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Dividenden und Aktienrückkäufe unter der Abgeltungssteuer

  • Podlech, Nils
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    Für Aktionäre waren bis zur Einführung der Abgeltungssteuer am 1.1.2009 Ausschüttungen in Form von Aktienrückkäufen aus steuerlichen Erwägungen in Deutschland gegenüber Dividenden vorteilhaft. Bei einem Aktienrückkauf wurde innerhalb der Spekulationsfrist nur ein realisierter Kursgewinn besteuert und nach einer Haltedauer von einem Jahr konnte der Gewinn aus einem Aktienrückkauf vollständig steuerfrei vereinnahmt werden, während Dividenden in vollem Umfang besteuert wurden. Nach der Einführung der Abgeltungssteuer und der Abschaffung der Spekulationsfrist werden Kapitalerträge in Deutschland gleichartig besteuert. Um die vorteilhafteste Ausschüttungsform für Aktionäre im derzeit gültigen deutschen Steuersystem zu identifizieren, werden in diesem Aufsatz die Vermögenspositionen von Aktionären analysiert, die Ausschüttungen entweder in Form von Aktienrückkäufen oder Dividenden erhalten. Dabei stellt sich heraus, dass sich auch unter der Abgeltungssteuer ein Aktienrückkauf im Vergleich zu einer Dividende vorteilhaft auf die Vermögensposition der Aktionäre auswirkt. Die Abschätzung der quantitativen Bedeutung dieses Vorteils erfolgt insbesondere unter Rückgriff auf numerische Berechnungen.

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    File URL: http://econstor.eu/bitstream/10419/75273/1/Dividenden%20und%20Aktienr%C3%BCckk%C3%A4ufe%20unter%20der%20Abgeltungssteuer.pdf
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    Paper provided by ZBW - German National Library of Economics in its series EconStor Preprints with number 75273.

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    Date of creation: Apr 2012
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    Handle: RePEc:zbw:esprep:75273
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    1. Edwin Elton & Martin Gruber, 1968. "The Effect Of Share Repurchase On The Value Of The Firm," Journal of Finance, American Finance Association, vol. 23(1), pages 135-149, 03.
    2. Harold Bierman Jr. & Richard West, 1966. "The Acquisition Of Common Stock By The Corporate Issuer†," Journal of Finance, American Finance Association, vol. 21(4), pages 687-696, December.
    3. Clifford P. Stephens & Michael S. Weisbach, 1998. "Actual Share Reacquisitions in Open-Market Repurchase Programs," Journal of Finance, American Finance Association, vol. 53(1), pages 313-333, 02.
    4. Comment, Robert & Jarrell, Gregg A, 1991. " The Relative Signalling Power of Dutch-Auction and Fixed-Price Self-Tender Offers and Open-Market Share Repurchases," Journal of Finance, American Finance Association, vol. 46(4), pages 1243-71, September.
    5. Lee, Bong-Soo & Rui, Oliver Meng, 2007. "Time-Series Behavior of Share Repurchases and Dividends," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(01), pages 119-142, March.
    6. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
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