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Wirkungen einer Abgeltungssteuer auf Investitionsentscheidungen und Kapitalstruktur von Unternehmen

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  • Lachmund, Andreas
  • Kiesewetter, Dirk

Abstract

Die isolierte Einführung einer Abgeltungssteuer hat erhebliche Änderungen der Rahmendaten für alle Investitions- und Finanzierungsentscheidungen im Inland ansässiger Investoren in Personenunternehmen und Kapitalgesellschaften zur Folge. Durch eine abgeltend besteuerte Anlagealternative wird eine zum persönlichen Grenzsteuersatz besteuerte, eigenfinanzierte gewerbliche Investition relativ unattraktiver, woraus sich Konsequenzen für die Investitionsund Finanzierungsstruktur des Unternehmenssektors ergeben können. Dieser Beitrag analysiert mögliche Auswirkungen einer Abgeltungssteuer auf unternehmerische Entscheidungen im Kontext der deutschen Einkommen- und Körperschaftsteuer nach der aktuellen Rechtslage (Abschnitte 2 und 3). Daran anschließend werden Vorschläge für flankierende Veränderungen der Unternehmensbesteuerung entwickelt, durch die unerwünschte Effekte der Abgeltungssteuer auf Finanzierungsentscheidungen vermieden werden (Abschnitt 4). Insbesondere wird gezeigt, dass dies auch ohne eine allgemeine Senkung der Steuerbelastung auf unternehmerische Gewinne auf das Niveau der Abgeltungssteuer möglich ist. Die Untersuchung erfolgt anhand von Entscheidungskalkülen eines unbeschränkt ESt-pflichtigen Investors für ausgewählte Investitions- und Finanzierungsentscheidungen. --

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Bibliographic Info

Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 278.

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Date of creation: 2004
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Handle: RePEc:zbw:tuedps:278

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  1. Nielsen, Soren Bo & Sorensen, Peter Birch, 1997. "On the optimality of the Nordic system of dual income taxation," Journal of Public Economics, Elsevier, vol. 63(3), pages 311-329, February.
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Cited by:
  1. Jochen Hundsdoerfer & Lutz Kruschwitz & Daniela Lorenz, 2008. "Investment Valuation with Tax-optimized Financing Decisions and a Tax-optimized Default Alternative," BuR - Business Research, German Academic Association for Business Research, vol. 1(1), pages 9-24, May.
  2. Felbermayr, Gabriel & Toubal, Farid, 2006. "Cultural proximity and trade," Tübinger Diskussionsbeiträge 305, University of Tübingen, School of Business and Economics.
  3. Yalcin, Erdal, 2007. "The proximity-concentration trade-off in a dynamic framework," Tübinger Diskussionsbeiträge 312, University of Tübingen, School of Business and Economics.
  4. Heger, Diana & Zaby, Alexandra K., 2009. "The propensity to patent with horizontally differentiated products: An empirical investigation," Tübinger Diskussionsbeiträge 324, University of Tübingen, School of Business and Economics.
  5. Heger, Diana & Zaby, Alexandra K., 2009. "The propensity to patent with vertically differentiated products: An empirical investigation," Tübinger Diskussionsbeiträge 325, University of Tübingen, School of Business and Economics.
  6. Frontczak, Robert, 2009. "Valuing options in Heston's stochastic volatility model: Another analytical approach," Tübinger Diskussionsbeiträge 326, University of Tübingen, School of Business and Economics.
  7. Franz W. Wagner, 2006. "Was bedeutet Steuervereinfachung wirklich?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 7(1), pages 19-33, 02.
  8. Frontczak, Robert & Schöbel, Rainer, 2009. "On modified Mellin transforms, Gauss-Laguerre quadrature, and the valuation of American call options," Tübinger Diskussionsbeiträge 320, University of Tübingen, School of Business and Economics.
  9. Dymke, Björn M. & Walter, Andreas, 2006. "Insider trading in Germany: Do corporate insiders exploit inside information?," Tübinger Diskussionsbeiträge 309, University of Tübingen, School of Business and Economics.
  10. Brandes, Julia & Schüle, Tobias, 2007. "IMF's assistance: Devil's kiss or guardian angel?," Tübinger Diskussionsbeiträge 310, University of Tübingen, School of Business and Economics.
  11. Schüle, Tobias, 2006. "Creditor coordination with social learning and endogenous timing of credit decisions," Tübinger Diskussionsbeiträge 307, University of Tübingen, School of Business and Economics.
  12. Maßbaum, Alexandra & Sureth, Caren, 2008. "The impact of thin capitalization rules on shareholder financing," arqus Discussion Papers in Quantitative Tax Research 39, arqus - Arbeitskreis Quantitative Steuerlehre.
  13. Zaby, Alexandra K., 2009. "The propensity to patent in oligopolistic markets," Tübinger Diskussionsbeiträge 323, University of Tübingen, School of Business and Economics.
  14. Hager, Svenja & Schöbel, Rainer, 2006. "Deriving the dependence structure of portfolio credit derivatives using evolutionary algorithms," Tübinger Diskussionsbeiträge 300, University of Tübingen, School of Business and Economics.
  15. Frontczak, Robert & Schöbel, Rainer, 2008. "Pricing American options with Mellin transforms," Tübinger Diskussionsbeiträge 319, University of Tübingen, School of Business and Economics.
  16. Hundsdoerfer, Jochen & Kruschwitz, Lutz & Lorenz, Daniela, 2007. "Investitionsbewertung bei steuerlicher Optimierung der Unterlassensalternative und der Finanzierung," arqus Discussion Papers in Quantitative Tax Research 22, arqus - Arbeitskreis Quantitative Steuerlehre.
  17. Maiterth, Ralf & Sureth, Caren, 2006. "Unternehmensfinanzierung, Unternehmensrechtsform und Besteuerung," arqus Discussion Papers in Quantitative Tax Research 15, arqus - Arbeitskreis Quantitative Steuerlehre.
  18. Maier, Ramona & Merz, Michael, 2008. "Credibility theory and filter theory in discrete and continuous time," Tübinger Diskussionsbeiträge 318, University of Tübingen, School of Business and Economics.
  19. Rostek, Stefan & Schöbel, Rainer, 2006. "Risk preference based option pricing in a fractional Brownian market," Tübinger Diskussionsbeiträge 299, University of Tübingen, School of Business and Economics.

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