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Ahorros fiscales y valor de la firma en los diferentes sistemas tributarios

Author

Listed:
  • Gastón Silverio Milanesi

    (Universidad Nacional del Sur & Universidad de Buenos Aires, Argentina)

  • María Agustina Tennina

    (Universidad Nacional del Sur, Argentina)

Abstract

Los sistemas de imposición sobre las ganancias empresarias se agrupan en dos clases conocidas bajo la denominación de integrados y clásicos, siendo el último el de mayor difusión en la literatura financiera. Sus características impactan en el valor de la firma. Partiendo de los diferentes modelos para estimar el valor actual de los ahorros fiscales, el trabajo describe los sistemas, sensibiliza variables y cuantifica el valor de la firma mediante el modelo de descuento de flujos de fondos. Seguidamente, se lleva a cabo un análisis descriptivo y comparativo de los sistemas tributarios, alícuotas, ahorro fiscal, costo del capital y valor de la firma apalancada mediante el modelo de descuento de flujo de fondos. Se toma la información financiera agregada de un conjunto de países integrantes de la OCDE y América Latina. Los resultados permiten exponer los errores comunes de especificación al emplear directamente el modelo clásico en la valoración de empresas. Además, expone las relaciones funcionales existentes entre valor de la firma y efecto fiscal en los diferentes sistemas tributarios correspondientes a la muestra de países estudiados.

Suggested Citation

  • Gastón Silverio Milanesi & María Agustina Tennina, 2024. "Ahorros fiscales y valor de la firma en los diferentes sistemas tributarios," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(2), pages 1-32, Abril - J.
    • Handle: RePEc:imx:journl:v:19:y:2024:i:2:a:4
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    File URL: https://www.remef.org.mx/index.php/remef/article/view/918
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    References listed on IDEAS

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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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