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Unternehmensbewertung mit dem Nachsteuer-CAPM?

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Author Info
Wiese, Jörg
Abstract

In jüngerer Zeit verwenden Teile der Literatur das auf Brennan zurückgehende Nachsteuer- CAPM, um Unternehmenswerte nach (differenzierten) persönlichen Steuern zu bestimmen. In diesem Beitrag wird das Modell auf drei unterschiedliche Steuersätze erweitert. Gezeigt wird, dass das Nachsteuer-CAPM nicht zur Diskontierung von Nettocashflows verwendet werden darf, da es Bruttorenditen erzeugt. Daneben sprechen ein prohibitiver Datenbeschaffungsaufwand sowie methodische Probleme bei der Formulierung von Bewertungsgleichungen gegen die Verwendung des Modells für die Unternehmensbewertung. Zuletzt wird ein Überblick über empirische Studien gegeben, die nicht zweifelsfrei belegen können, dass das Nachsteuer-CAPM die Realität gut beschreibt.

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File URL: http://epub.ub.uni-muenchen.de/1894/1/Paper_Steuern__ab100604.pdf
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Publisher Info
Paper provided by University of Munich, Munich School of Management in its series Discussion Papers in Business Administration with number 1894.

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Date of creation: Feb 2004
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Handle: RePEc:lmu:msmdpa:1894

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Related research
Keywords: Valuation; Capital Asset Pricing Model (CAPM); Differential Personal Taxes; Unternehmensbewertung; differenzierte persönliche Steuern; Tax-CAPM; Steuer-CAPM; Nachsteuer-CAPM.;

Find related papers by JEL classification:
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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This page was last updated on 2009-12-17.

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