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Ensayo sobre el efecto de los regímenes impositivos en las finanzas de la empresa en Argentina

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  • José Pablo Dapena

Abstract

En términos financieros una firma arbitra flujos de fondos en su origen y aplicación, con el objetivo que la renta de la aplicación le permita repagar en exceso los costos financieros que esperan obtener en contraprestación los proveedores de capital. Los impuestos en Argentina afectan a la firma no solo por su significativo efecto en el estado de resultados de las mismas, sino también a nivel financiero. Esto sucede debido a que la regulación impositiva lleva a que la firma en algunos casos deba distraer recursos operativos de su actividad hacia gestionar los regímenes de retención, percepción y pagos a cuenta sin recibir beneficios; por otro lado los créditos fiscales implican adelantos de dinero al Estado sin una contraprestación específica. Todo esto sucede en un contexto de mercados de capitales y de créditos poco desarrollados y poco profundos, donde la absorción de fondos para adelantar el pago de impuestos incrementa las necesidades de financiamiento con poca variedad de proveedores de capital, y afecta de manera negativa la rentabilidad de los proyectos de inversión Finalmente, en situaciones de restricciones de acceso al crédito, la acumulación de deudas impositivas por el uso de esta fuente de financiamiento genera distorsiones en los proceso de asignación de recursos para inversiones, dando lugar a lo que se conoce en la literatura como “debt overhang”, y afecta los incentivos a mantener el capital intangible, las fuentes de trabajo y el crecimiento.

Suggested Citation

  • José Pablo Dapena, 2014. "Ensayo sobre el efecto de los regímenes impositivos en las finanzas de la empresa en Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 557, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:557
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    References listed on IDEAS

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    7. José Pablo Dapena, 2014. "Un enfoque económico de los efectos de la inflación en las ganancias de capital para los estados contables y el impuesto a las ganancias," CEMA Working Papers: Serie Documentos de Trabajo. 538, Universidad del CEMA.
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    Cited by:

    1. José P. Dapena, 2018. "Ensayo sobre doble imposición e impuestos sobre impuestos (impuestos al cuadrado) en la economia Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 640, Universidad del CEMA.

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    More about this item

    Keywords

    Flujo de efectivo; origen y aplicación de fondos; efecto financiero; impuestos; créditos fiscales; debt overhang;
    All these keywords.

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • G00 - Financial Economics - - General - - - General

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