Curso 6.

Toma de Decisiones Financieras

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DETERMINAR EL COSTO DE CAPITAL PROMEDI

COSTO DE DEUDA

CD = (1 - t ) (tcf)

CD = Costo de Deuda
t = Tasa de Impuestos (ISR)
tcf = Tasa del costo del financiamiento = intereses pagados / pasivos con costo promedio

FINANCIAMIENTO

AÑO 1 2 3 4

Unidad 1.00 1.00 1.00 1.00

Tasa de Impuestos 0.30 0.30 0.30 0.30
70.0% 70.0% 70.0% 70.0%

Intereses pagados 4,800 4,469 4,111 3,724

Pasivos con costo promedio (I+F)/2 57,929 53,622 48,970 43,945
Tasa del costo de financiamiento 8.3% 8.3% 8.4% 8.5%

COSTO DE DEUDA 5.80% 5.83% 5.88% 5.93%

COSTO DE CAPITAL 10.00% 10.00% 10.00% 10.00%

% PASIVO 45.23% 37.70% 31.12% 25.36%

% CAPITAL CONTABLE 54.77% 62.30% 68.88% 74.64%

COSTO DE CAPITAL PROMEDIO

7.31% 7.77% 8.17% 8.52%
PONDERADO (WACC)

ARRENDAMIENTO

AÑO 1 2 3 4

Unidad 1.00 1.00 1.00 1.00

Tasa de Impuestos 0.30 0.30 0.30 0.30
70.0% 70.0% 70.0% 70.0%

Intereses pagados 0 0 0 0
Pasivos con costo promedio (I+F)/2 0 0 0 0
Tasa del costo de financiamiento 0.0% 0.0% 0.0% 0.0%

COSTO DE DEUDA 0.00% 0.00% 0.00% 0.00%

COSTO DE CAPITAL 10.00% 10.00% 10.00% 10.00%

% PASIVO 11.07% 8.90% 7.35% 6.18%

% CAPITAL CONTABLE 88.93% 91.10% 92.65% 93.82%

COSTO DE CAPITAL PROMEDIO

8.89% 9.11% 9.27% 9.38%
PONDERADO (WACC)
CAPITAL PROMEDIO PONDERADO

COSTO DE CAPITAL (CAPM)

CC = Tlr + B (Tm - Tlr)

CC = Costo de Capital 10.00%

Tlr = Tasa Libre de Riesgo 8%
Tm = Tasa de Mercado 10%
B = Beta 1.00

5 6 7 8 9 10

1.00 1.00 1.00 1.00 1.00 1.00

0.30 0.30 0.30 0.30 0.30 0.30
70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

3,307 2,856 2,369 1,844 1,276 662

38,519 32,659 26,330 19,495 12,112 4,140
8.6% 8.7% 9.0% 9.5% 10.5% 16.0%

6.01% 6.12% 6.30% 6.62% 7.37% 11.20%

10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

20.32% 16.02% 12.26% 8.89% 5.83% 2.98%

79.68% 83.98% 87.74% 91.11% 94.17% 97.02%

8.82% 9.08% 9.31% 9.52% 9.72% 9.94%

5 6 7 8 9 10

1.00 1.00 1.00 1.00 1.00 1.00

0.30 0.30 0.30 0.30 0.30 0.30
70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

0 0 0 0 0 0
 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

5.28% 4.60% 4.08% 3.67% 3.33% 3.05%

94.72% 95.40% 95.92% 96.33% 96.67% 96.95%

9.47% 9.54% 9.59% 9.63% 9.67% 9.70%

 Curso 6. Toma de Decisiones Financieras
Actividad por pares

DETERMINAR VALOR PRESENTE NETO (VPN) Y TASA INT

EVALUACIÓN PROYECTO CON FINANCIAMIENTO

0 1 2 3 4

FLUJO EFECTIVO -130000 21,598 23,214 24,907 26,682

CCPP 7.31% 7.77% 8.17% 8.52%

VALOR PRESENTE -130000 20,126 19,987 19,680 19,241

VALOR PRESENTE NETO 36,206

TIR 14.82%

EVALUACIÓN PROYECTO CON ARRENDAMIENTO

0 1 2 3 4

FLUJO EFECTIVO -70000 20,300 22,015 23,816 25,707

CCPP 8.89% 9.11% 9.27% 9.38%

VALOR PRESENTE -70000 18,642 18,492 18,256 17,958

VALOR PRESENTE NETO 87,891

TIR 31.98%
O (VPN) Y TASA INTERNA DE RETORNO (TIR)

5 6 7 8 9 10

28,542 28,407 28,261 28,103 27,933 27,749 130,000.00

8.82% 9.08% 9.31% 9.52% 9.72% 9.94%

18,702 16,859 15,151 13,574 12,123 10,761

5 6 7 8 9 10

27,692 27,692 27,692 27,692 27,692 27,692

9.47% 9.54% 9.59% 9.63% 9.67% 9.70%

17,613 16,030 14,585 13,268 12,069 10,977