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Cálculo de ganancias empresariales con ajuste por inflación o moneda extranjera: un enfoque desde las finanzas

Author

Listed:
  • José P. Dapena
  • Eduardo Corrado

Abstract

La cartera de activos y pasivos que maneja la firma apuntan a generar rentas operativas y financieras, y dentro de estas últimas se incluyen las ganancias (pérdidas) de capital, por efecto de los cambios relativos de valor de activos y pasivos bajo administración. En un contexto de estabilidad de precios, la hoja de balance de la situación económica y financiera de una empresa y su estado de resultados reflejan razonablemente la realidad de negocios de la misma. En contextos de inflación, los estados contables, al reflejar la realidad de negocios desde lo nominal, dan lugar a distorsiones originadas en las diferencias entre ganancias (y pérdidas) de capital nominales y reales. Entre los efectos de esta situación se observa que la rentabilidad no refleja la realidad económica, y que en la determinación del impuesto a las ganancias la falta de expresión en moneda homogénea dan lugar al cálculo del impuesto sobre ganancias (y pérdidas) de capital nominales y no reales, al asimilar de manera indirecta al patrimonio neto como un pasivo monetario que no debe ser ajustado. Bajo esta situación, la determinación del impuesto a las ganancias termina afectando no solo ganancias del ejercicio, sino también aportes de capital y ganancias retenidas de ejercicios anteriores, como así también política de dividendos. Mostramos este resultado en un ejemplo simple, y evaluamos sus potenciales consecuencias.

Suggested Citation

  • José P. Dapena & Eduardo Corrado, 2018. "Cálculo de ganancias empresariales con ajuste por inflación o moneda extranjera: un enfoque desde las finanzas," CEMA Working Papers: Serie Documentos de Trabajo. 654, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:654
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Estados contables; ajuste por inflación. Rentabilidad real y nominal; Impuesto a las ganancias; Resultados por tenencia; Ganancias de capital.;
    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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