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Finanzierungsstrategien und ihre Auswirkungen auf den Unternehmenswert deutscher Immobilien-Kapitalgesellschaften

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  • Schönemann, Kristin

Abstract

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.

Suggested Citation

  • Schönemann, Kristin, 2009. "Finanzierungsstrategien und ihre Auswirkungen auf den Unternehmenswert deutscher Immobilien-Kapitalgesellschaften," arqus Discussion Papers in Quantitative Tax Research 94, arqus - Arbeitskreis Quantitative Steuerlehre.
    • Handle: RePEc:zbw:arqudp:94
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    More about this item

    Keywords

    Immobilien-Kapitalgesellschaften; Neutralität; Kapitalkosten; Finanzierungsentscheidung; Tax Shield; Mindestrendite; real estate corporations; neutrality; financing decisions; cost of capital; tax;
    All these keywords.

    JEL classification:

    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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