Estructura de Capital Optima

Monografas de Juan Mascareas sobre Finanzas Corporativas
ISSN: 1988-1878
17 - La estructura de capital ptima
La estructura de capital ptima

Juan Mascareas
Universidad Complutense de Madrid
Versin inicial: enero 1993 - ltima versin: julio 20081
- El problema de la estructura del capital, 1

- La visin del mercado eficiente sobre la estructura del
capital, 3
- El efecto de los impuestos I: El impuesto sobre la renta de
las sociedades, 13
- El efecto de los impuestos II: El impuesto sobre la renta de
las sociedades y de las personas fsicas, 18
- El efecto de los costes de agencia, 20
- El efecto de los costes de insolvencia y de quiebra, 22
- La teora del equilibrio de la estructura del capital, 25
- La teora de la jerarqua de las fuentes de financiacin, 28
- Las teoras del equilibrio y de la jerarqua en un mundo no
anglosajn, 32
- La gestin de la estructura de capital: el anlisis BAIT-BPA, 34
- La valoracin de proyectos de inversin apalancados, 36
- Bibliografa, 39
- Apndice I, 41
- Apndice II, 43
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ISSN: 1988-1878
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ISSN: 1988-1878
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ISSN: 1988-1878
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+%.#5":(4".#+%#."#5/9:"gQ"C#%'#+%5(&C#+%.#4"9"g/#+%#'-#":"."*5"9(%*4/#>(*"*5(%&/?#F*#
/4&"'# :"."D&"'C# ."# 5":"5(+"+# 6%*%&"+/&"# +%# >.-,/'# +%# 5","# +%# ."# %9:&%'"# %'# (*+%:%*B
+(%*4%#+%#'-#%'4&-54-&"#+%#5":(4".C#./#9('9/#A-%#."#4"'"#+%#+%'5-%*4/#+%#+(5S/'#>.-,/'?#
#
<"#1)"(%#.!#")#!8$%!-)#-9"(#.!$!2.!%A#.!#")#&)$)&'.).#5!2!%).(%)#.!#%!2*)#.!#-+-#)&B
*'1(-#-'2#'8$(%*)%#!2#)/-("+*(#.!#.92.!#>)2#$%(&!.'.(#"(-#%!&+%-(-#3'2)2&'!%(-#,+!#"(-#
>)2#3'2)2&').(#E"#%'4/#'%#.%#+%*/9(*"#."#=&/:/'(5()*#h#+%#ddG?#h*4-(4($"9%*4%#%'4/#%'#
5(%&4/#:/&A-%#"#(6-".#5/&&(%*4%#+%#>.-,/'#+%#5","#5/&&%':/*+%#-*#9('9/#$"./&#E%*#5"'/#
5/*4&"&(/#S"D&Q"#-*"#/:/&4-*(+"+#:"&"#%.#"&D(4&",%G?#@%#S%5S/C#%.#$"./&#+%#."#%9:&%'"#
$%*+&H#+"+/#5":(4".(3"*+/#%.#D%*%>(5(/#"*4%'#+%#(*4%&%'%'#M#+%#(9:-%'4/'#EkPhjG#"#-*#
4(:/# +%# (*4%&O'# (6-".# ".# 5/'4%# +%.# 5":(4".# 9%+(/# :/*+%&"+/# +%# ."# %9:&%'"C# %.# 5-".# '-B
:/*+&%9/'#5/*'4"*4%I##
#
BAIT
V =
#######################################################]0_#
k0
#
!"#(+%"#A-%#'-DM"5%#%*#."#5/*'(+%&"5()*#+%#A-%#[1#%'#5/*'4"*4%#MC#:/&#4"*4/C#(*+%:%*B
+(%*4%#+%.#6&"+/#+%#":"."*5"9(%*4/#>(*"*5(%&/C#%'#A-%#".#"-9%*4"&#."#:&/:/&5()*#+%#
."'#+%-+"'#%*#%.#:"'($/#+%#."#%9:&%'"C#"-9%*4"&H#%.#&(%'6/#>(*"*5(%&/#./#5-".#4%*+&H#
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#
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+%9/'4&"*+/#A-%#%.#$"./&#+%#+/'#%9:&%'"'#:/+&Q"#'%&#%.#9('9/#'(#."#Z*(5"#+(>%&%*5("#
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>-%'%#"'Q#./'#(*$%&'/&%'#$%*+%&Q"*#"55(/*%'#+%#."#5/9:"gQ"#'/D&%$"./&"+"#M#"+A-(&(&Q"*#
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#
Concretando, la idea defendida por esta teora se basa en el concepto de la conservacin del valor, por el que en un mercado de capitales perfecto el valor de una
empresa slo depende del tamao de los flujos de caja que se espera genere en el
futuro y del coste de oportunidad del capital, pero no de cmo se reparten esos flu-
l#dY@hr!hPohC#X&"*5/#M#dh!!F7C#d%&4/*I#pjS%#8/'4#/>#8":(4".C#8/&:/&"4(/*#X(*"*5%#"*+#4S%#jS%/&M#/>#h*$%'49%*4qC#
C8!%'&)2#<&(2(8'&#=!1'!D#e2#Ew-*(/G#âi2?#=:?I0l^B0am

