IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei der Steuerplanung grenzüberschreitender Investitionen

  • Niemann, Rainer
Registered author(s):

    Ziel dieses Beitrags ist die Quantifizierung der Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei innerstaatlichen und grenzüberschreitenden Investitionsmöglichkeiten. Da die Vorteilhaftigkeit von Investitionen nur als relatives Maß anhand einer Unterlassungsalternative beurteilt werden kann, ist es notwendig, neben der Realinvestition auch eine alternative Finanzanlage explizit zu modellieren, wobei beide Handlungsalternativen national und international durchgeführt werden können. Die Ergebnisse einer Variation von Verlustverrechnungsparametern werden im Hinblick auf die folgenden Fragestellungen analysiert: – Was ist die optimale Durchführungsform für die Realinvestition und für die Finanzanlage? – Werden Inlands- oder Auslandsaktivitäten relativ begünstigt? – Werden Realinvestitionen oder Finanzanlagen relativ begünstigt? – Welche rechtliche Struktur von Auslandsaktivitäten wird relativ begünstigt? Besonderes Augenmerk gilt der Frage, ob – wie im nationalen Kontext bereits nachgewiesen – ein "Verlustverrechnungsparadoxon" auch im internationalen Kontext möglich ist, d.h. ob eine Einschränkung der inländischen Verlustverrechnungsmöglichkeiten zur relativen Vorteilhaftigkeit von Real- gegenüber Finanzinvestitionen einerseits und von Inlandsgegenüber Outboundinvestitionen andererseits führen kann. Grundlage der Untersuchung ist ein einzelwirtschaftliches Investitionskalkül, das nicht nur einzelwirtschaftliche, sondern auch finanzpolitische Implikationen aufweist. Der Beitrag ist wie folgt gegliedert: Nach einem Überblick über die Literatur zur internationalen Steuerplanung und zur asymmetrischen Gewinn- und Verlustbehandlung in Abschnitt 2 werden die Modellannahmen in Abschnitt 3 dargestellt. Die grundsätzlich möglichen Investitionswirkungen der betrachteten Verlustverrechnungsbeschränkungen verdeutlicht Abschnitt 4 anhand numerischer Beispiele, ehe die voraussichtlich überwiegenden Wirkungen mit Hilfe von Monte-Carlo-Simulationen in Abschnitt 5 ermittelt werden. Abschnitt 6 beschließt den Beitrag mit einer Zusammenfassung der Ergebnisse und einem Ausblick auf weiterführende Fragestellungen.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://econstor.eu/bitstream/10419/22076/1/276.pdf
    Download Restriction: no

    Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 276.

    as
    in new window

    Length:
    Date of creation: 2004
    Date of revision:
    Handle: RePEc:zbw:tuedps:276
    Contact details of provider: Postal: Keplerstr. 17, 72074 Tübingen
    Phone: 07071/29-72563
    Fax: 07071/29-5179
    Web page: http://www.uni-tuebingen.de/en/faculties/wirtschafts-und-sozialwissenschaftliche-fakultaet/faecher/wirtschaftswissenschaft.htmlEmail:


