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  • 1
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    Buenos Aires: Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA)
    Publication Date: 2018-06-28
    Description: El presente trabajo posee por objetivo analizar las decisiones de inversión adoptadas por las principales empresas participantes del mercado petrolero argentino en función de las políticas de derechos de exportación y precios internos del petróleo instrumentadas desde el año 2003, y cómo los flujos destinados a inversión pudieron haber afectado los niveles de producción de petróleo en la Argentina. Para ello se estudió la información proveniente de los estados contables correspondientes a treinta empresas participantes de la industria petrolera argentina, que en su conjunto representan más del 80% del tamaño de la industria petrolera local, en especial la referida a flujos de fondos destinados a inversión y variaciones en los activos fijos. Fue posible observar que la regulación de los precios internos mediante la instrumentación de derechos de exportación causó en forma simultánea un deterioro en la rentabilidad de las empresas pertenecientes a la industria petrolera. En forma simultánea, los derechos de exportación instrumentados entre los años 2004 y 2015 generaron una importante brecha de precios respecto de los valores internacionales del petróleo. La persistencia de dicha brecha de precios y de rentabilidad en el tiempo habría incidido en las decisiones de inversión realizadas en el segmento petrolero argentino, observándose una caída en los niveles de inversión y en los activos fijos productivos destinados a dicha actividad. Ello condujo a una reducción en la capacidad de producción de las empresas petroleras, lo cual generó para la Argentina la pérdida de la capacidad de autoabastecimiento de petróleo y combustibles.
    Description: The present paper analyzes the investment decisions made by the main companies participating in the Argentine oil market, based on the export taxes and domestic oil prices policies implemented since 2003, and how the cash flows destined for investment may have affected the oil production in Argentina. For this purpose, the financial statements corresponding to thirty participating companies of the Argentine oil industry (which together represent more than 80% of the size of the local oil industry) were studied, specially the information related to flows of funds destined to investment and changes in fixed assets. It was possible to observe that the regulation of domestic prices through the instrumentation of export taxes simultaneously caused a deterioration in the profitability of companies belonging to the oil industry. Simultaneously, the export taxes implemented between 2004 and 2015 generated a significant price gap with respect to international oil values. The persistence of this price and profitability gap over time would have affected the investment decisions made in the Argentine oil segment, with a drop on investment rates and fixed assets for that activity. This led to a reduction in the production capacity of the oil companies, which generated for Argentina the loss of the capacity of self-sufficiency of oil.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
    Type: doc-type:workingPaper
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  • 2
    Publication Date: 2019-09-21
    Description: Argentina is known for its tax system, that has various mechanisms to collect taxes in advance, causing large immobilizations in illiquid tax credits in most companies. The objective of this paper is to analyze the effects that these tax advances regimes would generate on the payment capacity and financing needs of companies that belongs to the construction sector, which are characterized by long productive cycles and long time for assets collection. To this end, the financial statements of forty-seven companies belonging to this sector were studied between 2004 and 2016, in relation to the proportion of tax credits over assets, payment ratios, financing needs through loans and levels of profitability. It was observed that at higher levels tax credits immobilization, payment ratios decreased rapidly, as also greater use of financial liabilities (loans) were needed for financing them, which would result in higher financial costs to sustain than immobilization. That phenomenon is worse on those companies with lower levels of profitability. These findings would allow to conclude the harmful effect of the advance tax regimes for undermining the competitiveness of companies and their capacity for development and investment.
    Keywords: ddc:330 ; Steuersystem ; Bauwirtschaft ; Unternehmensbesteuerung ; Befolgungskosten ; Betriebliche Liquidität ; Unternehmensfinanzierung ; Argentinien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
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