ISSN: 1988-1878
jos de caja entre accionistas y obligacionistas. As, en la tabla 1 se muestra como

ambas empresas (la endeudada o apalancada, y la que no lo est) proporcionan el
mismo flujo de caja al inversor, por tanto, el precio que ste pagar por una fraccin x del activo de la compaa ser idntico en ambos casos. As que el precio pagado por la totalidad de los activos operativos tambin ser el mismo en ambos casos.
Empresa U
Tipo de empresa
No apalancada:
Apalancada:
VU = E
Ahora
VL = EL + DL
El inversor adquiere una
El inversor adquiere una
fraccin x de la empresa:
fraccin x de la empresa:
x VU
Transcurrido un periodo
Empresa L
x EL + x DL
El inversor recibe una fraccin x
El inversor recibe lo siguiente:
de los flujos de caja:
x (FC - kiDL) + x kiDL = x FC
x FC
Tabla 1 Demostracin de la Proposicin I de MM en ausencia de impuestos y de arbitraje.
Para que lo anterior se cumpla deberemos considerar que el mercado es perfecto

(no hay costes de transaccin, ni de informacin, ni impuestos) y que el coste de
las deudas no depende del grado de endeudamiento (ki es constante). As que para
la denominada hiptesis RE7 no existe ninguna estructura de capital ptima debido a que su composicin no afecta para nada al valor de su activo (V) tal y como
puede apreciarse en la figura 1 izquierda.
Fig.1 El valor de la empresa y del coste del capital segn la hiptesis RE
En la figura 1 derecha se muestra como al aumentar el grado de endeudamiento de

la empresa aumenta el valor del coste de las acciones ordinarias lo que contrarresta el posible beneficio de financiarse a un coste inferior a travs del endeudamiento. El resultado es que el coste del capital de la empresa se mantiene inalterado
sea cual sea el nivel del apalancamiento financiero. La expresin matemtica que
calcula el valor del coste de las acciones ordinarias (rentabilidad financiera) en fun-
7 RE de Resultado de Explotacin (en ingls, net operating income o NOI), que puede considerarse igual al beneficio
antes de intereses e impuestos o BAIT (EBIT, en ingls).

ISSN: 1988-1878
cin de dicho apalancamiento se deduce a partir de la conocida expresin que calcula el coste del capital medio ponderado:
[3]
donde suponiendo que k0 y ki son constantes, despejaremos ke con lo que despus

de operar convenientemente obtendremos:
ke = ko + (ko - ki) x
[4]
a esta expresin se la conoce como Proposicin II de MM, que dice que la rentabilidad esperada de las acciones ordinarias de una empresa endeudada crece proporcionalmente a su grado de endeudamiento. La condicin necesaria para que se produzca un aumento de la rentabilidad financiera (ke) es que exista un efecto apalancamiento positivo, esto es, que ko > ki. Si no fuera as tendramos un efecto apalancamiento negativo8.
La figura 1 derecha supona que las obligaciones de la empresa son fundamentalmente activos sin riesgo cuando el grado de endeudamiento es bajo. Esto hace que
ki sea independiente de la relacin D/E y que ke crezca linealmente cuando lo haga
dicha relacin de endeudamiento. Ahora bien, cuanto mayor sea la deuda de la empresa mayor ser el riesgo de insolvencia y la empresa se ver obligada a pagar
mayores tipos de inters, lo que implica que tanto ki como ke crecen manteniendo,
eso s, la relacin mostrada en la ecuacin 4 (vase la figura 2, donde L = D/V).
Esto lo veremos detenidamente en el epgrafe 2.1.
Fig.2 La proposicin II de Modigliani-Miller
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ISSN: 1988-1878
$9*+&%(:# d(.-'"# %'# -*"# 5/9:"gQ"# +%+(5"+"# ".# &"9/# +%# ."# ".(9%*4"5()*# A-%# */'# :&/B
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7

