello se tendría que adoptar la figura como mínimo de una S.A.P.I.B. Sin embargo, aún si los accionistas de una S.A. tomaran la decisión de cambiar de régimen por otro que les permitiera dicha emisión bursátil, este cambio implicaría la obligación a nuevas disposiciones y responsabilidades que a su vez conllevarían a distintos procesos y gastos administrativos y estructurales que algunos accionistas no encuentran del todo convenientes, no sólo por el costo económico que éstas representan, sino por lo laborioso en tiempo que éstos pudieran resultar ser para la administración.

Uno de los temores más comunes de los fundadores de sociedades tanto familiares como no familiares es diluir e incluso perder el control accionario de la Sociedad, lo cual tiende a vincularse con la inclusión de nuevos accionistas en la toma de decisiones del negocio.

Cuando los fundadores permiten la inclusión de nuevos inversionistas a la Sociedad, no solamente les están otorgando derechos patrimoniales en forma de acciones y utilidades, también recibirán derechos corporativos a manera de voz y voto en la Asamblea de Accionistas o dentro del Consejo de Administración.

La inclusión de nuevos accionistas puede traer nuevos miembros con valores e ideologías distintas a las que se tiene en la Sociedad, resultando probablemente en diferentes objetivos o puntos de vista estratégicos y operativos que marcarán el rumbo de la Sociedad, lo cual si no se trata bien con anticipación y no se definen reglas al respecto, puede ocasionar que la gestión de la Sociedad se entorpezca o sea más lenta de lo que anteriormente era.

Cuando se trata de una sociedad familiar, el principal problema es que en muchas ocasiones la familia no desea la inclusión de personas ajenas a ésta y el diluir una participación accionaria puede impactar en el derecho de preferencia por el tanto ante una venta o enajenación de acciones, ocasionando incluso la pérdida del control familiar en la empresa.

Es por esto que los accionistas fundadores de las sociedades se sienten en la necesidad de contar con un sistema más flexible que permita la inclusión de nuevos inversionistas sin perder el control accionario y/o familiar, restringiendo la transmisión de propiedad o derechos accionarios al momento de invitar a nuevos inversionistas a la sociedad.

Los accionistas fundadores, en muchas ocasiones, tampoco están dispuestos a compartir parte de las utilidades generadas en el ejercicio por la Sociedad debido a las necesidades financieras de la empresa. Otras sociedades encuentran un problema en el horizonte de inversión, es decir, no les complace la idea de contar con inversionistas durante un lapso de tiempo indefinido y llegan a temer que las acciones caigan en manos de personas no deseables para la Sociedad como pueden ser competidores directos.

Lo anterior también podría representar un desequilibrio en la ecualización accionaria al existir la posibilidad de que uno o varios accionistas comprasen las nuevas acciones. Otro ejemplo es que no se quiere que la administración de la Sociedad se vea afectada o modificada al momento de la asociación con nuevos accionistas. Esto debido a que la administración ahora no sólo deberá rendir cuentas a los fundadores sino también al resto de los accionistas. A pesar de que los fundadores muchas veces no quieren que otras personas tomen decisiones dentro de sus empresas, es un derecho y resulta problemático que las minorías accionarias estén desprotegidas en cuanto a la toma de decisiones y participación dentro de la Sociedad excluyéndolas y posiblemente brindándoles mayor poder a los grandes accionistas. En la época actual, muchos inversionistas potenciales no toman la decisión de invertir debido a la poca confianza, transparencia y rendición de cuentas que perciben en las Sociedades. Esto ocasionado por la falta de mecanismos formales de gestión y vigilancia que se podrían encontrar fácilmente en una sociedad con un buen sistema de gobierno corporativo.

En muchas ocasiones se presenta en las sociedades que un accionista mayoritario participa en la administración de la misma, lo que algunas veces provoca la falta de transparencia y/o la ausencia de rendición de cuentas de la administración hacia los accionistas, ya que dicha persona, tiende a ser juez y parte a la vez.

En conclusión, de no existir mecanismos que permitan a los accionistas resolver estas problemáticas dentro del marco de la ley, la posibilidad de incluir nuevos accionistas como una manera de atraer recursos económicos a la empresa resulta una opción poco atractiva para los fundadores de sociedades existentes y para aquellos que estén emprendiendo un nuevo negocio.

Estas problemáticas continúan vigentes y han sido atacadas de distintas maneras por las leyes que regulan a la S.A. y a la S.A.P.I., generando así una sociedad mercantil moderna que brinda flexibilidad para que las sociedades puedan invitar a participar como accionista a nuevos inversionistas con apego a sus propias reglas y condiciones, brindando a la vez mayor seguridad y protección a las minorías accionarias.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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