Resumen

MILANESI, Gastón Silverio. OPCIONES REALES Y EL VALOR DE LOS AHORROS FISCALES. Cienc. adm. [online]. 2020, n.16, pp.25-34. ISSN 0009-6784.  http://dx.doi.org/https://doi.org/10.24215/23143738e063.

In the traditional version of the discounted cash flow model, the contingent values of tax savings are not considered, assuming, instead, deterministic values for tax shields. In this sense, this paper proposes a model that incorporates the contingent nature of tax savings in relation to the degree of leverage and expected profits. Using the Options Theory as a basis, the valuation model for tax savings is developed. Next, through the case and sensitive analyses of the profits, the main results are achieved. The contingent nature of tax savings in the firm’s value is evidenced, avoiding the discussion about tax shield interest rates.

Palabras clave : tax shield; sensitive analysis; binomial model.

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