ISSN: 1988-1878
#
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#
3.000.000
= 20.000.000 euros #
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ISSN: 1988-1878
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ISSN: 1988-1878
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10

ISSN: 1988-1878
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11

ISSN: 1988-1878
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12

ISSN: 1988-1878
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13

ISSN: 1988-1878
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14

ISSN: 1988-1878
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15

ISSN: 1988-1878
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16

ISSN: 1988-1878
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17

ISSN: 1988-1878
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18

ISSN: 1988-1878
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ISSN: 1988-1878
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20

ISSN: 1988-1878
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21

ISSN: 1988-1878
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22

ISSN: 1988-1878
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23

ISSN: 1988-1878
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#
24

ISSN: 1988-1878
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25

ISSN: 1988-1878
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Valor de la empresa =
Valor de la empresa sin deudas
+ Valor actual de la desgravacin fiscal
- Valor actual de los costes de insolvencia y de agencia
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9"4($"?#
26

ISSN: 1988-1878
Fig.11 El coste medio ponderado del capital y las imperfecciones del mercado
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#
Algunos estudios24 han llegado a las siguientes conclusiones sobre el ratio de endeudamiento:
a) Est negativamente correlacionado con la volatilidad de los beneficios operativos anuales: a mayor volatilidad menor deuda.
0b#F.#&(%'6/#%5/*)9(5/#%'#."#+%'$("5()*#4Q:(5"#+%.#&%*+(9(%*4/#%5/*)9(5/#:&/+-5(+/#:/&#./'#"54($/'#+%#."#%9:&%'"?#
0e#k7P@!FVC#d?N#wP77F!!C#r&%66#M#<Po#hdC#F?#Eâ2eGI#pY*#4S%#FR('4%*5%#/>#"*#Y:4(9".#8":(4".#`4&-54-&%I#jS%/&M#
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27

ISSN: 1988-1878
b) Positivamente correlacionado con la desgravacin fiscal de los intereses de

la deuda: A mayor desgravacin fiscal mayor endeudamiento.
c) Negativamente correlacionado con los costes de I+D y de publicidad al tomarlos como ejemplo de los costes de agencia.
Variable
Tasa marginal del impuesto sobre
beneficios
Separacin entre la propiedad y los
directivos
Variabilidad de los flujos de caja
operativos (riesgo econmico)
Efecto sobre el ratio de endeudamiento

A mayor tasa, mayor endeudamiento
Dificultad de los acreedores de controlar a

los directivos.
Necesidad de flexibilidad financiera
A mayor separacin, mayor

endeudamiento
A mayor riesgo econmico, menor
endeudamiento debido a los costes de
quiebra
A mayor dificultad, menor endeudamiento
A mayor necesidad de flexibilidad, menor
endeudamiento
j"D."#m#
En la tabla 7 se muestran algunas de las principales variables que afectan a la estructura de capital de la empresa y su efecto sobre la misma.
#
`(*#%9D"&6/C#"-*A-%#%'4"#4%/&Q"C#"#+(>%&%*5("#+%#."'#S(:)4%'('#+%#ddC#'Q#4(%*%#%*#5-%*B
4"#."#%R('4%*5("#+%#(*%>(5(%*5("'#+%.#9%&5"+/I#(9:-%'4/'C#5/'4%'#+%#"6%*5("#M#5/'4%'#+%#
(*'/.$%*5("C#*/#5-%*4"#5/*#."#:/'(D(.(+"+#+%#A-%#-*"#%9:&%'"#:/+&Q"#*/#4%*%&#"55%'/#
.(D&%# ".# 9%&5"+/# >(*"*5(%&/# MC# :/&# 4"*4/C# */# 4%*+&Q"# .(D%&4"+# +%# +%5('()*# '/D&%# '-# %'B
4&-54-&"#+%#5":(4".?##
#
#
#
G "# 4,#/*('A,#-*#%,#9*','D0A,#-*#%,.#80*7/*.#-*#827,712,1267 #
#
F*-*5("+"# :/&# `4%s"&4# dM%&'# %*# â2e# E$!&P'25# (%.!%# *>!(%6G0iC# '%g"."# A-%# "A-%../'#
A-%#(*$(%&4%*#%*#-*"#%9:&%'"#+(':/*%*#+%#9%*/'#(*>/&9"5()*#'/D&%#'-#'(4-"5()*#>(B
*"*5(%&"#A-%#'-'#:&/:(/'#+(&%54($/'N#M#%'4%#:&/D.%9"#+%#(*>/&9"5()*#"'(9O4&(5"#..%$"#"#
"*".(3"&# ."'# '%g".%'# %9(4(+"'# :/&# %'4/'# Z.4(9/'?# P.# (6-".# A-%# ."# 4%/&Q"# +%.# %A-(.(D&(/C#
%R:-%'4"#"*4%&(/&9%*4%C#%'4"#4%/&Q"#'%#:-%+%#%R:.(5"&#:/&#%.#+%'%/#+%#5/*'%6-(&#-*"#
%'4&-54-&"#+%#5":(4".#):4(9"#"#4&"$O'#+%#."#9(*(9(3"5()*#+%#./'#5/'4%'#+%#4&"*'"55()*#
+%#."#/D4%*5()*#+%#>(*"*5("5()*?##
#
0i#dVF7`C#`4%s"&4I#p=&%'(+%*4(".#P++&%''I#jS%#8":(4".#`4&-54-&%#=-33.%qC#?(+%2)"#(3#@'2)2&!#â2eC#baEbG?#=:?I#imiB
ia0#M#dVF7`C#`4%s"&4#M#dPw!;XC#o?I#p8/&:/&"4%#X(*"*5(*6#"*+#h*$%'49%*4#@%5('(/*'#S%*#X(&9'#<"$%#h*>/&9"4(/*#
jS"4#h*$%'4/&'#@/#o/4#<"$%q?#?(+%2)"#(3#@'2)2&')"#<&(2(8'&-C#$/.?#^b?#â2e?#=:?I#^2mB00^#
28

