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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)

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  • Arnold, Sven
  • Lahmann, Alexander
  • Schwetzler, Bernhard
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    Abstract

    In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die Steuerersparnisse nicht konsistent sind und bei positiven Zinsaufwendungen negative Steuerersparnisse zulassen. Die von den Autoren vorgeschlagene Aufspaltung der Steuerersparnisse ist u.E. nicht geeignet die Komplexität des Bewertungsproblems zu verringern: Die Schätzung der erwarteten Steuerersparnisse für die zweite Komponente setzt die Kenntnis der möglichen Entwicklungspfade der Steuerersparnis voraus. Die vorgeschlagene Aufteilung erhöht die Anzahl der zusätzlich zu schätzenden Diskontierungssätze. Schließlich setzt die Ableitung der risikoäquivalenten Diskontierungssätze die Kenntnis des Wertbeitrages bereits voraus. -- The German 'Zinsschranke' limits the tax deductability of interest expenses. Recently, in this journal Förster et al. have developed a model to incorporate this tax regulation into the calculation of the tax shield in corporate valuation. Our paper critically comments on this proposal.

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    Bibliographic Info

    Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 116.

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    Date of creation: 2011
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    Handle: RePEc:zbw:arqudp:116

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    Related research

    Keywords: Unternehmensbewertung; Kapitalstruktur; Tax Shield; Zinsschranke; Corporate Valuation; Capital Structure; Interest Ceiling Rule;

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