| Abstract
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Considering which Spain happened to be a receiving of external investment to an investing country in the foreign, the interest arises to investigate the effect that this exit to the outside generates in the companies acquired in a third country. In this context, it has been selected to study the direct investments made by Spanish companies in Chilean companies. The election of that country is given by diverse causes, among them, the prevailing economic stability, the great volume of investments directed by Spanish companies to that market, being one of the outstanding countries of Latin America but in growth, social stability and development. Therefore, the persecuted main target in this thesis, was to analyse the effect that the direct investment on the part of Spanish Companies in Chilean companies, that implied changes in the administration of the branch, caused in the solution, yield and its effect in the creation of economic value of the branch. In this sense, the text begins with the exhibition of the conceptual bases of the direct investment in the foreign and the description of the evolution of the Spanish investment in the outside and particularly the investment in Chile. The work continues with the development of the methodology to follow and, in medullar, with the exhibition of the results obtained in the made empirical investigation to thirteen Chilean companies, that as a whole represented 81% of the total of the materialised direct investment on the part of Spanish companies in Chile, counted from 1974 to 2000. This analysis is made by industrial sector, incorporating to a significant part of companies, by each one of the sectors in study. Of the result of the investigation it is possible to be established, as a summary, that the change of property in the branches, caused an effect in the solution, yield and economic value of the branches when comparing the results previous to the received direct investment with the later ones to the same one, that in their majority, were positive for the companies, but that its behaviour not necessarily was coincident in each one of the investigated companies.
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