NDLI: The influence of the German interest ceiling rule on entrepreneurial capital structure decisions

Content Provider	Springer Nature Link
Author	Maßbaum, Alexandra Klotzkowski, Tasja Sureth, Caren
Copyright Year	2012
Abstract	Grundsätzlich steht es Unternehmen frei, ihren Kapitalbedarf durch Eigen- oder Fremdmittel zu decken. Mit der Einführung der Zinsschranke soll neben einer Sicherung des deutschen Steuersubstrats eine Erhöhung der Eigenkapitalquote deutscher Unternehmen erreicht werden. Auf der Basis des Kapitalstrukturmodells von Miller (J Finance 32:261–275, 1977) analysieren wir, ob bzw. unter welchen Bedingungen die Zinsschranke dazu führt, dass Fremd- gegenüber Eigenkapital steuerlich diskriminiert wird. Es zeigt sich, dass unabhängig von der Beteiligungsquote der Investoren und unabhängig von der optimalen Dividendenentscheidung der Unternehmen sowohl ohne als auch mit Berücksichtigung der Zinsschranke für die Investoren in den meisten Fällen eine Indifferenz hinsichtlich der Finanzierungsarten möglich ist. Diese Indifferenz bei der Finanzierungsentscheidung hängt insbesondere von der Höhe des EBITDA, dem abziehbaren Anteil des EBITDA, den Steuersätzen sowie von der Zeitspanne ab, nach der Veräußerungsgewinne realisiert werden. Die relative Vorteilhaftigkeit der Vergabe von Fremdkapital nimmt durch die Einführung der Zinsschranke fast immer ab. Im Einzelfall kann die Vergabe von Fremdkapital durch die Zinsschranke jedoch auch begünstigt werden. Es zeigt sich, dass es auch bei Anwendung dieser Zinsabzugsbeschränkung für viele Investoren vorteilhaft ist, Fremdkapital zur Verfügung zu stellen. Dies gilt auch für den Fall, dass eine Fremdfinanzierung der Unternehmen nicht durch Anteilseigner, sondern durch externe Dritte erfolgt und die Anteilseigner korrespondierend dazu liquide Mittel in gleicher Höhe am Kapitalmarkt anlegen. Damit bleibt abzuwarten, ob das Ziel der Erhöhung der Eigenkapitalquote erreicht werden kann.In principle corporations are free to raise debt capital or equity capital. To protect tax revenues and to increase corporations’ equity ratio Germany has introduced an interest ceiling rule. From a tax planer’s point of view it is not clear whether debt or equity capital is advantageous. On the basis of Miller (J Finance 32:261–275, 1977) we analyze whether this interest ceiling rule discriminates debt capital against equity capital. We find that investors can be indifferent towards the capital structure with and without considering the interest ceiling rule. This result does not depend on the investors’ percentage of participation or the corporation’s optimal dividend policy. The result depends significantly on the profit, the deductible fraction of EBITDA, the tax rates and when capital gains are realized. The advantage of debt capital normally decreases due to the introduction of this regulation but in some cases even increases. Nevertheless, many investors will prefer debt capital even when the interest ceiling rule applies. This result also arises in the case of external debt financing. Thus, it is an open question whether this regulation leads to higher equity ratios.
Starting Page	1389
Ending Page	1425
Page Count	37
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	82
Issue Number	12
e-ISSN	18618928
Language	English
Publisher	SP Gabler Verlag
Publisher Date	2012-11-03
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Business taxation Capital structure Corporate taxation Interest barrier Miller equilibrium Shareholder debt financing Management/Business for Professionals Production/Logistics/Supply Chain Accounting/Auditing Organization/Planning Human Resource Management Business/Management Science
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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