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Estructura de capital 1 q11

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  • 1. Estructura de Capital Finanzas II - LAE Lic. Ezequiel CALVIÑO Lic. Alejandro SALEVSKY Lic. Pablo YLARRI Lic. Juan Manuel CASCONE Lic. Santiago de LAVALLAZ Cra. Sonia CAPELLIFacultad de Ciencias Sociales y EconómicasUniversidad Católica Argentina
  • 2. é ?Estructura de Capital q uCERCA DEL CLIENTE r a Pa ? ? ? r a tu uc tr Es 2
  • 3. Estructura de CapitalCERCA DEL CLIENTE Para estar preparados… pero a que? 3
  • 4. evos nuEstructura de Capital n tar os… fre rcad En e mCERCA DEL CLIENTE Aprovechar oportunidades Contexto de financiamiento M&A… Y más y más y más 4
  • 5. Estructura de CapitalCERCA DEL CLIENTE Qué determina la EC? 5
  • 6. Estructura de Capital (Sólo por si acaso)CERCA DEL CLIENTE 6
  • 7. ¿Donde busco el dinero para mi compañía?Estructura de Capital 18 Revenues 16 Net Income 14 12CERCA DEL CLIENTE 10 8 6 4 2 0 -2 1 2 3 4 5 6 7 8 9 10 -4 -6 External High but constraint High but Moderate / Declining as Low as project funding needs by infra relative to FV relative FV Pres of FV Internal Negative or low Low / relative to High / relative to High / relative to Financing funding needs funding needs finding needs External Owners equity VC common stock Common stock / Debts Repurchase financing bank debt warrants convertibles stock Growth Stage Financial Accesing IPO Seasoned Bond Issues transitions Private Equity equity season 7
  • 8. Estructura de CapitalCERCA DEL CLIENTE Qué determina la EC? 8
  • 9. Estructura de Capital Analicemos empresasCERCA DEL CLIENTE 9
  • 10. Estructura de CapitalCERCA DEL CLIENTE Entonces… ¿la Deuda es buena? 10
  • 11. Estructura de CapitalCERCA DEL CLIENTE 11
  • 12. La deducción de intereses del IIGG como beneficio derivado del endeudamientoEstructura de Capital EERR + FF acreedores Caso Base (Full Equity) Escenario c/leverage (1)CERCA DEL CLIENTE EBIT 1.750 1.750 Intereses(1.000@8%) 0 (80) EBT 1.750 1.670 Tax (613) (585) EAT 1.137 1.087 Ingresos p/acreedores 1.137 1.165 Tax Shield (35% s/ int) 0 28 (1) Deuda de 1M@8% 12
  • 13. El beneficio impositivo puede ser valuado como una perpetuidadEstructura de Capital Año 1 2 … n Valor Incremental generado por el leverage Tax Shield 28 28 … 28 1.200CERCA DEL CLIENTE 350 Cuot 28 Perpetuidad 850 Interés 0,08 Valor inc del Deuda * kd * Tax 1.000 * 8% * 35% leverage inc kd 8% Valor inc del Deuda * Tax inc = 1.000 * 35% = 350 leverage Valor Full Equity Incremental por Valor con Leverage Leverage 13
  • 14. Estructura de Capital Es el management dueñoCERCA DEL CLIENTE de la empresa? 14
  • 15. Estructura de CapitalCERCA DEL CLIENTE 15
  • 16. Estructura de CapitalCERCA DEL CLIENTE 16
  • 17. Estructura de CapitalCERCA DEL CLIENTE 17
  • 18. Estructura de CapitalCERCA DEL CLIENTE Disciplina!!!!!!!! 18
  • 19. Estructura de CapitalCERCA DEL CLIENTE Por qué Disciplina? 19
  • 20. ¿Qué tenemosEstructura de CapitalCERCA DEL CLIENTE hasta ahora? Tax Shield Disciplina 20
  • 21. No es lo mismo…Estructura de Capital 5 4CERCA DEL CLIENTE 3 2 1 0 0 1 2 3 4 5 6 7 8 9 10 (1) (2) (3) (4) (5) 21
  • 22. … y además tenerEstructura de CapitalCERCA DEL CLIENTE en cuenta 22
  • 23. Estructura de CapitalCERCA DEL CLIENTE Quiebra 23
  • 24. Estructura de Capital Costos de Quiebra -DirectosCERCA DEL CLIENTE -Indirectos Clientes Proveedores Financiamiento 24
  • 25. Estructura de Capital ¿Quién tiene más costos de Quiebra?CERCA DEL CLIENTE 25
  • 26. Distintos objetivos generan distintos intereses…Estructura de CapitalCERCA DEL CLIENTE 26
  • 27. … que pueden derivar en costos de AgenciaEstructura de CapitalCERCA DEL CLIENTE ¿Impacto en que? ¿Cómo los medimos? 27
  • 28. Por último… ¿qué del poder de la toma de decisiones?Estructura de CapitalCERCA DEL CLIENTE 28
  • 29. Cuidado con la pérdida de Flexibilidad!!Estructura de CapitalCERCA DEL CLIENTE 29
  • 30. ¿Quién tiene mayoresEstructura de Capital costos por pérdida de flexibilidad?CERCA DEL CLIENTE 30
  • 31. Wrap upEstructura de Capital QuiebraCERCA DEL CLIENTE Agencia Tax Shield Flexibilidad Disciplina 31
  • 32. Item Boeing The Home Depot InfoSoft Tax Benefits Significant. The firm has a Significant. The firm has a Significant. The owners of marginal tax rate of 35%. marginal tax rate of 35%, InfoSoft face a 42% taxEstructura de Capital It does have large as well. It does not have rate. By borrowing depreciation tax shields. very much in non-interest money, the income that tax shields. flows through to the investor can be reduced. Added Discipline Benefits will be high, Benefits are smaller, since Benefits are non-existent.CERCA DEL CLIENTE since managers are not the CEO is a founder and This is a private firm. large stockholders. large stockholder. Bankruptcy Cost Direct costs are likely to Direct costs are likely to Costs may be small but be small, but indirect costs be small. Assets are the owner has all of his can be substantial.. mostly real estate. Indirect wealth invested in the costs will also be small. firm. Agency Costs Low. Assets are generally Low. Assets are stores and High. Assets are tangible and monitoring real estate, tangible and intangible and difficult to should be feasible. marketable. both monitor and to liquidate. Flexibility Needs Low. Firm has a long Low in existing business, High. Firm might have to gestation period for but high, given its plans to change its product and projects, and knows how grow overseas and online. business mix, on short much it needs to invest in Expansion and acquisition notice, as technology advance. needs create need. changes 32
  • 33. …Noticias…Estructura de CapitalCERCA DEL CLIENTE 33
  • 34. Estructura de CapitalCERCA DEL CLIENTE 34

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