ISSN: 1988-1878
=-%+%#'%&#-*#:&/D.%9"#5-"*+/#."#%9:&%'"#A-(%&%#%9(4(&#*-%$"'#"55(/*%'I#./'#(*$%&'/B
&%'#:-%+%*#5&%%&C#%A-($/5"+"9%*4%#/#*/C#A-%#."#5/9:"gQ"#+%'%"#+(5S/#4(:/#+%#&%5-&B
'/'#>(*"*5(%&/'#:/&A-%#./'#+(&%54($/'#:(%*'"*#A-%#."'#"55(/*%'#%'4H*#'/D&%$"./&"+"'#E'(#
%'4-$(%&"*# (*>&"$"./&"+"'# ."# %9:&%'"# D-'5"&Q"# >(*"*5("5()*# "# 4&"$O'# +%# ."# %9('()*# +%#
+%-+"C#:/&A-%#*/#$"#"#%9(4(&#"55(/*%'#:/&#+%D",/#+%.#$"./&#A-%#."#+(&%54($"#5/*'(+%&"#
"+%5-"+/GN#%.#&%'-.4"+/#%'#A-%C#"*4%#%.#"*-*5(/#+%#."#"9:.("5()*#+%#5":(4".C#./'#(*$%&B
'/&%'#:&/5%+%*#"#$%*+%&#."'#"55(/*%'C#*/#"#5/9:&"&."'?#`%6Z*#%'4"#4%/&Q"C#."#(*>/&9"B
5()*#"'(9O4&(5"#>"$/&%5%#."'#%9('(/*%'#+%#+%-+"?##
#
=/&#'-:-%'4/C#S"M#%R5%:5(/*%'?#!"'#%9:&%'"'#+%#".4"#4%5*/./6Q"C#/#+%#".4/#5&%5(9(%*4/#
+%D%*#>(*"*5("&'%#"#D"'%#+%#*-%$"'#"55(/*%'C#+%D(+/#"#A-%#'-'#"54($/'#/#D(%*#'/*#(*B
4"*6(D.%'#%*#'-#9"M/&Q"C#/#./'#5/'4%'#+%#A-(%D&"#'/*#".4/'C#/#*/#S"M#.(A-(+%3#:"&"#S"5%&#
>&%*4%# ".# '%&$(5(/# +%# ."# +%-+"# :/&A-%# %'# *%5%'"&("# :"&"# ".(9%*4"&# %.# 5&%5(9(%*4/?# F*#
&%".(+"+#./#A-%#/5-&&%#"A-Q#%'#A-%#%.#&(%'6/#+%#(*'/.$%*5("#%'#4"*#6&"*+%#A-%#."#+%-+"#
*/#%'#-*"#/:5()*?#
#
!"#%9('()*#+%#+%-+"#4(%*%#-*#%>%54/#9-5S/#9%*/'#+&H'4(5/#A-%#."#%9('()*#+%#"55(/B
*%'C#:%&/#4"9D(O*#(9:.(5"#5/'4%'C#"#$%5%'#:&/S(D(4($/'?#=/&#%../C#."'#%9:&%'"'#'%#(*5.(B
*"*#%*#'-#9"M/&Q"#:/&#-4(.(3"&#(*(5(".9%*4%#./'#&%5-&'/'#:&/$%*(%*4%'#+%#./'#D%*%>(5(/'#
&%4%*(+/'C#'/D&%#4/+/#'(#."'#5/9:"gQ"'#6%*%&"*#".4/'#>.-,/'#+%#5","#.(D&%'#:/&A-%#:-%B
+%*#>(*"*5("&#'-'#/:%&"5(/*%'#"#4&"$O'#+%#%../'#'(*#*%5%'(+"+#+%#&%5-&&(&#"#%9(4(&#+%-+"#
/#"55(/*%'#M#%$(4H*+/'%#./'#5/'4%'#+%#%9('()*#M#./'#:&/D.%9"'#+%#(*>/&9"5()*#"*%,/'?#
