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Dividenden und Aktienrückkäufe unter der Abgeltungssteuer

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  • Podlech, Nils

Abstract

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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  • Podlech, Nils, 2012. "Dividenden und Aktienrückkäufe unter der Abgeltungssteuer," EconStor Preprints 75273, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esprep:75273
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    References listed on IDEAS

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    1. 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, February.
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    Cited by:

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    More about this item

    Keywords

    Ausschüttungspolitik; Dividende; Aktienrückkauf; Abgeltungssteuer; Vermögensoptimierung;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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