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La Reforma Tributaria de 1986 y la estrategia financiera de la empresas en Colombia. ¿Puede el endeudamiento, después de todo, ser conveniente?

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  • Bernando Barona

Abstract

“Es ampliamente reconocido por la comunidad de economistas y analistas tributarios colombianos que uno de los efectos buscados por la Ley 75 de 1986 (de aquí en adelante referida como Reforma Tributaria) es la de inducir cambios en la estructura financiera de las empresas en el país, buscando una mayor importancia en ésta del capital propio y consecuentemente una reducción en los niveles relativos de capital prestado. Los llamados a las modificaciones en las estructuras de financiamiento se fundamentan en la ampliamente difundida creencia de que los niveles de endeudamiento de nuestras empresas exceden considerablemente los niveles "óptimos". A pesar de que la sabiduría convencional y la teoría financiera moderna han sido incapaces de producir fórmulas que permitan determinar inequívocamente el nivel de endeudamiento óptimo de las empresas individuales, se ha interpretado el hecho de que las empresas colombianas presenten razones deuda/activos mayores que las razones correspondientes de empresas estadounidenses, como indicativo de lo inadecuado de nuestra situación. Muy pocos trabajos han ido más allá de las simples comparaciones superficiales y han discutido con el cuidado que amerita este importante tema los variados y complicados aspectos involucrados en la determinación de los niveles óptimos de endeudamiento empresarial. Este artículo busca contribuir a subsanar esta deficiencia de la literatura. El escrito no pretende brindar fórmulas ni reglas precisas que permitan establecer niveles óptimos de endeudamiento, sino demostrar que puede haber muchas empresas en Colombia. En la parte final del artículo se discutirán medidas que podrían tomarse, tendientes a facilitar que algunas empresas se beneficien de la política de alto endeudamiento reduciendo al mismo tiempo algunos de los efectos negativos inherentes a tal política.”

Suggested Citation

  • Bernando Barona, 1989. "La Reforma Tributaria de 1986 y la estrategia financiera de la empresas en Colombia. ¿Puede el endeudamiento, después de todo, ser conveniente?," Coyuntura Económica, Fedesarrollo, vol. 19(1), pages 227-241, March.
    • Handle: RePEc:col:000438:013812
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    References listed on IDEAS

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    3. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    4. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    Reforma Tributaria; Endeudamiento; Financiamiento de Empresas; Impuestos; Colombia;
    All these keywords.

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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