Weitere Erkenntnisse zum Steuervorteil von Fremdkapital nach der Unternehmensteuerreform 2008

Stephan Eberl ()
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Stephan Eberl: Universität Hohenheim, Institut für Betriebswirtschaftslehre (510C)

Schmalenbach Journal of Business Research, 2009, vol. 61, issue 3, 251-282

Abstract: Abstract With the introduction of the German tax reform “Unternehmensteuerreform 2008” several major modifications concerning the corporate taxation as well as the private taxation took place. The reform thus directly affects enterprise valuation. We analyze the value of the tax shield of debt under the new tax law assuming autonomous financing. We focus on the relevance of risk preferences for the enterprise value. Building upon arbitrage-free capital markets, we show that individual risk preferences influence valuation under the new regulation. Full distribution of corporate earnings maximizes the tax shield. In addition, the introduction of an interest barrier rule leads to a risky tax shield even when the corporate debt level is determinate and interest rates are constant. Presuming proportionality between EBIT and EBITDA yields applicable valuation formulas. Moreover, the investors’ holding periods for corporate securities become crucial for enterprise value.

Keywords: G12; G32; G35; Arbitrage; Corporate Tax Reform; Enterprise Valuation; Interest Barrier Rule; Risk Preferences; Tax Shield; Withholding Tax; Abgeltungssteuer; Arbitrage; Risikopräferenz; Tax Shield; Unternehmensbewertung; Unternehmensteuerreform; Zinsschranke (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/BF03372822

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