#
F'4"# 4%/&Q"# :-%+%# "M-+"&# "# %R:.(5"&# :/&A-%# ."'# %9:&%'"'# 9"*4(%*%*# 6&"*+%'# 5"*4(B
+"+%'# +%# &%5-&'/'# .QA-(+/'# */# &%:"&4(+/'# "# '-'# "55(/*('4"'C# M# '(# :(%*'"*# A-%C# "Z*# "'QC#
'/*# (*'->(5(%*4%'# :"&"# >(*"*5("&# *-%$/'# :&/M%54/'C# &%5-&&%*# (*(5(".9%*4%# "# ":."3"&# %.#
:"6/#"#./'#:&/$%%+/&%'?#8-"*+/#%'4/#M"#*/#:-%+%#S"5%&'%#&%5-&&%*#"#%9(4(&#+%-+"#/&B
+(*"&("#A-%C#"-*A-%#9%*/'#"+%5-"+"#A-%#./'#&%5-&'/'#(*4%&*/'C#%'#:&%>%&(D.%#"#/4&/#4(B
:/# +%# &%5-&'/'# >(*"*5(%&/'?# F*# 5-"&4/# .-6"&# ":"&%5%*# ./'# "54($/'# >(*"*5(%&/'# SQD&(+/'#
E+%-+"L5":(4".G# 5/9/# ."'# /D.(6"5(/*%'# 5/*$%&4(D.%'C# ."# +%-+"# '-D/&+(*"+"# A-%# (*5/&B
:/&%#D)%%)2*-#E+%*/9(*"+"#.!+.)#.!#!2*%!-+!"(G?#=/&#Z.4(9/C#":"&%5%#."#%9('()*#+%#
*-%$"'#"55(/*%'#/&+(*"&("'?#
#
!/# "*4%&(/&# :-%+%# %R:.(5"&# :/&A-%# ."'# %9:&%'"'# 5/*# ".4/'# D%*%>(5(/'# %'4"D.%'# '-%.%*#
%*+%-+"&'%#9%*/'#A-%#."'#9%*/'#&%*4"D.%'#%#(*%'4"D.%'#E"#:%'"&#A-%#."'#:&(9%&"'C#+%B
D(+/# "# '-# %'4"D(.(+"+C# %'4H*# %*# 9%,/&%'# 5/*+(5(/*%'# +%# 5/*'%6-(&# >(*"*5("5()*# ",%*"#
A-%# ."'# '%6-*+"'G?# F*# &%".(+"+C# "# ."'# :&(9%&"'# */# .%'# S"5%# >".4"# >(*"*5("5()*# %R4%&*"C#
9(%*4&"'#A-%#."'#9%*/'#&%*4"D.%'#+%:%*+%*#+%#+(5S"#>(*"*5("5()*#:"&"#5/*4(*-"&#5/*#
'-'#/:%&"5(/*%'#EM#5/9/#:&(9%&"#".4%&*"4($"#%.%6(&H*#%.#%*+%-+"9(%*4/#:/&#./#5/9%*B
4"+/#"*4%&(/&9%*4%G?#
#
="&"#%'4"#4%/&Q"C#."#$%*4","#>('5".#+%#."#+%-+"#%'#-*#%>%54/#+%#'%6-*+/#/&+%*C#M#%.#":"B
."*5"9(%*4/#>(*"*5(%&/#+%#."#%9:&%'"#%'#>-*5()*#+%#./'#3"+4(-#.!#&)4)#"'/%!-0l# M#+%#."'#
0l#F.#>.-,/#+%#5","#.(D&%#%'#(6-".#".#D%*%>(5(/#"*4%'#+%#(*4%&%'%'#:%&/#+%':-O'#+%#(9:-%'4/'C#9H'#."'#"9/&4(3"5(/*%'C#
M#9%*/'#."#(*$%&'()*#D&-4"#
29

