How much do the tax benefits of debt add to firm value? Evidence from spanish listed firms

  1. José A. Clemente Almendros 1
  2. Francisco Sogorb Mira 2
  1. 1 Universidad Politécnica de Valencia
    info

    Universidad Politécnica de Valencia

    Valencia, España

    ROR https://ror.org/01460j859

  2. 2 Universidad CEU Cardenal Herrera
    info

    Universidad CEU Cardenal Herrera

    Valencia, España

    ROR https://ror.org/01tnh0829

Revista:
Revista de economía aplicada

ISSN: 1133-455X

Año de publicación: 2017

Volumen: 25

Número: 74

Páginas: 105-129

Tipo: Artículo

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Otras publicaciones en: Revista de economía aplicada

Resumen

El impacto potencialmente relevante de la fiscalidad en las decisiones de financiación corporativa está ampliamente reconocido, y ello a pesar de que la evidencia empírica está lejos de ser concluyente. En este estudio valoramos los beneficios fiscales de la deuda para empresas cotizadas españolas en el período 2007-2013. En particular, y utilizando un enfoque de simulación, encontramos que el valor bruto actualizado de las deducciones de los intereses supone aproximadamente el 6.4% del valor de mercado de las empresas, mientras que el beneficio neto (de impuestos personales) de la deuda se estima en un 2.1%, en contraste con el cálculo tradicional (esto es, tipo impositivo marginal multiplicado por la deuda) que asciende a un 11.4%. Por otro lado, el enfoque de regresiones con datos de panel muestra un valor del 13.6% (34.2%) de escudo fiscal de la deuda en términos del valor de la empresa (deuda). Esta evidencia apoya la idea de que los impuestos influyen en la toma de decisiones corporativas y que la deuda aporta valor a la empresa de forma razonable.

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Información de financiación

Francisco Sogorb-Mira acknowledges financial support from Ministry of Economy and Competitiveness research grant ECO2015-67035-P.

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