    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Feenberg, Daniel R. & Poterba, James M., 2004. "The Alternative Minimum Tax and Effective Marginal Tax Rates," National Tax Journal, National Tax Association, vol. 57(2), pages 407-27, June.
    2. Alan J. Auerbach, 1983. "The Dynamic Effects of Tax Law Asymmetries," NBER Working Papers 1152, National Bureau of Economic Research, Inc.
    3. Hartman, David G., 1985. "Tax policy and foreign direct investment," Journal of Public Economics, Elsevier, vol. 26(1), pages 107-121, February.
    4. Rosanne Altshuler & Harry Grubert, 2002. "Repatriation Taxes, Repatriation Strategies and Multinational Financial Policy," Departmental Working Papers 200009, Rutgers University, Department of Economics.
    5. repec:dgr:kubcen:200124 is not listed on IDEAS
    6. Jack M. Mintz, 1987. "An Empirical Estimate of Corportate Tax Refundability and Effective Tax Rates," Carleton Industrial Organization Research Unit (CIORU) 87-02, Carleton University, Department of Economics.
    7. Saman Majd & Stewart C. Myers, 1987. "Tax Asymmetries and Corporate Income Tax Reform," NBER Chapters, in: Taxes and Capital Formation, pages 93-96 National Bureau of Economic Research, Inc.
    8. Eeckhoudt, Louis & Gollier, Christian & Schlesinger, Harris, 1997. "The no-loss offset provision and the attitude towards risk of a risk-neutral firm," Journal of Public Economics, Elsevier, vol. 65(2), pages 207-217, August.
    9. Eeckhoudt, Louis & Hansen, Pierre, 1982. "Uncertainty and the partial loss offset provision," Economics Letters, Elsevier, vol. 9(1), pages 31-35.
    10. Hans-Werner Sinn, 1990. "Taxation and the Birth of Foreign Subsidiaries," NBER Working Papers 3519, National Bureau of Economic Research, Inc.
    11. Paolo Panteghini, 2000. "On Corporate Tax Asymmetries and Neutrality," CESifo Working Paper Series 276, CESifo Group Munich.
    12. B. Douglas Bernheim, 1989. "Incentive Effects of the Corporate Alternative Minimum Tax," NBER Chapters, in: Tax Policy and the Economy, Volume 3, pages 69-96 National Bureau of Economic Research, Inc.
    13. Alan J. Auerbach & James M. Poterba, 1987. "Tax Loss Carryforwards and Corporate Tax Incentives," NBER Chapters, in: The Effects of Taxation on Capital Accumulation, pages 305-342 National Bureau of Economic Research, Inc.
    14. De Waegenaere, A.M.B. & Sansing, R. & Wielhouwer, J.L., 2001. "Valuation of Deferred Tax Assets From a Net Operating Loss Carryover," Discussion Paper 2001-24, Tilburg University, Center for Economic Research.
    15. Paolo Panteghini, 2001. "Corporate Tax Asymmetries under Investment Irreversibility," CESifo Working Paper Series 548, CESifo Group Munich.
    16. Andrew B. Lyon & Gerald Silverstein, 1994. "The Alternative Minimum Tax and the Behavior of Multinational Corporations," NBER Working Papers 4783, National Bureau of Economic Research, Inc.
    17. Roger H. Gordon & Joosung Jun, 1992. "Taxes and the Form of Ownership of Foreign Corporate Equity," NBER Working Papers 4159, National Bureau of Economic Research, Inc.
    18. Alfons Weichenrieder, 1996. "Anti-tax-avoidance provisions and the size of foreign direct investment," International Tax and Public Finance, Springer, vol. 3(1), pages 67-81, January.
    19. Grubert, Harry, 1998. "Taxes and the division of foreign operating income among royalties, interest, dividends and retained earnings," Journal of Public Economics, Elsevier, vol. 68(2), pages 269-290, May.
    20. Mackie-Mason, Jeffrey K., 1990. "Some nonlinear tax effects on asset values and investment decisions under uncertainty," Journal of Public Economics, Elsevier, vol. 42(3), pages 301-327, August.
    21. Lund, Diderik, 1992. "Petroleum taxation under uncertainty: contingent claims analysis with an application to Norway," Energy Economics, Elsevier, vol. 14(1), pages 23-31, January.
    22. Leonard E. Burman & William G. Gale & Jeffrey Rohaly, 2003. "Policy Watch: The Expanding Reach of the Individual Alternative Minimum Tax," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 173-186, Spring.
    23. Lund,D., 2000. "Imperfect loss offset and the after-tax expected rate of return to equity, with an application to rent taxation," Memorandum 21/2000, Oslo University, Department of Economics.
    24. Schanbel, Jacques A & Roumi, Ebrahim, 1990. "A Contingent Claims Analysis of Partial Loss Offset Taxation and Risk-Taking," Public Finance = Finances publiques, , vol. 45(2), pages 304-20.
    25. Saman Majd & Stewart C. Myers, 1985. "Valuing the Government's Tax Claim on Risky Corporate Assets," NBER Working Papers 1553, National Bureau of Economic Research, Inc.
    26. David G. Hartman, 1982. "Tax Policy and Foreign Direct Investment in the United States," NBER Working Papers 0967, National Bureau of Economic Research, Inc.
    27. Rosanne Altshuler & T. Scott Newlon, 1991. "The Effects of U.S. Tax Policy on the Income Repatriation Patterns of U.S. Multinational Corporations," NBER Working Papers 3925, National Bureau of Economic Research, Inc.
    28. Leechor, Chad & Mintz, Jack, 1993. "On the taxation of multinational corporate investment when the deferral method is used by the capital exporting country," Journal of Public Economics, Elsevier, vol. 51(1), pages 75-96, May.
    29. Lyon, Andrew B., 1990. "Investment Incentives under the Alternative Minimum Tax," National Tax Journal, National Tax Association, vol. 43(4), pages 451-65, December.
    30. Marcel Gérard & Joann Weiner, 2003. "Cross-Border Loss Offset and Formulary Apportionment: How do they affect multijurisdictional firm investment spending and interjurisdictional tax competition ?," CESifo Working Paper Series 1004, CESifo Group Munich.
    31. Altshuler, Rosanne & Auerbach, Alan J, 1990. "The Significance of Tax Law Asymmetries: An Empirical Investigation," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 61-86, February.
    32. Burman, Leonard E. & Gale, William G. & Rohaly, Jeffrey & Harris, Benjamin H., 2002. "The Individual AMT: Problems and Potential Solutions," National Tax Journal, National Tax Association, vol. 55(3), pages 555-96, September.
    33. Jouko Ylä-Liedenpohja, 2003. "Taxation and Valuation of International Real Investments," CESifo Working Paper Series 1013, CESifo Group Munich.
    34. Cooper, Ian & Franks, Julian R, 1983. " The Interaction of Financing and Investment Decisions When the Firm Has Unused Tax Credits," Journal of Finance, American Finance Association, vol. 38(2), pages 571-83, May.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:zbw:tuedps:276. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.