ISSN: 1988-1878
/:/&4-*(+"+%'#+%#(*$%&'()*#&%".?#d-%'4&"#."#&%."5()*#(*$%&'"#%*4&%#&%*4"D(.(+"+#%5/*)B
9(5"#M#":"."*5"9(%*4/#>(*"*5(%&/#E"#9"M/&#&%*4"D(.(+"+#%5/*)9(5"#9%*/'#*%5%'(+"+#
+%#%*+%-+"&'%#M#9%*/&#$"./&#4%*+&H#%.#&"4(/#+%#%*+%-+"9(%*4/G?#
#
!/'# 5/'4%'# +%# 4&"*'"55()*# "'/5("+/'# 5/*# ."# /D4%*5()*# +%# *-%$"# >(*"*5("5()*# %R4%&*"#
">%54"*#"#."#5/9:/'(5()*#+%#."#%'4&-54-&"#+%#5":(4".#+%#>/&9"#'(9(."&#"#."#$('4"#%*#./'#
%:Q6&">%'#"*4%&(/&%'#:%&/C#"+%9H'C#(*5.-M%*#-*"#$"&("*4%#+(*H9(5"?#8-"*4/#9"M/&#'%"#
."#%9('()*#9%*/&#'%&H#%.#5/'4%#-*(4"&(/#+%#."#9('9"#./#A-%#">%54"#"#."#+%5('()*#'/D&%#%.#
$/.-9%*#+%#&%5-&'/'#"#5":4"&#MC#:/&#4"*4/C#"#."#%'4&-54-&"#+%#5":(4".#):4(9"#E$%&#4"D."#
2GC# :/&A-%# :%A-%g"'# %9('(/*%'# (9:.(5"*# 9"M/&%'# 5/'4%'# A-%# %9('(/*%'# 9-5S/# 9H'#
6&"*+%'?#
#
Emisin de acciones ordinarias
Emisin de bonos
Tamao
Diferencial bruto
Tamao
Diferencial bruto
(millones de $)
(%)
(millones de $)
(%)
10
15
20
30
50
100
150
6,0-8,0
5,0-7,5
5,0-7,0
3,5-5,0
2,0-5,0
2,0-4,5
2,0-4,0
20
25
30
50
100
150
200
1,3
1,2
1,0
0,7
0,7
0,7
0,7
Tabla 8. Diferenciales brutos en el mercado norteamericano para las emisiones de acciones (de
empresas industriales) y bonos (de riesgo medio y largo plazo). [Fuente: Fabozzi, Modigliani y Ferri]
#
!"#3"!H'/'"'.).#3'2)2&'!%)#(9:.(5"#+(':/*%&#>H5(.9%*4%#+%#.(A-(+%3I#4%'/&%&Q"C#"54($/'#>(B
*"*5(%&/'#>H5(.9%*4%#*%6/5("D.%'C#"54($/'#&%".%'#.(A-(+"D.%'#5/*#&":(+%3C#>H5(.#"55%'/#"#
./'# 9%&5"+/'# +%# +%-+"# /# "# ."# >(*"*5("5()*# D"*5"&("?# @(5S"# >.%R(D(.(+"+# %'# (9:/&4"*4%#
:/&A-%#M"#S%9/'#%'4"D.%5(+/#A-%#%.#$"./&#+%#-*"#%9:&%'"#+%:%*+%#DH'(5"9%*4%#+%#
."'#+%5('(/*%'#A-%#'%#4/9"*#"5%&5"#+%#'-#"54($/#M#*/#4"*4/#+%#5)9/#'%#>(*"*5("C#5."&/#
%'4H#A-%#:"&"#:/+%&#(*$%&4(&#M#5&%5%&#%'#*%5%'"&(/#A-%#*/#>".4%*#&%5-&'/'#>(*"*5(%&/'#M#
"SQ#%'#+/*+%#%*4&"#."#>.%R(D(.(+"+#>(*"*5(%&"?#'4"#%'#9H'#$".(/'"#:"&"#."'#%9:&%'"'#A-%#
+(':/*%*#S"D(4-".9%*4%#+%#D-%*/'#:&/M%54/'#+%#(*$%&'()*#MC#:/&#%../C#5/*#/D,%4/#+%#
9"R(9(3"&#%.#$"./&#+%#+(5S"#>.%R(D(.(+"+#>(*"*5(%&"#"A-O.."'#4%*+&H*#%'4&-54-&"'#+%#5":(B
4".#:/5/#":"."*5"+"'?#
#
F*# &%'-9%*C# ./'# +(&%54($/'# $"./&"*# ."# +(':/'(5()*# +%# -*"# >.%R(D(.(+"+# >(*"*5(%&"# M# +%.#
5/*4&/.# E%'4/# .%'# S"5%# :&%>%&(&# ./'# D%*%>(5(/'# &%4%*(+/'# "*4%'# A-%# ."# >(*"*5("5()*# %RB
4%&*"G#MC#"+%9H'C#."#>(*"*5("5()*#(*4%&*"#%'#9H'#D"&"4"#A-%#."#%R4%&*"#%*#5-"*4/#"#./'#
5/'4%'#+%#%9('()*?##
#
#
#
#
30

