Abstract

NINO T., Jorge; ZURITA L., Salvador  and  CASTILLO R., Augusto. Costo de capital e impuestos en un sistema tributario no integrado y en uno integrado. Generalización del modelo. El trimestre econ [online]. 2014, vol.81, n.321, pp.109-132. ISSN 2448-718X.

In this paper we obtain expressions for both the tax benefit of debt and the return on equity, when the company and the debt grow, under the non-integrated tax system prevailing in the USA. Then we develop the equivalent expressions under a totally integrated tax system. The main contribution of this paper is the extension and generalization of the company valuation and cost of equity formulas to a tax system different to the one used in the USA, but prevailing in many other countries in the world.

Keywords : costo de capital; estructura de capital; impuestos.