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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.

Suggested Citation

  • Podlech, Nils, 2012. "Dividenden und Aktienrückkäufe unter der Abgeltungssteuer," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 656, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:656
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    References listed on IDEAS

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    Cited by:

    1. Hoffmann, Steffen, 2015. "Renditesteigerung durch Steuerstundungseffekte bei Kuponanleihen und Nullkuponanleihen," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 661, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

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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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