ISSN: 1988-1878
G"!#4,#/*('A,#-*#%,#9*','D0A,#@#%,#827,712,1267#-*#%,.#HI;$.3F#
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>(*"*5("5()*#+%#%9:&%'"'#:%A-%g"'#M#+%#4(:/#>"9(.("&C#"'Q#5/9/#:"&"#%9:&%'"'#%*#>"'%#
+%#"&&"*A-%#"-*A-%#,-'4"9%*4%#%*#%.#'%*4(+/#5/*4&"&(/#".#%R:-%'4/#:/&#."#9('9"02#+"B
+/#A-%#."#>(*"*5("5()*#(*4%&*"#*/#:-%+%#">&/*4"&#4/+"'#."'#*%5%'(+"+%'#+%#>(*"*5("5()*#
M#."#+%-+"#%'#5/9:.(5"+"#+%#5/*'%6-(&C#%.#5":(4".#%R4%&*/#%'#."#:&(*5(:".#>-%*4%#+%#>(B
*"*5("5()*?#`-#,%&"&A-Q"#'%&Q"#%*4/*5%'#."#'(6-(%*4%I#:&(9%&/#5":(4".C#+%':-O'#+%-+"#M#
>(*".9%*4%#>(*"*5("5()*#(*4%&*"?#!"'#%9:&%'"'#A-%#4(%*%*#$".(/'/'#"54($/'#(*4"*6(D.%'#-#
/:/&4-*(+"+%'# +%# 5&%5(9(%*4/# 4(%*+%*# "# 4/9"&# 9%*/'# 5":(4".# :&%'4"+/# A-%# ."'# 5/9B
:"gQ"'#A-%#4(%*%*#>-*+"9%*4".9%*4%#"54($/'#4"*6(D.%'?#=/&#%'/C#."'#5/9:"gQ"'#5/*#".B
4/#&(%'6/#4(%*+%*#"#-4(.(3"&#9%*/'#+%-+"C#'-:/*(%*+/#(6-".%'#%.#&%'4/#+%#5"&"54%&Q'4(B
5"'?#F.#:&/D.%9"#+%#."#'%.%55()*#"+$%&'"#'%#:&%'%*4"#5-"*+/#./'#:&/$%%+/&%'#+%#+%-B
+"C#5/9/#:/&#%,%9:./#./'#D"*5/'C#4(%*%*#+(>(5-.4"+%'#+%#+(>%&%*5("&#%*4&%#pD-%*/'q#M#
p9"./'q#:&/M%54/'#+%#(*$%&'()*C#./#A-%#"5"D"#4&"+-5(O*+/'%#%*#&%'4&(55(/*%'#>(*"*5(%B
&"'#:"&"#."#9"M/&Q"#+%#."'#:%A-%g"'#%9:&%'"'C#:/&#4"*4/C#."#'%.%55()*#"+$%&'"#'-:/*%#
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#
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A-%#6%*%&"*#>.-,/'#+%#5","#9H'#%'4"D.%'b1?#7%':%54/#".#:/4%*5(".#+%#"5-9-."&#5":(4".#
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+%'C#:/&#'-#9H'#5/&4"#%R('4%*5("?#8/9/#&%'-.4"+/C#."#>(*"*5("5()*#(*4%&*"#%'4H#+(':/*(B
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:/&4"*4%'C# %':%5(".9%*4%# %*# 5/9:"gQ"'# ,)$%*%'# %# (**/$"+/&"'?# !"'# "'(9%4&Q"'# +%#
(*>/&9"5()*#%*4&%#:&%'4"9('4"'#M#:&%'4"4"&(/'C#:/&#-*#."+/C#M#."'#"'(9%4&Q"'#+%#(*5%*B
4($/'#%*4&%#:&/:(%4"&(/'#M#+(&%54($/'C#:/&#/4&/C#'/*#9H'#:&/*-*5("+"'#%*#5"'/#+%#%9B
:&%'"'# :%A-%g"'# A-%# %*# 5/9:"gQ"'# 6&"*+%'?# 8/*'%5-%*4%9%*4%C# ."'# %9:&%'"'# :%B
A-%g"'#:-%+%*#4%*%&#-*"#+%'$%*4","#>&%*4%#"#."'#6&"*+%'#%*#%.#"55%'/#"#."#+%-+"#D"*B
5"&("#M#:/&#%../#%'#(9:/&4"*4%#A-%#./'#+(&%54($/'#+%#."'#=VdF'#+%'"&&/..%*#-*"#D-%*"#
&%."5()*#5/*#./'#+(&%54/&%'#+%#."'#'-5-&'".%'#D"*5"&("'#5/*#."'#A-%#'-%."*#4&"D","&N#"'Q#
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31

