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De vuelta a lo basico: ¿calcula sus ahorros en impuestos en forma apropiada?

Author

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  • Ignacio Velez-Pareja

Abstract

Todo el mundo usa los ahorros en impuestos, AI o escudos fiscales cuando se calcula elCosto Promedio Ponderado de Capital (CPPC) en inglés Weighted Average Cost of Capital (WACC). Esta formula de los libros de texto incluye el AI cuando se introduce el factor (1-T) que afecta la contribución de la deuda al CPPC. Los ahorros en impuestos son una extrana mezcla de conceptos contables y de causación que se relacionan con el CPPC que está basado en valores de mercado. En este trabajo corto mostrados algunas limitaciones y el cuidado que se debe tener cuando se utilizan los AI. Ilustramos estas ideas con unos ejemplos muy simples.

Suggested Citation

  • Ignacio Velez-Pareja, 2008. "De vuelta a lo basico: ¿calcula sus ahorros en impuestos en forma apropiada?," Proyecciones Financieras y Valoración 5155, Master Consultores.
    • Handle: RePEc:col:000463:005155
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    More about this item

    Keywords

    Costo promedio ponderado de capital (CPPC); weighted average cost of capital; valoracion de la firma; presupuesto de capital; ahorro en impuestos; escudo fiscal;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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