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Weitere Erkenntnisse zum Steuervorteil von Fremdkapital nach der Unternehmensteuerreform 2008

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  • Stephan Eberl

    (Universität Hohenheim, Institut für Betriebswirtschaftslehre (510C))

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.

Suggested Citation

  • Stephan Eberl, 2009. "Weitere Erkenntnisse zum Steuervorteil von Fremdkapital nach der Unternehmensteuerreform 2008," Schmalenbach Journal of Business Research, Springer, vol. 61(3), pages 251-282, May.
    • Handle: RePEc:spr:sjobre:v:61:y:2009:i:3:d:10.1007_bf03372822
    DOI: 10.1007/BF03372822
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    References listed on IDEAS

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    1. Stiglitz, Joseph E, 1969. "A Re-Examination of the Modigliani-Miller Theorem," American Economic Review, American Economic Association, vol. 59(5), pages 784-793, December.
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    More about this item

    Keywords

    G12; G32; G35;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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