NDLI: On “preference-dependent” valuation in the context of personal taxation

Content Provider	Springer Nature Link
Author	Schosser, Josef
Copyright Year	2011
Abstract	Zur Ermittlung des sog. „Steuervorteils der Fremdfinanzierung“ bedienen sich große Teile der Unternehmensbewertungsliteratur einfacher Duplikationsüberlegungen in der Tradition von Modigliani und Miller (1958). Im Kontext asymmetrischer Besteuerung von Kapitalanlagen und Kreditaufnahmen vermag diese Herangehensweise indes nicht zu überzeugen: Aufgrund der Mehrdeutigkeit der erzielten Ergebnisse wird den Werten verschuldeter Unternehmen „Präferenzabhängigkeit“ zugeschrieben. Eine detaillierte Darlegung und Integration der Marktverhältnisse unterbleibt jedoch. Sie ist Gegenstand vorliegender Studie. Es zeigt sich Folgendes: Das von den einschlägigen Arbeiten gewählte Bewertungskonzept ist mit der zu Grunde gelegten Struktur der Besteuerung unvereinbar und kann allenfalls der Begründung von Wertgrenzen dienen. Eindeutige Resultate lassen sich hingegen mit der im Marktzusammenhang korrekten Wertfindung per Super-Replikation gewinnen. Ein Rückgriff auf sog. „präferenzabhängige“ Werte ist also weder erforderlich noch sinnvoll.Large parts of firm valuation literature are concerned with the calculation of the so-called “value of debt tax shields”, i.e., the market value surplus of partly debt-financed firms over operationally identical unlevered firms. In this article, I focus on those papers which employ simple duplication techniques according to Modigliani and Miller (1958). Given asymmetric tax treatment of investments and credits, this procedure is not convincing: Since the results of computations lack uniqueness, the value of levered firms is attributed to be a matter of preferences. In contrast, I try a more profound consideration of market conditions. The results are as follows: The mentioned valuation concept is not compatible with asymmetric taxation, therefore inconsistent outcomes are possible. At most, pricing bounds can be fixed. Proper market-driven valuation by super-replication is more complex, but independent of risk preferences.
Starting Page	29
Ending Page	45
Page Count	17
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	82
Issue Number	1
e-ISSN	18618928
Language	English
Publisher	SP Gabler Verlag
Publisher Date	2011-11-18
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Debt tax shield Risk classes Preference-dependent valuation Asymmetric taxation Management/Business for Professionals Human Resource Management Accounting/Auditing Production/Logistics/Supply Chain Organization/Planning Business/Management Science
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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