<?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>2448-7678</journal-id>
<journal-title><![CDATA[Investigación administrativa]]></journal-title>
<abbrev-journal-title><![CDATA[Investig. adm.]]></abbrev-journal-title>
<issn>2448-7678</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Escuela Superior de Comercio y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-76782013000200007</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estudio comparativo de cuatro planes de financiamiento con deuda en proyectos de inversión]]></article-title>
<article-title xml:lang="en"><![CDATA[Comparative study of four financing plans with debt in investment projects]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Izar Landeta]]></surname>
<given-names><![CDATA[Juan Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ynzunza Cortés]]></surname>
<given-names><![CDATA[Carmen Berenice]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de San Luis Potosí  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Tecnológica de Querétaro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2013</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2013</year>
</pub-date>
<volume>42</volume>
<numero>112</numero>
<fpage>7</fpage>
<lpage>22</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-76782013000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-76782013000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-76782013000200007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este trabajo hace un análisis comparativo de cuatro planes de deuda para financiar proyectos de inversión. Estos planes son: (a) crédito hipotecario, (b) pago al vencimiento, (c) bono y (d) crédito hipotecario con amortización constante. El atractivo del proyecto se ha medido por su valor actual neto (VAN). En general, el mejor resultado se logra con el tercer plan, los dos planes hipotecarios producen VAN muy parecidos y el peor resultado fue con el plan (b), lo cual se debe a que se desaprovecha la ventaja de la deducibilidad fiscal del pago de intereses. No obstante, esto no aplica en sentido amplio, pues depende de las variables implicadas, como la tasa de la deuda, el apalancamiento financiero, la tasa impositiva y el rendimiento exigido por los inversionistas.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This paper makes a comparative analysis of four plans of debt to finance investment projects. These plans are: (a) mortgage, (b) payment at maturity, (c) bond and (d) constant amortization mortgage. The attractiveness of the project has been measured by net present value (NPV). In general, the best result is achieved with the third plan, the two mortgage plans produce very similar NPV and the worst result was the plan (b), which is because it is wasted the advantage of the tax deductibility of interest payments. However, this does not apply in a broad sense; it depends on the variables involved, such as the rate of debt, financial leverage, the tax rate and the return required by investors.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[deducibilidad fiscal]]></kwd>
<kwd lng="es"><![CDATA[apalancamiento financiero]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[costo de capital]]></kwd>
<kwd lng="en"><![CDATA[tax deductibility]]></kwd>
<kwd lng="en"><![CDATA[financial leverage]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[capital cost]]></kwd>
</kwd-group>
</article-meta>
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