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Finanzierungsstrategien und ihre Auswirkungen auf den Unternehmenswert deutscher Immobilien-Kapitalgesellschaften

  • Schönemann, Kristin
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    Der vorliegende Beitrag untersucht die steuerinduzierten Wirkungen der Außenfinanzierung auf den Unternehmenswert von Immobilien-Kapitalgesellschaften. Im diesem Bereich existieren neben der gewerblichen Immobilien-AG steuerbegünstigte Rechtsformen, wie die vermögensverwaltende Immobilien-AG und der Real Estate Investment Trust (REIT). Die vollständige Steuerbefreiung des REITs ist mit gesetzlichen Verpflichtungen hinsichtlich Ausschüttungs- und Eigenkapitalquote verbunden. Wie diese Regelungen den steuerlich optimalen Entscheidungen entgegenwirken, wird über die Ermittlung der Mindestrenditeanforderungen quantifiziert. Der benötigte Unternehmenswert wird über ein Modell, welches Innen- und Außenfinanzierung berücksichtigt, bestimmt. Die Reihung der Mindestrenditen der unverschuldeten Rechtsformen entspricht dem Grad der Steuerpflicht. Es wird gezeigt, dass sich die Mindestrenditeanforderungen der Immobilien-AGs unter Berücksichtigung von Außenfinanzierung einander angleichen. Während die gewerbliche und vermögensverwaltende Immobilien-AG von der Außenfinanzierung profitieren, steigt die Renditeanforderung des REITs aufgrund der gesetzlichen Vorgaben. Bei entsprechendem Wachstum kann die flexiblere vermögensverwaltende Immobilien-AG den ertragsteuerlichen Vorteil des REITs kompensieren.

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    Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 94.

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    Date of creation: 2009
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    Handle: RePEc:zbw:arqudp:94
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