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Hemmt die Veräußerungsgewinnbesteuerung unternehmerische Flexibilität?

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  • Hegemann, Annika

Abstract

Ob ein Unternehmen auch langfristig betrachtet erfolgreich ist, hängt maßgeblich von den organisationalen Fähigkeiten der Unternehmensführung ab. Ambidextere Unternehmen halten die Balance zwischen Investitionen in sowohl traditionelle, effiziente Geschäftsfelder als auch in neue, zukunftsweisende Geschäftsfelder. Dabei spielt nicht zuletzt der Zeitpunkt, zu dem eine Investition durchgeführt werden soll, eine entscheidende Rolle. In diesem Zusammenhang ist es für den Investor wertvoll, den Investitionszeitpunkt flexibel wählen zu können. Diese Flexibilität können sog. Hedgingunternehmen oder Venture-Capital-Gesellschaften bieten, indem sie das finanzielle Risiko in der frühen Phase eines Investitionsvorhabens - beispielsweise in der Forschungs- und Entwicklungsphase neuer Produkte - übernehmen. Je nach Entwicklung kann das abgesicherte Unternehmen entscheiden, ob es das Investitionsprojekt zurückkauft. Die Absicherung durch Hedgingunternehmen kann mit Hilfe von Realoptionen abgebildet werden. Neben der Möglichkeit, die Investitionszeitpunkte flexibel wählen zu können, beziehe ich die Besteuerung in das Kalkül des Investors ein. Ich zeige, dass eine Erhöhung des Veräußerungsgewinnsteuersatzes frühe Investitionen gegenüber später beginnenden Investitionen bevorteilen kann. Dieser unerwartete Wirkungszusammenhang erklärt sich durch das unterschiedliche Wachstum der Zahlungsströme der Investitionsalternativen. Dadurch fällt die Bemessungsgrundlage der Veräußerungsgewinnbesteuerung unterschiedlich hoch aus und ist entscheidend dafür, wie sich die Besteuerung auf die Investitionszeitpunktentscheidung auswirkt. Mit diesem Beitrag zeige ich, dass Investoren wie auch steuerpolitische Entscheidungsträger bei Investitionszeitpunktentscheidungen neben den Auswirkungen von Steuersatzänderungen immer auch die Höhe der Bemessungsgrundlage in ihr Kalkül einbeziehen müssen, um die Auswirkungen einer Veräußerungsgewinnbesteuerung auf ihre Investition beurteilen zu können.

Suggested Citation

  • Hegemann, Annika, 2016. "Hemmt die Veräußerungsgewinnbesteuerung unternehmerische Flexibilität?," arqus Discussion Papers in Quantitative Tax Research 203, arqus - Arbeitskreis Quantitative Steuerlehre.
  • Handle: RePEc:zbw:arqudp:203
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    Keywords

    Investitionszeitpunktentscheidung; Veräußerungsgewinnbesteuerung; Beteiligungsinvestitionen; Flexibilität; Unsicherheit; Ambidextrie;

    JEL classification:

    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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