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Zum Wert ertragsteuerlicher Verlustvorträge

Author

Listed:
  • Maik Piehler

    (HHL Leipzig Graduate School of Management)

  • Bernhard Schwetzler

    (HHL Leipzig Graduate School of Management)

Abstract

Zusammenfassung Die Literatur zur Unternehmensbewertung bietet zur Bewertung von Verlustvorträgen verschiedene Verfahren an: Indirekte Vorgehensweisen berechnen den Wert als Differenz zwischen dem Wert eines Unternehmens mit und demjenigen des gleichen Unternehmens ohne Verlustvortrag, direkte Vorgehensweisen hingegen als Barwert künftiger Steuerersparnisse. In der praktischen Anwendung werden die Steuerwirkungen häufig nicht zustandsabhängig, sondern auf der Basis des Erwartungswerts der Vor-Steuer-Gewinne ermittelt. Als Diskontierungssatz werden zum Teil die Eigenkapitalkosten des Unternehmens empfohlen. In diesem Beitrag werden die unterschiedlichen Vorgehensweisen analysiert und beurteilt. Dabei zeigt sich, dass für eine korrekte Bewertung die Pfadabhängigkeit der Steuerersparnisse zu berücksichtigen ist. Die A nwendung der U nternehmens-Kapitalkosten führt zu einer generellen Unterschätzung des Verlustvortrags-Werts. Auch die Wertermittlung basierend auf erwarteten Vor-Steuer-Gewinnen führt zu Abweichungen vom korrekten Ergebnis. Basierend auf risikoneutralen Bewertungsmodellen und Monte-Carlo-Simulationsmodellen werden die Einflussfaktoren auf den (korrekten) Wert des Verlustvortrags und auf die durch die Anwendung der Standard-Diskontierungsverfahren verursachten Abweichungen diskutiert.

Suggested Citation

  • Maik Piehler & Bernhard Schwetzler, 2010. "Zum Wert ertragsteuerlicher Verlustvorträge," Schmalenbach Journal of Business Research, Springer, vol. 62(1), pages 60-100, February.
    • Handle: RePEc:spr:sjobre:v:62:y:2010:i:1:d:10.1007_bf03372831
    DOI: 10.1007/BF03372831
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    References listed on IDEAS

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    Cited by:

    1. Rainer Niemann & Mariana Sailer, 2023. "Is analytical tax research alive and kicking? Insights from 2000 until 2022," Journal of Business Economics, Springer, vol. 93(6), pages 1149-1212, August.

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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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