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Einfluss der Besteuerung auf die Bewertung ausländischer Kapitalgesellschaften

Author

Listed:
  • Carmen Bachmann

    () (University of Augsburg, Faculty of Economics)

  • Wolfgang Schultze

    () (University of Jena, Faculty of Economics)

Abstract

Der vorliegende Beitrag integriert die Auswirkungen der steuerlichen Regelungen zur Besteuerung von Einkünften aus ausländischen Kapitalgesellschaften in die Discounted Cashflow-Methodik. Bewertungsobjekt ist eine ausländische Kapitalgesellschaft, der von einem inländischen Anteilseigner oder von fremden Dritten Finanzmittel zugeführt werden. Da das Steuerrecht nicht entscheidungsneutral ist, sind die beiden Finanzierungsalternativen Eigen- oder Fremdfinanzierung nicht als gleichwertig zu beurteilen. Unterschiedliche steuerliche Effekte geben sich daraus, dass Zinsen bei der Tochterkapitalgesellschaft grundsätzlich als Betriebsausgaben abzugsfähig sind, wohingegen Dividenden aus dem bereits versteuerten Einkommen gezahlt werden (sog. Tax Shield). Im grenzüberschreitenden Fall wird mit der Entscheidung für eine Finanzierungsalternative gleichzeitig bestimmt, in welchem Umfang die mit der Finanzierung einhergehenden Kapitalerträge der deutschen oder der ausländischen Besteuerung unterworfen werden. Die Höhe des Tax Shield hängt damit nicht nur von den Abzugsmöglichkeiten der Fremdkapitalzinsen ab, sondern auch vom Steuerniveau im Ausland. Damit müssen in der Unternehmensbewertung die in- und ausländischen Steuervorschriften, die Steuersätze im In- und Ausland, sowie eventuell bestehende Doppelbesteuerungsabkommen berücksichtigt werden.

Suggested Citation

  • Carmen Bachmann & Wolfgang Schultze, 2006. "Einfluss der Besteuerung auf die Bewertung ausländischer Kapitalgesellschaften," Jenaer Schriften zur Wirtschaftswissenschaft (Expired!) 25/2006, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  • Handle: RePEc:jen:jenasw:2006-25
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    References listed on IDEAS

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    More about this item

    Keywords

    Unternehmensbewertung; internationale Mergers & Acquisitions; Tax Shield;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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