El efecto escudo fiscal como determinante de la estructura de capital y la generación de valor: un análisis empírico para el mercado colombiano

4区 计算机科学 Q1 Computer Science
Andrés Mosquera Sevilla, C. A. Lozano
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引用次数: 0

Abstract

National tax policy has a broad impact on investment, growth, job creation and other relevant macroeconomic variables. In microeconomic terms, it has a direct impact on the financial performance of companies in the country, to the extent that tax obligations affect corporate financial management. In this sense, the present work aims to analyze the impact that fiscal conditions may have on the debt decisions of companies, their impact on the economic value added and the cost of capital of Colombian companies that are listed on the stock market and make part of the Colcap index during the period 2015 to 2019. A descriptive study of a quantitative, comparative and longitudinal type was developed in the context of national financial and tax management. The research shows that fiscal aspects at the business level are highly correlated with capital structure decisions according to the empirical evidence provided by companies listed on the Colombian Stock Exchange; These findings are comparable to research results in other economies, both developed and emerging.
税收保护效应作为资本结构和价值创造的决定因素:哥伦比亚市场的实证分析
国家税收政策对投资、增长、创造就业和其他相关宏观经济变量具有广泛影响。从微观经济的角度来看,它直接影响到该国公司的财务绩效,因为纳税义务影响到公司的财务管理。从这个意义上说,本工作旨在分析财政状况可能对公司债务决策的影响,它们对2015年至2019年期间在股票市场上市并成为Colcap指数一部分的哥伦比亚公司的经济增加值和资本成本的影响。在国家财政和税收管理方面进行了一项数量、比较和纵向类型的描述性研究。哥伦比亚证券交易所上市公司的实证研究表明,企业层面的财务因素与资本结构决策高度相关;这些发现与其他经济体的研究结果具有可比性,无论是发达经济体还是新兴经济体。
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来源期刊
Advances in Computers
Advances in Computers 工程技术-计算机:软件工程
CiteScore
5.40
自引率
0.00%
发文量
58
审稿时长
>12 weeks
期刊介绍: Since its first volume in 1960, Advances in Computers has presented detailed coverage of innovations in computer hardware, software, theory, design, and applications. It has also provided contributors with a medium in which they can explore their subjects in greater depth and breadth than journal articles usually allow. As a result, many articles have become standard references that continue to be of significant, lasting value in this rapidly expanding field.
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