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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)


  • Arnold, Sven
  • Lahmann, Alexander
  • Schwetzler, Bernhard


In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die Steuerersparnisse nicht konsistent sind und bei positiven Zinsaufwendungen negative Steuerersparnisse zulassen. Die von den Autoren vorgeschlagene Aufspaltung der Steuerersparnisse ist u.E. nicht geeignet die Komplexität des Bewertungsproblems zu verringern: Die Schätzung der erwarteten Steuerersparnisse für die zweite Komponente setzt die Kenntnis der möglichen Entwicklungspfade der Steuerersparnis voraus. Die vorgeschlagene Aufteilung erhöht die Anzahl der zusätzlich zu schätzenden Diskontierungssätze. Schließlich setzt die Ableitung der risikoäquivalenten Diskontierungssätze die Kenntnis des Wertbeitrages bereits voraus.

Suggested Citation

  • Arnold, Sven & Lahmann, Alexander & Schwetzler, Bernhard, 2011. "Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)," arqus Discussion Papers in Quantitative Tax Research 116, arqus - Arbeitskreis Quantitative Steuerlehre.
  • Handle: RePEc:zbw:arqudp:116

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    References listed on IDEAS

    1. Julio Pindado & Chabela de la Torre, 2006. "The Role of Investment, Financing and Dividend Decisions in Explaining Corporate Ownership Structure: Empirical Evidence from Spain," European Financial Management, European Financial Management Association, vol. 12(5), pages 661-687.
    2. Mihir A. Desai & Dhammika Dharmapala & Winnie Fung, 2005. "Taxation and the Evolution of Aggregate Corporate Ownership Concentration," NBER Working Papers 11469, National Bureau of Economic Research, Inc.
    3. Roger H. Gordon & Jeffrey K. MacKie-Mason, 1990. "Effects of the Tax Reform Act of 1986 on Corporate Financial Policy and Organizational Form," NBER Working Papers 3222, National Bureau of Economic Research, Inc.
    4. Leech, Dennis & Leahy, John, 1991. "Ownership Structure, Control Type Classifications and the Performance of Large British Companies," Economic Journal, Royal Economic Society, vol. 101(409), pages 1418-1437, November.
    5. Mihir A. Desai & William M. Gentry, 2004. "The Character and Determinants of Corporate Capital Gains," NBER Chapters,in: Tax Policy and the Economy, Volume 18, pages 1-36 National Bureau of Economic Research, Inc.
    6. Weber, Anke, 2009. "An empirical analysis of the 2000 corporate tax reform in Germany: Effects on ownership and control in listed companies," International Review of Law and Economics, Elsevier, vol. 29(1), pages 57-66, March.
    7. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, vol. 43(4-6), pages 1049-1056, April.
    8. Øyvind Bøhren & Bernt Arne Ødegaard, 2001. "Patterns of Corporate Ownership: Insights from a unique data set," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 27, pages 55-86.
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    More about this item


    Unternehmensbewertung; Kapitalstruktur; Tax Shield; Zinsschranke; Corporate Valuation; Capital Structure; Interest Ceiling Rule;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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