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Finanzierungsstrategien und ihre Auswirkungen auf den Unternehmenswert deutscher Immobilien-Kapitalgesellschaften


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  • Schönemann, Kristin
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    Der vorliegende Beitrag untersucht die steuerinduzierten Wirkungen der Außenfinanzierung auf den Unternehmenswert von Immobilien-Kapitalgesellschaften. Im diesem Bereich existieren neben der gewerblichen Immobilien-AG steuerbegünstigte Rechtsformen, wie die vermögensverwaltende Immobilien-AG und der Real Estate Investment Trust (REIT). Die vollständige Steuerbefreiung des REITs ist mit gesetzlichen Verpflichtungen hinsichtlich Ausschüttungs- und Eigenkapitalquote verbunden. Wie diese Regelungen den steuerlich optimalen Entscheidungen entgegenwirken, wird über die Ermittlung der Mindestrenditeanforderungen quantifiziert. Der benötigte Unternehmenswert wird über ein Modell, welches Innen- und Außenfinanzierung berücksichtigt, bestimmt. Die Reihung der Mindestrenditen der unverschuldeten Rechtsformen entspricht dem Grad der Steuerpflicht. Es wird gezeigt, dass sich die Mindestrenditeanforderungen der Immobilien-AGs unter Berücksichtigung von Außenfinanzierung einander angleichen. Während die gewerbliche und vermögensverwaltende Immobilien-AG von der Außenfinanzierung profitieren, steigt die Renditeanforderung des REITs aufgrund der gesetzlichen Vorgaben. Bei entsprechendem Wachstum kann die flexiblere vermögensverwaltende Immobilien-AG den ertragsteuerlichen Vorteil des REITs kompensieren. -- This paper analyzes the impact of tax-induced value of external funding on the firm value of real estate corporations under German Tax Law. Legal forms of real estate corporations are differentiated between commercial and asset managing Real Estate Corporations (REC) as well as Real Estate Investment Trusts (REIT), whereas the two last-mentioned forms benefit from specific tax-privileges. However, the full tax-exemption of a REIT is attended by distribution and equity restrictions. To assess the effect of distribution restriction a valuation model, which accounts for internal and external financing, is introduced. The financing influence is quantified by the change of the minimum rate of return. Considering the unlevered legal forms the order corresponds with the grade of taxation. At least, the minimum return rates converge by including the value of external financing. Whereas the return rates of commercial and asset managing RECs benefit from external financing, the REIT's return rates suffer from the destructive financing initiated by legal framework. Assuming a high growth rate, the higher flexibility of distribution and financing policy of asset managing RECs could compensate the tax benefit on corporate level of a REIT and change the return order between these two forms.

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    Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 94.

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    Date of creation: 2009
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    Handle: RePEc:zbw:arqudp:94

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    Keywords: Immobilien-Kapitalgesellschaften; Neutralität; Kapitalkosten; Finanzierungsentscheidung; Tax Shield; Mindestrendite; real estate corporations; neutrality; financing decisions; cost of capital; tax;

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