<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422024000400103</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2024.4509</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Moneda funcional y valor de la empresa en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Functional currency and company value in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ayala Gaytán]]></surname>
<given-names><![CDATA[Edgardo A.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ibarra Salazar]]></surname>
<given-names><![CDATA[Jorge A.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<volume>69</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422024000400103&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422024000400103&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422024000400103&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo analizamos el efecto fiscal y sobre el valor de las empresas de adoptar un esquema de moneda funcional en México. Nuestra hipótesis es que, más allá de los beneficios administrativos, reduciría el riesgo cambiario, y por tanto aumentaría el valor de las empresas. Utilizando datos de S&amp;P Capital IQ encontramos que, con una tasa impositiva del 30%, aumenta ligeramente la recaudación del impuesto sobre la renta. Aproximando el valor de la empresa con el valor presente de los flujos financieros después de impuestos menos el pago de una prima de riesgo, encontramos que la moneda funcional tiende a incrementar el valor de la empresa. Con el método de la teoría de utilidad, la mejora puede ir de 19 a 30 puntos porcentuales del valor de la empresa. Esta mejora en la rentabilidad equivale a una reducción de entre 0.3 a 2 puntos porcentuales en la tasa de interés de operar en México.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In this paper, we analyze the effect of adopting a functional currency on tax collection and the value of the firm in Mexico. Our hypothesis is that, beyond the administrative benefits, it would reduce the exchange risk, and therefore increase the value of the companies. Using data from S&amp;P Capital IQ we found that, at a rate of 30%, income tax collection increases slightly. By approximating the value of the firm with the present value of after-tax financial flows minus the payment of a risk premium, we find that functional currency tends to increase the value of the firm. With the utility theory method, the improvement can go from 19 to 30 percentage points of the value of the firm. This improvement in profitability is equivalent to a reduction of between 0.3 to 2 percentage points in the interest rate of operating in Mexico.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[moneda funcional]]></kwd>
<kwd lng="es"><![CDATA[valor de la empresa]]></kwd>
<kwd lng="es"><![CDATA[empresas multinacionales]]></kwd>
<kwd lng="es"><![CDATA[volatilidad cambiaria]]></kwd>
<kwd lng="en"><![CDATA[functional currency]]></kwd>
<kwd lng="en"><![CDATA[value of the firm]]></kwd>
<kwd lng="en"><![CDATA[multinational firms]]></kwd>
<kwd lng="en"><![CDATA[exchange rate volatility]]></kwd>
</kwd-group>
</article-meta>
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