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RESUMEN
En este trabajo se pretende comparar las dos grandes concepciones que se usan actualmente en el mercado financiero español sobre la denominada rentabilidad financiero-fiscal, considerando que dicha rentabilidad debe cuantificarse como una tasa bruta que recoja la rentabilidad financiera del producto y sus ventajas fiscales asociadas.
Posteriormente, se realiza un estudio comparativo para tres activos del mercado y se obtienen expresiones generales, sencillas en su formulación final pero rigurosas en su deducción, que unifica la rentabilidad financiero-fiscal de los productos estudiados a partir de unas hipótesis generales simplificadoras. El tratamiento es extensible a otros productos similares no específicamente estudiados.
ABSTRACT
This piece of work aims to compare the two main conceptions currently used in the Spanish financial market regarding after-tax return, taking into account that this return must be quantified as a gross rate which combines the financial return on the product with the associated fiscal benefits.
Then a comparative study is carried out for three market assets and general expressions are obtained which have a simple final mathematical formula, but which have been rigorously deduced, combining the after tax return of the products studied using general, simplifying hypotheses. This system can be applied to other similar products which are not studied here.