ISSN: 1988-1878
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32

ISSN: 1988-1878
4"*#"#:/'(D.%'#:&/D.%9"'#+%#'-DB(*$%&'()*C#:&%>(%&%*#"6/4"&#:&(9%&"9%*4%#'-#"-4/>(B
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bm#!"#=/&4"C#7?N#!/:%3B+%B`(."*%'C#X?N#`S.%(>%&C#P?N#J('S*MC#7?#Eâa2GI#p!"s#"*+#>(*"*5%qC#?(+%2)"#(3#Q("'*'&)"#<&(2(86C#
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33

ISSN: 1988-1878
!O "# 4,#<*./267#-*#%,#*./'01/0',#-*#1,&2/,%:#$%#,7P%2.2.#QR>S T QHR #

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34

ISSN: 1988-1878
F*# ."# 4"D."# a# '%# 9-%'4&"*# ./'# &%'-.4"+/'# /D4%*(+/'# :/&# ."# %9:&%'"# 5/*# ."# %'4&-54-&"#
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35

ISSN: 1988-1878
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36

ISSN: 1988-1878
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37

ISSN: 1988-1878
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38

ISSN: 1988-1878
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39

ISSN: 1988-1878
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40

ISSN: 1988-1878
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41

ISSN: 1988-1878
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42

ISSN: 1988-1878
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43

ISSN: 1988-1878
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44

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Monografas de Juan Mascareas sobre Finanzas Corporativas

La estructura de capital ptima

- El problema de la estructura del capital, 1

Monografas de Juan Mascareas sobre Finanzas Corporativas

!"# $%#&'()%*+, #-*#%,#*./'01/0',#-*%#1,&2/,% #

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

jos de caja entre accionistas y obligacionistas. As, en la tabla 1 se muestra como

El inversor adquiere una

El inversor adquiere una

El inversor recibe una fraccin x

El inversor recibe lo siguiente:

de los flujos de caja:

x (FC - kiDL) + x kiDL = x FC

Para que lo anterior se cumpla deberemos considerar que el mercado es perfecto

Fig.1 El valor de la empresa y del coste del capital segn la hiptesis RE

En la figura 1 derecha se muestra como al aumentar el grado de endeudamiento de

Monografas de Juan Mascareas sobre Finanzas Corporativas

donde suponiendo que k0 y ki son constantes, despejaremos ke con lo que despus

Fig.2 La proposicin II de Modigliani-Miller

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

X(6?#b#J"./&#"54-".#+%#."#%9:&%'"I#i11C#$/."4(.(+"+#E!G#K#i1zC#8/%>(5(%*4%#-#K#% #K#^CleaC#+#K#% #K##1Cl1m#

Monografas de Juan Mascareas sobre Finanzas Corporativas

Fig. 4 J"./&#"54-".#+%#."#%9:&%'"I#i11C#$/."4(.(+"+#E!G#K#i1zC#8/%>(5(%*4%#-#K#% #K#^CleaC#+#K#% #K##1Cl1m

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Fig. 5 [Eje horizontal: D/(E+D)]

Monografas de Juan Mascareas sobre Finanzas Corporativas

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Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

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Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

b) Positivamente correlacionado con la desgravacin fiscal de los intereses de

Efecto sobre el ratio de endeudamiento

Dificultad de los acreedores de controlar a

A mayor separacin, mayor

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

Monografas de Juan Mascareas sobre Finanzas Corporativas

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