Tratamiento de los costos de oportunidad en la inversión de un proyecto

Uno de los aspectos que causa mayor dificultad entre los profesionales de finanzas es la incorporación del costo de oportunidad, en caso este exista, en la inversión de un proyecto.

Recordemos que el costo de oportunidad (no confundirlo con el costo de oportunidad de capital, el famoso COK) son los ingresos (monetizables o no) que se dejarán de percibir producto de la decisión de implementar un proyecto.

El caso que a continuación se presenta ayudará a entender el tratamiento de los costos de oportunidad en este tipo de situaciones:

La empresa ABC esta contemplando ejecutar una inversión que involucra la utilización de un activo fijo (máquina) que actualmente se encuentra en desuso y que tiene en la actualidad un valor en libros de $1,000. Por dicho activo ABC ha recibido una oferta de compra en firme por:

$1,500 (escenario 1)

$1,000 (escenario 2)

$500 (escenario 3)

Cuáles son las implicancias en el monto de inversión del proyecto si la empresa rechaza la oferta de compra. La tasa de impuesto a la renta es de 30%.

Escenario 1:

La empresa está renunciando a $1,350. Este monto debe incorporarse con signo negativo en el año de inversión del proyecto.

Los $1,350 se obtienen así:

$1,500 – (($1,500 – $1,000) x 30%) = $1,350

Por ejecutar el proyecto la empresa esta renunciado a $1,500 menos el impuesto a la renta que le cobraría el Estado por la ganancia extraordinaria realizada al vender el equipo a un precio mayor que el valor en libros (($1,500 – $1,000) x 30%).

Escenario 2:

La empresa renunciaría $1,000. Dicho monto se registra con signo negativo en el año de inversión del proyecto.

Nótese que, en este caso, a diferencia del anterior escenario no hay ningún impacto fiscal al ser el precio de venta exactamente igual al valor en libros.

Escenario 3:

En este escenario ABC renuncia en total a $650. Monto que debe incluirse como costo de oportunidad en el año de inversión del proyecto.

En este escenario, al igual que en el primero, hay un efecto fiscal a considerar. Es claro que la empresa está renunciando a $500 (monto de la oferta recibida) más el escudo fiscal, esto es el impuesto a la renta que dejaría de pagar, por la venta de la máquina a menor precio que el valor en libros. Los $650, entonces, se calculan así:

$500 – (($500 – $1,000) x 30%) = $650

Algo que también causa bastante confusión es cómo considerar la venta de un activo que ha sido clasificado como un costo de oportunidad al final de la vida un proyecto, es decir como el caso que se ha estado discutiendo. La respuesta es simple: No debe considerarse. Con o sin proyecto esa máquina podría haberse vendido lo que hace que se convierta en un costo hundido. El único motivo por el cual podría ser incorporado en el año de liquidación tiene que ver con gastos que por el proyecto se hayan tenido que realizar en el equipo. Lo anterior también aplica a la depreciación del activo.

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